FREEHOLD ROYALTIES LTD. QUALITY ASSETS | SUSTAINABLE DIVIDENDS
UNIQUELY NORTH AMERICAN
ANNUAL REPORT | TSX FRU
DATED | FEBRUARY 28 | 2024
TABLE OF | |
CONTENTS | |
Management's Discussion | |
and Analysis (MD&A) | 1 |
Management's Report | 37 |
Independent Auditor's Report | 38 |
Consolidated Financial Statements | 43 |
Notes to the Consolidated | |
Financial Statements | 47 |
Corporate Information | 66 |
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following Management's Discussion and Analysis (MD&A) was prepared as of February 28, 2024 and is management's opinion about the consolidated operating and financial results of Freehold Royalties Ltd. and its wholly-owned subsidiaries (collectively, Freehold or the Company) for the three and twelve months ended December 31, 2023 and its comparative periods, and the outlook for Freehold based on information available as of the date hereof.
The financial information contained herein is based on information in the consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises. All comparative percentages are between the three (Q4-2023) and twelve months (current year or 2023) ended December 31, 2023 (combined the current reporting periods in that respective order) and the same period(s) in 2022 (also in that respective order), and all dollar amounts are expressed in Canadian currency, unless otherwise noted. References to "US$" are to United States (U.S.) dollars. This MD&A should be read in conjunction with the December 31, 2023 audited consolidated financial statements (the "audited financial statements"). These documents, as well as, additional information about Freehold, including its Annual Information Form for the year ended December 31, 2023 (AIF), are available on SEDAR+ at www.sedarplus.caand on Freehold's website at www.freeholdroyalties.com.
This MD&A contains the non-GAAP financial measures: net revenue, cash costs and netback and the
supplementary financial measures: dividend payout ratio and funds from operations per share. These are useful supplements to analyze operating performance, financial leverage, and liquidity, among others. However, these terms do not have any standardized meanings prescribed by GAAP and therefore may not be comparable with the calculations of similar measures for other entities. This MD&A also contains the capital management measures of working capital, net debt, capitalization and net debt to trailing funds from operations for the last 12 months as defined in Note 14 of the audited financial statements. In addition, this MD&A contains forward- looking statements that are intended to help readers better understand our business and prospects. Readers are cautioned that the MD&A should be read in conjunction with our disclosure under "Non-GAAPand Other Financial Measures" and "Forward-LookingStatements" included at the end of this MD&A.
Business Overview
Freehold is incorporated under the laws of the Province of Alberta and trades on the Toronto Stock Exchange under the symbol FRU. We receive revenue primarily from royalties on crude oil, natural gas, natural gas liquids (NGLs) and potash properties as reserves are produced over the life of the properties located in Canada and the continental U.S. Freehold's primary focus is managing and acquiring royalties.
The Royalty Advantage
Freehold manages one of the largest non-government portfolios of oil and natural gas royalties in Canada with a sizeable land base in the U.S., uniquely positioning Freehold as a leading North American energy royalty company. Our total land holdings encompass approximately 6.2 million gross acres in Canada and approximately
1.1 million gross drilling acres in the U.S., collectively greater than 99% of which are royalty lands. Our Canadian mineral title lands, which we own in perpetuity, cover approximately 1.1 million acres and we also have gross overriding royalty (GORR) and other interests in approximately 5.1 million acres. Our U.S. acreage is comprised of greater than 75% mineral title lands.
1 2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD.
We have royalty interests in more than 20,000 producing wells and almost 400 units spanning five provinces and eight states and receive royalty income from over 360 industry operators throughout North America. Our revenues also include potash royalties, lease bonus consideration and lease rental streams that diversify our revenue portfolio. Our North American land base lowers Freehold's risk and, as a royalty owner, Freehold benefits from the drilling activity of others without any capital investments.
As a royalty interest owner, Freehold does not pay any of the capital costs to drill, complete and equip wells for production on its properties, nor does it incur costs to operate wells, maintain production, or ultimately abandon wells and restore the land to its original state. All of these costs are paid by our royalty payors. Freehold receives royalty income from gross production revenue (revenue before any royalty expenses and operating costs are deducted) resulting in strong netbacks.
Freehold's Strategy
As a leading North American royalty company, Freehold's objective is to deliver growth and lower risk attractive returns to shareholders over the long term. Freehold accomplishes this by:
- Creating Value
- Drive development on our lands through our lease out program and royalty optimization
- Acquire royalty assets with acceptable risk profiles and long economic life
- Generate GORRs for revenue growth
- Enhancing Value
- Maximize Freehold's royalty interests through a comprehensive audit and compliance program
- Manage our debt prudently with a target below 1.5 times net debt to trailing funds from operations
- Delivering Value
- Target a dividend payout ratio of approximately 60%
Dividend Announcement
Freehold's Board of Directors (the Board) approved a dividend of $0.09 per common share to be paid on April 15, 2024, to shareholders of record on March 28, 2024. Freehold's dividend of $0.09 per common share is in-line with our payout strategy and highlights the sustainability of our dividend through commodity cycles. The dividend is designated as an eligible dividend for Canadian income tax purposes.
Outlook
Freehold is forecasting modestly lower drilling activity in Canada and similar drilling activity in its U.S. portfolio in 2024, when compared to 2023.
In the U.S., we anticipate drilling on our lands to be focused in the Permian and Eagle Ford, where play economics remain top decile.
In Canada, we anticipate drilling on our lands focused in the Viking, southeast Saskatchewan, Clearwater, Mannville heavy oil and Cardium plays. Following record leasing in 2023, we have seen an increase in the number of private and smaller operators targeting oil focused prospects on Freehold's royalty lands in southeast Saskatchewan and lands prospective for Mannville heavy oil.
2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD. | 2 |
Subsequent Event - U.S. Acquisitions
In January 2024, Freehold invested $115.5 million (US$86.0 million), before customary closing adjustments, in U.S. acquisitions through two transactions. These acquisitions included mineral title and royalty assets on approximately 123,000 gross acres, in the Midland and Delaware basins of the Permian located in Texas and New Mexico and are expected to add approximately 600 boe/d of production in 2024 with an estimated 85% liquids weighting. The transactions were funded by acquisition deposits and borrowing from Freehold's credit facility.
2024 Guidance
After incorporating the two U.S. royalty acquisitions early in the year (See Subsequent Event-U.S. Acquisitions, above), Freehold is forecasting production to average between 14,700-15,700 boe/d in 2024. In addition, Freehold expects 2024 West Texas Intermediate (WTI) prices to average US$75/bbl with AECO 5A and NYMEX prices averaging $2.00/Mcf and US$2.50/Mcf respectively.
The following table summarizes our key operating assumptions for 2024 with production expected to be weighted
64% oil and NGLs and 36% natural gas:
February 28 | |
2024 Guidance | 2024 |
Production (boe/d) (1) | 14,700 - 15,700 |
West Texas Intermediate crude oil (US$/bbl) | $75.00 |
AECO natural gas (Cdn$/Mcf) | $2.00 |
Nymex (US$/Mcf) | $2.50 |
Exchange rate (Cdn$/US$) | 1.35 |
1. 2024 production is expected to consist of 9% heavy oil, 43% light and medium oil, 12% NGLs and 36% natural gas
3 2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD.
Operating and Financial Results
Three months ended December 31 | Year ended December 31 | |||||||||||||
Financial ($000s, except as noted) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||
Royalty and other revenue | $ | 80,062 | $ | 98,502 | -19% | $ | 314,575 | $ | 393,020 | -20% | ||||
Net income | $ | 34,323 | $ | 40,744 | -16% | $ | 131,904 | $ | 209,189 | -37% | ||||
Per share, basic & diluted ($) | (1) | $ | 0.23 | $ | 0.27 | -15% | $ | 0.88 | $ | 1.39 | -37% | |||
Cash flows from operations | $ | 70,704 | $ | 82,675 | -14% | $ | 216,916 | $ | 327,348 | -34% | ||||
Funds from operations | $ | 62,805 | $ | 79,973 | -21% | $ | 239,665 | $ | 316,494 | -24% | ||||
(1)(3) | ||||||||||||||
Per share, basic & diluted ($) | $ | 0.42 | $ | 0.53 | -21% | $ | 1.59 | $ | 2.10 | -24% | ||||
Acquisitions and related expenditures | $ | 2,065 | $ | 7,160 | -71% | $ | 10,647 | $ | 190,794 | -94% | ||||
Dividends paid | $ | 40,686 | $ | 40,677 | 0% | $ | 162,731 | $ | 141,597 | 15% | ||||
Per share ($) | (2) | $ | 0.27 | $ | 0.27 | 0% | $ | 1.08 | $ | 0.94 | 15% | |||
Dividends declared | $ | 40,686 | $ | 40,678 | 0% | $ | 162,732 | $ | 146,121 | 11% | ||||
Per share ($) | (2) | $ | 0.27 | $ | 0.27 | 0% | $ | 1.08 | $ | 0.97 | 11% | |||
Dividend payout ratio (%) (3) | 65% | 51% | 27% | 68% | 45% | 51% | ||||||||
Long-term debt | $ | 122,973 | $ | 156,560 | -21% | $ | 122,973 | $ | 156,560 | -21% | ||||
Net debt (4) | $ | 93,652 | $ | 127,904 | -27% | $ | 93,652 | $ | 127,904 | -27% | ||||
Shares outstanding, period end (000s) | 150,689 | 150,667 | 0% | 150,689 | 150,667 | 0% | ||||||||
Average shares outstanding (000s) (1) | 150,684 | 150,654 | 0% | 150,676 | 150,633 | 0% | ||||||||
Operating | ||||||||||||||
Light and medium oil (bbl/d) | 6,308 | 6,418 | -2% | 6,203 | 5,758 | 8% | ||||||||
Heavy oil (bbl/d) | 1,182 | 1,218 | -3% | 1,187 | 1,202 | -1% | ||||||||
NGL (bbl/d) | 1,878 | 1,781 | 5% | 1,796 | 1,715 | 5% | ||||||||
Total liquids (bbl/d) | 9,368 | 9,417 | -1% | 9,186 | 8,674 | 6% | ||||||||
Natural gas (Mcf/d) | 32,968 | 33,744 | -2% | 33,167 | 32,563 | 2% | ||||||||
Total production (boe/d) (5) | 14,863 | 15,041 | -1% | 14,714 | 14,101 | 4% | ||||||||
Oil and NGL (%) | 63% | 63% | 0% | 62% | 62% | 0% | ||||||||
Petroleum and natural gas realized price ($/boe) | ( | $ | 57.94 | $ | 69.76 | -17% | $ | 57.65 | $ | 75.14 | -23% | |||
Cash costs ($/boe) (3)(5) | $ | 4.73 | $ | 5.17 | -9% | $ | 5.71 | $ | 5.19 | 10% | ||||
Netback ($/boe) (3)(5) | $ | 52.59 | $ | 63.92 | -18% | $ | 51.28 | $ | 69.48 | -26% |
- Weighted average number of shares outstanding during the period, basic and diluted
- Based on the number of shares issued and outstanding at each record date
- See Non-GAAP and Other Financial Measures
- Net debt is a capital management measure
- See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
Q4-2023 Operating and Financial Highlights
- Q4-2023production averaged 14,863 boe/d, a 1% decrease versus the same quarter in 2022, largely reflecting natural declines offset by strong third-party drilling and completion activities.
- U.S. and Canadian production averaged 5,204 boe/d and 9,659 boe/d respectively.
- Lower benchmark prices during Q4-2023 resulted in an average realized commodity price of $57.94/boe, down 17% from the same period in 2022.
- Royalty and other revenue totaled $80.1 million, down 19% from the same period in 2022, related to lower commodity pricing. Total royalty revenue was weighted 91% to oil and NGL revenue.
- Funds from operations totaled $62.8 million or $0.42 per share(1), down 21% from the $80.0 million or $0.53 per share(1) in the same quarter in 2022.
- Dividends paid for Q4-2023 totaled $40.7 million ($0.27 per share), consistent with the same period in 2022.
2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD. | 4 |
- Dividend payout ratio(1) of 65% is up 27% from the same period in 2022.
- Cash costs(1) for the quarter totaled $4.73/boe, down 9% versus the same period in 2022 reflecting lower interest costs, despite an increase in the effective interest rate of 1.4%, due to debt repayment throughout 2023.
- Long term debt at December 31, 2023 was $123.0 million, a decrease of $18.2 million versus September 30, 2023.
- Net debt at December 31, 2023 was $93.7 million, a decrease of $12.9 million versus September 30, 2023, reflecting strength in revenue.
- Entered into two definitive acquisition agreements in Q4-2023, both of which closed in January 2024. As part of the transactions, Freehold acquired U.S. mineral title and royalty assets in the Midland and Delaware basins of the Permian for $115.5 million (US$86.0 million). The transactions are expected to add approximately 600 boe/d of production in 2024 with an estimated 85% liquids weighting. Acquisition deposits of $12.1 million (US$9.1 million) were paid in Q4-2023.
2023 Operating and Financial Highlights
- Dividends declared and paid for 2023 reached a record level for Freehold, totaling $162.7 million ($1.08 per share), up 11% versus 2022 when Freehold declared dividends of $146.1 million ($0.97 per share). Our dividend payout(2) ratio for 2023 was 68% compared to 45% in 2022.
- 2023 production averaged 14,714 boe/d, a 4% increase versus 2022 as third-party drilling and the impacts of 2022 U.S. acquisition activity drove production growth, with Canadian production relatively stable and U.S. production increasing 16%.
- Oil and NGL volumes represented 62% of 2023 royalty production, consistent with 2022.
- Royalty and other revenue totaled $314.6 million in 2023, down 20% from the previous year reflecting lower commodity prices partly offset by production growth. Total royalty revenue was weighted 89% to oil and NGL revenue.
- Funds from operations in 2023 totaled $239.7 million or $1.59 per share(1), down 24% from $316.5 million or $2.10 per share(1) in 2022. This year-over-year decrease reflected weakening commodity prices partially offset by increased U.S. production volumes.
- Long term debt decreased by $33.6 million from December 31, 2022 to December 31, 2023.
- Proved and probable oil and natural gas reserves (3) totaled 54.5 MMboe exiting 2023, relatively unchanged from 2022 as previously unbooked drilling additions largely offset production in 2023 of 5.4 MMboe.
- See Non-GAAP and Other Financial Measures
- Dividend payout ratio is a supplementary measure
- A detailed review of Freehold's U.S. and Canadian reserve information, including a summary of the evaluation of Freehold's reserves and associated future net revenues as prepared by RSC Group, Inc. and Trimble Engineering Associates Ltd., respectively, Freehold's independent reserve evaluators effective as at December 31, 2023, is provided in the AIF. A copy of the AIF can be found on Freehold's website at www.freeholdroyalties.com or www.sedarplus.ca
5 2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD.
Drilling Activity
In 2023, 993 gross wells (18.6 net) were drilled on Freehold's North American royalty lands, slightly below the 2022 record of 1,057 gross wells (23.0 net). Drilling activity levels on Freehold's land and the Western Canadian Sedimentary Basin mirrored a 23% reduction in commodity prices year over year, as well as capital discipline within the broader exploration and production industry. Of the gross wells drilled in the current reporting periods, 94% and 95% targeted oil prospects. Approximately 37% of 2023 gross wells were drilled on Freehold's GORR prospects in Canada, 10% targeted mineral title prospects in Canada and of the 53% of wells drilled on Freehold's U.S. royalty acreage, 78% were drilled on Freehold's mineral title.
Three months ended December 31 | Year ended December 31 | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Gross | Net (1) | Gross | Net (1) | Gross | Net (1) | Gross | Net (1) | |
Canada | 120 | 3.8 | 137 | 6.2 | 466 | 16.0 | 503 | 20.1 |
United States | 142 | 0.7 | 156 | 0.9 | 527 | 2.6 | 554 | 2.9 |
Total | 262 | 4.5 | 293 | 7.1 | 993 | 18.6 | 1,057 | 23.0 |
1. Net wells are the equivalent aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage
CANADA
During 2023, 466 gross locations, or 47%, were drilled on Freehold's Canadian lands, a 7% decrease over 503 gross locations in the same period in 2022, correlating with a decrease in benchmark prices. Freehold saw drilling in oil weighted areas including the Clearwater and Cardium in Alberta and the Mississippian Subcrop, Bakken and Viking in Saskatchewan. Additionally, there was an increase in heavy oil drilling in the Mannville stack in Alberta and Saskatchewan, the result of strong recent leasing activity.
Q4-2023 gross activity levels were down 12% compared to the same quarter in 2022 as operators curtailed their drilling activities in the wake of benchmark pricing volatility. During the fourth quarter, approximately 13% of the 120 gross locations drilled within our Canadian portfolio, were drilled in each of the Cardium and Clearwater plays. By geography, approximately 74% of gross wells drilled targeted prospects in Alberta and 22% targeted prospects in Saskatchewan.
U.S.
For the full year 2023, 527 gross locations, or 53%, were drilled on Freehold's U.S. land, a 5% decrease from 554 gross wells in 2022. In the U.S., operators focused drilling on light oil prospects in the Permian and Eagle Ford with 88% of activity within these basins. Freehold also saw strong activity associated with development in the Bakken play. Development of Freehold's U.S. lands was led by a diverse group of investment grade public companies and growth oriented public and private operators.
During Q4-2023, 142 gross wells were drilled on our U.S. royalty lands, with 59% of Q4-2023 drilling in the Permian and 25% in the Eagle Ford, compared to 156 gross wells during the same quarter in 2022. By geography, approximately 89% of Q4-2023 gross wells in the U.S. targeted prospects in Texas.
Although Freehold's U.S. net well additions were lower than in Canada, U.S. wells generally come on production at approximately ten times that of an average Canadian well in our portfolio. However, a U.S. well can take upwards of six to nine months on average from initial license to first production, compared to three to four months in Canada.
2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD. | 6 |
Production
Freehold's total production averaged 14,863 boe/d and 14,714 boe/d during the current reporting periods, a 1% decrease and 4% increase over the same periods in 2022. The annual increase mainly reflects acquisitions completed during 2022 and third-party drilling and completion activities on Freehold's lands.
Production Summary
Three months ended December 31 | Year ended December 31 | |||||
2023 | 2022 | Change | 2023 | 2022 | Change | |
Canada (boe/d) | 9,659 | 9,777 | -1% | 9,612 | 9,706 | -1% |
United States (boe/d) | 5,204 | 5,264 | -1% | 5,102 | 4,395 | 16% |
Total production (boe/d) | 14,863 | 15,041 | -1% | 14,714 | 14,101 | 4% |
Average Daily Production by Product Type
Three months ended December 31 | Year ended December 31 | |||||
2023 | 2022 | Change | 2023 | 2022 | Change | |
Light and medium oil (bbl/d) | 6,308 | 6,418 | -2% | 6,203 | 5,758 | 8% |
Heavy oil (bbl/d) | 1,182 | 1,218 | -3% | 1,187 | 1,202 | -1% |
NGL (bbl/d) | 1,878 | 1,781 | 5% | 1,796 | 1,715 | 5% |
Natural gas (Mcf/d) | 32,968 | 33,744 | -2% | 33,167 | 32,563 | 2% |
Total production (boe/d) | 14,863 | 15,041 | -1% | 14,714 | 14,101 | 4% |
Number of days in period (days) | 92 | 92 | - | 365 | 365 | - |
Total volumes during period (MMboe) | 1.367 | 1.384 | -1% | 5.371 | 5.147 | 4% |
CANADA
Canadian production averaged 9,659 boe/d and 9,612 boe/d during the current reporting periods, comprised of approximately 55% oil and NGLs and 45% natural gas. These production volumes were largely consistent with the same periods in 2022 as natural declines were offset by third-party drilling on our royalty lands. 2023 production was also impacted by producer shut-ins due to wildfires throughout Western Canada which decreased annual production by approximately 100 boe/d.
Canadian Average Daily Production by Product Type
Three months ended December 31 | Year ended December 31 | |||||
Canadian production | 2023 | 2022 | Change | 2023 | 2022 | Change |
Light and medium oil (bbl/d) | 3,261 | 3,118 | 5% | 3,196 | 3,160 | 1% |
Heavy oil (bbl/d) | 1,182 | 1,218 | -3% | 1,187 | 1,202 | -1% |
NGL (bbl/d) | 863 | 925 | -7% | 857 | 893 | -4% |
Natural gas (Mcf/d) | 26,120 | 27,096 | -4% | 26,229 | 26,710 | -2% |
Total production (boe/d) | 9,659 | 9,777 | -1% | 9,612 | 9,706 | -1% |
7 2023 | MANAGEMENT'S DISCUSSION AND ANALYSIS | FREEHOLD ROYALTIES LTD.
U.S.
U.S. production averaged 5,204 boe/d and 5,102 boe/d during the current reporting periods, a 1% decrease and 16% increase versus the same periods in 2022, with 2023 setting a record for U.S. annual production. The slight decrease in Q4-2023 production compared to the same period in 2022 mainly relates to the timing of new wells coming on production. Freehold's 2023 U.S. production peaked in Q3-2023, with the associated flush production from new well activities curtailing slightly in Q4-2023, while 2022 U.S. production peaked in Q4-2022. The 2023 increase was mainly due to the impact of acquisitions completed in 2022 and third-party drilling and completion activities, particularly in the Midland basin. Freehold's U.S. production during the current reporting periods represents approximately 35% of corporate volumes, flat and a 4% increase from the same periods in 2022.
Freehold's U.S. production in 2023 was comprised of approximately 77% oil and NGLs and 23% natural gas.
U.S. Average Daily Production by Product Type
Three months ended December 31 | Year ended December 31 | |||||
United States production | 2023 | 2022 | Change | 2023 | 2022 | Change |
Light and medium oil (bbl/d) | 3,047 | 3,300 | -8% | 3,007 | 2,598 | 16% |
NGL (bbl/d) | 1,015 | 856 | 19% | 939 | 821 | 14% |
Natural gas (Mcf/d) | 6,849 | 6,648 | 3% | 6,937 | 5,853 | 19% |
Total production (boe/d) | 5,204 | 5,264 | -1% | 5,102 | 4,395 | 16% |
Product Prices
Benchmark Prices
The price received by Freehold for produced oil is primarily driven by the U.S. dollar price of WTI, with the realized Canadian price adjusted for the value of the Canadian dollar relative to the U.S. dollar and quality differentials. For the current reporting periods, WTI averaged US$78.32/bbl and US$77.62/bbl, 5% and 18% lower versus the same periods in 2022. When compared to the previous quarter, WTI prices fell by 5%. Weakening refined product demand, recessionary concerns, supply quota uncertainty from OPEC+ and surging U.S. production drove lower crude oil prices during Q4-2023.
Within Canada, Edmonton Light Sweet prices averaged $99.69/bbl and $100.39/bbl during the current reporting periods, 9% and 16% lower versus the same periods in 2022. Western Canadian Select (WCS) prices averaged $76.96/bbl and $79.52/bbl during the current reporting periods, flat and 19% lower versus the same periods in 2022. Egress takeaway constraints tightened during Q4-2023 with low turnaround activity across oil sands projects. Going forward the need to refill the U.S. Strategic Petroleum Reserve and the completion of the Trans Mountain Expansion Project is expected to provide support for narrowing heavy oil differentials.
For Q4-2023, AECO 7A Monthly Index and NYMEX natural gas monthly contract prices averaged $2.70/Mcf and US$2.98/Mcf, respectively, down 52% and 51% from the same period in 2022. For 2023, AECO 7A and NYMEX prices averaged $2.98/Mcf and US$2.84/Mcf, respectively, down 46% and 56% from 2022. Prices retreated over the current reporting periods, as Canadian natural gas storage levels approached capacity in December 2023 while storage levels in the U.S. reached a new 5-year high. These storage builds have been driven by an unseasonably warm winter, along with significant supply increases in North America.
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Freehold Royalties Ltd. published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 16:16:07 UTC.
