Franco-Nevada Corp (NYSE:FNV) Q2 2023 Earnings Conference Call August 9, 2023 10:00 AM ET

Company Participants

Candida Hayden - IR Contact

Paul Brink - President, CEO & Director

Sandip Rana - CFO

Conference Call Participants

Fahad Tariq - Credit Suisse

Josh Wolfson - RBC Capital Markets

Heiko Ihle - H.C. Wainright

Cosmos Chiu - CIBC

Martin Pradier - Veritas Investment Research

Tanya Jakusconek - Scotiabank

Brian MacArthur - Raymond James

Operator

Good morning, and welcome to Franco-Nevada Corporation's Second Quarter 2023 Results Conference Call and Webcast. This call is being recorded on August 9, 2023. [Operator Instructions].

I would now like to turn the conference over to your host, Candida Hayden, Senior Analyst, Investor Relations. Please go ahead.

Candida Hayden

Thank you, Toby. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's second quarter 2023 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 a brief review of our results. This will be followed by a Q&A period. Our full 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 2 of this presentation.

I will now turn over the call to Paul Brink, President and CEO.

Paul Brink

Thanks, Candida. And good morning. For Q2, our core assets returned to normal production and deliveries at Cobre Panama and Antapaccay caught up from the disruptions in Q1. Revenue from our diversified assets was impacted by lower oil, gas and iron ore prices compared to the relative highs in the prior year period. As a result, we expect total GEOs for the year to be at the low end of our guidance range.

With the Cobre Panama CP 100 expansion physically complete, we started to see the benefit of higher throughput for the quarter and First Quantum expects to exit the year at the 100 million tonne per annum throughput rating. Following public consultation, the refreshed concession contract was signed by the government and First Quantum and is expected to be presented before the National Assembly during the current city.