• 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.
• Franco-Nevada average gross margin for 2021 was 63.39%, a 11.35% increase from 2020.

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.