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, OR +5 more

Fahad Tariq

Jefferies Financial Group

4 questions for FNV

Also covers: AEM, ERO, HBM +6 more

John Tumazos

John Tumazos Very Independent Research

4 questions for FNV

Also covers: AA, AEM, ASM +13 more

Brian MacArthur

Raymond James Financial, Inc.

3 questions for FNV

Also covers: CCJ, CDE, CGAU +9 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: AREC, ASM, AUMN +14 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, GFI +7 more

Lawson Winder

Bank of America

1 question for FNV

Also covers: AA, AEM, CCJ +21 more

Martin Pradier

Veritas Investment Research

1 question for FNV

Also covers: GOLD, WPM

Latest news

Recent press releases and 8-K filings for FNV.

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.

Dec 8, 2025, 8:58 PM

Press Release

Franco-Nevada Reports Record Q3 2025 Results and Updates Full-Year Guidance

FNV

Earnings

Guidance Update

New Projects/Investments

Franco-Nevada Corporation reported record quarterly results for Q3 2025, with revenue increasing 77% to $487.7 million and adjusted EBITDA rising 81% to $427.3 million compared to Q3 2024.
Total GEOs sold increased 26% to 138,772 in Q3 2025, driven by strong operations, new acquisitions, and the sale of Cobre Panama stockpiles. Adjusted net income was $275 million, or $1.43 per share, up 79% year-over-year.
The company updated its 2025 guidance, narrowing the total GEOs sold range to 495,000-525,000 and increasing precious metal GEOs sold guidance to 420,000-440,000.
Franco-Nevada remains debt-free by quarter-end and has over $1.8 billion in available capital as of September 30, 2025.
Progress was noted at Cobre Panama, including concentrate shipments and the start of an environmental audit, with the company encouraged by constructive comments from the President of Panama regarding resolution of the mine closure.

Nov 4, 2025, 4:00 PM

Transcript

Franco-Nevada Reports Record Q3 2025 Results and Updates Full-Year Guidance

FNV

Earnings

Guidance Update

New Projects/Investments

Franco-Nevada reported record financial results for Q3 2025, with revenue increasing by 77% to $487.7 million and adjusted EBITDA up 81% to $427.3 million, driven by higher gold prices, strong operations, and recent acquisitions.
Total GEOs sold increased 26% to 138,772, with precious metal GEOs sold up 41% to 119,109. Approximately 11,000 GEOs were delivered from Cobre Panamá stockpiles.
The company updated its full-year 2025 guidance, narrowing total GEOs sold to 495,000-525,000 and precious metal GEOs to 420,000-440,000, expecting to exceed the top end of original precious metal guidance.
Franco-Nevada ended the quarter debt-free with $236.7 million in cash and over $1.8 billion in total available capital. A portion of its equity investment in Discovery Silver was sold for $84.4 million, generating a $67.4 million gain and contributing to debt repayment.

Nov 4, 2025, 4:00 PM

Transcript

Franco-Nevada Reports Record Q3 2025 Financial Results and Updates Full-Year Guidance

FNV

Earnings

Guidance Update

New Projects/Investments

Franco-Nevada reported record financial results for Q3 2025, with revenue increasing 77% year-over-year to $487.7 million and adjusted EBITDA up 81% to $427.3 million.
Total GEOs sold increased 26% to 138,772, with precious metal GEOs up 41% to 119,109, accounting for 85% of revenue.
The company updated its full-year 2025 guidance, narrowing total GEOs sold to 495,000-525,000 and raising precious metal GEOs sold to 420,000-440,000.
Franco-Nevada ended Q3 2025 debt-free with $236.7 million in cash and cash equivalents, and over $1.8 billion in total available capital.
Progress at Cobre Panama included the sale of approximately 11,000 GEOs from stockpiles, and recent acquisitions position the company for roughly 50% growth in GEOs over five years.

Nov 4, 2025, 4:00 PM

Transcript

Franco-Nevada Reports Record Q3 2025 Results and Updates Guidance

FNV

Earnings

Guidance Update

Legal Proceedings

Franco-Nevada reported record Q3 2025 revenue of $487.7 million, a 77% increase from Q3 2024, and record net income of $287.5 million or $1.49 per share.
The company achieved a debt-free balance sheet in Q3 2025 after repaying its corporate revolver.
2025 Total GEO sales guidance was narrowed to 495,000 - 525,000, moving towards the higher end of original projections.
The company received 11,208 GEOs from Cobre Panama concentrate stockpiles in Q3 2025, with the power plant expected to restart in Q4 2025.
Franco-Nevada reached a settlement with the Canada Revenue Agency for 2013-2019 taxation years, requiring no tax payment on foreign earnings of its Barbadian and Mexican subsidiaries.