Franco-Nevada

Franco-Nevada Corporation (Franco-Nevada) owns royalties and streams on mines and oil and gas fields. It receives a share of production or revenue, or buys metal at a low fixed or variable price, but it does not operate the mines. Most of its revenue comes from gold, silver and platinum group metals, and the rest from iron ore, other metals, oil and gas. Large assets include Candelaria, Antapaccay, Antamina, Côté Gold and the Western Limb PGM stream.

The Cobre Panamá stream has been mostly halted since the mine closed in late 2023. Revenue was $1,822.8 million in 2025 and $580.9 million in Q2 2026. Franco-Nevada has no debt. The shares trade on the Toronto and New York stock exchanges.

The head office is in Toronto, Ontario. Paul Brink is President and Chief Executive Officer.

Franco-Nevada trades above the AI estimate because investors pay for a high-quality way to own gold, with no debt, no mining costs and a large portfolio. Its earnings rose fast with the gold price: Adjusted Net Income was $807.5 million in the first half of 2026, up 82%. So the price depends mainly on the gold price and on growth in gold equivalent ounces (GEOs). For the price to hold, three things must be true.

GEOs must reach the upper half of the 2026 guidance of 510,000 to 570,000 and grow towards the 2030 outlook of 555,000 to 615,000. Franco-Nevada must invest its $4.3 billion of available capital in good new deals. And Cobre Panamá must restart under a new agreement, which could add 150,000 to 175,000 GEOs a year. The Q3 2026 report on November 11, 2026, and talks on Cobre Panamá are the next tests.

AI estimate, checked by Kevin. How it is made

1. Nov 11, 2026Due today

   Q3 2026 results: GEOs and Cobre Panamá deliveriesGEOs on track for the upper half of 2026 guidance and first Cobre Panamá deliveries pass; a cut in guidance fails.
2. Mar 2027 · est.Pending

   2026 results, 2027 guidance and five-year outlook2027 GEO guidance above the 2026 result passes; lower guidance fails.
3. 2027 · est.Pending

   Cobre Panamá talksAn agreement that restarts mining passes; an agreement for closure only, or no agreement, fails.

Every passed and failed checkpoint across all picks

• September 30, 2026The Panamanian ministerial commission recommended talks with First Quantum on a new agreement for Cobre Panamá, which would end the arbitrations and allow a project with an orderly closure.
• September 13, 2026Franco-Nevada agreed to buy an additional gross royalty on the Bullabulling gold project from Minerals 260 for A$170 million, and to subscribe for A$30 million of its shares.
• August 11, 2026Franco-Nevada reported Q2 2026 results. Revenue rose 57% to $580.9 million, GEOs sold rose 18% to 132,405, and Adjusted Net Income was $349.2 million, or $1.81 per share. It expects 2026 GEOs in the upper half of its guidance.

Next earnings

November 11, 2026, as the company confirmed.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 12, 2026 · fnv-20260630x6k
• 40-FAnnual report for the period ended Dec 31, 2025Filed March 19, 2026 · fnv-20251231x40f
• 6-KInterim report for the period ended Dec 31, 2025Filed March 10, 2026 · fnv-20251231x6k
• 6-KInterim report for the period ended Jun 30, 2025Filed August 11, 2025 · fnv-20250630x6k

Every filing on SEC EDGAR (CIK 1456346)

• Revenue and earnings move with the gold price. The 2026 guidance assumes $4,500 gold, and a lower price reduces earnings quickly.
• Cobre Panamá is halted except for stockpile processing. The government commission proposes a project with an orderly closure, so a full restart is not certain.
• Franco-Nevada depends on the operators of the mines. Lower production at Candelaria, Antapaccay or other large assets lowers its GEOs.
• Governments can challenge contracts or raise taxes, as in Panama and Burkina Faso, where a local court tried to void the Karma stream.
• Competition for new royalties and streams is strong. High prices for new deals can lower future returns.

Franco-Nevada has no debt. At June 30, 2026, cash and cash equivalents were $1,014.2 million, and equity investments, without its long-term investment in Labrador Iron Ore Royalty Corporation, were $1,041.2 million. Read more

Dividend yield

0.6% (last 12 months, at today’s price of CA$363.09)

Paid per share

CA$2.348 in the last 12 months (4 payments)

Current annual rate

CA$2.428 (CA$0.607 × 4 a year)

Latest ex-dividend date

September 10, 2026, CA$0.607 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 9.1% a year. From 2015 to 2025, the dividend grew by about 14.3% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.