FRANCO NEVADA Corp (FNV) April 8, 2026 Capital Markets Day Transcript

Good afternoon, and welcome to Franco-Nevada's Investor Day. Thank you for attending this presentation in person, and welcome to those joining us online. My name is Candida Hayden, and I am the Senior Analyst in Investor Relations at Franco-Nevada. The presentations today are planned to take two hours. Questions will be taken in person and via the webcast at the end of the presentation. A reminder to kindly mute your devices for the session. Please note that some of today's commentary contains forward-looking information. Kindly see our cautionary statement on slide 2 and other cautionary statements contained in this presentation. I would now like to welcome Paul Brink, President and CEO of Frankie Nevada, to the podium.

Thank you, Candida, and welcome, everybody. Thank you for those of you attending in person, and welcome to all the folks who are on the webcast as well. I'm going to start off today, speak about the objectives in our business, our approach to our business, and our portfolio. Next up will be Ian Gray, our CIO, who will speak about our business development strategy. And then, by popular demand, we have a number of our partners who will be speaking. So a very special welcome to Richard Young from I-80, Paddy Downey from Orzone, Mark Gooding from Discovery, who are here in person and will be presenting. And then also we have online Ryan King from Equinox, who will also be presenting online. And we'll also have Medals260, who we're piping in from Australia. Appreciate them staying up late at night. Two core things about our business. And the first is we believe gold should be a risk-off investment. And so in designing our business, if we can design a low-risk business, we feel we'll have the greatest appeal to investors. The second is the incredible value that is created if you can expose yourselves to resource optionality. The first part of that is the most predictable thing in mining is as the industry mines deeper every year, at the end of the year they expose more ore in their ore bodies, and we can participate in that. But even better than that, every once in a while in an exploration program with somebody mines deeper, you find an ore body that is multiple times bigger than what you ever imagined. That approach has worked terrifically well for us. Over the last 18 years, the CAGR on our stock is around 19%. We've outperformed all of our peers. We've outperformed all the relevant benchmarks. We've outperformed bullion itself. Interestingly, bullion has returned about nine percent over that period, so we've been able to double the return that you could get investing in bullion alone. It starts with the portfolio, and our portfolio was built up over much more than 18 years. It's actually been more than 40 years in the making building up this portfolio both in the old Franco and in the new Franco. It's given us the broadest, most diversified portfolio in the industry. We've also been tremendously lucky. We've been exposed to some of the greatest successes in the industry, and that's allowed us to generate some of the highest returns of capital. And if you look on the average the last five years, that's a 12 percent return on invested capital. Those investment returns have driven our share price, And it's that share price appreciation that's allowed us to produce industry-leading returns. Looking forward, we're set up. Robust growth going forward in the business. We have no debt. We've got more than $3 billion available capital. That's the fuel that allows us to drive the next leg of growth in Franco, Nevada. In the Royalty and Streaming place, there are a number of players that are in the game. We think we're different, and we think mostly because we play the game differently, and what I mean by that. The first is our approach to growing the business, and where it starts with is ownership. The first thing we think is to be aligned with your shareholders. You want to own the stock. It really changes the way that you think about the business, because you're not thinking about growth for the sake of growth. you're thinking that every deal that you do you've got to increase cash flow per share, you've got to increase NAV per share, you've got to make sure that when we do a deal we get the share price up. Second is is financial flexibility and and it's a discussion we often having with companies that we're dealing with but we believe it honestly ourselves. We think financial flexibility is more important than cost of capital and what that means is having the capital available when you need it most. And the way we run our business is to make sure that through the cycle we always have a lot of capital available so that we can deploy capital when the industry needs it the most. Next is being adaptable. We don't just think of ourselves as a royalty and stream financier. We think of ourselves as capital providers to the industry and it's to an industry that is highly capital intensive. So our thought is, if we can find the right assets, if we can find the strong teams to back, and we can be flexible in how we provide capital to those teams, we can create a lot of success, both for them and for ourselves. Next up is a focus on optionality, and that's the incredible value that can be created through the drill bit in the industry. It's imbued in our DNA at Franco Nevada because of the successes that our company has had over time to make sure that every deal that we do, the one core tenet is we expose ourselves to that potential resource optionality. And the last thing there, differently in terms of how we think about this business, is we understand cyclicality. And that is gold and all commodities at the end of the day have their bull in their bear markets. You have to be able to decide when you want to spend a lot of capital, when you want to pull back. You've got to decide when's the right time to let organic growth lead, when you want your growth to be through acquisitions. You know, when you need to make the calls in terms of, is this the time to put a lot of money in gold, or are there other commodities where you can actually get better value in these markets? And also, it's thinking about how to use your balance sheet. what is the right time to take down debt so that you can maximize returns without on taking on the risk of carrying financial leverage potentially into a downturn in terms of our sustainability focus there are six core pillars that we have responsible capital allocation is making sure when we're financing companies that we're financing teams that design their minds to have a minimum on the environment, that there are net benefits for the communities. We contribute ourselves, get involved with the operators, programs that they feel will benefit their communities, that will build social license at their operations. We work with them and support financially those operations. I've already mentioned, in terms of good governance, the number one thing we believe is shareholder alignment. That comes through share ownership. climate action is always on the agenda when we're looking at investments part of our due diligence part of our evaluation is making sure that these are operators that are at least in the best half of their space so that any investment we're making is making the world a better place in terms of of climate performance we're a tiny organization ourselves but we also look at ourselves and say every year how can we improve just to show that we're doing what we can to contribute to that effort. We want to be a good employer. We want to create good jobs for our employees. We want to create great careers for our employees. We're very proud of the diversity that we've been able to attract to our business by being inclusive. And overall, in terms of our approach on sustainability, number one is we want to be pragmatic. We want to be genuine in everything that we do we want to make sure that the efforts that we make are effective and we also want to be open about it and transparent so that all of that is clear we're tremendously proud that that's been recognized by the rating agencies we're perennially top rated by sustainalytics and achievement this year is corporate nights and previously we've been in their top 50 most sustainable canadian companies this year we were also included in the top 100 sustainable companies globally. And most recently, we were just upgraded by MSCI. We were AA rated by MSCI. We are now AAA rated by MSCI. So while the United States is no longer AAA rated, I can say honestly, Franco-Nevada is AAA rated. What I think is most unique about our portfolio it's not just its breadth but it's the combination of royalties on gold mines and streams principally on copper mines that i think makes it so attractive and i'll speak a bit to each we all know typically in gold mines gold mineralization is is very hard to drill up it's it's seldom that an operator will drill up more than 10 years at a time but it doesn't mean that And that's the full extent of the ore body. And the history of our company has shown, from time to time, as you drill deeper, you can reveal ore bodies that are multiple times bigger. In the old Franco, the two winners were Goldstrike and Stillwater. Many hundreds of times the value of the investment is what you see the value today. And when we show the value here, that is the cash we've received so far, and then the analyst consensus in AV going forward. In a way, it's a bit of a conservative way to do this. If I just took the total expected cash that we generate, the numbers would be far higher here. In the new Franco, we've had a couple of those too. Detour Lake, Taziest, Dukedon down in Australia, you know, all of those, you know, up to 100 times our investment that we're making. Even more recently, an investment we made a couple of years back now, $6 million on greenstone. Mine's only been operating two years. The value of that investment today is more than $300 million. That's 50 times the value that we paid for making that investment. For the streams, it's a different calculus. Most of our precious metal streams are on big cotton mines. Cotton mines, we all know geologically, they just tend to be much bigger endowments. It's also much more massive mineralization, much easier to drill up 30 years of reserves at the outset. So when we invest in a stream on a copper mine, it's not likely that you're going to get 100 times your money. But that doesn't mean they don't get a whole lot better and still generate great returns over time. I'd say what we've found with investing in oil bodies over time is the bigger the mineral endowment to start with, the more likely it is that you'll find more ore around that mineral endowment. If the conditions were there to create that mineralization, there inevitably is more. So most predictably, these are the assets that do get better. To put in perspective what that can be, when we did the Candelaria deal, it was 12 years ago now, we financed Lundin Mining, buying that asset out of Freeport. At the time, the mine life on Candelaria, the go-forward mine life, was 14 years. years. It's 12 years later. The go-forward mine life today goes out 20 years. So that 14 years has become 32 years at Candelaria. Those are the sort of returns you can get on these big stream assets. Antipakai, very similar story. John will actually speak to it later. And the potential expansion there through the Coracoaco deposit. Putting all of that together. I've given you some good examples for the portfolio, but if you take the portfolio as a whole and you look at the returns of capital, and I have to thank the Scotia team here. These are their numbers that I'm presenting. The return on invested capital for Franco the last five years leading the pack, 12% return on invested capital. If you look at what that is projected to achieve with the run in the gold prices, 26-27. That's looking at over 20% return on capital that we're generating in the business. I'll turn now to our growth outlook. What we show on the stream is what we achieved in 2025 and what the outlook is in 2030. The growth that we already know is taking place in the portfolio is in the order of 12%, 13% growth from those assets. the big potential is obviously Cobre Panama. If Cobre Panama is operating at full strength again within the next five years, I think there's a very good likelihood it is, that would boost our growth. We'd be in the order of 45% growth over the next five years. I think that is very achievable. In the last column that we show there, we put on top of that long-term options. And these are assets we don't expect them to produce in the next five years. We're not certain on the timing of them, but they are what is going to drive and sustain us over the longer term. This is a breakdown of those assets that make up those long-term assets. In terms of potential annual contribution, if you put it all together, it's 222,000 geos. Now, they're not all going to operate at the same time, but that is an indication of the annual contributions that they individually could make. We've also shown there, you know, what that is in terms of the royalty ounces, and I'm going to speak a bit more about that, a bit in detail on that in a minute. But the main takeaway from the slide is we've got good growth, hopefully with COBRA, it's that 45 percent over the next five years. there's a lot of gas in the tank with these assets. I'm absolutely confident we can sustain that level for the following five years, if not grow it, with the assets that we've been able to add over the last couple of years. I'll turn down to royalty ounces. Every year what our team does is we go through the reserves and resources of all the underlying assets. That will be out in our asset handbook. And then we do a calculation of royalty ounces. It's a Franco-Nevada term. But what we're doing is taking the ounces and say, if you convert them into an ounce that is 100 percent attributable to us, so it's converting stream ounces to be the equivalent of royalty ounces. So these are ounces where 100 percent of the value will accrue to us over time, and what are those across the portfolio. Show here reserves measured and indicated, exclusive of reserves, and also the inferred As you look at the changes year over year, there are a couple of moving parts. We did have a buyback on our Cascabel stream, so we lost some ounces as a result of that. Nonetheless, a very attractive buyback on good terms, so John will speak to you about it uh later on um second impact that we had is obviously we've been active with with acquisitions biggest last one last year was cotate so we added ounces through the acquisitions some changes due to commodity prices we do have some npis obviously with the gold price being that much higher year on year the npis convert into more ounces because we're assuming in a higher margin on them. But on the flip side, for the diversified assets, on the iron ore, on the copper, gold price is relatively higher. So when you convert that, slightly lower royalty ounces coming from those. What the underlying impact, the underlying driver obviously is what are the reserves and resources of the assets doing. There is good growth across the board reserves M&I and inferred the the underlying reserves and resources grew in each of those categories you know what were the big contributors for reserves it was Guadalupe, Takataka, Magino, Bruce Jack were the most notable in the resource categories Detour, Merladek and an asset I've mentioned before some of you may be familiar with it Rogozna we'll speak a bit about it over in Serbia. What I've also added on this slide, we don't have them officially in our royalty ounce calculations, is Cobra Panama and new prosperity. Obviously, those are potential. We'd want to have greater certainty on Cobra returning to production, new prosperity moving into production before we put those back into the official ounces. But it is important potential that we have in our portfolio. Just a quick snapshot, where are all those ounces? You'll see heavily weighted, the biggest jurisdictions, all safe mining jurisdictions, Canada, United States, Chile, Peru are our biggest exposure in terms of where the ounces lie. This is just a summary chart to break that into categories so that you can both see, you know, where's the annual contribution coming from, plus where the royalty ounces are broken out by the assets that are in our five-year outlook, potential for Cobre Panama, what the long-term assets could contribute to that, and then those totals that take you over 27 million ounces of inventory. And what we put at the bottom is that doesn't include the expiration potential. We have 230 other assets that are not included in that, and there will certainly be value from that portfolio over time. Just for fun, putting a value on all of that, if you take that total inventory, you've got 27.5 million ounces. At today's gold prices, that's $126 billion of value in the portfolio. Contrast that with our enterprise value, $47.8 billion. So the underlying value there is 2.7 times what our enterprise value is today. Now, that's undiscounted. Obviously, that value will accrue over time. We don't include our energy assets in doing this. The revenue we get from our energy largely offsets the taxes and the G&A that we have. So this is indicative of the ultimate undiscounted cash flow that will ultimately accrue to our shareholders. I put at the top of that a little dashed box, expiration potential, just as a reminder, this doesn't include that 260 expiration assets. It doesn't include the potential growth that we'll have from these assets, which predictably, at year end, we always do. So I'll speak a bit about that expiration potential. They've broken out, first of all, by the amount of ground that we cover. However, we show that is spread Canada, Australia, the U.S., South America. In total, we cover 17.8 million acres. So I was trying to put that in perspective in my own mind. I was doing an AI search. I found the individual in the world who owns the most amount of land is Gina Reinhart in Australia. Gina has us beat. She has 22 million acres that she covers, but we're right up there with her. In terms of expiration spend, we've identified on our properties more than $600 million of expiration dollars that will be spent this year. Now, that's conservative. A lot of companies don't break out their spend by individual asset, so for sure there will be more than that $600 million spent. In my own head, I was just doing some math to say, let's take an industry average finding cost, $50 an ounce, means probably you get 12 million ounces that will be discovered on land that we cover just this year that inevitably will add to our NAV over time.

I'm going to finish off.

I've spoken broadly about some of the impacts, but more particularly just a couple of the assets to speak about that I really think exemplify the resource optionality of our portfolio. you. The first one here is Detour Lake. You'll all recall, if you go back six years ago, it was Detour Gold that had Detour Lake. They had drilled it out. 20 million ounces was the resource. The mine plan at the time had it growing up to 650,000 ounces a year of production. Tony McCooch at Kirkland Lake Gold at the time had acquired it. They drilled it. They took that 20 million ounces up to 30 million ounces of resource, expanded the mine plan. Agnico acquired Kirkland Lake. They have continued to drill at the end of last year. The total resource in all categories, more than 43 million ounces. You'd gone from 20 million ounces to 43 million ounces in just six years. The mine plan currently has them expanding production up to a million ounces a year. But that's not the end of the story yet. They have a big fleet of drills, still drilling at Detour Lake. They've extended the mineralization 2.4 kilometers to the west. I don't know that they will be putting out a technical report this year that they say we'll look at expanded scenarios. I don't know if that's a bigger underground. I don't know if it is a super pit, but some of the speculation on the street you hear is that you could see 1.2, 1.3 million ounces of production per year coming out of Detour. These assets just keep getting better. The next asset to speak about Cote, and I think it is on a similar trajectory. Cote initially discovered 10 million ounces in the pit. They did the feasibility, got to permitting that. While they were permitting, the discovery was made on Gosselin. Gosselin is roughly another 10 million ounces. The mill was originally scoped for just the 10 at Cote, so it's clearly undersized. IM Gold, Renault has said he will put out a technical report again later this year looking at a bigger mill to optimize that operation. It's likely in the order of 50% bigger. Again, you can see they're contemplating a super pit. So I think about Cote, you know, it's currently after Detour and Melodic the third biggest ore body in Canada. Today it's 20 million If Detour can go from 20 to 43 in six years, I'm wondering where's Cote going to be in six years' time. So with that, I've finished all my comments. I'm going to hand the mic over to Ian, who's going to speak to you about business development and our acquisition strategy.

Thank you, Paul. It's my privilege today to speak to you about our growth strategy. But before that, I'd like to thank many of our partners who are here today, because really without them, none of this would be possible. So thank you all for joining us. Our growth strategy is anchored on two core tenets. The first is to provide our shareholders with exposure to among the best precious metals, royalties and streams. The second is to selectively add long-duration, high-quality royalties and streams in other commodities. And the way we execute on this strategy is by finding the upside, but structuring our deals to mitigate the downside. Our recent deals illustrate that this can be a win-win strategy. By providing patient capital at a low cost, we allow our partners to unlock value for their shareholders. The word you'll hear us use a lot is optionality. That's for good reason, because it's core to all the deals that we do. But we actively look for this without giving away the farm. We have to stay disciplined in volatile commodity markets, and that's a core part of our strategy. Finding optionality really starts with deep due diligence. You have to understand what drives the upside of assets over time and we've got an excellent track record to finding just this as Paul has outlined starting with Gold Strike moving on to assets like Detour, Cote and many many others. In 2024 and 2025 we committed over three billion dollars to new transactions and given the due diligence that we've done and some of the fantastic drill results and information that has been coming out in the market, I'm quite confident saying that I think we're just scratching the surface on a number of these wonderful new assets that we've added. In this environment we expect resources to convert to reserves and continue to grow. The benefits of this approach have manifested a whole lot faster than I think many of us had expected with these higher gold prices. Two great examples would be Magino and Valentine. We have Richard here today is certainly familiar with one and Ryan will speak to Valentine as well a little bit later but these demonstrate exactly what I mean you've seen announcements of higher throughput rates increased reserves and continuously improving mine plans over time just absolutely wonderful and to me it demonstrates that when we harness the skills of our technical team that our shareholders benefit tremendously when our team and our board have conviction on an asset and we can mitigate downside, that's when we act. In fact, we think we're truly blessed by having such a strong team and board. These are industry veterans that have seen cycles and projects succeed and fail. You know, often we see deals where we're offered a small pricing concession and in exchange for giving up upside. That's something generally we've learned over time is not a good trade. What we're looking for instead is that winning combination. Assets with really good upside but where we also have confidence that we can get our capital back using conservative parameters around mine plan and commodity price. So probably comes as no surprise to you that we spend a lot of time thinking about the commodity price setup when we make new investments. We want returns that are there across the cycle not just for a snapshot in time. Then, of course, there's a structure of any deal. Legal framework is key to managing risk, and so we take it very seriously when we write our contracts. I look at Lloyd when I say that. Long tenor assets are a defining feature of our portfolio, and diversification enhances that duration. Even more important, though, than security on paper, of course, are the fundamentals of the assets that we invest in, the margins, the license to operate. That's where we spend a lot of our time when we do due diligence. Good environmental and social practices aren't optional anymore. They're prerequisite to the success of any mine in the long term. Now, the best contractual safeguard in many cases is actually just getting as close to the asset as we possibly can. and this mitigates expropriation risk and insolvency risk in many cases a good example would be corporate Panama we have undertakings down the chain and a counterparty located in Panama this us allows us our own arbitration rights enhancing our leverage and protecting us while mitigating credit exposure if we're only to rely on a parent guarantee the likely outcome could just be waiting for a very long time to get your money back. We think our approach is better, and I think in light of recent events, you'll probably agree too. More broadly, we view international arbitration as a key risk mitigate, especially for assets that are located in developing countries, where many of the highest quality assets are in fact located these days. And finally, we're always refining our approach, looking at what worked, what didn't, and looking to allocate capital more effectively going forward. So now as we look forward, I'm actually incredibly optimistic about our ability to continue to deploy capital successfully. Part of the reason that I'm so optimistic, if you look at the chart that I have on this slide, you'll see that many projects are advancing through new milestones. That's in light of improving gold prices and other commodities. When you see that, it naturally drives more project financing business, which is a core pillar of our growth going forward. We're very happy with I-80 and Minerals 260 to have two very recent examples of just that. Now, also a very important lesson that I'll highlight with this slide, your partners matter a lot when you're investing. It's a lesson, I think, that cannot be understated. A good asset on its own is not sufficient for success. So what have we done? We've looked to work with teams such as those you'll hear from today that have the capability to deliver. By backing these strong teams, we deploy capital more effectively. And this chart highlights what we mean. You see the step change in the amount of capital and the number of transactions done with our partners. Now probably the thing that brings the biggest smile to my face is this slide. because as you can see, the shareholders of our partners have succeeded and that is very key for us moving forward. We are able to effectively help our partners with patient capital to unlock value. Also key here is that many of these partners have vastly outperformed their peers, something they should all be very proud of. We look forward to hearing their stories a little later today. Now shifting onto royalties and streams outside of precious metals. Everything that I've said already remains consistent here as well. We've always kept some of our powder dry to deploy capital into great endowments at good entry levels. This counter cyclical approach supports a leading return on capital as Paul highlighted as well as share price appreciation. We see fantastic synergy with these investments, complementing our gold investments very well. We're going to stay opportunistic here, though. We're going to make sure that our precious metals revenue remains at at least 80% across the cycle. In fact, within this portfolio, we see great upside coming from copper growth in the near future, with Taka Taka and Copper World. Frank of Nevada has had meaningful exposure to diversified commodity royalties really since inception. And in environments like we're currently in, with cost pressures and energy market tightness, you really see the benefit of this. It's a winning combination. This slide highlights exactly what we mean by counter-cyclical investing. You can see we deployed capital into the energy space during trough commodity prices, and we're reaping the rewards of that today. Now, pivoting to another important slide, what I'd like to highlight is that across the commodity universe, low risk long duration assets accrue premium multiples. We have some of the you know best energy basins in North America reflected in our portfolio and leaning iron ore producing regions as well. When you look at many of these coveted asset classes you see those features reflected in what we have in our portfolio. Now shifting back for a moment to our most recent investments as I noted we have several guest speakers here today who will speak about their projects this represents a cross-section of some of the key areas driving our growth namely project finance and acquisition finance our first speaker here today is patty downey patty's going to speak to us in a moment about his plans and his team's plans for quebec's casa berardi mine i'm very excited to hear them patty will you please join us thanks ian and thanks to the franco team for inviting us today we're very excited to sort of unveil where we're going with

Casa Berardi we just acquired it on the 23rd of March so it's really a first sort of weeks of getting going so we expect a lot of work in the next 12 to 18 months we are a multi-asset company now thanks to the help of the Franco team we have another operating mine in Burkina Faso has been going since 2021 We have a sort of a unique way of doing things in the sense that we actually manage all of our own growth. The execution, the build, etc. is all by us. We're very proud to say that our two operations in Burkina have been built on time, on budget, in very trying conditions. Our just recently started up hard rock plant. It normally takes about four quarters to reach nameplate on a hard rock operation. We're at nameplate within six weeks. So it's a testament to how we do our business, and we look forward to doing the same at Casa. Casa is in Quebec, as you all probably know. We acquired it, as I said, March 25th. Gold production last year was about 91,000 ounces. We expect similar this year. We will be privy to about nine months of that, obviously. Reserves, 1.2 million ounces, and resources of 2.3. Reserves at Bombore are 2.4 at $1,500 gold and 4.5 resources at $1,700 gold. So a lot of upside there as well. So we got involved with the Franco team in September. They knew about this asset. They talked about teams, which was a big part of them joining with us. Paul said that he would love to work with us after a conversation that Ian and I had. I have to say, I'd never worked with Franco before. It was a pleasure working with him on this acquisition. It truly was. They really got stuck in with us on the due diligence, did a lot of the hard lifting, went to site with us for four or five days, I believe. It was a lot of fun. We eventually, after many months of negotiation, which included many sleepless nights, we closed the transaction in January, which included a $270 million upfront payment of cash and equity. Heckler are 9.9% shareholders, which is really a big part of their upside, and we look forward to them sharing in the upside of this asset with us. Franco provided 100 million of cash and we put in 60. We have deferred payments of 80 million, that's 30 million in 18 months and 50 million in 30 months. And that really was to allow us to invest back into the asset. We see a huge exploration upside here, and we really want to put that money back into the asset very quickly. And we have deferred payments of $241 million. There's two large pits here of a grade of about 2.7 grams per tonne, which is quite high grade for open pit. They aren't permitted, and we worked in agreement that we would only pay once we start producing. So it's $80 an ounce for the first 500,000 ounces, no matter what the price of gold, and then $180 an ounce up to $240 million of payment. So if those pets don't get permitted and we don't mind them as open pets, they obviously don't come into the acquisition price. And so a clear path here to, we believe, to unlocking significant value. I have to say on the site visit, a big part of what we do and what we look at is the team. Are the team there? Are they going to be actively involved with it? What do they think of the asset? How do they look at the asset? Are they actively engaged? Are they looking forward to participating with us in the next phase of the journey? Because sometimes when you take over an asset, the team want out. They're fed up. They've been going through a sale process. They want to go. They're staying to get their bonus payment on the sale process. That was not the case here. Very, very engaged team. Franco, their team got exactly that same feeling from it. They really, really wanted to see the new growth on the asset. And that's very important. When you're coming into a new jurisdiction like Quebec, it's very important to have a group of people on the ground who are really actively driving your investment. It is in Quebec. It's north of Le Sour. Some people say it's remote. It's actually not. But if you drove from Val d'Or to Le Ronde, it's about the same drive. Most of the team live in Lassar. Some of them live in Le Ronde. Others live in Val d'Or. A very strong technical team. It's an established operation. Paul talked about Mineral Endowment, and that's what really grabbed me here. There's been 3.2 million ounces of production at this asset. There's over 1.7 million ounces in the open pits. There's another 900,000 ounces underground of inferred and measured, sorry, measured indicated and proven improbable. And another 600,000 of inferred. That's over 6 million ounces of gold down to an average depth of 700 meters. That's a lot of gold per vertical meter. And we think it's still very, very underexplored. And when you've got that sort of mineral endowment in an orogenic system in the Abatebi, it's worth exploring. The mill was built for 3,850 tonnes per day. It was built by Inco, or what was TVX Gold, I guess. And it was built based on the mineral endowment per vertical metre. And there's the east and the west. We actually met the guy who was on the discovery team. And the discovery hole on the west was 33 metres of over an ounce. So hopefully we can drill some of those holes, but we see exactly the same here right now They're only mining a thousand tons a day from underground simply because they were really winding it down and 2600 tons a day from the open pit we see that changing back to 3,000 tons plus from underground and if you take an example down the road, which is El Dorado's mine in Val d'Or They're mining at around a million tons. This is a 1.4 million ton per annum It's a 6 gram per tonne ore body. This ore body was always a 7 plus gram per tonne ore body. And they're doing 180,000 ounces a year. And that's the sort of vision that we have for this asset. As I said, it was only discovered in the 80s. It's not like Timmins or Val d'Or where you've got a lot of geology, a lot of rock outcrop. You can see it, a lot of mines in the district. This has a large clay cover of around 30 to 50 metres. So geophysics in the day would not find this. INCO actually were drilling what they thought was a VMS plug to the south of Casa Barardi, the fault. Nothing there, so they thankfully drilled a fence of holes to the south and a fence of holes to the north and discovered the Casa Barardi deposit. They got it up and running on the east only, and I'll show you that. Running at over 7 grams a ton, gold went to 260, they had a few other operational problems, and so they sold it to a company called Orizon. I don't know if you remember that. Orizon drilled the West only. They built a mine, sunk a shaft, developed underground, were producing at 7.6 grams per tonne, doing about 150, 160,000 ounces a year. They were subject to a hostile takeover by Alamos and Hecler came in as the White Knight. Hecler mined it fairly successfully for a number of years, But really what happened to Heckler was they had a 24-month strike at Lucky Friday, which curtailed their cash flow. They then bought a company called Klondex for 100 million cash plus a couple hundred million of debt. That lasted for three months, and they had to shut it all down. So they did not focus on Casa Berardi. It became an unwanted, unloved asset. They didn't put any capital into it. I'm not judging anybody here. That's just the way it went. Focused on the open pits that they could mine. contract mining so no capital so you can see the underground started to go down in production and the open pit was what sustained it we see it completely differently as did the franco team thank god so it's wide open at depth literally what you see here in the red is m and i around existing infrastructure the blue is inferred the gray is what's been mined and you'll see why when to show you the next slide. Essentially, if you looked at a cross-section of this ore body in 2013, when they were taken over by Heckler, it looks exactly the same. There's been no major exploration. There's been no underground development. Heckler focused on two open pits called the EMCP, which is now mined out, and the F-160, which is still operating. And we're looking to develop the WMCP pit and the principal pit. We see it completely differently. We're going to really go after the underground exploration. We're going to reopen the east mine and start exploring there again. Right now they're mining a thousand tons a day only from underground at the shaft. They're not using the west ramp because they don't have the equipment. That has not been invested back in over the past number of years. We will reinvest back into that we look at ramping up to 2 000 tons a day underground fairly quickly we will have seven rigs operating here very soon we're going up to nine probably by the end of q2 so a lot of drilling we expect to drill approximately 100 000 meters a year for the next coming years you'll also see some announcements on some new key team members coming on to help drive that We will start exploring beneath the east ore body, again, which is a very high-grade system. It's narrower, it's about 10 meters wide to 12. The west is 20 to 60 meters wide, so a very, very significant ore body. And there's a large gap between the east and west that has not been explored for various reasons. Just recently, they've been testing that. we can start to see the results of it and we see a significant exploration right near surface at the gap so really and truly a lot of exploration ahead of us and again it should be very very rapidly ramped up it is a high grade mine the magenta here is plus 15 grams so you can see why it was develop very quickly, and you can see why INCO built a 3,700 tonne-a-day, or 1.4 million tonne per annum mill. The east is quite a planar ore body, very, very simple to follow, not complicated whatsoever. The west was more folded, boutonaged, very wide, very high grade, lots of tonnes per vertical metre, again, no expiration below around 1,000 metres. and then in the principal again like the east quite high grade in in various areas again folded and then these linear structures that go down at depth so again wide open the mustard color is plus four grams so you can see this is quite a significant ore body the so the the mineral around the high grade is still very good grade and we will look to re-establish that high grade You can see our neighbors, like Laronne down the road, 3.7 kilometers deep, Red Lake, 3.7 kilometers, Westwood, over 2 kilometers, Macassah, 2.25. The deepest hole being drilled here is 1.5 kilometers. The average depth of development is 700 meters. So there's a lot of exploration to happen here, and we're very, very excited about it. The other key thing, again, attracted both of us, ourselves and Franco, it's very, very unusual to grab an ore body like this and have 37 kilometres of the belt. This is in the Abitibi, where an orogenic system, you're anchored by an operating mine, and you've got 37 kilometres of the belt that has not been actively explored. Lac-Germaine was actually discovered by Inko in the 80s. That's how much exploration has been done here. And it truly is down to the fact that it's got that 30 to 50 meters of thick clay cover. It's not easy exploration. You really have to go after it. I did the same in Sweden where you had to go down through that sort of thick clay. You really look for gold grains, gold counts, glacial movement. You drill into the bedrock. You look for alteration, really the key to this will be alteration. We've seen some really interesting stuff underground recently, very excited about it. So we will have a separate, very focused regional exploration on this 37 kilometers of strike extent. The other key thing about being in Quebec, there's wonderful tax incentives to do this as an operating mine in the region. So that's also a big part of what our strategy will be. So we will get at that. We started already. We expect to announce some results of that. So that has been ongoing under our tenure for the past couple of weeks. Also in the portfolio, which we bought from Heckler, was Heckler Quebec Assets. It's the advanced stage Hevo Hosko, not been explored for five years. 1.9 million ounces of mineral inventory there. Some of it refractory, but we're in the Cadillac larder break there. Our neighbors are Agnico, Agnico, Agnico, IAM Gold, and El Dorado. So we're in a great address. And we own a chunk of ground, and that's something that we will actively follow up on. We have another asset up in the James Bay area nearby the Eleanor Mine, and another one on the Duvernay on the same break as I believe AMX Exploration is on. And again, something we don't know a lot about right now. Our focus has been Casa Berardi. But we will bring a lot of focus to that in the coming months and years as we get ourselves well established in this region. So we have 3,500 hectares of, sorry, I think it's 7,000 hectares of property in the region. So we're quite well endowed in an area that is undergoing a lot of focus and exploration. We have actually established a lot of good relationships right away. There is obviously First Nations. For us, community is a huge part of our DNA. In Burkina at Bambori, we've relocated 3,700 people into new communities, built churches, mosques, hospitals, community centres. We've established local businesses that are all running on their own now. So we will look to establish something similar with the first nations groups there. We have an impact benefits agreement, but we really want to ensure that they know who we are and what we're going to do going forward. And the same with the local government authorities as well, as we look to expand this and develop some of these ore bodies. So right away, we went from 110,000 ounces last year. We'll be looking at around 230, 240 this year. Clear line of sight to 350. So we will become a mid-tier very quickly. We expect CASA to be a major part of that going forward. We have an expansion planned at Bombore. We have a lot of drilling going on at both assets right now. We expect to put out a lot of results, hopefully some very exciting results from CASA going forward, and a new development plan that we will lay out probably in Q3, Q4, where we will look to lay out our vision for the project, what we're going to be doing over the coming years, where we see production coming from and where we see growth coming from at that asset. So I look forward to that. And as I said, adding to the team as we move forward into the next stage of our growth. Before I sign off, it was sort of amazing to me that Franco controls 17 million acres with such growth. And I'm thinking, wow, I come from an eight-acre farm in Ireland, but it still produced a bit of growth. So it's a marvelous story to listen. I've never really, really truly listened to the Franco's. I'm really happy to have you as partners and looking forward to doing you proud and doing our shareholders proud in the coming years. Thank you very much.

Thank you, Patty. When the team was working through this deal, we got comfortable on our base case assumptions and then we were thinking about the upside case. and uh so said to the team like you know do you really think that patty can find the few million ounces that he's pointing to there in his expiration program and they said well lucky irish so we said all right we're good deal's done thank you patty uh next up at the podium please welcome richard young 80 gold well thank you um paul and uh before i get started i'd like

to make a comment about patty i've known him for quite a while we worked in west africa together and he delivered on everything he said he was going to do almost a decade ago so congratulations so so in turning to i-80 we've got four looking statements uh that i think everybody's accustomed to so we got our name i-80 because we're located you know just along interstate 80 in northern nevada where some of the biggest gold mines have discovered we have four past producing gold mines that were owned by barrack and newmont we're able to acquire those as those companies continue to acquire and they were looking to rationalize assets and we've been very successful with the drill bit so we've got one of the largest resource portfolios in the state behind nevada of gold mines Barrick and Anglo all these deposits have been mined and so we know the mineralogy and the geology and I joined 18 months ago we've strengthened the team to execute on this plan we've refreshed the board so that we've got a board that can assist us as we move forward so we currently produce about 50,000 ounces per year we laid out 18 months ago just after I started a three phase development plan to grow that to over 600,000 ounces per year. And we're all on our way to achieving that. And with Franco's help, and I can't, this is my fifth company I've worked with Franco on, they provide what you'd call long-term foundational capital that allows us to bring the other partners in because they know the work that Franco does in arriving at their investment decisions. So we've got 6.5 million ounces of measured and indicated gold, 7.5 million ounces of inferred, we've got another 200 million ounces of silver, so on a gold equivalent basis we have about 16.5 million ounces of gold in Nevada. So the blue bars are what we're converting to gold bars. So we're converting in 25 and 26 and really over that two-year period we'll spend over a hundred million dollars on those infill and step out drill programs we're going to convert the blue bars to gold bars and we'll be reporting reserves beginning this year through the next 12 months so the 300 ground mines average grade about eight and a half grams good high-grade underground that are going to grow we've got two of the three open pit deposits grant Creek open pit and mineral point both oxide in the current development plan, Lone Tree will come in a little later on. So we put out five PAs for five of these six gold deposits back a year ago and it showed production rising to 800,000 ounces. Now ultimately as we work through it we won't hit eight, it'll probably be between six and seven, but we've got a clear pathway to become a 600,000 ounce plus producer essentially through 2050. Now that blue bar we're about three but four million contained ounces short of delivering six hundred thousand ounces through roughly about 2050 where will that come from that'll come from Lone Tree it's a three million ounce resource that will ultimately bring into the mine plan we're currently drilling with the benefit of Franco Nevada mineral point our flagship asset we expect to add between half a million a million ounces to that. We expect on a conservative basis to add a couple million ounces to our three underground and then we've got some other open pits that you know we'll build into the plan. So we've got between six and seven million ounces of MI&I that ultimately we think will come into reserves to allow us to be a very solid strong mid-tier gold producer for the foreseeable future. So again a year ago we put out the PEAs, none of us expected gold prices to be at these levels so we put out the base case at 2175 gold, 1.6 billion at $3,000 gold. The NAV was with a 5% discount rate was 4.9 billion. We said at the time we expected those were conservative and that as we completed the infill drill programs and step-out programs we thought the numbers would grow and we expect that to grow at current metal prices that nav would be about ten billion dollars and today with the recap on a fully diluted basis we have a little bit over 1.2 billion shares outstanding so roughly a two billion dollar US market cap so there's a lot of room to grow in a great jurisdiction this Gantt chart lays out the three stages of development and the work that is underway. We put that plan out 18 months ago and largely on track to deliver on that. A couple caveats, we've moved some of the technical work forward at our committees, one of our two underground that's in phase one, as well as mineral point thanks to the investment by Franco Nevada. So we are aggressively pursuing this plan and we believe that we'll be able to execute on it. In order to execute on it we had to recap the balance sheet. We had about 200 million dollars that was coming due when I first started in the fall of 24. We didn't have any credible plan to actually repay that debt so we put that development plan out and we've been able to raise over a billion dollars with the capital coming from Franco, Nevada, that foundational capital that allowed us to bring National Bank and Macquarie in on the senior bank side and then we We are able to complete a convertible debenture last month, led by BMO and National Bank. So we are fully funded through the three phases of development that we've laid out. Since I started in September of 24, we've been very active. We put out a new development plan that we've been executing on. We put out those five PAs that, you know, allowed both Franco and the other investors in the stack to come in. We've strengthened the team. We've completed the technical work on the refurbishment of our autoclave. We're one of two companies in Nevada with a permanent autoclave. The other is Nevada Gold Mines. Hatch built that plant for Santa Fe that was acquired by Newmont. They're currently doing the refurbishment, and we think that work will be done by Q4 of next year. We've completed the capital. We've added board depth, management depth to be able to execute on the plan. As we move forward, we expect to have five technical reports on those five deposits over the next 12 to 18 months. and that will allow us to convert resources to reserves and really lay the foundation out for that growth plan that we've laid out before. We've got two visas coming out in Q2, and what we're seeing is that more than a one-to-one conversion have inferred into M&I, so the programs have gone very strong. We put out a press release in advance of participating today on our third underground Archimedes with very good drill results and again we would expect more than a one-to-one conversion of inferred into M&I. We've begun the lone tree refurbishment. I'll talk a little bit about that shortly. That'll be done late next year. Archimedes is our second underground mine. We put the press release out on those drill results earlier today but that development program is ahead of schedule so all things are moving forward very very well. Maybe just spend a little bit of time talking about some of the optionality. So Granite Creek is our current operation in production. We expect it to produce between 30 and 40,000 ounces this year. What we like about this asset is it's within 10 kilometers of Turquoise Ridge. Turquoise Ridge is a 30 million ounce discover within about a gold mines. All of our senior team worked at turquoise ridge our mining contractor continues to work at turquoise ridge and everybody says it's in the same system you know and so when you look at the ore body the upper portion which we've been mining looks like gechel anybody from the 90s remember placer buying gechel and that was a bit of a challenge poor ground conditions narrow but as you get deeper in the South Pacific zone, you see better ground conditions, better grade, and more latitude to be able to increase mining rates. So this is the asset that our geologic team believe have the most upside. So that's the first asset in phase one. Archimedes is the second. $50 million to bring that into production things are proceeding well advancement rates are going above plan we put out those early drill results that were better than expected we think this is going to be a good solid asset so between the two of them we would expect roughly about 200,000 ounces of annual production through our autoclave that's being refurbished a little over 400 million dollars to refurbish that autoclave. Hatch is doing that work under an EPCM contract. They built the facility, they've, bless you, they've spent about, we've spent about 15 million dollars on the engineering work. We're very comfortable with the execution plan and so we would expect to be commissioning September of next year and first goal by the end of next year. But the real carrot with us is mineral point. In the tech report that was 282,000 gold equivalent ounces over a 17-year mine life, 1,400 ASIC. We believe that deposit is going to get bigger. We are looking to move that project forward. Part of the 250 million dollars that Franco put in was earmarked for advancing expediting mineral point, so we're going to spend 50 million dollars on infill drilling, over 400,000 feet of drilling plus the engineering and early permitting work and this is going to be our flagship asset. So in summary we've got four past producing properties. We expect to increase production from 50,000 ounces to over 600,000 ounces over the next five or six years. We are fully funded.

Current fully diluted market cap is about two billion and we think the NAB is at least ten if not higher as we complete these programs so that's the i80 story and so i took more than 15 minutes thank you thank you richard the when we set out on our on our partnership strategy the key part of it was we said how do we provide financing to teams um where we can make them successful if we make them and their shareholders successful then we'll have other people that'll come to us and say i want to do that. And we said, if we can do that, then we can legitimately continue to grow our business over time. But it gets even better when it's actually the same team that comes back and says, we want to do another deal with you. As Richard mentioned, it's the fifth company that Richard's been with, where he's been engaged with Franco-Nevada. It's been a fantastic partnership, Richard, I think this one is going to be the best one yet. Thank you. Now, we're going to invite Mark Gooding up to the stage. Mark is going to speak to Discovery Silver.

Thanks very much. Thanks, Paul. Pleasure to be here. And again, I apologize for Tony not being able to make it, but he is under the weather, so I'm happily filling in. It's a real honor. I can tell you we very much value our partnership with Franco Nevada in getting the porcupine acquisition completed early last year. The working relationship we had with them was extremely valuable, very much appreciated, and as a partnership I just think it gets better and better. I noted Patrick's comment about getting his deal done sleepless nights and And we had a few of those and they went on for a while, like this deal took months to It was a very complex deal, that's the reason for it. And when we finished getting this done and we announced the deal in January, we went to BMO and Paul and his team were very kind to take the Discovery team out for dinner around the time of the conference. And we were talking about the war stories of getting this thing done and I believe Paul said something to the effect of getting this done is kind of like having a baby and I remember that very clearly because my wife was standing right beside us and without skipping a beat she said no it is not no sir it is not and I think that gave us all a little bit of perspective on that but we did get it done we and and it's just been a great relationship so far and because of that we can stand I can stand here today and say that you know we truly believe we've got one of the most compelling growth stories in the gold industry today we already had and continue to have one of the most compelling and attractive development stories in the silver space with our cadero project in Mexico and I'll mention that the rest of my talk I'll really focus on porcupine and what and what we're doing there the other thing I noted in Paul's earlier comments was the number of times he mentioned expiration and expiration optionality and you know I've worked with Tony this is my fourth company now working with Tony and and the success we've had it all starts with the drill bit and and it has in every company we've been at I was really interested to get a little update on detour because that was probably one of the shining examples of where we got drilling really quickly we had 10 million ounces of reserve in less than two years and and you know um credit to ignigo because they're they're leading that project to its full potential and it's just a terrific mind so this year at porcupine we'll be drilling over 280 000 meters we've got over 20 drill rigs turning now because the expiration potential in this over century old gold camp is absolutely tremendous and we'll be investing somewhere between 55 and 75 million we've already had a couple press releases out that show the results are extremely favorable and this is going to be a big part of the story you know we're going to ramp up production but we're also going to have a steady stream of expiration releases out because we're getting good results virtually everywhere we're drilling so we do I do have the forward-looking statement another cautionary language in the deck we've put it at the end because I know there have been a lot of cautionary slides but I'll quickly go over to those at the end but this really gets to what we expect to do last year the porcupine assets produced 234,000 ounces including the period before we own them. Based on work we are doing today we expect to take that production to somewhere between half a million and three quarters of a million ounces of gold over the next three to five years and I'll give you a sense of where that growth is going to come from. Through Cordero I'll mention it quickly over the same and I should mention this is about three to five year time frame. Over that same period we expect to develop Cordero and bring that in which would give us about 14 million ounces of silver and considerable over 200 million pounds of zinc a year. We're not just going to add ounces for the sake of adding ounces. We're going to drive down costs and we're investing today to do that. We plan to be in the lowest half of the cost curve for both gold and silver and then you see critical minerals there. We recently announced the acquisition of Glencore's kit operations and I'll give you a little bit of color I mean that acquisition is is going to do great things we believe for us for our porcupine business as well as have its own optionality I won't get into all the details of what our investment philosophy is that are on that slide but basically I can tell you we invest capital with maximizing value for the shareholders in mind and and again as I said before, that really starts to having a very significant commitment to exploration and drilling to make sure we get all the value we can out of the asset. Last year in conjunction with the financing for the deal to acquire Porcupine, we issued a technical report at the PEA level. It really involved just a portion of what we acquired. It involved the existing mines in operation at the time, Hoyle Pond, born in Pamor, which I'll talk about in a second. This shows the production profile as well as the unit cost performance. What we can say is we're already beating those numbers. And we expect, obviously, to do a lot more than what's here. We're more or less, the growth trajectory, we're moving forward. We expect to basically do what was in that report in 2028. We're going to do that this year. We're also going to continue to invest to grow production from the existing assets. And then you see the arrow on the right. We've got two very significant near-term projects, Dome and TVZ. And sort of we project around 2029, that's where you see a significant step up in what we expect to produce. The technical report itself, just by executing it, we will improve our unit costs from over 1900 today but we think we'll even beat the numbers and our goal would be to sort of get an ASIC that's a lot closer to the thousand dollars an ounce by 2031 that's currently shown for cash costs but we will continue to manage to drive our costs down. Now I'm just going to get to talking about the porcupine assets a little bit and for those who don't know I mean Tony is born and raised in Timmins. He's worked at these assets. And I can tell you that that statement's true of about half of our executive team. We know these assets extremely well. And basically the producing assets today are Hoyle Pond, which is one of Canada's highest grade gold mines. It's produced 4 million ounces since 1987. Never really had more than a few years ahead of it, but it just keeps on replacing. It's one of those mines that just keeps on going. When Tony was the mine manager of Hoyle Pond in the late 1990s, I think they had something like 40,000 ounces in reserve and that was 3 million ounces ago and we fully expect that Hoyle Pond's just going to continue to keep going. Borden is about 190 kilometers southwest of Timmins around Chapelleau. It at one point was Newmont's largest land position in its global portfolio and the key thing about Borden is there's been very little drilling there other than on the one main mining trend that probe had you know we're already seeing exploration success and I'll just expand that to say everywhere we're drilling we're having it at Hoyle we're having it at Borden we're extending that trend and we're also doing district drilling. Pamar is an open pit at it's a historic mine but We're just ramping up an open pit, and it's got tremendous exploration potential. The technical report there speaks to getting 150,000 ounces over 22 years. That was really dictated by the milling capacity we expect to have. Pamor's got an opportunity to become much larger. It's open in multiple directions and at depth, and we're already getting good results from district targets nearby. The growth is mainly, it will come from those assets. It's also going to come. Dome is a huge project for us. You know, we have 11 million ounces in resource where there's already an open pit. There's been 17 million ounces produced, and the mill is directly beside the existing pit. We're doing a study now about bringing Dome back into production, and I'd say that those 11 million ounces are all open pittable, but there's also an underground potential too. TVZ is a large zone directly adjacent to Hoyle Pond. I'll talk about it in a moment in a little bit more detail, but it basically has an opportunity to be its own mining operation. Owl Creek is a large district target three kilometres to the west of Hoyle Pond, and we've already had very good exploration results there between surface and the 650 level. You can see how we're rolling up to 280,000 metres very quickly here because we've got a very extensive program going. And then we've got Hollinger-McIntyre, two historic mines that between the two of them have produced 30 million ounces. We are putting the existing Hollinger pit back into production. Newmont had a program they were executing that they closed the mine in 2024 there was still a year plus left in that program and we're actually putting it back into operation to finish that out. The grade at the Hollinger open pit is very good so we're gonna do that. Longer term we have an opportunity to combine those assets and create a super pit concept and we're gonna look at that very closely. That's a longer term project it'll probably be the next iteration of the executive team but we're going to do the drilling and the groundwork to advance that and it has huge upside. Just going to go to this one. Just quickly I'll talk about KID. The KID acquisition was announced on March 2nd and it's got huge upside for us. These are Glencore's assets. It includes the KID Met site, the KID tailings facility and the KID Creek mine. The KID Creek mine gives us exposure to critical minerals like copper and zinc and silver. It also has a huge land package with exploration potential. Big upside here though is we get the Kidd Met site which is a four circuit processing facility and when I talk about getting us to three-quarters of a million ounces the one issue that anyone who covers us who are who knows us has is we need to add milling capacity. I'm going to talk about dome mill in a second but then I'm also but this gives us the opportunity to reconfigure that mill and to support the growth plans that we have for porcupine and I won't get into too much detail in the time I have but this is a big win for us to be able to do this deal. Just getting to dome this is the dome site you'll see the mill is in on the left in yellow it's the yellow blocks you see there there is a three-stage crushing system that we need to take out it's expensive and and inefficient and it happens to be where we plan to to push back the existing pit to bring dome back in we're doing we're doing a study now on resuming mining at dome which will be done late this year basically what you see on the slide the red outline the purple outline is the 11 million ounce open pittable and furred resource the red outline is a is a conceptual pit design that would allow us to access we believe somewhere between five and seven million ounces which would keep us mining for for well over a decade and that doesn't require us to relocate the mill we're also doing a study on the mill itself to remove the three-stage crushing put in single stage crushing and a sag mill and also to expand the mill the milling strategy that will come out of that study obviously getting the kid med site is going to factor into that and we will have that released late this year as well tvz very quickly i mentioned it's a large zone right beside hoyle pond that's the hoyle pond underground infrastructure there key deliverable this year for us is an NI 43 101 resource which we expect to release late this year. There isn't a resource out on it now but it's a large zone. It is partially refractory and we're doing MET testing. That's another thing the KID MET site is going to help us with because there's a flotation circuit there that we plan to convert to a gold processing circuit that will help us produce this material as well as other refractory ores in the area that we may be able to obtain. This is really a conceptual production outlook. It's not intended as guidance so much, but what it's meant to show is the opportunities that we have. And you can see Hoyle Pond's doing about 65,000 ounces a year now. We believe there's upside there. Borden is doing over 100, but we expect to be able to grow it. Both these underground mines were capital-deprived. They need investment in ventilation. They need investment in new mobile fleets. We're bringing in battery powder equipment, which we have a lot of experience with from our days at Macasa, and there's great growth potential. I mentioned Pamor. You know, we talk about a super pit at Hollinger-McIntyre. We talk about a large pit at Dome that we're going to do. Again, Pam Moore, you can see the 150, including the technical report. We think we can grow that significantly. And there's just a whole lot of additional opportunities from TVZ, Hollinger, McIntyre. We have other properties like Paymaster. Kidd could give us value creation from mining as well. And we've got several hundred million tons of tailings, which we could process, particularly their economic in today's world. And on top of that, you add in Cordero, and I think you see an extremely valuable company. With that, I'll leave it and hand it back to you.

Thank you, Mark. Now, for all the women in the audience, I've just got to clear the air about my childbirth comments. And I wasn't trying to equate the pain of doing a deal with having the pain of having a child. Really, what it was is that both are painful. and just that if we remembered how painful it was that you wouldn't ever do it again and uh but maybe with childbirth the reason that you do do it again is because the babies that you produce are so beautiful and uh in this case with the deal uh you had discovery have you've got some wonderful babies and we're looking forward to seeing them grow up they uh so now we we're going to move from in person to under the webcast. And we have Ryan King from Equinox, who is going to join us and present. Ryan, we're seeing you on the screen. Please go ahead.

Excellent. Well, thanks very much, Paul. And thanks very much, everybody, Ian and team at Franklin, Nevada. It's been a journey. We're in the process now of having our babies grow up to be toddlers with Equinox Gold. And we'll talk about a number of assets in portfolio that Franco has royalties on. So if we could advance the slide, please. Well, as you can imagine, I'll be making some forward-looking statements. Please do take the time to read through some of those details. You can also find a version of that on our website, equinoxschool.com.

Next slide, please.

So yes, we'll talk about probably one of our key cornerstone assets in the portfolio today is the Greenstone Gold Mine in northern Ontario. Now, this asset has got some history to it. It was a historical mine. This is a brownfield site that the Equinox team has took from conception of old underground and then envisioned a large open pit. And as you can see there today, we've got 5.3 million ounces of gold and proven and probable open pit reserves. We've got 3 million ounces of measured and indicated in addition to the 5.3 million ounces of proven improbable reserves. And some of that comes in the form of an underground opportunity. But we'll talk about that in a minute. But just recently, the company came out and published updated technical reports at Greenstone and our Valentine asset, both of which are in Canada. And as you can see there, over the next 10 years, we anticipate, based on these technical reports, that we should see an average of 320,000 ounces a year from Greenstone and a little over 1.1 grams per tonne gold in the open pit. This would be running at about 27,000 tonnes per day. This is a large open pit asset in northern Ontario. Now, this year, we've guided 250,000 to 300,000 ounces as the acid is still in the process of ramping up. This year, we would envision that we'd probably produce about, again, 250,000 to 300,000 ounces, but process about 25,000 to 26,000 tons a day. So we're working towards getting to that 27,000 tons a day run rate. And by about the middle of the year or third quarter of the year, we anticipate to be there or beyond that. And so one of the opportunities in front of us, when we look at this asset, we say it's 320,000 ounces over the next 10 years. We do see a number of great opportunities here. This is a very large land package. I think it's over 400 square kilometer land package. And these resources and reserves here are directly at the open pit and underground asset at Greenstone. So, in addition to the opportunity here, we see a great opportunity of potentially bringing underground resources into the reserve category, and then expanding that annual production profile. That's one opportunity in front of us here at Greenstone. Second opportunity, and I'll speak to this briefly, but the second opportunity here is increasing throughput. First and foremost, the focus is getting the asset 27,000 tons a day. The second opportunity, and I've just recently been to site with the technical team, is that they believe there's a very good opportunity to push the throughput here. We see an opportunity to immediately, in the near term, go to 30,000 tons a day once we hit the 27,000 tons a day. But then there's a potential opportunity to go beyond that, potentially up to 32,000, maybe 33,000 tons a day. So there is good opportunity from a throughput perspective, bringing on an underground opportunity, feeding that underground grade and material into the plant as well. So this technical report that we just came out with, we do truly believe this is a solid base case from where to work from. In addition to those opportunities, this is an old mining camp. So there's about six past producing underground mines on this site, some of which have resources, most of which have had no modern exploration. So there is a very good exploration opportunity here where potentially we could see satellite feeds coming into the greenstone mill and therefore either potentially expanding the mine life or increasing annual production. So a great base to start from, a great opportunity in front of us. And so this year is going to be a big year of transitioning from investing and transitioning into a real harvesting cash flow mode now. So it's a cornerstone asset for Equinox. Next asset in the portfolio that I'll talk about, next slide, please, is an even newer mine, the Valentine Gold Mine, which is located in the central region of Newfoundland, and this is one of the largest open-pit gold mines in Atlantic Canada. Now, this asset's a little bit behind Greenstone. Greenstone started production in 2024. Valentine just started production last year. Actually, we finished construction in August of last year, and we had first gold in September of 2025. First gold to commercial production was only a few months, and in fact, Q4 of last year, we produced a little over 23,000 ounces of gold. So the commencement of operations, the transition from construction to operations has gone fairly smoothly. We're now in the process of really ramping this asset up in its phase one capacity, which is 6,800 tons a day, and we're on track for that. Q1 is just finished up here. We had a solid first quarter. The asset is anticipated to produce 150,000 to 200,000 ounces this year. And again, this asset, we just announced a technical report, an updated technical report here, which as you can see here, based on the next 10 years of reserve life, will be producing a little over 220,000 ounces of gold on average a year. Now, Valentine is new, and we're actually in the process of just finalizing our phase two expansion. Albeit the original technical report here envisioned that phase two would be maybe year two, three, or four, we're in the process now of looking at potentially investing capital this year to advance our phase two expansion, to take this plant from a two and a half million ton per annum throughput capacity up to five million ton per annum capacity. So we're very excited about this opportunity. We do see good opportunities taking this to this scale, and that would then bring us to that 220,000-ounce-a-year average. Now, in addition to this, Valentine presents a very compelling exploration opportunity. If we think back to when Valentine was first, really first discovered, it was about 2010. This is a large, big fault system in the central region of Valentine, an orogenic gold deposit. Most of the drilling, in fact, if we look back over the last 10 to 15 years, has been centered on three different pits. And I would say that 90% of the drilling has been confirmation or infill drilling. We've recently started doing some exploration drilling around the pits along the trend, and we found a new zone. We call this new zone the Frank Zone. I don't have an image of it up here, but it's just south of our third pit. It's early days here, but some incredible drill results outside of these current mineral resources and reserves that you see on the slide. So they do not include this. Zones that are drill intercepts that have run 190 plus meters at 2 to 2.4 grams per tonne gold near surface. So very, very good opportunity for resource expansion. And we believe there's an opportunity for another new pit there already at this stage. Again, forward-looking statement, but based on mineral inventory there, we think we've got another 500 to a million ounces outside of these resources in that in that one new zone so in total this tells us there's tremendous exploration potential at valentine this fault system runs about 35 kilometers long and in the three open pits that we have defined there at at valentine there are about six kilometers of the total 35 kilometer long stripe so exciting opportunity from exploration and this year we've got 25 million dollars budgeted about a hundred thousand meters of drilling will go into this asset this year so stay tuned for additional updates there uh across this portfolio of of exploration potential next slide please so in addition to the canadian assets um franco also has a royalty at our mesquite mine now this mine is a is a heat bleach mine located in California. It's been in production for many, many years. And for many years, it's always only had two to three years of reserve life in front of it. And yet it's the little engine that could. It keeps finding new zones. We continue to expand. And as you can see on the slide, we've got a little under 300,000 ounces of reserves, but over 1 million ounces of measured and indicated resources. So again, this is another one opportunity where we believe will likely have an opportunity to convert some of those resources to reserves, extend life, and we're investing this year approximately $10 to $15 million in Skeet's exploration program, and we do see good opportunity there as well. In terms of future growth outside of our operating assets, again, in the United States, an asset called Castle Mountain. Castle Mountain is a historical heat bleach operation. And the company is actually going through the permitting process to expand this asset. And based on the previous technical report, the asset could produce a little over 220,000 ounces of gold in the United States a year. So we're working through the permitting process there. We're in the FAST41 process. So just recently, the end of last year, went through a public consultation period. There is a defined process here, so much so that the defined process is stated that we will get a record of decision by the middle of December, 2026. And at the same time, as we work through that, we're updating the technical report as well. So looking at all the opportunities and aspects there, we'll publish that in Q4 of this year as well to dovetail with the timing of that permit. There's no guarantee that we'll get a positive record of decision, but given that we got put in the FAST-41, it is a historical asset and has been an operating asset, we believe there's a good chance that we should get a positive record of decision. Now, on the back of that positive record of decision, we finalized permits with county and state the first half of 2027, and we could be in a position where we begin construction, say the middle to third quarter of 2027 likely a two-year build and starting up production of that asset in middle of 2029 giving us another 200,000 ounces of additional production growth and obviously a great opportunity for Franco as we unlock more value from the growth of that asset and the construction and build of that asset. So things continue along the path of additional growth. And in North America, as Paul pointed out in his presentation, these key assets here all located in Canada and U.S. Tier 1 mining jurisdictions. A great opportunity for that portfolio and a great opportunity for Equinox Gold as we continue to advance. In total, this year, Equinox is producing 700,000 to 800,000 ounces. That's our official guidance. at $1,700 to $1,800, or $1,775, sorry, to $1,875, all in sustaining costs. So at these prices, at $4,000 to $5,000 an ounce gold that we are collecting now in our top-line revenue, giving us a significant amount of cash flow, a significant amount of free cash flow. So we do believe that the future growth here at Castle Mountain, all of our exploration programs and additional non-sustaining capital are fully funded through our cash flow generation and we were fortunate enough to have the partners of franco nevada to allow us to get to this stage and now start to harvest this cash and put it to work on additional opportunities like castle mountain that's the extent of my presentation paul and team i'm happy to answer any questions if anybody has but uh appreciate everyone's time it's a quick snapshot there for a moment Thank you, Ryan.

Now, I don't know if any of you noticed that Equinox Gold has been following Franco around. It started with Castle Mountain and Mesquite, where we own royalties, and they got those assets. And then we bought the royalties on Greenstone. They bought the mine. We bought royalties on Valentine. They bought the mine. So I was sitting here, and I just realized I figured out the next M&A deal in Canada. Equinox is going to buy Skeena Resources in Esquite Creek.

Yeah, well, we've been in a relationship so far.

The next presentation we have, the latest deal that we've done, is with Metals 260. Luke McFadden is the CEO of Metals 260. He will be presenting the coming out of Perth, Australia. So I think he is on 3.40 in the morning in Perth. We really appreciate you joining us, Luke.

Thanks, Paul, and thanks, Frank and Nevada, for the opportunity to present this morning. As Paul mentioned, I'm Luke McFadden, the CEO and managing director here at Minerals 260, and, yes, it's 3.40, and I'm feeling wide awake. Yeah, look, Minerals 260 is a relatively new gold company on the ASX, so I won't be insulted if you haven't heard about us before. but certainly hopefully in the next 10 to 15 minutes you're as excited about the company as what we are and certainly franco nevada were recently um we were recently included on the asx 300 and today i'm going to talk about our four and a half million ounce bull of bull in gold project um the project itself sorry next slide please uh the project itself is located 65 kilometers from kalgoorlie um that's the center of gold mining universe in australia the closest major mine is evolutions mungari mine which is 20 kilometers away and it's really the scale and location that makes this an outstanding asset bullet bowling itself means large rocks in local traditional owner language and we certainly think They were talking about gold when they named it 50,000 years ago. Just for a bit of context, given I'm in Australia, the dollar figures I mentioned in the presentation are Australian dollars too, which easily enough was trading it around parity with Canadian dollar just last night. Minerals 260 acquired the Buller Bulling Gold project just over 12 months ago. Literally a day, 12 months and one day we acquired it. And it's certainly been a transformational year for the company, to say the least. 12 months ago, the market cap was $200 million, nine months, $600, three months, one bill. And just yesterday, we just tipped over $1.6 billion. So certainly been a fast-moving year, and it's all been driven by the asset, our strategy, and our people. Just a bit of background about Buller Bullying. itself it was discovered in the 1980s by Western Mining operated by Resolute in the 1990s and then between the late 90s and 2012 it really would it went through a series of small company ownership at some point the asset was also split in half and then it was put back together in about 2010 by a company called Buller Bulling Gold at the time Zijin or Zijin bought it in 2014 after a feasibility study came out on it, expecting about 180,000 ounces a year for just over a decade. And then this became one of these assets that just got lost in a large conglomerate's portfolio. The exploration manager for this was based in Belgrade. He'd never been to site. They drilled less than 20 holes over their 12 years of ownership. So it really was lost in their portfolio. And then we acquired it just, like I said, 12 months ago. The resource today stands at four and a half million ounces. That is the largest resource in Australia not owned by a producer. And we're targeting the release of our feasibility study in the middle of this year. Consensus analyst views on that are looking for us to achieve at around 200,000 ounces a year for approximately 20 years to give you some context of the scale of the project going forward the team is led by an incredibly high quality board our chairman tim goiter is a notoriously successful entrepreneur and mining investor in australia he's funded chaired and run several highly successful companies um three asx 300 companies that he's chaired two at the moment minerals 260 is one of them of course um and he owns just over seven percent of the shares on issue uh before i joined minerals 263 years ago i was the head of strategy at osminals sorry which was the copper gold company acquired by bhp a few years ago now and look in february we announced what we call our transformational deal with franco nevada $220 million royalty and equity investment. And we were certainly wrapped to be able to bring Franco Nevada on board as a partner and as an investor. And we certainly see it as a long relationship going forward.

It was actually quite unique.

We thought that you could get a deal with a counterparty that you could actually see it from their perspective as well. And we certainly thought the financial metrics were compelling for both sides. So it really was a bit of one of these, a bit of a cliche, but a win-win that we thought for both sides. Certainly for Franco, they get the increased exposure to the leading gold project in Australia, the largest resource not owned by a producer. And we certainly expect that resource to grow, which I'll talk about in a moment. For Minerals 260, it was actually all about value. This stood out as really value accreted for us. It de-risks and accelerates our development schedule. We're targeting first production by the end of 2028 calendar year like i said we've introduced the company to a fantastic partner um who is backing us to develop and operate bull or bullying and we have completely debunked the myth in australia that royalties are not attractive funding opportunity options for developers um there certainly was a myth going around for many years probably obviously led by other bankers and brokers. But we certainly know many other developers have stood up and taken notice and certainly contacted me about understanding more about the deal. So we certainly like the opportunity to debunk that myth. Change the slide please. Look in the last 12 months we've drilled 140,000 metres. We acquired 2.3 million ounces and nine months later we updated the resource to 4.5 million ounces, 3 million of that is indicated. We've commenced our feasibility study work. We've acquired a further 600 square kilometres today. So today we sit on 750 square kilometres of green stone belt, 45 minute drive from Kalgoorlie. So certainly have become very quickly the dominant landholder in the area. And with Franco's investment, we will certainly be drilling a lot more metres than what we would have otherwise done. We will drill 60,000 metres up until about June, and then we will recommence the program once we've put out that new resource, like I mentioned. But more importantly for us, we will very shortly commence construction of a 400-room accommodation village, and we're accelerating the development of this project in several other ways, including the procurement of longlead items, early site works, and investment in the water infrastructure. and all of that will happen this year whilst we are concurrently running studies and FIDs targeted early 2027. We're certainly moving at a speed very few companies in Australia have done before but it's for two reasons it's the asset itself of course and then it's more recently it's Franco's investment that allows us to unlock this asset at a much faster and different pace than what we otherwise would have done. Buller Bulling certainly stands head and shoulders above the scale of any other resource in Australia, not owned by a producer. And the resource that comes out in the middle of the year will have 60,000 metres of new drilling. Last year, we drilled 110,000 metres in eight months. To put that into context, that's more metres drilled by Minerals 260 in that eight months than the last 20 years combined at the asset and there was 530,000 metres drilled at the asset before we took ownership. The average drill depth was 50 metres and all that drilling was completed when the gold price was US $1,000 an ounce or less. So we certainly think there's a lot more to go in terms of growing the resource given we've only owned it for 12 months and a day and we've only just begun to piece together the tenure package and we are running this concurrently to the study. So it's a unique value proposition that we've got a growing resource that's going to be unlocked and operational within in under three years but at the same time we're growing it at the pace that we are. Certainly the drilling results have exceeded our expectations in many ways especially with the intercepts that have been some of the highest gram times meter intercepts in the history of the project which is not easy to do given it's a 40 year old project but for us importantly the highest grade intercepts we've hit are actually not included in the 4.5 million ounce resource because we hit them in november and december last year which is after the time that we'd cut off the database for the resource estimation so when we say we're confident about the resource growing we've certainly got some key data points to point to towards that. For us, we believe Buller Bulling will be the next large-scale, long-life and high-margin gold mine in Australia. It will certainly establish Minerals 260 as the next ASX gold producer and sit alongside our mid-cap peers on the ASX. And it will be the foundations that we continue to grow the company. We've been acquiring a lot of ground around Coolgardie, where the asset is based, hoping to continue to grow the company in addition to the resource at the same time. In the next 12 months, it'll be an incredibly catalyst-rich period where we will release the PFS, the Maiden Oil Reserve, the DFS, the updated resource, targeting final investment decision early 2027, commencement of construction activities um so thank you for listening um and certainly feel free to ask any questions if you've got any thanks paul thank you luke the nine i know i said earlier on that with our partners when we do the deal if we can make our partners successful and their shareholders successful that actually is the best success for ourselves but luke your share price

has gone up so much since this deal i'm starting to wonder did we overpay no not at all i'm just kidding i'm kidding on that and and you know really the luke mentioned it the part of doing this deal and what's important for us and it is cracking the code in australia and getting people to recognize the value of royalty and stream financing in the australian market and when we set out to do it we said we need to find a party to do it who is a really credible party and in finding Luke and Tim they are such a well respected team in Australia that really what has got the ripples going is to see their team take on royalty and stream financing so we couldn't be happier with this deal thank you Luke they in terms the next presentations we're back to the Franco team, John Blanchet and Matt Begumann are going to speak about some of the other big projects that will be driving our longer-term growth. John?

Thanks, Paul, and thanks to our partners for a great overview on their respective projects. And good afternoon, everyone. Today, Matt and I will discuss a few long-term options. As Paul mentioned previously, we have a number of assets, not in our five-year guidance, that could contribute significant geos to our annual production. We have highlighted a few on the chart here in the lighter blue and the lighter gold that we'll walk through in more detail, including Antipakai. At Glencore's Capital Market Day in December, Glencore provided some additional information on the Coracoaico project in Peru, which is expected to significantly expand the mine life of Antipakai, with copper grades that are approximately 50% higher than Antipakai reserves. Our stream covers the majority of the Antipakai concession, including Coracoaico, with an exclusive recently acquired Quechua project. Glencore expects a construction decision on Coracoaico in the second half of 2026, with first production targeted for H2-2029. Average annual gold and silver production at Korokawaiko is expected to be approximately 53,000 ounces of gold and 1.5 million ounces of silver over 40 plus year mine life. There are also multiple resources within the Antipakai district which provide for other potential mine life extensions. Our Antipakai stream is initially linked to copper but is expected to transition from a copper link to 30 percent of gold and silver production in 2028. We anticipate that the likely Coracoaico expansion will help offset the upcoming step down on the Antipache stream and significantly extend the mine life by over 40 plus years. One of our largest potential future contributors that is expected to provide significant growth in the medium term is the Cascabel project in Ecuador. Cascabel is one of the largest copper gold development projects in the world with an M&I resource of over 31 million ounces of gold. We purchased a 1% NSR from Solgold for $100 million in 2020 and announced a syndicated $750 million stream in July 2024. As you may have seen, last month JCC completed the acquisition of Solgold and subsequently exercised their 50% buyback option on the stream and the NSR. As compensation for the buybacks, we received a one-time delivery of gold ounces worth approximately $40.7 million, net of the ongoing payment, for the 50% buyback on the stream. And on the NSR, we have essentially recouped our capital with approximately $97.5 million in cash for the 50% buyback, resulting in significant return on our investment. Franken-Nevada's portion of the stream now consists of 7% gold produced, stepping down to 4.2% after 262,500 ounces of gold have been delivered. The NSR has been reduced to 0.5% on all millerials produced, subject to adjustments based on the production rate. We are excited to partner with JCC on this project and believe that their ownership reduces the financing risk and provides technical expertise to advance the project. The 2024 PFS supported a large block cave with a mine plan that only represented 18% of the known resource. Solgol has also identified an open pit potential at TAM which could accelerate initial production while the block cave is being developed. Solgol estimated first production at the TAM open pit could occur as early as 2028 and the Alpala block cave in 2030. Cascabel is a long-life asset with the potential to add up to 30,000 geos per year to our portfolio. Moving on to New Prosperity, the New Prosperity project in BC is owned by TSECO and is one of the largest copper-gold porphyries in Canada. The project hosts an M&I resource of 13 million ounces of gold and 5.3 billion pounds of copper, with a historical technical report highlighting an average production of over 400,000 gold-equivalent ounces for a 33-year life of mine. In June 2025, TSECO announced the signing of an agreement with the Silicatine Nation and the province of British Columbia, providing a potential pathway to project development. TSECO is contributing 22.5% equity interest and new prosperity to a trust for the benefit of the Silicatine Nation. The Province of British Columbia and the Silicatine Nation are now currently working together on a land use planning process for New Prosperity. Franco-Nevada has the right to acquire a 22% gold stream on the New Prosperity project for $350 million. Once in full production, New Prosperity has the potential to add approximately 62,000 GOs per year to Franco-Nevada, representing greater than 10% growth to our portfolio. I will now turn it over to Matt to discuss a few other assets. Thank you.

Matt Bauer- All right well thank you John and thank you everybody for your time being here today. So I'll continue on going more focused on some of our royalty assets located within North and South America. And particularly I'll start first with the Yanacocha royalty in Peru which covers all of Newmont's Yanacocha and associated Peru projects located nearby with a 1.8% NSR. This includes the currently producing oxide and releaching operation from the mine today, which has significantly outperformed our expectations, plus the sulfide project located beneath the oxide footprint. Interestingly, though, beneath just these projects alone, we also cover the quillish high-grade oxide project located adjacent to the current operations, as well as the large conga copper-gold project located nearby. We were able to acquire this royalty from the prior JV partner and benefited from due diligence, including a site visit, which confirmed that this is one of the greatest gold assets in the world. Gold production to date of more than 40 million ounces, and despite this level of production, there's still more than 40 million ounces of gold equivalent across the various projects to come. Production has recently averaged around 500,000 ounces per year from oxides and releaching, We now expect approximately half of our payback from the oxides alone, far above our initial product assumptions, and that it does not involve the current resources and the extensive projects beyond that. Going forward, the projects and the exploration upside in the large land package have the opportunity to contribute from the current approximately 9,000 geos per year to up to 25,000 geos per year if the projects are producing concurrently, and we expect this production level to be able to maintain for decades. overall it's been a great illustration of the optionality within the portfolio as the re-leaching has delivered significant cash flow that was not anticipated at the time while still maintaining the extensive upside to come turning on and turning to the arthur gold project located in nevada which is angle gold the shanty's flagship development project where franco nevada holds a one percent nsr this is one of the most exciting gold stories in the industry today with the potential to be a new tier one district with a rapid resource growth and accelerated path of production. The current resource of 9.4 million ounces M&I and 6.3 million ounces inferred represents a dramatic increase nearly three and a half times compared to the initial resource declared only four years prior. While we believe there's extensive upside in the resource to come with more drilling as demonstrated by the active drill program Anglo has, Anglo Gold is moving forward with an accelerated production timeline based on the initial PFS mine life of nine years, which contemplates 500,000 ounces per year of production, but is front-ended with more than 800,000 ounces per year starting the early years. With federal permitting slated to begin in Q1 of 2027, we see excellent potential for medium-term production starting in the early 2030s. And we note that Anglo Gold is pointing towards potential for 18 to 20 million ounces from numerous exploration upside targets on site. Our team is similarly excited, and we expect significant resource growth to come, and we expect the mine life to extend beyond the initial nine years, and we also see good potential for the initial 800,000-ounce period to be extended either through grade increases or the potential for expansions in the future of the throughput. Moving on, I'm turning here to Ontario to the Ring of Fire asset, where Franklin, Nevada has a unique exposure to this future critical metals hub. We have royalties here ranging from a 1% GSR on the Eagle's Nest mine to 2% to 3% on the broader chromite deposits. Our royalty coverage here is extensive, noting the fact that we got in fairly early, with approximately 1,000 square kilometers covered, including the Eagle's Nest project as noted, which will likely be the first asset to be developed in this area, which is a high-grade nickel, copper, and PGM project. Eagle's Nest represents one of the largest undeveloped high-grade nickel projects globally with an FS supporting 15 years of initial production and significant potential for extensions at depth. What's really unique about the Ring of Fire is the extensive chromite deposits which are unique in North America at this scale and have potential to provide significant strategic advantages as a critical metals hub in the future. As the nickel test bind is first developed it will provide significant synergies to allow access to some of those chromite deposits which could provide many decades of GEO's contributions. This project has very strong government support within the country, and we look forward to being advanced under Wailu's leadership. And finally, I'll speak briefly on Rogozna. As Paul had mentioned earlier on, this is one of the unique optionality plays within our portfolio. Franco Nevada has a 2% MSR on the gold and 1.5% MSR on the base metals. Strictly Metals is advancing this project in Serbia, and the deposit has been a very exciting exploration story, both internally and externally, with a rapidly growing resource, increased from an initial 2 million ounces of gold equivalent to more than 8.6 million ounces in 2025, just a four-year time period as well there. The project is being actively explored with an ongoing exploration program and a PFS due in the first half of 2027, and we expect resource updates all along the way given the ongoing drill program, which we'll likely see it continue to grow. The Royalty stands out to me is just a great example of the benefits of the royalty model and being able to get in early on some of these exploration plays with outside capital coming in and moving them forward in sort of unanticipated timelines. So royalty was purchased in a portfolio. We noted it as an attractive exploration target. That was about it. We ascribed very nominal value to it. But as you can see now, since that time, effectively nothing but exploration grounds, now 8 million ounces, it really demonstrates the value and optionality contained within our portfolio, often in places where we, you know, might not initially ascribe that value. So hopefully these projects have highlighted some of the unique attributes of our portfolio and give consideration of some of the upside I think just scratches the surface of what we have but with that I'll turn it over to Sandy Varana.

Thanks Matt good afternoon everyone I'm going to briefly talk about our available capital capital allocation policy and our guidance and outlook just move it here okay so the beginning of 2025 we had about 1.5 billion dollars in cash on the balance sheet and then during the year with the high commodity prices we generated another 1.5 billion in operating cash flow. So a significant amount of capital to spend but as Ian highlighted we deployed over two billion dollars of capital in 2025 on good long life high quality assets in good mineral jurisdictions. So when you factor in that two billion that we spent along with the dividend we ended up the year with about six hundred and seventy million dollars in cash. So taking that six hundred and seventy million adding in the billion and a half credit facility that we have which does include a 500 million dollar accordion and our equity portfolio of roughly 900 million at the end of 2025 we ended up with about 3.1 billion of available capital and that's essentially where we sit right now subsequent to year-end we did deploy about another 500 million dollars in the new transactions that we've announced that has essentially been funded through cash flow from from operations so we have a lot of firepower to continue to add to the portfolio. The one area I want to just quickly touch on is on our marketable securities. I don't think it gets enough attention by investors and analysts. The way the accounting works is any unrealized gains or losses associated with that equity portfolio actually does not flow through EPS and so if you look at last year that portfolio generated an after-tax unrealized gain of 700 million dollars so on an EPS basis that's three dollars and sixty cents our regular adjusted EPS for our royalty stream business was five dollars and fifty eight cents so that's a significant amount of value that does not go through our through our earnings so I just wanted to highlight that one reason we do generate so much cash flow is because we are very high margin business in 2025 our EBITDA margin was 90% and our earnings margin was just under 60% and as you can see on this on the slide as the gold price has gone up our margin has increased quite significantly in 2025 as we all know the gold price almost doubled doubled that year but you can see the cost per GEO has gone from $242 an ounce in 2020 to 325 in 2025 that's a 34 percent increase over that time frame while our margin has gone from 1528 per ounce to 3110 over 200 percent so as the gold price goes up our margin goes up and so we do have actual leverage to the gold price the other element of our cost structure is gna and i like just i really love this slide because it basically shows how scalable our business model is. From 2008 to 2025 our revenue has gone up almost tenfold but our G&A has remained essentially flat. We have just over 40 employees and we could increase the size of our company significantly from an asset standpoint and our G&A would not increase that much. So it's just the power of the business model along with optionality is just the scalability of the business. Obviously we do generate a lot of cash significant at these these commodity prices but we do have a credit facility of a billion dollars and a 500 million dollar accordion feature associated with it. We're not opposed to using debt in fact the red bars there show that when we were in a net debt position obviously 2015 2016 when we added the precious metals streams on long life based metal assets and then 2018 2019 when we deployed a significant amount of capital in the energy sector. In fact last year we drew down on the credit facility as well when we did the Arthur transaction for 175 million but we repaid that within a couple of months. So we're happy to use the the the credit facility we kind of use it like a credit card you draw on it and then you pay it off as fast as possible. We could easily upsize this but we just don't like to pay the fees so we're right now we're content with a billion dollar credit facility so obviously you know our priority is to use our cash to add good assets to the portfolio long life good mining jurisdiction but giving back to shareholders is also important and our philosophy on the dividend is progressive and sustainable we want to be in a position where we never have to cut the dividend but actually raise it every single year regardless of what's going on with commodity prices we're very proud of the fact that in January we raised it 16% to 44 cents U.S. per share per quarter that's $1.76 annualized that's the 19th consecutive annual increase for the dividend and in total we paid over 2.8 billion dollars to shareholders since our IPO and that's worked out to about a 13% CAGR on our dividend per year. And just finally just our guidance and our outlook I just want to highlight when we give guidance we give guidance based on gold equivalent ounces sold and not gold equivalent ounces produced. So our measure is after recoveries, payabilities and refining deductions. I think it's a better metric when you're trying to derive revenue and obviously the rest of the financial metrics that that are associated with that. Two changes for 2026. First of all we did have discussions with investors and analysts and so now we are giving ranges for specific commodities. So as can see on the slide gold ounces sold we are actually giving a specific range for silver ounces and pgm ounces and then for diversified that business we're giving a revenue range so in this case 245 million to 285 million secondly when we convert all of these to gold equivalent ounces we are using a fixed conversion ratio so for 2026 we will be using four thousand five hundred dollar gold so every quarter when we're coming out with our gold equivalent sold metric it'll all be based off of a $4,500 gold price. So the big movers for our guidance in 2026 to that $510,000 to $570,000 geo range is the benefit of full year from acquisitions we did last year Porcupine and Cote. Obviously the Two new ones we did this year with I-80 and Casabarati with ore zone. So those are key components. And then obviously Valentine Lake getting a full year ramp up of that mine, adding to our ounces for 2026. What is not included in here is Cobre Panama. And as you would have seen yesterday, the press released that the Panamanian government has given approval for First Quantum to begin processing the ore stockpile. We estimate that's about 27,000 GOs to Franco's account. We do expect some ounces this year. We just don't know the timing. So right now our estimate is probably towards the second half of this year. We'll start to receive some ounces with the balance coming in 2027. As we get more information, we'll be happy to disclose more specifics. So when you look out to 2030, our GO range increases about 13% to 555,000. to 615 000 geos number of components to this is new mines getting built caskabelle sk creeks dibnite gold taka taka obviously there's a number of mine expansions that are occurring magino detour lake and castle mountain and this is net of the step downs at candelaria which is going to happen in 2027 and hand to pakai in 2028. so a good amount of growth 13 but if you add in Cobre which again is not included here and you know Cobre fully ramped up is about a hundred and fifty two hundred and seventy five thousand geos a year it's forty five percent growth and a key element of this is the bulk of this growth is paid for we don't have a billion dollars to spend to add this growth for us our largest capital outlay will be on caskabel which will be a couple hundred million dollars so the bulk of this growth is fully paid for and the other element that's not included here is the organic growth that's still to come. Because with the amount of money that operators are generating right now, we know there'll be further mine expansions, expiration drilling, as we've heard today. So we look forward to that additional growth that is not factored in here. And so with that, I will turn it over to Paul for closing remarks.

Thank you, Sandy. Sometimes I push Sandy, but I say I need a more aggressive CFO because why can't we give those production numbers like everybody else does for our guidance, because I see them report it's 10%, 20% higher than what their actual sales are. Anyway, I haven't had any luck in convincing you. So that concludes all of our presentations. Thank you for your patience. We would love to take, first of all, any questions that come from the floor here. You're welcome. Questions for anybody in our team.

Questions for any of our partners here my one ask is we will pass you a microphone just so that the folks on the webcast can hear any questions I think we got one right over there and Sam thank you gentlemen today for for today's presentation it's loss and wonder from Bank of America I wanted to ask going back to one of the slides you spoke to earlier in the in the presentation about the the pipeline and you touched on your success at adding ounces in the last year and a bit, but just looking forward, what are you seeing in the pipeline for 2026? I mean, you're highlighting $1.5 billion of liquidity. I mean, is it possible there's enough in the pipeline for all of that to be consumed? Go ahead, Ian.

Thanks for the question, Lawson. The pipeline remains very healthy. Overall, a lot of the key constituents of our growth over the past couple years, they remain intact. So you would have noted already this year, we've participated in project financings. I expect, you know, given the backdrop with higher gold prices that more projects will advance. So I'm hoping to see more of that type of financing. As well, third-party royalties, as you saw last year with Detour, can make up a meaningful component of our growth. So I expect to see some of those in light of the current gold prices come through. And notably, I think, given recent transactions in Australia and also with BHP, I think the market has taken notice. So I'm hopeful we'll see some byproduct streams as well.

If I could just follow up on that in terms of the sizing, and then I'll pass the mic to this gentleman right here. One of your peers recently announced a transaction, which it took on a really enormous amount of debt. You guys have been very conservative through your entire history in terms of the amount of debt, only a very small amount in that 2018-2019 period when you added some oil and gas assets. Has your thinking on that changed at all? I mean, could you add a material amount of debt? I mean, particularly when you look at the quality of the business and the margins. I mean, what could be the upper limit of the debt that could be added? Like, are we talking one, two times net leverage? And I'll leave it to that.

Thanks for the question, Lawson. You know, as I said, we're not opposed to adding debt to the balance sheet. It just comes down to what's the level. In terms of a specific number, you know, one times EBITDA might be reasonable. But, you know, the way we look at the business is you want as much financial flexibility when opportunities arise. And so if you do have a large amount of debt, because obviously we could manage two times, but if a large transaction comes along, we'll kind of hinder it in terms of being able to complete that transaction. So it all comes down to financial flexibility. A certain amount of debt on the balance sheet that we can pay off very quickly, we're open to. But a significant amount that would take longer, that is something that doesn't fit with our business model.

Hi, Francisco Carrillo from Carlo Capital. First of all, thank you for such a wonderful meeting and congratulations. Obviously, the numbers that we see and the information that we hear today from you are years of very consistent underwriting and long-term planning, so congratulations for that. But my question is a follow-up on Lawson's. And, you know, thinking about the current environment we are living through and looking at some of your competitors' actions and the scarcity of these nice Tier 1 assets that you will look for, how do you think about, you know, the underwriting policies? I mean, do you think that you need to relax a little bit the hurdles that you might have had in the past of the minimum returns that you would go for a specific project because of, you know, the current environment? Will that remain as high as they've been in the past and that have generated what we have And this comes into question because, you know, how do you think about if you get another, you know, 1.5, 2 billion, whatever cash flow this year, is it okay to have that cash pile grow and just sit in the balance sheet and wait for better opportunities how are you thinking about all of that well thanks francisco and a couple of things there and and you know maybe i'll go back to the comment the the transaction that we saw from bhp selling a stream on on antimina which is a super asset uh and the main takeaway from that was you know here you had world's biggest

mining company selling a royalty and stream where they had no financial distress that really their any reason for doing the deal was because they felt that it would highlight the daylight value that they had in the portfolio to their investors that wasn't being recognized. And the incredible thing is PHP, even the size that they were, they announced that deal, albeit along with their earnings on the same day, their stock price went up 7.5%. So, you know, that really raised a lot eyebrows because you know for many years decades that the senior players have not typically done stream and royalty financing so I do think that has opened the eyes of a lot of people I think that you would likely see more deal activity that that comes on the back of that so that and along with some of the some of the drivers the pipeline that Ian mentioned we think it's going to be a very productive time. So that's a long way to answer your question of, no, I don't think we need to change our investment metrics at all. I think we will stick to our same disciplines. One of the key things I was alluding to earlier in the presentation is our focus is on gold and precious metals, and we will invest through the market in doing that. But you do have to have a gut sense of where are you in the cycle you want to spend a lot of capital at the bottom of the cycle you want to keep spending through the top of the cycle but you don't want to be betting the farm at the top of the cycle you know we've had a tremendous run in gold I hope it keeps going on but it has been a good run so this is also the point in time when you look around to say let's look at other commodities to see could there be other value and other commodities and and so the you know in this market uh i think we're open i think they're good opportunities gold and precious metal i i think there may be some good opportunities in other commodities as well uh so first thing there is we've got plenty of capital uh i'm not worried that's going to build up the stage we see lots of potential ahead of us uh so i think we will deploy it. But even if the opportunities don't come to pass and we do build up capital, we're happy to do that. This is a very long-term business. You can't expect that the day that you got the money that a great deal is going to come along and you can spend it. So if we need to be patient and wait for the good deals to come along, absolutely, we'll do that.

Yes. What can you add on Cobre Panama timeline and negotiations? Has the environmental assessment been completed? And, you know, when is the negotiation with the government going to happen? And a little bit about maybe if you can talk about the mode in Panama towards reopening the mine.

Well, thanks. A good question. Very happy to answer it, especially today. having just seen yesterday that the Panamanian government did give formal approval for First Quantum to go ahead and process the stockpiles at the mine site. So that follows on. We've seen since Molino came on in his very first weeks of presidency, he said he was open to a discussion on the mine. Since then, he's approved the preservation safe maintenance plan, approved the shipping of the concentrates that had been trapped at site after the protests uh approved the reopening of the power plants so the power plants are now operating again they're pushing power onto the grid in panama and this is now the next step that he's approved uh restarting uh the mills and i believe first quantum will start at least one of the lines so that they can process the ore that was blasted previously but hasn't been put through the mill. So the first thing, you know, my read of it is it shows the ongoing intent of the government in Panama to take this seriously, the potential reopening of the mine. The second thing is, from First Quantum's perspective, it does allow them to start operationalizing. From a 7,000 employee workforce, they were down to 700 for care and maintenance. they are hiring another thousand employees that they can take this step to process the stockpiles i think they have already hired seven eight hundred of that thousand so they're well on the way so it it allows them to start that that process so that if and when they get a go decision they're actually able to get back into production in a reasonable amount of time you ask about the environmental review, I understand that it is mostly completed. The timeline was to try and get it done in April. I think that that will be achieved. So I'm hopeful that in a month or so that we could see some announcement out of government that gives the results of that review. And I hope that that will then help them address one of what was one of the biggest concerns when you had the protests 18 months or so ago that were around was there environmental damage that was being done at the site I'm pretty confident that this report will come out to say there is no material environmental damage there's no non-conformance this is a mine that is very well run this is the next part of it you know when do negotiations start I don't know but I would hope that once that environmental report is out if there is a good response to that I would hope that that sets the scene that the government can then start a formal negotiation with the company

uh so i can hear me brian mccarthur raymond james um the businesses have evolved a lot over the last whatever 25 30 years so now you're willing to do debt equity but obviously a goal is a streamer royalty at the end when you when you look at the full package ideally how much of the streamer royalty component do you want to be of that package given you get a higher multiple on that That's my first question, i.e. if you did a billion deals, would you put in 500 of equity and 500 for a stream? And the second part is if you do deals in other commodities, would you be willing to do the same thing, give a full package? Or when you look at other commodities counter-cyclically, are those just going to be stream and royalty deals, which is more your traditional business that you get a better multiple?

Thank you, Brian. Good questions. The objective in us doing any deal is to create a new stream or a new royalty. But we know we need to address the needs of the operators. We need to help them to achieve their objectives. And if doing some debt, some equity along with that helps achieve the objective, then it gets the end result for us. But the majority of the deal needs to be the stream or the royalty in terms of the capital deployed. That's been our strategy. We may be wrong, because in fact, on the equity investments we've made, we've done much better so far than on the streams of royalties. So maybe we'll change that for next year. But for now, that is where we're going. And extrapolating that to other commodities, potentially we could take some exposure, but we're less inclined. we've got a lot more choice I mean you've got the whole gambit of all the other commodities some of them are much bigger than gold so there's a lot more opportunity so you know I think we can source opportunities in the other areas with without using a lot of debt and equity but again there's there's no there's no hard rules you know more just a direction thank you are there any more questions in the room here i'm not seeing any hands for now so i'm gonna i'm looking over to lloyd and candida who've got any incoming questions from the webcast have we got any from the webcast no questions on the webcast okay well with that we will conclude the events for today thank you all very much for your attendance and thank you to all the folks participating on the webcast and presenting. I hope everybody has a good day. With that, we'll conclude the webcast.