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    Larry Liu • CIBC Capital Markets

    Larry Liu's questions to Franco-Nevada Corp (FNV) leadership

    Larry Liu's questions to Franco-Nevada Corp (FNV) leadership • Q2 2025

    Question

    Larry Liu asked about the impact of rebounding platinum prices on the Western Limb acquisition, the strategy behind taking equity stakes in miners, and potential updates to the five-year guidance.

    Answer

    Chief Investment Officer Eaun Gray noted that higher platinum prices provide a significant tailwind for the Western Limb assets. President & CEO Paul Brink described the equity stakes as a long-term strategy to act as a financial backer for promising companies. Brink also highlighted Castle Mountain's FAST-41 inclusion as a positive development for the five-year outlook, which is formally updated in Q1.

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    Larry Liu's questions to Franco-Nevada Corp (FNV) leadership • Q2 2025

    Question

    Larry Liu asked about the impact of rebounding platinum prices on the Western Limb acquisition, the strategy behind taking equity stakes in miners, and potential additions to the five-year guidance.

    Answer

    Chief Investment Officer Eaun Gray noted that higher platinum prices were a pleasant surprise that improves the economics of the Western Limb assets. President and CEO Paul Brink described equity stakes as a long-term strategy to be a financial backer for promising companies. He also highlighted the Castle Mountain project as another positive development for the five-year outlook, with formal guidance updates to come with annual results.

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