David Harquail (Chairman, Franco Nevada) joins Chris Mancini, CFA (Assistant Portfolio Manager, Gabelli Gold Fund) to discuss Franco Nevada, the benefits of royalty companies, and the future of the precious metals market.
This was recorded as a live webinar on January 27th, 2025.
0:00 Intro, David’s Background
3:01 Creation of Franco Nevada
5:44 Benefits of a Royalty Company in the Precious Metals Ecosystem
9:50 Franco Nevada History
13:28 Capital Allocation Strategy, Structuring Deals, Good Partnerships
17:00 More Deals
20:27 Leverage
22:22 Competition
24:12 Countercyclical Industry
26:40 Cobre Panama
30:13 Royalties – “Gold Investment that Works”
32:41 Gold Price
34:39 Leadership Philosophy as a Chairman
36:20 AI
37:48 Crypto
41:06 Franco Nevada’s Buyback Philosophy
42:11 Gold = Overlooked?
Chris Mancini, CFA is an Associate Portfolio Manager for The Gabelli Gold Fund. The above webinar was recorded on January 27th, 2025th and posted on YouTube on January 29th, 2025. As of December 31st, 2024, affiliates of GAMCO Investors, Inc. beneficially owned less than 1% of all companies mentioned. GAMCO is providing these links as a matter of general information. We do not intend for these links to be a complete description of any security or company, nor is it a research report with respect to any of the companies mentioned herein. The Portfolio Manager’s views are subject to change at any time based on market and other conditions. The information in this posting represents the opinions of the individual Portfolio Manager and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Views expressed are those of the Portfolio Managers and may differ from those of other GAMCO officers, Portfolio Managers, other employees, or of the Firm as a whole. Because the investment personnel at GAMCO and our affiliates make individual investment decisions with respect to the client accounts that they manage, these accounts may have transactions inconsistent with the information contained in this posting. Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com.
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