May 1, 2024
TORONTO, May 1, 2024 /PRNewswire/ - Franco-Nevada Corporation announced its financial results for the first quarter of 2024, with CEO Paul Brink highlighting the impact of gold prices on the company's performance. Brink stated, "Our diversified portfolio performed well and production for the quarter met expectations. Elevated gold prices translated directly into some of our highest ever margins."
During the quarter, the company saw positive developments in its operations, with Brink noting, "Salares Norte commenced production during the quarter and Greenstone and Tocantinzinho are on track for first production in the coming months." Additionally, Brink mentioned the potential benefits of Alamos' planned acquisition of Argonaut for the Magino and Island Gold deposits.
Regarding challenges faced by the company, Brink commented on Cobre Panama, stating, "While Cobre Panama remains on preservation and safe management, we are hopeful that the issues can be resolved. Franco-Nevada has no debt, $2.3B in available capital and has an active deal pipeline."
In terms of financial performance, Franco-Nevada recognized $256.8 million in revenue for Q1 2024, with a focus on precious metal assets. The company's revenue was mainly sourced from the Americas, with significant contributions from South America, Central America & Mexico, the U.S., and Canada.
The company also highlighted its commitment to Environmental, Social, and Governance (ESG) initiatives, including the publication of the 2024 ESG Report and partnerships aimed at social capacity building and diversity goals. Franco-Nevada emphasized its strong ESG standing with leading agencies.
Franco-Nevada's dividend declaration of US$0.36 per share was announced, with a payment date set for June 27, 2024. The company's Dividend Reinvestment Plan (DRIP) offers shareholders the option to reinvest dividends to purchase additional common shares.
Investors interested in further details can access the complete Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis on Franco-Nevada's website and other regulatory platforms. Franco-Nevada will also host a conference call to review its Q1 2024 results.
Franco-Nevada Corporation, a leading gold-focused royalty and streaming company, maintains a debt-free status and uses its free cash flow to expand its portfolio and pay dividends. The company trades under the symbol FNV on both the Toronto and New York stock exchanges.
The forward-looking statements and financial information provided by Franco-Nevada Corporation are available for review on relevant regulatory platforms.
SOURCE: Franco-Nevada Corporation