We are guiding towards lower GEOs from our Energy assets based on lower assumed oil and gas prices.
2024 guidance
2023 actual
Cobre Panama GEO sales
–
128,598
Precious Metal GEO sales (excluding Cobre Panama)
360,000 – 400,000
359,591
Total GEO sales (excluding Cobre Panama)
480,000 – 540,000
498,447
“We estimate depletion expense to be between $230 and $260 million. Our remaining capital commitment to the Royalty Acquisition Venture with Continental is $69.8 million, of which between $10.0 million and $20.0 million is expected to be deployed in 2024. In addition, we expect to fulfill our $75.0 million term loan commitment to G Mining Ventures, of which approximately $42.0 million was advanced in January 2024.” 5-Year Outlook: “We expect our portfolio to generate sales between 540,000 and 600,000 GEOs in 2028, of which 385,000 to 425,000 GEOs are expected to be generated from Precious Metal assets.”