Good morning and Welcome to Franco-Nevada Corporation's Third Quarter 2026 Results Conference call and Webcast. This call is being recorded on November 12, 2026. At this time, all lines are listen only mode. Following the presentation, we will conduct a question and answer session where you may ask questions through the phone line or webcast. If you are joining by webcast, you may submit a written question for the Q & A session at any time during this call by typing your questions in the Q & A section of the webcast platform. If you require media assistance during this call, please press star zero at any time for the operator. I would now like to turn the conference over to your host, Bonavie Tek, Vice President of Finance and Investor Relations. Please go ahead.
Thank you, Anais. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's third quarter 2026 results. Accompanying this call is a presentation which is available on our website at franco-nevada.com, where you will also find our full financial results. The presentation is also available to view on the webcast. During our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks, followed by Sandip Rana, Chief Financial Officer, who will provide an overview of our results. This will be followed by a Q & A period. Our executive team is available to answer any questions. Participants may submit questions by telephone or via the webcast. We would like to remind participants that some of today's commentary may contain forward-looking information, and we refer you to our detailed cautionary note on slide two of this presentation.
I will now turn the call over to Paul Brink, President and CEO of Franco-Nevada.
Thank you, Bonavie. Good morning. Franco-Nevada generated strong Q3 financial results. Revenue, cash flow, and earnings were all higher than the prior year period, driven by stronger gold and oil prices. While precious metal GEOs deliveries were slightly below expectations, strong oil prices boosted our diversified revenue, and we're now tracking towards the mid-range of our annual guidance. During the quarter, the Panamanian Ministerial Commission recommended the government begin formal negotiations with First Quantum regarding Cobre. Response to the earthquake has obviously taken priority since then, although we hope the process will resume once that's addressed. During the quarter, we took another step in growing our Australian business with a second tranche of financing for the development of the Bullabulling deposit. We also saw several project advancements in our portfolio during the period.
Glencore announced they had completed surface land acquisitions for the Coroccohuayco project at Antapaccay and reiterated their timeline to achieve first production. Hudbay and Mitsubishi sanctioned construction of Copper World, and the federal government stepped up with $100 billion, sorry, with $1 billion of funding for the Ring of Fire Road, matching the $1 billion commitment from the province. We keep seeing exceptional exploration success across the portfolio. It is not my normal, but I cannot help myself. I am going to speak about some of it. At Porcupine Complex, Discovery continues to expand mineralization at Pamour, both east and west of the existing pit, and also at the newly discovered North Contact Zone. At Dome, they extended mineralization up to 600 meters to the south. Updated resources for both are expected in early 2027. The Dome resource is already about 11 million ounces, and it is getting bigger.
Even more exciting, with the success at Pamour, I believe that resource will expand dramatically. The company is indicating that together with a potential large central mill, this exploration success could ultimately support annual production of 500,000 to 1 million ounces of gold. At Stibnite, Perpetua identified new high-grade gold antimony mineralization along the Clark Tunnel Fault Zone at Yellow Pine. Mineralization starts from surface. They also found a new gold tungsten zone between Yellow Pine and West End. At Gurupi, Siemens drill results extended the existing Mandiocal and Blanket deposits and confirmed the near-surface Grande Cal discovery. Their PEA remains targeted for year-end 2026. I think the best single result came from Musselwhite, where Equinox is drilling to confirm the 2 km mine trend extension from the existing operations. The intersect came from the PQ extension. It was 22.9 meters, grading 10 grams per ton.
With this success and the exploration success we mentioned last quarter at Banyan's AurMac and Minerals 260's Bullabulling at i-80's Mineral Point deposit, I honestly cannot recall a period in the past where there has been so much exploration success across our portfolio. On the sustainability front, we expanded our mining industry scholarship program by awarding eight new scholarships, four each to university and trade programs. Franco-Nevada is now supporting a total of 23 students, seven of whom are expected to graduate from their programs next year. Subsequent to quarter end, we entered a multi-year commitment at Cobre Panamá, supporting community development and environmental initiatives led by Minera Panamá, including education, workforce development, health infrastructure, reforestation, and marine conservation. We also renewed our commitment to Enseña Perú's education initiative, which supports students and teachers across the Áncash region of Peru, in which Antamina is located.
To conclude, with $4.8 billion in available capital and no debt, the company has ample firepower to take advantage of a strong pipeline of deals. On that, I hand the call to Sandip.
Great. Thanks, Paul. Good morning, everyone. As Paul mentioned, Franco-Nevada reported strong financial results for third quarter 2026 after market close yesterday. The quarter highlighted the strength of having the largest diversified portfolio in the industry, not just by asset, but also by commodity. Slightly weaker performance from some of our assets during the quarter was offset by receiving our initial GEOs from Cobre Panamá related to the processing of stockpile ore by First Quantum. As well, we benefited from strong performance from the energy portfolio, which had a strong quarter with a significant increase in revenue over 2025. The performance during third quarter, combined with the strong performance for the first half of 2026, has resulted in record financial results year to date, September 30th, for revenue, adjusted EBITDA, adjusted net income, and operating cash flow.
As we turn to slide four, it provides an update on our guidance for the year. Based on the performance for the first nine months of the year and our projections for fourth quarter, we've narrowed our total GEOs sold guidance range to 525,000- 555,000. As part of our updated guidance, we've also narrowed the ranges for the individual segments, gold, silver, and PGMs. The guidance does include GEOs from Cobre Panamá for the processing of stockpile ore, which we had not included in our original guidance back in March. We estimate being delivered approximately 10,000 GEOs from Cobre Panamá in 2026. As you will see from the slide, we're expecting a significant increase in our diversified revenue, which has been a significant outperformer for us this year due to strong oil prices.
The expected revenue from our diversified assets is now expected to be between $300 million and $330 million. On slide five, you'll see a summary of commodity prices for third quarter 2026 and 2025. Precious metal prices have increased year over year, with the average gold price higher by 24% and silver by 59% in the quarter, but are off the all-time highs, which were reached in first quarter 2026. For diversified commodities, with the continued conflict in the Middle East, the oil price continues to see a significant increase over prior year. The WTI price has been volatile over the last few months, but remains above $85 a barrel. As mentioned, energy revenues did benefit from this higher oil price, and we expect this to carry through to fourth quarter. Slide six provides an overview of our key financial results.
The performance from our assets, combined with stronger commodity prices over prior year, resulted in an increase in revenue of 13%, adjusted EBITDA 15%, and adjusted net income of 33%. Total GEOs sold for the quarter were 130,435 compared to 138,772 in third quarter 2025. Precious metal GEOs sold in the quarter were just over 110,000, lower by 7% compared to prior year. Over 50% of total GEOs sold during the quarter were sourced directly from mines where precious metals are the primary commodity. For the quarter, we did receive strong contributions from South Arturo due to higher production from the open pit, Valentine, as the mine continues to ramp up, and Casa Berardi, which is a new stream we entered into in 2026. Some assets which delivered less GEOs than prior year include Guadalupe, Antapaccay, and Cobre Panamá.
At Cobre Panamá, although we did receive and sell 3,716 GEOs related to the processing of stockpile ore, you will recall that in prior year, we had received approximately 11,000 GEOs related to the shipment of concentrates, which had been on site at the time of the mine being closed. At Guadalupe, production was impacted due to heavy rainfall, which resulted in supply chain issues, preventing mining in high-grade areas. At Antapaccay, deliveries were lower in third quarter due to timing of deliveries. Diversified GEOs sold were 19,531 for the quarter compared to 19,663 for prior year, despite diversified revenue being 29% higher year-over-year at $86.8 million. The slight decrease in GEOs was due to the impact of converting revenue to GEOs at a higher gold price. As you know, we are now converting to GEOs using fixed gold price of $4,500 per ounce.
As you can see from the chart, total revenue increased 13% to $549.3 million. Adjusted EBITDA was 15% higher for the quarter at $493.9 million compared to $427.3 million in third quarter 2025. With respect to costs, we did have a decrease in cost of sales compared to prior year, as less stream ounces were delivered during the quarter. Cost of sales was $43.1 million versus $47.2 million last year, and depletion decreased to $78.6 million versus $87 million a year ago. Again, the decrease is due to low depletion being recorded for Cobre Panamá and Antapaccay. Finally, adjusted net income was higher by 33% at $364.5 million, or $1.89 per share. We did recognize a tax benefit during the quarter. We had previously recorded a tax expense related to the implementation of the Qualified Domestic Minimum Top-Up Tax in Barbados.
As we were finalizing the calculation and returns this year, it became clear that the tax did not apply to us for 2024. As a result, we've reversed the expense of $32.8 million related to that year. Slide seven highlights the continued diversification of the portfolio. 84% of our third quarter revenue was generated by precious metals, with revenue being sourced 89% from the Americas. Candelaria was the only asset which generated more than 10% of revenue, as we have one of the most diverse portfolios in the industry. Our business model continues to be very high-margin business, as shown on slide eight. The margin per GEO has increased from 1,559 per GEO in 2022 to just over 4,200 per GEO in 2026, an increase of 2.7x.
As we turn to dividends on slide nine, the company continues to pay a quarterly dividend, with $84.1 million being paid to shareholders during the quarter. 2026 was the 19th consecutive year we've increased the dividend, with it currently being $1.76 per share annualized. Lastly, slide 10 highlights our available capital. As at September 30th 2026, total available capital is $4.8 billion, comprised of $1.2 billion in cash, $2.25 billion with our credit facility, including the accordions, and $1.3 billion in liquid marketable securities. Also, after quarter end, IAMGOLD gave notice that it will be exercising its 50% buyback right on the Côté gross margin royalty. We expect to receive approximately $525 million in early December. The company continues to be debt-free and is well-capitalized to continue to add good quality assets to the portfolio.
And with that, I will pass it over to Anais, as management is happy to answer any questions.
Of course. During this Q & A session, if you would like to ask a question, please press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number two. If you are joining us on the webcast, please submit your question through the Q & A section of the webcast platform. One moment, please, while we compile the roster.
Your first question comes from Lawson Winder with Bank of America. Please go ahead.
Yeah. Thank you very much, operator. Good morning, Paul and Sandip, and thank you for today's update. The oil and gas performance was very remarkable in the quarter, and I guess I would ask just with respect to the increase in the diversified revenue guidance, how much of that is oil and gas? Then if you disaggregate that into the different components, how much is pricing, how much is just increased volumes on your unaffected property, and then how much of that would be related to an increase related to the royalty acquisition venture you guys have with Continental?
So, in terms of the increase in diversified revenue, Lawson, it is all energy. As you know, the iron ore price has retreated a little bit this year, so that will be flat year-over-year. So, the increase in revenue, the significant increase in revenue is tied to energy. You are seeing some production increases on our lands, but the majority of that revenue increase is strictly price driven.
Okay. That's very helpful. With Guadalupe-Palmarejo, this one is a tough one to model, just given the variability of where mining takes place. Quarter to date, can you provide us with a little guidance on where you expect Q4 2026 GEOs likely to trend relative to Q3 2026, based on your knowledge of the mine plan?
Yeah. It's tough for us as well, and obviously they've had some issues this year, just into lower-grade zones as well as supply chain. Historically, Guadalupe's been a very strong performer in terms of what was expected has been delivered. For Q4, I would say between 8,000- 9,000 GEOs is sort of the range that we'd expect.
Okay, great. Thank you for that. Then just finally, you made some pointed comments in the written part of the release on the pipeline. Could you maybe just provide us with a sense of the size of the pipeline in terms of number of deals you're seeing and the range of values? But where I'd be very keenly interested to understand the pipeline is just on the urgency or timeline associated with that. I mean, any color there would be very helpful.
Thank you, Lawson. Eaun here. I would say overall, the pipeline is exceptionally vibrant. It's quite diverse in terms of size and type of deal. There are some more larger deals in the pipeline versus perhaps a year ago. But in terms of timeline, really hard to comment on that. I think we expect to be quite active over the next 12 months.
Okay. Thanks, Eaun. Thank you, Sandip.
Thank you. Your next question comes from Cosmos Chiu with CIBC. Please go ahead.
Thanks, Paul, Sandip, and Eaun. Congrats on a strong Q3. I know, Paul, usually do not do it, but I thank you for talking about the development pipeline that you have in your portfolio. You mentioned Discovery, you mentioned what is happening at Paymaster and Dome. Could you maybe elaborate, does that accrue directly to Franco-Nevada if they do get to that half a million ounces? Discovery is even talking up maybe half a million ounces just coming from Dome, number one. And number two, you made an additional investment, $8 million investment into Paymaster with Discovery and their acquisition. Could you maybe talk about the prospectivity of that new acquisition as well within Porcupine?
Thanks, Cosmos. We are very excited about everything that is happening at Porcupine. Eaun was the guy who led that deal, so I am going to pass it to him.
Good job, Eaun.
Thanks, Cosmos.
Look, I would say, first of all, we're delighted to continue to work with Tony and the team at Discovery as they continue to enhance their holdings around Timmins. I think that's probably first and foremost. I think that is a very prospective piece of ground, and you can see where it's located vis-à-vis some of the existing properties. Hard to, in the broader context of everything that's going on there, handicap exactly when that might come in. But I would say it's certainly accretive, and we're, again, very happy to be working with the team there.
Great. Thanks, Eaun. Maybe following on your growth pipeline here. Paul, one asset that you did not mention was Heva-Hosco. Could you remind us, with your agreement with Orezone, if Heva-Hosco is a part of it? I know Casa Berardi was a main part. Is Heva-Hosco a part of it? My understanding is that Orezone might be putting out a technical report on Heva-Hosco fairly shortly. How do you view that?
Looking forward to that report, Cosmos. Yes, our interests do cover Heva-Hosco. Very interested to see if Orezone is able to advance those deposits.
Great. Then, I guess the quarter featured a number of what I would call accounting intricacies. One was the reversal of the impairment at Cobre Panamá. Not a big deal, but just more a nerdy accounting question. How did the $10.6 million impairment reversal, how was it calculated? Because if we're expecting 23,100 ounces of gold along with 265,000 ounces of silver, that's almost 30,000 GEOs at say $3,000 or $4,000 an ounce sort of margin on this, it would still net me almost $100 million in revenue or in cash flow. So, why only $10.6 million?
Cosmos, the way the depletion calc works is you take what you paid for the asset originally, so the stream acquisition back in the day, then you divide it by how many GEOs you expect over the life, and you come up with a depletion per GEO. Based on the 30,000 GEOs that we're expecting as part of the stockpile processing, just a mathematical calculation.
Okay. So, I guess based on that calculation, Sandip, you likely won't expect any more reversals just yet based on the information today?
Correct. We did the impairment reversal for the full stockpile processing GEOs that we expect to receive. The next impairment reversal would be if Cobre Panamá restarts, and we would have a reversal at that time.
Great. Maybe one last question. After the quarter, as you mentioned, IAMGOLD exercised their right to buy back the Côté or half of the Côté royalty. Was that expected? Especially, I guess, on timing. In the MD&A, you also mentioned that at least $525 million of the initial investment or acquisition price will be received. Why at least? Could it be higher than $525 million? Could you remind us?
Cosmos, Paul, the first is, yes, it was expected in that it makes a ton of sense that IAMGOLD is doing this. They've had great success with the drilling around the deposits. It is going to be bigger than we both expected at the time that we did that deal. Second, obviously, gold prices performed well, so I can fully understand why it is that they are exercising that buyback. We were very happy to provide it to them. You will recall when we did that deal, they gave us access to due diligence, and that really is what allowed us to secure the interest that we have in the deposit. In terms of the buyback returns, the way it was structured, we would get a minimum of 10% return, but it could be a bit higher depending on any payments that happened in the interim.
As there is still some payments that are due, I think that is what gives you the variability, and it may be slightly higher. It is not materially higher, but we will not know until the final payments are in.
Got it. Great. Thanks, Paul, Sandip, and Eaun for answering all my questions. That is all I have. Thank you.
Thank you. Your next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.
Oh, great. Thank you for taking my questions. Some have been answered. Just maybe finishing up on Cobre Panamá. Just want to make sure you have 1/3 of the ounces coming in this year, and is the 2/3 coming in in the first half of 2027? Sandip, is that how I should be thinking of it?
Yeah. Tanya, our estimate is around 27,000- 28,000. So, right now, we are estimating about 10,000. We are a little ahead in Q3 than we expected. So, 10,000 with the balance in 2027, likely over the first two quarters of next year.
Okay. Thank you for that. Then once the mine reopens, I understood that that is when you could reverse your write down on the entire. Would it be the entire value that you took down minus?
Yeah, in all likelihood, it would be the full reversal of the outstanding balance.
Okay. I wanted to come back to, you have a lot of money, building a lot of cash. How should I be thinking about the dividend in January? You have a progressive dividend, but bearing any transactions, and I will get to the transactions with Eaun, but we are building a lot of cash. So, how should I be thinking about the dividend in terms of?
So-
income that above the average that you have been doing?
Yeah. Tanya, it is a decision we sit down with the board every year in January, and we look at what is the cash on the balance sheet, what is in front of us in terms of the deal pipeline. As Eaun has highlighted, it is very active, and we make a decision at that point. As you know, our philosophy has always been sustainable and progressive, raise it every single year, and we are proud of our track record of 19 years in a row. Next year will be our 20th increase. At this time, all I know is we will be raising it. As to the quantum, as I said, we will sit down with the board in January and make the decision at that point.
Yeah. I think it is, and all the history, it is the most amount of cash and liquidity you have had, right? Yeah.
Yeah.
Okay. Maybe just thinking then about 2027, and that is before getting to Eaun on the transaction side. There are some assets that are going to be contributing. I just want to make sure, bearing the pricing that is going to be used, and that we will know early next year, but I am trying to get a handle of how I see my GEOs progressing year on year. I just want to make sure that we have the production contributions. I just want to review with you. We have obviously Eskay Creek coming in in H1 of 2027. Valentine is ramping up. I think Porcupine full year. Maybe you can go through some of them that are going to help us get that GEO number correct.
Yeah. Tanya, I think you have got the major changes there. Obviously, Eskay Creek, as you mentioned, Valentine ramping up, and then obviously the other piece will be energy prices, if they remain at these elevated levels, will contribute more GEOs next year than they did this year. That is another element there. But overall, those are the moving pieces for next year. The one piece that obviously is going to come in next year is the Candelaria step-down.
Yeah, Candelaria step-down. The Côté rights decline in the
Right, Côté coming back. We will have a full year of Casa Berardi. This year, Casa Berardi was only for three quarters, so we will have a full year next year.
Okay. If I put all of these in, hopefully I will get the right number. Just finally on Eaun, you mentioned that you have a lot of opportunities out there, some big, some small. Would your big opportunities be the one over $1 billion? Eaun, are the smaller ones in that $200 million-$500 million range? I am trying to understand the range on the precious metal side. I think the non-precious you had given was in the $200 million-$500 million. Just trying to understand if that is still the case.
Yes, Tanya, I think you are spot on in terms of the scale of opportunities for all the classes that you identified.
Okay. As you think about these opportunities, are a lot of them still in Australia, since that seems to be the new territory and sort of the opportunities that companies there now are open to doing streaming? Or should I be thinking about also, obviously the bigger ones I'm assuming are the diversified, large international players?
It's a great question, Tanya. I would say first of all, we're very happy with the progress of the business in Australia. Obviously, the Minerals 260 transaction has really been a landmark transaction, we think, for gold developers there. We're getting a lot more interest on the back of that. My overall take on the market is it seems like we've had market growth year-over-year in terms of the number of opportunities and the overall quantum, both in terms of dollars to be deployed and GEOs potentially to add to the portfolio. So, geographically, that breaks out globally, in North America, in Australia, incrementally potentially in Africa and Latin America. So, I think you should expect a wide-ranging geographic assortment of deals. I think the two big comments there are probably overall market growth and skewing towards larger transactions over time as well.
Eaun, how should I be thinking of the deal structures? So, the smaller ones, should I be thinking that those are more for the development opportunities, and so it would be a package of like a stream plus equity plus debt financing, whereas the larger ones with the multinational, they just want cash? Should I be thinking of it in that way for the structures of these deals?
I think broadly speaking, yes. We're very happy with our financial backer strategy, is what we call it. You've seen that with groups like Discovery and GMIN, where we've worked across the capital structure and provided some pretty great results for the shareholders of the company that we're working with, and of course for Franco-Nevada shareholders. So, we'll continue to emphasize that as much as we possibly can, as it's been generating some quite impressive returns.
Okay. Then my final question, Paul mentioned a lot of the. Thanks, Paul, for talking about exploration in the streaming company. Sometimes we forget the upside that you have on your properties. Given Paul's comment, is anything I should take from that in context of changing the structure of your deals in terms of adding above and beyond? Anything more that you could add on the land package in terms of being able to include all of these additional potentials?
I don't think it changes anything for us, Tanya. Other than we like the structure of our business, with both the stream deals and the royalty deals that we've been able to do. I think that gives us the broadest number of avenues that we can get deals done by. As you go through the cycles, you have different opportunities in this cycle, where you've got both the gold and the copper producers producing great cash flow. That turns into capital that gets spent in the ground, while it benefits our streams, some of the most exciting developments are on those royalty properties, as you can hear. So, delighted to have both streams and royalties in our portfolio.
I'm just thinking more on the land position. As you think about these deals, can you extend more, add more land than you usually have in your other contracts? Capture all of these potential, the upside potential just from drilling longer term? Or have you already-
I wouldn't say it's a general trend. Usually, the property position is the property position. With the strategy we've been following in recent years, which is build our partnerships, we're trying to find that balance that our model is a win-win model. I think the deal with Discovery is a great indication where there is potential for them to expand their sphere of influence, and we're pleased that they're working with us to help finance that acquisition, and it gives them added exposure and us added exposure.
Okay.
The other one, Tanya, would be Minerals 260, which you probably noticed we added to the land position pretty meaningfully with the second transaction. From our perspective, it is very important as we structure new transactions to have that type of optionality, that is, of course, reflected in how we price and structure deals.
Yeah, that's what I was alluding to, is I saw that and thought that maybe because of what Paul had been saying on exploration, all of the new deals now are going to have more land position structure to them. Anyways, we can take it offline. It's okay. Thank you.
Thank you. Your next question comes from Jack Baxter with Bloomberg Intelligence. Please go ahead, Jack.
Hi. Thank you, Paul. Thank you, Sandip and Eaun. Just wanted to look at the, it's probably asked in a lot of these calls, but I'll just ask it again. On the $112 million bullion inventory, which I know you've said in the past the timing of those sales depends on pricing and liquidity needs, but maybe following on from what Tanya said, balance sheet is very strong. I'm just wondering what is the motivation for holding that bullion as opposed to monetizing it when it's received?
Hi, Jack. We receive that bullion inventory on the balance sheet. It relates predominantly to our royalty interest, where we do receive ounces in kind, like Detour, Tasiast, and a few others. And we sell that on a regular basis. It will fluctuate a few ounces each quarter, depending upon how sales have been going, and also obviously on the closing price at the end of the quarter. But for the most part, we are selling on a regular basis. Right now, there is no intention on our part to build up that balance.
Yeah, maybe just a follow-up then. Just for accounting, is my understanding correct that as that bullion comes in with the royalties, that is booked as revenue at that time, with future gains on the sale, at the point of sale when you do eventually make it, then the gain is booked as further sales? Is that correct?
Yeah. The way it works is when you receive the ounces, yes, you are correct, you book it as revenue and then as inventory, and then when you sell it, any difference between what it is on your books for and what your actual sales price is a gain or a loss. You will see a line item on our income statement, gain, loss on sale of bullion. I think it is $2.1 million for the year so far of a gain. That is where the difference will get recorded.
Got you. Thank you very much for that clarity.
Thank you. Your next question comes from John Tumazos with John Tumazos Very Independent Research. Please go ahead, John.
Thank you. I am trying to compare the prettiest girls at the dance, and Agnico at Detour West had a 499 gram meter hole that they released November 11. i-80 at Mineral Point had a 426 gram meter hole that they released September 22. At Paymaster, October 7, hole 138 was 219, and hole 263 was 216 gram meters. The one you referenced, Paul, as your favorite, at Musselwhite, 22 meters, around 10 grams, would be around 220 gram meters. How do you figure out which is the prettiest girl at the prom?
John, we got to hire you for our IR department. You are much more meticulous about following these drill results than I am. I love what you are saying.
Okay. I just do not want to miss one of the pretty girls at the dance. Thank you.
Thank you, John. Thank you, everyone. There are no further questions on the phone line. I will now turn the Q & A session over to Bonavie Tek, who will take questions from the webcast.
Thank you. There are no questions from the webcast, so this concludes our third quarter 2026 conference call and webcast. We expect to release our year-end 2026 results after market close on March 9, 2027, with a conference call held the following morning. Thank you for your interest in Franco-Nevada.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.