• Franco-Nevada average gross margin for 2024 was 65.3%, a 2.83% increase from 2023.
• Franco-Nevada average gross margin for 2023 was 63.5%, a 1.31% increase from 2022.
• Franco-Nevada average gross margin for 2022 was 64.34%, a 1.5% decline from 2021.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.