Fahad Tariq

Fahad Tariq from Jefferies asked about Wheaton's funding commitments over the next one to two years and whether these have been factored into the company's projection of returning to a net cash position within one year. He also inquired about additional opportunities to increase exposure to existing assets within Wheaton's portfolio, similar to the Antamina transaction.

Answer

Vincent Lau, Chief Financial Officer, confirmed approximately $1.5 billion in capital commitments over the next couple of years, which are included in the estimate for returning to a net cash position. Randy Smallwood, Chief Executive Officer, added that Wheaton consistently seeks opportunities to expand streams with existing partners and maintains ongoing communication regarding their funding needs.

Fahad Tariq from Jefferies inquired about Wheaton Precious Metals' funding commitments for the next one to two years and how these commitments are factored into the company's projection to return to a net cash position within one year. He also asked about opportunities to increase exposure to existing assets.

Answer

Vincent Lau, CFO, confirmed approximately $1.5 billion in capital commitments over the next two years, which is included in the net cash position forecast. Randy Smallwood, CEO, stated that the company continuously seeks opportunities to increase streaming exposure with existing partners on high-quality operations.

Fahad Tariq asked for additional color on the company's potential capital return strategy, including the form and timing, once the net debt to EBITDA target is reached. He also inquired about the appetite and feasibility of accelerating the Furnas project given its current stage and the broader industry build cycle.

Answer

Makko DeFilippo, President and Chief Executive Officer, outlined three steps for capital return: achieving a net debt leverage ratio below 1x (currently 1.2x), fully paying down the $155 million drawn on the revolver, and then engaging in discussions with shareholders. He stated that the Furnas project is already being advanced as fast as possible, with modest capital spend expected over the next few years to complete studies and permitting.

Fahad Tariq asked for more details on the potential capital return strategy once the net debt to EBITDA ratio reaches below one times, inquiring about the form and timing. He also questioned the appetite and feasibility of accelerating the Furnas project, given its current stage and the earn-in agreement.

Answer

Makko DeFilippo, President and CEO, outlined three steps for capital return: achieving a net debt leverage ratio below 1x (currently 1.2x and rapidly approaching), paying down the $155 million drawn on the revolver, and engaging in discussions with top shareholders. He advised staying tuned after the first two steps are completed. Regarding Furnas, Mr. DeFilippo expressed excitement and confirmed the company's appetite to advance the project as fast as possible, noting that modest capital spend is still expected over the next few years as they progress through PFS, value drivers, and permitting.

Fahad Tariq from Jefferies Financial Group asked for a reconciliation of Cariba's strong Q2 cash cost performance with the full-year guidance, questioning if costs could fall below the guided range. He also inquired about grade reconciliation and potential dilution from mechanization at the Javancina mine.

Answer

President and CEO Makko Defilippo clarified that while operational improvements at Cariba are driving efficiencies, a strategic shift to lower-grade ore in the second half will exert some upward cost pressure, positioning full-year costs in the lower half of the guidance range. Regarding Javancina, he noted that dilution from the new mechanized stopes has actually been lower than with previous manual methods and that grades are expected to align with the block model for the remainder of the year.

Fahad Tariq of Jefferies Financial Group asked for a reconciliation of Caraíba's strong Q2 cash cost performance against full-year guidance, and inquired about grade reconciliation and potential dilution from mechanization at Xavantina.

Answer

President and CEO Makko Defilippo clarified that while Caraíba's costs are trending well, lower grades are expected in H2, keeping costs within the lower half of the guidance range. For Xavantina, he reported that dilution from mechanized mining has been lower than manual methods and that grades are reconciling well with the block model.

Fahad Tariq asked for a reconciliation of Caraíba's strong Q2 cash costs against the full-year guidance, questioning if costs could fall below the range. He also asked about grade reconciliation at Xavantina and the potential for increased dilution from mechanization.

Answer

President & CEO Makko Defilippo clarified that while operational improvements are beneficial, lower grades expected in H2 would exert upward pressure on costs, likely keeping them within the lower half of the guidance range. He added that at Xavantina, dilution from mechanized mining has been lower than manual methods, and grades are reconciling as expected with the block model.

Fahad Tariq asked for an update on the permitting status for the Maria Reina and Caballito projects in Peru. He also inquired about the copper price assumption Hudbay might use for the Copper World feasibility study and how the capital expenditure estimate compares to the current $1.3 billion.

Answer

President and CEO Peter Kukielski explained that the Maria Reina and Caballito permitting process is likely delayed due to the election year in Peru, but expressed confidence that permits would eventually be secured. CFO Eugene Lei stated that the Copper World feasibility study would move towards consensus copper prices of $4.50-$4.75 per pound, up from the PFS assumption of $3.75. Peter Kukielski added that some CapEx escalation is expected for Copper World due to the time elapsed since the PFS, but it is not anticipated to be material, with COO Andre Lauzon confirming the feasibility study is on track.

Fahad Tariq inquired about the latest status of permitting for the Maria Reyna and Caballito projects in Peru. He also asked about the copper price assumption for the Copper World feasibility study, potential capital expenditure changes relative to the $1.3 billion estimate, and whether the concentrator leach facility could be brought forward.

Answer

President and CEO Peter Kukielski and COO Andre Lauzon explained that permitting for Maria Reyna and Caballito is delayed due to Peru's political environment, but they are confident permits will be obtained. CFO Eugene Lei stated the Copper World DFS will use consensus copper prices ($4.50-$4.75/lb), with some CapEx escalation expected but not material. Peter Kukielski noted the concentrator leach facility could be brought forward but not during main mine construction.

Fahad Tariq of Jefferies Financial Group requested an outlook for the Manitoba operations in Q3, particularly concerning ore grades as a potential offset to wildfire-related shutdowns. He also followed up on whether there were any discussions with the U.S. administration about permitting for Copper World Phase II or the Mason project.

Answer

COO Andre Lauzon explained that Manitoba grades are expected to remain consistent for the rest of the year and that operations are expected to resume soon, keeping the company on track to meet guidance. President and CEO Peter Kukielski reiterated the focus remains on Copper World Phase 1, while Andre Lauzon added that the JV deal strengthens their position to advance other portfolio assets like Mason in the future.

Fahad Tariq asked about the current deal pipeline, specifically inquiring about potential larger copper builds and the availability of byproduct streams as part of financing strategies.

Answer

Bill Heissenbuttel, President and CEO, introduced Dan Breeze, VP of Corporate Development, who noted a strong and active deal pipeline, similar to 2025. Dan Breeze highlighted opportunities in third-party royalties and base metal producers selling non-core precious exposure, citing recent transactions like BHP Wheaton, Kansanshi, and Warintza as examples. He also mentioned development project opportunities on primary gold assets.

Fahad Tariq asked about the current deal pipeline, specifically inquiring about potential larger copper projects and the availability of byproduct streams as a financing strategy, noting observations from competitors.

Answer

Bill Heissenbuttel, President and CEO, directed the question to Dan Breeze, VP of Corporate Development. Dan Breeze confirmed a strong deal pipeline, noting that market volatility isn't slowing activity. He highlighted opportunities in third-party royalties and from base metal producers selling non-core precious exposure, citing recent transactions like BHP Wheaton, Kansanshi, and Warintza as examples. He also mentioned development project opportunities on primary gold assets.

Fahad Tariq inquired about Royal Gold's deleveraging strategy and timeline following the Sandstorm and Horizon acquisitions, which are expected to increase the revolver balance to approximately $1.2 billion.

Answer

President and CEO William Heissenbuttel explained that Royal Gold plans to follow its historical practice of using excess cash flow to pay down debt from its revolving credit facility. He estimated a potential two-year timeline for repayment, assuming no other major business development opportunities arise, emphasizing that debt reduction is a key priority balanced with new investment opportunities.

Fahad Tariq asked about the latest discussions with the government regarding the Fekola Regional exploitation permit, the confidence in receiving it in Q1 2026, and the status of the internal FLSmidth study for the permanent crusher solution at Goose, including its implications for H2 2026.

Answer

Randall Chatwin (General Counsel, B2Gold) expressed confidence in the Fekola Regional permit based on 2025 progress, ministerial endorsements, and ongoing dialogue, noting similar permit advancements for other companies. William Lytle (COO, B2Gold) confirmed the FLSmidth study for Goose's crusher was completed and delivered to Lycopodium. He detailed Phase 1 (apron feeder and hopper) costing $7 million, already budgeted, and Phase 2 (expanding crusher capacity) estimated at "tens of millions," potentially CAD 50 million, with final decisions on scope and timing expected by April. Michael Cinnamond (CFO, B2Gold) also contributed to the crusher cost discussion.

Fahad Tariq inquired about the latest discussions with the Malian government regarding the Fekola Regional exploitation permit and the company's confidence in its approval during Q1 2026. He also asked for an update on the FLSmidth study for the Goose Mine's permanent crusher solution and its implications for H2 2026.

Answer

Randall Chatwin, General Counsel of B2Gold, stated that confidence stems from 2025 progress, including endorsements from the Ministers of Mines and Finance, with the permit currently awaiting presidential approval. William Lytle, COO of B2Gold, confirmed the FLSmidth study for Goose was completed and is under review, with final answers expected in April. Phase 1 of the crusher fix (apron feeder/hopper) is budgeted at $7 million, while Phase 2 (estimated CAD 50 million) details are pending, with equipment transport options still being finalized.

Fahad Tariq inquired about the significance of the One Project One Process designation for the Great Bear project, the relationship with the provincial government, and its potential impact on federal major projects office designation. He also asked for a breakdown of the 2026 cost guidance, specifically the impact of higher royalties due to gold prices and underlying cost inflation.

Answer

Geoffrey Gold, SVP, External Affairs and General Counsel, explained that the 1P1P designation streamlines provincial permitting and First Nations consultation, providing a single point of contact. He noted a strong relationship with the Ministry of Mines and other provincial agencies. Gold clarified that while federal designation is possible, Kinross has chosen not to apply at this juncture, believing the current progress with the federal impact assessment process is sufficient for the targeted 2029 first gold production. Andrea Freeborough, CFO, detailed that the 10% increase in all-in sustaining costs for 2026 is primarily due to 5% inflation and 4% higher royalties from a $4,500 gold price assumption, with the remaining 1% from mine plan sequencing. She also explained that a larger increase in cash costs is partly due to a recharacterization of stripping costs from sustaining capital to operating costs, which offsets in all-in sustaining costs.

Fahad Tariq inquired about the significance of the One Project One Process designation for Great Bear, its relationship with the provincial government, and whether it could aid in securing a federal major projects office designation. He also asked for a breakdown of the 2026 cost guidance, differentiating between royalty impacts and underlying cost inflation.

Answer

Geoffrey Gold (SVP, External Affairs and General Counsel) explained that the 1P1P designation streamlines provincial permitting for Great Bear, providing a single point of contact, and confirmed a strong relationship with the Ontario Ministry of Mines. He noted that while a federal designation is possible, Kinross has not applied, believing their current progress with the federal impact assessment is sufficient. Andrea Freeborough (CFO) detailed that the 10% increase in all-in sustaining costs for 2026 is primarily due to 5% inflation and 4% higher royalties from a $4,500 gold price, with the remaining 1% from mine plan sequencing. She also clarified that a larger increase in cash costs is due to a recharacterization of stripping costs from sustaining capital to operating costs, which has a minimal impact on all-in sustaining costs.

Fahad Tariq asked about Kinross Gold's cost reduction efforts and productivity improvements across its portfolio, and then inquired about the Bald Mountain Redbird pit's contribution (incremental vs. displacement) and the justification for its heap leach expansion.

Answer

Claude Schimper (COO, Kinross Gold) explained that the company has various global initiatives focusing on cost elements, including working with contractors, labor improvements, training standardization, and optimizing maintenance spares. Will Dunford (VP and General Director of CMGC, Kinross Gold) clarified that the Redbird pit provides incremental tons and ounces, supported by ongoing heap leach expansions at Bald Mountain, which are frequent and justified by the Redbird pit itself.

Fahad Tariq followed up on the Bald Mountain heap leach expansion, asking if the Redbird pit alone would justify a larger operation, even without new satellite pits.

Answer

Will Dunford, VP and General Director of CMGC, affirmed that Redbird is sufficient to justify heap leach expansions, which are a frequent occurrence at Bald Mountain, with various heap pads expanded as needed for anchor pits or satellites.

Fahad Tariq inquired about the production outlook for the Bald Mountain mine in the second half of 2025, following high grades in Q2, and questioned if the overall U.S. operations were trending above full-year guidance.

Answer

EVP & COO Claude Schimper explained that Bald Mountain's production will be slightly lower in the second half as mining transitions from the high-grade LBM pit to the Redbird startup. He confirmed that while U.S. operations had a strong first half, performance is expected to be slightly lower in the second half, particularly at Fort Knox, aligning with full-year guidance.

Fahad Tariq from Jefferies asked for clarification on whether the cost productivity initiatives mentioned in the presentation, including those from previous quarters, are already incorporated into the 2026 All-in Sustaining Cost (AISC) guidance. He also sought more color on the 4% underlying cost inflation, specifically regarding consumables versus labor, and any key labor agreements up for renewal in 2026.

Answer

EVP and COO Dominique Girard indicated that the productivity initiatives are partially included in the guidance, with some flexibility. EVP and CFO Jamie Porter detailed that labor constitutes about 45% of the cost structure, with labor inflation around 4% and other consumables seeing 5.5%-6% inflation. President and CEO Ammar Al-Joundi added that maintaining low turnover and high productivity from skilled workers is a key advantage, especially with anticipated pressure on workforces.

Fahad Tariq inquired whether the cost productivity initiatives mentioned were already incorporated into the 2026 AISC guidance and sought further color on the underlying inflation, specifically regarding consumables versus labor and upcoming labor agreements.

Answer

Dominique Girard, EVP and COO, indicated that cost productivity initiatives are partially included in the guidance, with some flexibility. Jamie Porter, EVP and CFO, noted that labor, at 45% of the cost structure, saw inflation around 4%, while other consumables were 5.5%-6%. Ammar Al-Joundi, President and CEO, highlighted the importance of low turnover and productivity from skilled workers, where Agnico believes it is well-positioned.

Fahad Tariq asked about Agnico Eagle's new subsidiary for non-core critical mineral investments, inquiring about the types of assets it will hold, its future strategy for equity investments or project development, and the company's engagement with the new federal government in Canada regarding mining and Nunavut infrastructure opportunities.

Answer

Ammar Al-Joundi (CEO) explained that the subsidiary, which will include investments like Canada Nickel, aims to give a small team independence to explore critical metal opportunities while Agnico Eagle remains gold-focused. He emphasized that the company is not obliged to invest more capital but will have a first look at opportunities. Regarding government relations, Mr. Al-Joundi expressed satisfaction with the new Canadian government, noting increased dialogue and interest in mining's contribution to Canada, particularly for Nunavut infrastructure.

Fahad Tariq inquired about Agnico Eagle's new subsidiary for non-core critical mineral investments, seeking clarity on the types of assets it would hold, its future strategy for equity investments versus project development, and the company's approach to government relations with the new Canadian federal government, including potential opportunities for Nunavut infrastructure.

Answer

Ammar Al-Joundi (CEO) explained that the subsidiary, which includes investments like Canada Nickel, provides independence for a small team to explore critical metals opportunities, with Agnico Eagle retaining a first look but no obligation for further investment. Regarding government relations, Mr. Al-Joundi expressed satisfaction with the new government's engagement, noting increased dialogue on mining's importance to Canada.

Fahad Tariq from Jefferies Financial Group inquired about Agnico Eagle's capital return strategy, specifically the rationale for choosing between share buybacks and dividends, and whether valuation influences this decision. He also asked for the grade outlook at the Macassa mine for the second half of the year.

Answer

EVP & CFO Jamie Porter explained that the company is taking a balanced approach, increasing both dividends and buybacks. He noted that buybacks are favored in the near term, with total shareholder returns potentially reaching $1.3 billion for the year if gold prices remain high. A dividend review is planned for later in the year. EVP & COO Natasha Vaz added that Macassa's strong H1 grades were due to localized positive reconciliations and are not factored into H2, which is expected to be softer but still on track to meet annual guidance.

Fahad Tariq of Jefferies asked about the exceptionally high grades at the Macassa mine in Q1, questioning if the outperformance from two stopes was a one-time event or if similar grades could be expected going forward.

Answer

Executive Guy Gosselin explained that Macassa's geology includes high-grade 'jewelry box' zones that are difficult to predict with current drill spacing. While the company enjoys these occurrences, they cannot be reliably forecasted in the mine plan, suggesting the Q1 outperformance was not indicative of a new baseline.

Fahad Tariq inquired about the comprehensive 'bottom-up' mine plan review at Nevada, particularly Carlin, and how it's reflected in the updated guidance. He also asked if all options, including divestment, are on the table for the Reko Diq asset following the security review.

Answer

Mark Hill, President and CEO, explained that teams rebuilt mine plans based on actual current productivities, incorporating productivity improvements only with concrete plans, leading to higher confidence in guidance. Tim Cribb, COO, added that this approach ensures certainty in delivery, even if it means some initial production reductions, and highlighted record throughput at the Carlin Roaster. Regarding Reko Diq, Mark Hill stated it's too early to confirm all options are on the table, as the board has just requested a review across all areas.

Fahad Tariq asked for more details on the comprehensive 'bottom-up' mine plan review at Nevada, how it has impacted updated guidance, particularly for Carlin, and whether all options, including divestment, are on the table for the Reko Diq asset.

Answer

Mark Hill, President and CEO, explained that the mine plans were rebuilt using actual current productivities, with productivity improvements only included if supported by concrete plans, leading to higher confidence in guidance. Tim Cribb, COO, added that this approach, focusing on planned maintenance, is expected to yield better overall results, citing Carlin Roaster's record throughput. For Reko Diq, Mark Hill stated it's too early to consider all options, as the board has just initiated a review across all project areas.

Fahad Tariq with Jefferies inquired about the sourcing of the Minera Florida transaction, specifically whether it involved a pre-existing relationship or a formal process for acquiring the third-party royalty from a family. He also sought an update on the international arbitration regarding the ATO stream with Step Gold, including ongoing discussions and expectations for resolution, and clarified if discussions were directly with Step Gold or its largest shareholder.

Answer

James Dendle, COO, explained that the Minera Florida deal involved a concentrated process where Triple Flag developed a rapport with the family, allowing for a site visit and access to Pan American Silver's team. Sheldon Vanderkooi, CEO, stated confidence in their legal position regarding the ATO stream, noting Step Gold's ability to pay the owed $10 million US. He confirmed dialogue with Step's controlling shareholder, which he considers discussions with Step Gold, but could not elaborate further on resolution specifics.

Fahad Tariq inquired about the sourcing of the Minera Florida transaction, specifically if it involved a pre-existing relationship or a formal process, and requested an update on the international arbitration concerning the ATO stream with Step Gold, including the status of discussions and expectations for resolution.

Answer

James Dendle, COO, explained that the Minera Florida deal involved a concentrated process and building rapport with the family, which allowed for a site visit. Sheldon Vanderkooy, CEO, stated confidence in their legal position regarding the ATO stream, noting that Step Gold owes $10 million U.S. and has the financial capacity to pay. He confirmed ongoing dialogue with Step's controlling shareholder and reiterated that Triple Flag expects to meet its guidance even without further contributions from Step Gold.

Fahad Tariq asked about potential offsets for the anticipated 2026 production decline from Northparks and Cerro Lindo. He also inquired about the current deal pipeline, including deal size, commodity focus, and the company's philosophical stance on corporate M&A.

Answer

CEO Sheldon Vanderkooy identified upcoming production from the Arcata and Johnson Camp mines as potential offsets for 2026. He characterized the deal pipeline as 'really full,' with a focus on precious metals opportunities in the $100 million to $300 million range located in the Americas and Australia. Vanderkooy also expressed a favorable view on corporate M&A, referencing the past success of the Mavericks Metals acquisition.

Fahad Tariq inquired about Franco-Nevada's deal pipeline, specifically its commodity focus given high gold prices and the historical countercyclical strategy. He also asked about plans to expand the gold business in Australia and the company's stance on specific commodities like natural gas, lithium brine, and oil.

Answer

Paul Brink, President and CEO, Franco-Nevada Corporation, stated that precious metals remain the number one commodity focus, with a good pipeline for gold deals. He noted that strong organic growth allows for discipline in acquisitions, and the company remains open to diversified deals if good value is present. Brink confirmed efforts to grow the business in Australia, including adding Matt Selby to the team, and expressed openness to good value transactions in natural gas, lithium, and oil.

Fahad Tariq inquired about Franco-Nevada's deal pipeline, specifically its commodity focus given high gold prices, potential expansion in Australia, and the company's historical countercyclical strategy. He also asked about specific interest in natural gas, lithium brine, and oil transactions.

Answer

Paul Brink, President and CEO, stated that precious metals remain the primary focus for the pipeline, with strong organic growth expected. He confirmed plans to grow the business in Australia, led by Matt Selby, and expressed openness to diversified deals in natural gas, lithium, and oil if good value is present, regardless of commodity prices.

Fahad Tariq inquired about the rationale for suspending the Cobre Panama arbitration and whether recent large acquisitions have altered the company's perspective on future deal sizes.

Answer

President & CEO Paul Brink explained that suspending the arbitration was a request from Panama's government to facilitate a resolution for restarting the mine. He also affirmed that the company's capacity for large deals remains unchanged, citing strong annual cash flow of approximately $1.3 billion and ample liquidity from their credit facility.

Fahad Tariq inquired about the rationale for suspending the Cobre Panama arbitration and whether recent large acquisitions have altered the company's strategy regarding future deal sizes.

Answer

President and CEO Paul Brink explained that suspending the arbitration was a request from the Panamanian government to facilitate a positive resolution and mine restart. He also affirmed that the company's deal-making capacity is not restricted, citing strong annual cash flow of approximately $1.3 billion and available credit, which provide ample firepower for future transactions.

Fahad Tariq sought clarification on Newmont's 2026 production guidance, specifically if 'lower end' of the 2025 range (5.6 million ounces) implies a 5% reduction. He also asked if Newmont is experiencing any underlying cost inflation on labor, consumables, or fuel, beyond the gold price-driven increases in royalties and taxes.

Answer

Natascha Viljoen, President and COO of Newmont Corporation, clarified that the 5.6 million ounces guidance includes non-managed operations. For managed operations, which are around 4.2 million ounces, 2026 production is expected to be on the lower end of the typical plus or minus 5% guidance range. Regarding cost inflation, Ms. Viljoen acknowledged normal increases for labor and economic factors for major consumables. However, she emphasized that the biggest challenge comes from taxes, royalties, and worker participation, which Newmont has largely offset through its cost-savings initiatives.

Fahad Tariq requested clarification on Newmont's 2026 production guidance, noting seemingly conflicting statements about it being 'within the same range as 2025' but also 'lower,' specifically asking if this implies a 5% reduction from 5.6 million ounces. He also inquired about underlying cost inflation (labor, consumables, fuel) beyond the gold price-driven royalties and taxes.

Answer

Natascha Viljoen, President and COO, clarified that the 5.6 million ounces guidance includes non-managed operations. For managed operations, which were 4.2 million ounces in 2025, 2026 production is expected to be at the lower end of the typical +/- 5% guidance range. Regarding cost inflation, Ms. Viljoen acknowledged normal increases for labor and economic factors for consumables, but stated that the biggest challenge remains taxes, royalties, and worker participation, which Newmont has largely offset through cost-saving initiatives.

Fahad Tariq of Jefferies Financial Group sought clarification on the expected production decline at the Cadia and Penasquito mines in the third quarter, following their strong performance driven by high grades in Q2.

Answer

President and COO Natascha Viljoen explained the declines are due to planned mine sequencing. At Penasquito, operations are moving to areas with lower gold grades but higher silver, lead, and zinc. At Cadia, the current panel caves are nearing depletion, and the new cave will ramp up with initially lower grades, consistent with the mine plan.

Fahad Tariq from Jefferies Financial Group inquired about the gold grade expectations at the Jacobina mine for the second half of the year, following comments on sequencing to lower-grade ores. He also requested more details on the Escobal consultation process, specifically the nature of upcoming meetings and Pan American's direct involvement.

Answer

COO Steve Busby explained that while Jacobina is moving towards mining at reserve grades, they will access some higher grades in H2 and remain confident in meeting guidance. Regarding Escobal, SVP of Strategic Initiatives Sean McAleer clarified that the government leads the consultation with the Xinka Parliament in a series of working meetings, and Pan American participates when called upon to provide information.

Fahad Tariq from Jefferies Financial Group inquired about the gold grade expectations for the Jacobina mine in the second half of the year, following comments about sequencing to lower-grade ore. He also requested more details on the nature of the ongoing Escobal consultation meetings.

Answer

COO Steve Busby explained that while Jacobina is transitioning towards mining at reserve grades, the mine will access some higher-grade areas in the latter half of the year, maintaining confidence in the guidance. Regarding Escobal, CEO Michael Steinmann and SVP Sean McAleer clarified that the consultation is led by the Guatemalan government with the Xinka Parliament, and Pan American participates when requested, with working meetings expected to continue in the coming weeks.

Fahad Tariq asked for more detail on the specific assets driving the expected increase in GEOs for the second half of 2025 and questioned the company's strategic preference between producing versus development-stage royalties for corporate development.

Answer

Jason Attew, CEO, President & Director, explained that the second-half GEO growth is expected from Canadian Malartic's continued performance, an anticipated rise in silver grades at Mantos Blancos, and the ongoing ramp-ups at Tocantinsino and Nandimi. Regarding corporate development, Mr. Attew stated a preference for accretive deals on producing assets, but noted the competitive market makes this challenging. For development assets, the focus is strictly on high-quality projects in Tier-1 jurisdictions that can contribute GEOs within the company's five-year outlook.