"Part of what's driving higher industry cost right now is higher energy prices," says Paul Brink president and CEO of Franco-Nevada. "Franco-Nevada is actually a beneficiary of that situation," he tells Daniela Cambone at GSA Investor Day 2023. "Finding gold mines is tougher and tougher over time, and it means there is a real premium for good operating assets and that's driving [mergers and acquisitions] in the sector," Brink states. "The M&A cycle is typically a recycling cycle of companies in our sector," he continues. "It's a positive the central bank buying, and the odds are in the price of gold's favor," Brink concludes.