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    Bernie Picchi

    Research Analyst at Palisade Capital Management

    Bernard Picchi is Managing Director, Private Wealth Management at Palisade Capital Management, specializing in equity research and high-net-worth client advisory. He joined Palisade in 2009 after solely managing the $1.5 billion Federated Capital Appreciation Fund, which achieved a 5-star Morningstar rating during his tenure, and previously served as Director of U.S. Equity Research at Lehman Brothers as well as Energy Analyst at both Salomon Brothers and Lehman Brothers, where his research earned recognition on the Institutional Investor All-America Research Team for 15 consecutive years. Bernie is a CFA Charterholder and holds a B.S. in Foreign Service from Georgetown University. His career is marked by consistent industry recognition and a track record of delivering strong fund performance for investors.

    Bernie Picchi's questions to FRANCO NEVADA (FNV) leadership

    Bernie Picchi's questions to FRANCO NEVADA (FNV) leadership • Q2 2024

    Question

    Bernie Picchi questioned the commitment to Ecuador's Cascabel project given political turmoil and the Panama experience, asking about the balance of geological appeal versus political risk. He also requested an update on the Cobre Panama situation under the new government.

    Answer

    SVP Eaun Gray detailed the Cascabel deal's risk mitigants, including tranched funding and a required government investment agreement, noting Ecuador's favorable fiscal structure. CEO Paul Brink provided a positive update on Panama, stating the new administration shows willingness to negotiate a reopening and is taking constructive steps like initiating an environmental review.

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    Bernie Picchi's questions to FRANCO NEVADA (FNV) leadership • Q1 2024

    Question

    Bernie Picchi of Palisade Capital Management asked if the current mining M&A environment, highlighted by BHP's interest in Anglo American, presents new opportunities for Franco-Nevada.

    Answer

    Executive Lloyd Hong noted that large-scale M&A like the potential BHP-Anglo deal is positive for copper prices. He pointed to the completed Newmont-Newcrest merger as a more direct and actionable source of potential opportunities for Franco-Nevada, as Newmont has announced asset sales.

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