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, and deliveries from stockpiled ore started in Q3 2026. Revenue was $1,822.8 million in 2025 and $549.3 million in Q3 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 $1,172.0 million in the first nine months of 2026, up 63%. So the price depends mainly on the gold price and on growth in gold equivalent ounces (GEOs). But GEOs sold fell 6% in Q3 2026, and Franco-Nevada narrowed its 2026 guidance to 525,000 to 555,000 GEOs, towards the midpoint, after lower production at Guadalupe-Palmarejo and Candelaria.

If a buyback by IAMGOLD closes as expected, the Côté Gold royalty rate falls by half from 2027. For the price to hold, three things must be true. GEOs must reach the 2026 guidance and grow towards the 2030 outlook of 555,000 to 615,000. Franco-Nevada must invest its $4.8 billion of available capital, and the cash from the Côté Gold buyback, 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 2026 results with the 2027 guidance, and the talks on Cobre Panamá, are the next tests.

AI estimate, checked by Kevin. How it is made

1. Nov 11, 2026Failed

   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.Outcome: Cobre Panamá delivered its first 3,716 GEOs from stockpiles, but Franco-Nevada narrowed its 2026 guidance to 525,000 to 555,000 GEOs, towards the midpoint, and no longer expects the upper half.
2. Dec 2026 · est.Pending

   Côté Gold royalty buybackA close in December 2026 with at least $525.0 million in cash passes; a delay or a lower amount fails.
3. Feb 11, 2027 · est.Pending

   2026 results, 2027 guidance and five-year outlook2027 GEO guidance above the 2026 result passes; lower guidance fails.
4. 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

• November 11, 2026Franco-Nevada reported Q3 2026 results. Revenue rose 13% to $549.3 million, GEOs sold fell 6% to 130,435, and Adjusted Net Income rose 33% to $364.5 million, or $1.89 per share. Net income was $395.5 million, or $2.05 per share. Franco-Nevada narrowed its 2026 guidance to 525,000 to 555,000 GEOs, towards the midpoint, because production at Guadalupe-Palmarejo and Candelaria was lower than expected. Cobre Panamá delivered 3,716 GEOs from stockpiled ore. Available capital was $4.8 billion, and the quarterly dividend stays at $0.44 per share.
• November 5, 2026IAMGOLD gave notice that it will buy back 50% of Franco-Nevada's Côté Gold gross margin royalty. Franco-Nevada expects at least $525.0 million in cash and a close in December 2026. The royalty rate falls from 7.5% to 3.75% from January 1, 2027.
• 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.

Next earnings

Expected about February 11, 2027. The company has not confirmed the date.

• 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, Guadalupe-Palmarejo, Antapaccay or other large assets lowers its GEOs, as in Q3 2026, when GEOs sold fell 6%.
• 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 September 30, 2026, cash and cash equivalents were $1,232.2 million, and equity investments, without its long-term investment in Labrador Iron Ore Royalty Corporation, were $1,337.1 million. Read more

Yield at the current rate

0.7% (current annual rate, at today’s price)

Dividend yield

0.7% (last 12 months, at today’s price of CA$354.26)

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 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.