FRANCO NEVADA (FNV) Company Report

Analyst Coverage

Research analysts who have asked questions during FRANCO NEVADA earnings calls.

Tanya Jakusconek

Scotiabank

7 questions for FNV

Also covers: AEM, AU, BVN +11 more

Daniel Major

UBS

5 questions for FNV

Also covers: AA, AEM, FCX +5 more

Cosmos Chiu

CIBC World Markets

4 questions for FNV

Also covers: AGI, EGO, HL +6 more

Fahad Tariq

Jefferies Financial Group

4 questions for FNV

Also covers: AEM, BTO, ERO +8 more

John Tumazos

John Tumazos Very Independent Research

4 questions for FNV

Also covers: AA, AEM, ASM +14 more

Brian MacArthur

Raymond James Financial, Inc.

3 questions for FNV

Also covers: CCJ, CDE, CG +10 more

Bernie Picchi

Palisade Capital Management

2 questions for FNV

Bernie Pichy

Palisade Capital

2 questions for FNV

Case Bongirne

H.C. Wainwright

2 questions for FNV

Derick Ma

TD Cowen

2 questions for FNV

Also covers: RGLD, SAND, TFPM +2 more

Heiko Ihle

H.C. Wainwright & Co.

2 questions for FNV

Also covers: AG, AREC, ASM +15 more

Larry Liu

CIBC Capital Markets

2 questions for FNV

Lyle Green

Shareholder

2 questions for FNV

Matthew Murphy

BMO Capital Markets

2 questions for FNV

Also covers: ERO, HBM, IAG +3 more

Sathish Kasinathan

BMO Capital Markets

2 questions for FNV

Also covers: CMC

Diego Termite

Oster Capital Management

1 question for FNV

Joshua Wolfson

RBC Capital Markets

1 question for FNV

Also covers: AEM, AU, CDE +8 more

Lawson Winder

Bank of America

1 question for FNV

Also covers: AA, AEM, CCJ +22 more

Martin Pradier

Veritas Investment Research

1 question for FNV

Also covers: GOLD, NEM, WPM

Latest news

Recent press releases and 8-K filings for FNV.

Franco-Nevada Announces A$220 Million Financing Package for Bullabulling Gold Project

FNV

New Projects/Investments

M&A

Franco-Nevada (FNV) announced a A$220 million (approximately $155 million) financing package with Minerals 260 for the Bullabulling Gold Project in Western Australia.
The package includes the acquisition of a A$170 million gross royalty, increasing Franco-Nevada's total gross royalty to 2.45% over the project's land package, and a A$50 million equity investment in Minerals 260.
Franco-Nevada intends to finance these transactions from its $0.9 billion in cash and cash equivalents and marketable securities and $1.9 billion in available capital as of September 30, 2025.
The Bullabulling Gold Project targets a pre-feasibility study by mid-2026, a final investment decision by early 2027, and potential first gold production by H2 2028.

5 days ago

Press Release

Franco-Nevada Commits A$220M to Bullabulling Gold Project

FNV

New Projects/Investments

M&A

Franco-Nevada (FNV) has agreed to a A$220 million financing package with Minerals 260 for the Bullabulling gold project.
The financing includes A$170 million to acquire a gross royalty, increasing FNV's total to 2.45%, and A$50 million to subscribe for roughly a 4.9% equity stake in Minerals 260 at a 7% premium.
This transaction represents Franco-Nevada's largest-ever royalty acquisition in Australia and is intended to fast-track the ~4.5 million ounce gold project through expanded drilling and early construction.

5 days ago

Morningstar

Franco-Nevada Announces $250 Million Royalty Financing with i-80 Gold

FNV

New Projects/Investments

Franco-Nevada Corporation announced a $250 million royalty financing with i-80 Gold Corp. to support i-80 Gold's recapitalization plan and strategy to become a Nevada-focused mid-tier gold producer.
The royalty rate will initially be 1.5%, increasing to 3.0% beginning January 1, 2031, and will apply to all of i-80 Gold's material properties.
This financing is anticipated to help i-80 Gold increase annual gold production from 150-200 koz Au in Phase 1 to over 600 koz Au by 2032 upon completion of all three development phases.
Franco-Nevada intends to fund the transaction from cash on hand, reporting $0.9 billion in cash and cash equivalents and marketable securities and $1.9 billion in available capital as of September 30, 2025.
The transaction includes $225 million in upfront proceeds upon closing, with an additional $25 million payment contingent on the completion of 2026 budgeted spending at Mineral Point, and is expected to close in March 2026.

Feb 12, 2026, 12:50 PM

6-K

Franco-Nevada Announces $250 Million Royalty Financing

FNV

New Projects/Investments

M&A

Franco-Nevada (FNV) is acquiring a $250 million net smelter return royalty from i-80 Gold Corp., which aims to support i-80 Gold's recapitalization plan and strategy to become a Nevada-focused mid-tier gold producer.
The royalty rate will initially be 1.5%, increasing to 3.0% beginning in 2031, and will apply to all of i-80 Gold's material properties, which are anticipated to increase annual gold production from 150–200 koz Au in Phase 1 to over 600 koz Au by Phase 3 in 2032+.
Franco-Nevada intends to finance this transaction using cash on hand, having $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025.
The transaction is subject to customary conditions and is expected to close in March 2026.

Feb 12, 2026, 12:22 PM

Press Release

Franco-Nevada Announces $100 Million Gold Stream Financing with Orezone Gold

FNV

New Projects/Investments

M&A

Franco-Nevada Corporation announced a $100 million gold stream financing transaction with Orezone Gold Corporation to support Orezone's acquisition of Hecla Mining Company’s Casa Berardi Gold Mine and other Quebec assets.
The stream will provide Franco-Nevada with fixed deliveries of 1,625 oz of gold per quarter (6,500 oz per year) for the first five years, followed by variable deliveries of 5.0% of gold produced from Casa Berardi and other Quebec assets (excluding Heva-Hosco) and 2.5% from Heva-Hosco.
Franco-Nevada will make an ongoing payment of 20% of the spot price to Orezone for the gold ounces delivered.
The company intends to finance the transaction from cash on hand, having $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025.
The closing of the transaction is subject to customary conditions and is expected to occur in H1 2026.

Jan 26, 2026, 6:08 PM

6-K

Franco-Nevada Announces $100 Million Gold Stream Financing with Orezone Gold

FNV

New Projects/Investments

M&A

Franco-Nevada has entered into a $100 million gold stream financing transaction with Orezone Gold Corporation to support Orezone's acquisition of the Casa Berardi Gold Mine and other Quebec assets.
The stream terms include fixed deliveries of 1,625 oz of gold per quarter for the first five years, followed by variable deliveries, with Franco-Nevada making an ongoing payment of 20% of the spot price to Orezone for delivered gold ounces.
Franco-Nevada intends to finance the transaction using cash on hand, reporting $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025.
The closing of the transaction is expected to occur in H1 2026.

Jan 26, 2026, 5:59 PM

Press Release

Franco-Nevada Corporation Sponsors Orezone Gold's Acquisition of Casa Berardi Gold Mine

FNV

M&A

New Projects/Investments

Franco-Nevada Corporation is providing financial sponsorship for Orezone Gold Corporation's acquisition of Hecla Quebec Inc., which includes the Casa Berardi gold mine.
This sponsorship is structured as a $100 million gold stream agreement.
Under the terms of the gold stream, Orezone will deliver 1,625 ounces of gold per quarter for the first five years, followed by 5.0% of gold production thereafter, and will receive a cash payment equal to 20% of the spot gold price for each ounce delivered.

Jan 26, 2026, 5:51 PM

Press Release

Franco-Nevada Raises Dividend and Appoints New Chair

FNV

Dividends

Board Change

Franco-Nevada raised its quarterly dividend by 16% to US$0.44 from $0.38, marking the company’s 19th consecutive annual dividend increase.
The board advanced succession plans, designating Tom Albanese as independent non-executive chair and naming founder David Harquail chair emeritus.
The company is described as debt-free with robust margins and a large market capitalization of about US$49.03 billion.
Analysts are generally constructive but note risks including premium valuation and mixed technical momentum.

Jan 26, 2026, 11:06 AM

Morningstar

Franco-Nevada Announces Dividend Increase and Board Chair Succession

FNV

Dividends

Board Change

Franco-Nevada's Board of Directors has raised its quarterly dividend to US$0.44 per share, representing an approximate 16% increase from the previous US$0.38 per share, marking the 19th consecutive annual increase.
The company announced board succession plans, with David Harquail transitioning to Chair Emeritus Designate and Tom Albanese appointed as the independent non-executive Chair Designate, both effective May 12, 2026.
Shareholders can participate in the Dividend Reinvestment Plan (DRIP), which allows for the purchase of additional common shares at a 1% discount for treasury acquisitions.

Jan 26, 2026, 11:00 AM

Press Release

Rio2 to acquire Condestable mine

FNV

M&A

Debt Issuance

New Projects/Investments

Rio2 Limited has agreed to acquire Southern Peaks Mining L.P.'s 99.1% interest in the Condestable mine in Peru for a total consideration of US$217 million, implying an enterprise value of approximately US$241 million.
The consideration includes US$80 million in cash, US$65 million in vendor debt financing, and approximately US$35 million in Rio2 common shares upfront, plus US$37 million in deferred payments between 2027 and 2030.
Condestable is a cash-flowing underground copper operation projected to generate average annual EBITDA of approximately US$110 million at consensus prices or US$145 million at spot prices over the next five years, and is forecasted to produce approximately 27 ktpa copper equivalent. The acquisition is expected to be accretive and structured to minimize equity dilution.
The transaction is financed by an approximate US$165 million package, including US$65 million in vendor debt and approximately US$100 million from a bought deal equity financing of 63,064,000 subscription receipts at C$2.22 per Subscription Receipt. The equity financing is expected to close around December 15, 2025, with the acquisition anticipated to close in January 2026.