Franco-Nevada Reports Q3 2013 Results

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[{"type":"text","content":"\n\n\nTORONTO, Nov. 5, 2013 /CNW/ - Franco-Nevada Corporation (TSX: FNV)\n (NYSE: FNV) today reported its financial results for the third quarter\n ended September 30, 2013.\n\n\nHighlights include:\n\n\n\nNet income of $35.3 million or $0.24 per share;\n\n\n\n\nAdjusted EBITDA(1) of $80.3 million or $0.55 per share;\n\n\n\n\nAcquisition of royalties for $70.9 million; and\n\n\n\n\nWorking capital of $891.1 million and no debt.\n\n\n\n\"Franco-Nevada's strong revenues and earnings despite lower gold prices\n demonstrates the benefits of our business model and having a\n diversified portfolio.  Franco-Nevada continues to generate strong free\n cash-flow and maintains a very strong balance sheet with no debt,\" said\n David Harquail, President and CEO of Franco-Nevada. \"One of the key\n differentiators of Franco-Nevada is its focus on exploration\n optionality and its willingness to make long-term investments in\n geologically favorable mineral belts. Since our last report, we have\n added more than 20 new royalties covering both historic great gold\n camps such as Kirkland Lake and many prospective new exploration\n projects. These additions further cement Franco-Nevada as having the\n largest number and land acreage of royalty and stream assets in this\n business. \"\n\n\nFinancial Results \n\n\nGold Equivalent Ounces(2) (\"GEOs\") earned by Franco-Nevada from its royalty and stream mineral\n interests for the quarter were 57,452 representing a decrease of 1.5%\n over the comparable period in 2012. The lower GEOs reflect a decline in\n net profit interest royalties which are more sensitive to lower gold\n prices. Gold equivalent royalty and stream ounces are estimated for\n gross ounces and, in the case of stream ounces, before the payment of\n approximately $400 per gold equivalent ounce paid by the Company. In\n addition, our oil & gas assets generated $22.3 million in revenues\n during the quarter compared to $8.4 million in 2012 which was due to\n the acquisition of a net royalty interest in the Weyburn Unit in\n November 2012. Revenue was earned 74% from precious metals (61% gold\n and 13% PGMs) and 83% from North America and Australia (40% Canada, 18%\n U.S., 20% Mexico and 5% Australia).\n\n\nThe breakdown of revenue and GEOs is as follows:\n\n\n\n\n \n\n\n\n\nFor the three months ended September 30, 2...

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