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Franco-Nevada Reports Record Q1 2026 ResultsMay 12, 2026 5:15 PM
PR Newswire (US) Tom Albanese appointed Chair(in U.S. dollars unless otherwise noted)TORONTO, May 12, 2026 /PRNewswire/ - Franco-Nevada realized record financial results in the first quarter of 2026, driven by higher commodity prices, contributions from newly acquired assets, a partial buy-back and a refund from the Canada Revenue Agency. "The sharp rise in oil prices is expected to positively impact our Q2 revenues, while our royalty and streaming model is largely insulated from the impact of energy prices on cost inflation. Franco-Nevada is unique as a mining equity that benefits from rising oil prices. We look forward to further growth from new assets, additional contributions from Cobre Panamá and the potential for a full resumption of the mine", stated Paul Brink, President & CEO.At today's AGM, David Harquail gave his last address as Chair before taking on the title of Chair Emeritus. The Board thanked David for leading the IPO of Franco-Nevada and for the tremendous shareholder value he created over the ensuing 18 years."After almost 40 years of being in the gold royalty business, I would like to thank all of the shareholders, portfolio managers, the analysts and brokers who believed in us and helped make this latest version of Franco-Nevada "the GOLD Investment that WORKS"", commented David Harquail. "In a world confronted by political volatility and financial market instability, having Franco-Nevada as a lower-risk gold investment that is insulated from inflation and with a strong balance sheet is the right business model. I am proud of the wealth that this strategy has generated for our shareholders and that Franco-Nevada today is a financial powerhouse. I am also proud of the strong management team and Board that is in place to continue to deliver decades more of dividends to shareholders."Following the meeting, Tom Albanese was appointed as the independent non-executive Chair of its board of directors. Tom has most recently served as the Lead Independent Director of Franco-Nevada. He is a seasoned mining executive including prior CEO roles at both Rio Tinto plc and Vedanta Resources plc and many corporate director positions.Financial Highlights – Q1 2026 compared to Q1 2025$650.7 million in revenue, +77% – new record.136,353 GEOs1 sold, +8%.126,020 Net GEOs1 sold, +11%.$520.4 million in operating cash flow, +80% – new record. Operating cash flow included a $49.5 million refund from the CRA as a result of the settlement reached in September 2025. $591.9 million ($3.07/share) in Adjusted EBITDA2, +84% – new records.$468.6 million ($2.43/share) in net income, +123% – new records.$458.3 million ($2.38/share) in Adjusted Net Income2, +123% – new records. Adjusted Net Income included $55.1 million, or $0.28 per share, from the Cascabel buy-backs (net of tax). $3.4 billion in Available Capital3 as at March 31, 2026.GEOs Sold and Revenue Quarterly GEOs sold and revenue by commodity
Q1 2026
Q1 2025
GEOs Sold
Revenue
GEOs Sold
Revenue
#
(in millions)
#
(in millions)
PRECIOUS METALS
Gold
91,158
$436.9
85,523
$245.9
Silver
23,618
113.5
12,490
37.0
PGM
3,204
17.7
2,610
7.8
117,980
$568.1
100,623
$290.7
DIVERSIFIED
Iron ore
3,794
$17.1
3,888
$12.4
Other mining assets
1,403
6.1
1,557
4.4
Oil
7,406
33.5
13,494
34.9
Gas
4,579
20.6
4,499
17.3
NGL
1,191
5.3
2,524
5.8
18,373
$82.6
25,962
$74.8
GEOs and revenue from royalty, stream and working interests
136,353
$650.7
126,585
$365.5
Interest revenue and other interest income
—
$—
—
$2.9
Total GEOs and revenue
136,353
$650.7
126,585
$368.4
In Q1 2026, we recognized revenue of $650.7 million, an increase of 77% from Q1 2025, and sold 136,353 GEOs, an increase of 8% from Q1 2025. We benefited from record gold and silver prices achieved during the quarter, strong contributions from Antamina, South Arturo, Hemlo, Musselwhite, and incremental contributions from Côté Gold, Porcupine and Valentine, all of which were acquired or commenced production over the past year. We also benefited from an increase in revenue from our Diversified assets, particularly from our Vale iron ore interest, and our Haynesville and Marcellus gas assets.Precious Metal assets accounted for 87% of our revenue in Q1 2026 (67% gold, 17% silver, and 3% PGM). Revenue was sourced 87% from the Americas (42% South America, 21% Canada, 15% U.S. and 9% Central America & Mexico).Portfolio AdditionsAcquisition of Royalty Portfolio from Victoria Gold Corp.– Canada and U.S.: Subsequent to quarter-end, on April 16, 2026, we closed the previously announced acquisition of a portfolio of six royalties previously held by Victoria Gold Corp. for total cash consideration of $40.0 million (C$55 million). The portfolio includes a 6.0% NSR (subject to a 5.0% buy-back at the operator's election) on Banyan Gold Corp.'s AurMac property and a 1.0% NSR on Banyan Gold's Hyland property, both in the Yukon. The portfolio also includes a milestone payment royalty on i-80 Gold Corp.'s Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon.Partial Buy-Backs of Cascabel Stream and NSR – Ecuador: In March 2026, following the acquisition of SolGold plc ("SolGold") by Jiangxi Copper (Hong Kong) Investment Company Limited, for and on behalf of Jiangxi Copper Company Limited ("JCC"), SolGold and JCC exercised their option to buy back 50% of the Cascabel stream and NSR. As a result, Franco-Nevada received the equivalent of $40.7 million (net of the ongoing payment of 20% of spot price per ounce delivered) as a one-time delivery of gold ounces for the buy-back of 50% of the Cascabel stream, and $97.5 million in cash for the buy-back of 50% of the Cascabel NSR. Our acquisition cost (on a proportionate 50% basis) was $23.3 million for the stream and $50.0 million for the NSR. These buy-backs resulted in a gain of $63.8 million recognized in net income and Adjusted Net Income for Q1 2026, but excluded from Adjusted EBITDA.Acquisition of Stream on Casa Berardi Gold Mine – Quebec, Canada: On March 24, 2026, we closed the previously announced acquisition of a $100 million gold stream from Orezone Gold Corporation to support their acquisition of Hecla Mining's producing Casa Berardi gold mine and other Quebec assets, including the Heva-Hosco gold project. Stream deliveries to Franco-Nevada consist of fixed deliveries of 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years, with the first delivery received subsequent to quarter-end, on April 15, 2026, followed by variable deliveries of 5.0% of gold produced from Casa Berardi and other Quebec assets, and 2.5% of gold produced from Heva-Hosco. Gold ounces delivered will be subject to an ongoing payment of 20% of spot price.Acquisition of Royalty with i-80 Gold Corp – Nevada, U.S.: On March 16, 2026, we closed the previously announced acquisition of a $250 million NSR from i-80 Gold. The royalty consists of a 1.5% NSR increasing to 3.0% in 2031 on all minerals produced from Granite Creek, the Ruby Hill Property (including Archimedes and Mineral Point), Cove and Lone Tree. Funding of the upfront payment of $225 million was made upon closing, with a further $25 million payable contingent on the incurrence, before the end of 2026, by i-80 Gold of an initial $25 million of budgeted expenditures to advance Mineral Point.Acquisition of Royalty on Bullabulling Gold Project with Minerals 260 Limited – Australia: On February 26, 2026, we closed the previously announced acquisition of a $120 million (A$170 million) gross royalty from Minerals 260 Limited to support its development of the Bullabulling gold project located in Western Australia. The royalty consists of a 1.45% gross royalty over certain tenements on which Franco-Nevada already held a 1.00% royalty and a new 2.45% gross royalty over tenements where Franco-Nevada did not already hold an existing royalty. Upon production of an aggregate 4.0 Moz Au from royalty lands, the royalties, in aggregate, will step down from 2.45% to 1.63%. Additionally, Franco-Nevada subscribed for $35 million (A$50 million) of Minerals 260's ordinary shares at a price of A$0.45 per share.Cobre Panamá UpdateCobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted. As part of the P&SM plan approved by the government of Panama (the "GOP"), import of energy supplies commenced and Cobre Panamá's power plant was restarted. As of the end of Q1 2026, Units 1 and 2 have been commissioned and synchronized to the national grid, and three coal vessels have been successfully received. Both units of the power plant have demonstrated reliable operation, meeting the power demands of the site and excess energy being sold to the national grid.The integral audit, carried out by SGS Global, is ongoing, with five interim reports having been published, and the sixth report is expected to be published shortly. The integral audit and final seventh consolidated report are expected to be completed and published in Q2 2026.Subsequent to quarter-end, on April 7, 2026, the GOP authorized the removal, processing, and export of stockpiled ore currently stored on site at the Cobre Panamá mine pursuant to the P&SM Plan. As a result, First Quantum estimates that Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with the balance to be processed in 2027 for a total of approximately 70,000 tonnes. Based on these estimates, stream deliveries to Franco-Nevada are expected to total approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries of stream ounces to Franco-Nevada, which are determined based on the sale of copper concentrate by First Quantum under its offtake agreements, are expected to commence in Q3 2026, with the majority of deliveries anticipated in 2027.Sustainability UpdatesDuring the quarter, we collaborated with the Young Mining Professionals Scholarship Fund to roll-out a dedicated Franco-Nevada Mining Industry Scholarship and, beginning with the 2026/27 academic year, will fund up to C$30,000 annually in renewable, merit-based scholarships for students enrolled in mining related university, college or trade school programs in Canada. During the period, we renewed Franco-Nevada's commitment to Enseña Perú for the 2026/27 campaign in support of educational and community development initiatives in Peru. Subsequent to quarter end, we funded a contribution in partnership with i-80 Gold to support the Boys &?Girls Club Early Learning Center in Eureka, Nevada. We continue to rank highly with leading ESG rating agencies, and improved our MSCI ESG rating to "AAA" during the quarter, placing us in the top rating tier.Available CapitalWe had $3.4 billion in Available Capital as at March 31, 2026. This was comprised of $714.7 million in cash and cash equivalents, $1,142.4 million in equity investments and $1.0 billion in unused credit facility with a $500.0 million accordion available directly to Franco-Nevada Corporation. Available credit was further bolstered subsequent to quarter-end by the addition of a second revolving credit facility of $500.0 million with a $250.0 million accordion, entered into by Franco-Nevada International Corporation, our wholly owned subsidiary.GuidanceThe following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the "Cautionary Statement on Forward-Looking Information" section at the end of this news release and the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov. Our 2026 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.We remain on track to achieve our 2026 GEO sales guidance of 510,000 to 570,000 ounces, which does not include any potential contributions from Cobre Panamá.While we expect to benefit from the recent approval of the processing of stockpiled ore at Cobre Panamá, GEO contributions for 2026 are expected to be relatively moderate, with the majority of deliveries anticipated in 2027. First Quantum estimates it will produce approximately 70,000 tonnes of copper from the processing of stockpiled ore. This would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces.As a royalty and streaming company, our revenues are largely insulated from the sharp increase in oil prices. Our guidance continues to be based on the commodity price assumptions used at the beginning of the year. Should oil prices remain elevated, we would expect a positive impact on our Energy revenue. An increase of $10 relative to our assumed WTI price of $70 per barrel would be expected to increase oil revenue by approximately 12%. In Q1 2026, oil revenue amounted to $33.5 million. Natural gas liquids, which have seen similar price appreciation, contributed a further $5.3 million.The following table presents our Q1 2026 actual performance compared to our 2026 guidance.
2026 Guidance (1) (2)
Q1 2026 Actual
Commodity
Gold ounces sold (oz)
360,000 to 400,000
91,158
Silver ounces sold (oz)
4,700,000 to 5,500,000
1,417,077
PGMs ounces sold (oz)
32,000 to 37,000
7,834
Diversified revenue (millions)
$245 to $285
$82.6
GEOs Sold (oz)
510,000 to 570,000
136,353
1Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.2Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance does not reflect any buy-backs which may be elected at the discretion of our operators with the exception of the buy-back of the Cascabel royalty and stream, which occurred in March 2026.Q1 2026 Portfolio UpdatesPrecious Metal assets: GEOs sold from our Precious Metal assets amounted to 117,980 GEOs for Q1 2026, an increase of 17% from 100,623 GEOs in Q1 2025. This was primarily due to robust production at Antamina and South Arturo, and contributions from Porcupine and Côté Gold which royalties were acquired in April and June 2025, respectively.South America: Candelaria (gold and silver stream) – GEOs sold in Q1 2026 were lower than those sold in Q1 2025, as the prior period quarter included the sale of 3,333 GEOs from inventory held at December 31, 2024. In addition, production at the mine was lower compared to last year, which had the benefit of higher-grade ore from Phase 11. Lundin Mining expects production to be weighted towards H2 2026 when it expects to access higher grade ore from Phase 12.Antapaccay (gold and silver stream) – GEOs sold in Q1 2026 were higher than those sold in Q1 2025, primarily due to mine sequencing and timing of shipments.Antamina (22.5% silver stream) – Silver ounces sold in Q1 2026 were higher than in Q1 2025. The increase in deliveries is attributable to higher silver grades in the current period and timing of shipments.Tocantinzinho (gold stream) – GEOs sold in Q1 2026 were relatively consistent with those sold in Q1 2025. Gold production was lower in the quarter than in previous quarters due to planned processing of lower grade ore. G Mining Ventures expects production to be weighted towards H2 2026 as higher-grade mineralization becomes available in accordance with the mine plan. GEOs sold in the prior year quarter also included the sale of 667 GEOs from inventory held at December 31, 2024.Condestable (gold and silver stream) – There were no GEO deliveries from Condestable during the quarter as the stream transitioned from fixed deliveries to variable deliveries. Variable deliveries for the Condestable stream are due 15 days following the end of each quarter. 3,146 GEOs attributable to the mine's Q1 2026 production period were received in April 2026. This compares to 2,994 GEOs sold in Q1 2025.Yanacocha (1.8% royalty) – GEOs from our Yanacocha royalty were higher in Q1 2026 than in Q1 2025, with strong contributions from the mine which produced 144,000 gold ounces in the current period. Newmont anticipates total production for 2026 of approximately 460,000 gold ounces.Central America & Mexico:Guadalupe-Palmarejo (50% gold stream) – GEOs sold in Q1 2026 were slightly lower than in Q1 2025, as the prior period quarter included the sale of 2,216 GEOs from inventory held at December 31, 2024. In February 2026, Coeur Mining announced an increase in gold mineral reserves of 40%, extending the mine life by approximately five years.Cobre Panamá (gold and silver stream) – During the quarter, we sold 935 GEOs in connection with the sale of concentrate that had remained on site when production was suspended in November 2023. As a result of the approval of the processing of stockpiled ore at Cobre Panamá, we expect additional stream deliveries of approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries for 2026 are expected to be relatively moderate, with the majority of deliveries anticipated in 2027.Canada:Côté Gold (7.5% GMR) – GEOs from Côté were lower in Q1 2026 than in Q4 2025, as the mine produced 74,700 gold ounces (100% basis) compared to 87,200 ounces in Q4 2025. Throughput in the quarter was limited by unplanned conveyor downtime. Performance improved in April 2026. In addition, gold production is expected to be more heavily weighted towards H2 2026 based on expected higher grades as determined by the scheduled mine sequence. An updated mineral resource estimate for Côté is planned for Q2 2026, followed by a technical report that is on track by year-end and is expected to outline a larger-scale mine incorporating both the Côté and Gosselin zones.Detour Lake (2% royalty) – Agnico Eagle reported strong production from Detour during the quarter driven by higher availability and productivity of the hauling fleet. Development activities for the underground project continued, with the exploration ramp reaching a depth of 147 metres and overburden removal commencing for the conveyor-ramp portal. Exploration drilling, which totalled 39,052 metres during the quarter, continued to expand and infill the mineralization below and to the west of the mineral resource pit.Hemlo (50% NPI and 3% NSR) – We earned 5,841 GEOs in Q1 2026, a decrease compared to 6,347 GEOs in Q1 2025. GEOs recognized in the current period included 2,100 GEOs related to Q4 2025. Hemlo Mining Corporation continued to advance several optimization initiatives during the quarter, including transitioning to an owner-operated model, launching a 130,000-metre drill program, and advancing an updated mineral resource estimate and mine plan.Porcupine (4.25% royalty) – In April 2026, Discovery Silver reported strong exploration results at all operations, including multiple high-grade intersections from resource conversion and extension drilling at Hoyle Pond and Borden, favourable drill results within and along strike of current resources at Pamour, and encouraging results from district exploration drilling at Owl Creek. In March 2026, Discovery announced the acquisition of Glencore's Kidd Operations which will provide Discovery with the ability to potentially double production from their Timmins complex.Greenstone (3% royalty) – Equinox Gold reported operational improvements in Q1 2026, with winter mining rates averaging 180 ktpd, consistent with expectations. Mill throughput exceeded nameplate capacity of 27 ktpd for 51% of days in Q1 2026 compared to 36% in Q4 2025.Valentine (3% royalty) – Equinox Gold reported that the ramp-up is progressing well, with the mine averaging 90% of nameplate capacity for Q1 2026. Once operating at design capacity, Valentine Gold is expected to produce between 175,000 and 200,000 ounces of gold annually. Equinox is also continuing to advance the Phase 2 expansion which would increase average annual production to approximately 223,000 ounces for ten years.Musselwhite (5% NPI) – In April 2026, Orla Mining continued to report exploration success at Musselwhite, with stacked extension zones expanding the mine trend by more than two kilometers and providing for significant mine life extension. Surface drilling within 10km of the mill identified multiple targets for potential open-pit satellite deposits, including at Camp Bay which is covered by our NPI.Sudbury (gold and PGM stream) – GEOs sold from our Sudbury stream were higher in Q1 2026 than in Q1 2025. Production relates to the McCreedy West Mine operated by Magna Mining. Since acquiring the assets in January 2025, Magna continues to evaluate production opportunities at McCreedy West as it continues to receive new diamond drilling information and optimizes its plan to increase production and profitability.Eskay Creek (2.5% royalty) – Skeena Resources reported that construction was 49% complete as of February 28, 2026 and that the project remains on schedule, with initial production targeted for Q2 2027 and commercial production for Q3 2027. In April 2026, Skeena raised $750 million through the issuance of senior secured notes.Canadian Malartic (1.5% royalty) – At Odyssey, production from the East Gouldie ramp commenced in March 2026, three months ahead of schedule. Gold production was in line with plan at approximately 27,400 ounces, with Odyssey expected to contribute approximately 120,000 ounces of gold in 2026. It is estimated that Franco-Nevada's East Gouldie claims cover approximately 28% of the East Gouldie reserve, with drilling continuing to extend East Gouldie to the east in both the upper and lower portions of the deposit. For 2026, Franco-Nevada estimates 600-700 GEOs will be received from our royalty interest at Canadian Malartic.U.S.:Stillwater (5% royalty) – Sibanye-Stillwater reported that its US PGM Operations were converting its stoping technique to allow increased volumes mined. The phased implementation is expected to be completed by H2 2028. Sibanye-Stillwater expects steady-state production of approximately 410,000 ounces by 2029, with Stillwater West providing future optionality and upside.South Arturo (4-9% royalties) – GEOs sold in Q1 2026 were higher than in Q1 2025, as Nevada Gold Mines continues to mine the South Arturo pit in 2026, in line with the Carlin mine plan.Bald Mountain (1-5% royalties) – Kinross reported that the Redbird project advanced across several key areas during the quarter, including mining, construction of processing infrastructure, and earthworks for the heap leach pad extension. The Redbird project, along with five additional satellite pits, is expected to incrementally produce a total of 640,000 gold ounces and extends the mine life to 2032.i-80 (1.5% royalty) – In March 2026, i-80 completed a recapitalization plan which is expected to fully fund its development plan through Phase 1 and Phase 2, with a path to funding Phase 3. In April, i-80 announced positive assay results from its drilling campaign at the Archimedes project. i-80 commenced construction of Archimedes in Q3 2025.Rest of World:Western Limb (gold and platinum stream) – GEOs sold in Q1 2026 were lower than in the prior year quarter. Deliveries received in Q1 2025 related to four months of production, commencing from the effective date of the agreement (September 1, 2024) through December 31, 2024.Tasiast (2% royalty) – GEOs from our Tasiast royalty were higher than in Q1 2025, due to higher production supported by higher grades.Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were lower in Q1 2026 than in Q1 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Production on royalty ground continues at the Subika Underground, where Newmont plans to increase its investment in exploration and advanced projects.Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $82.6 million in revenue, compared to $74.8 million in Q1 2025. When converted to GEOs, our Diversified assets contributed 18,373 GEOs, compared to 25,962 GEOs in Q1 2025. The lower GEOs are due to using a higher gold price for conversion ($4,500 per ounce for the current period).Other Mining: Vale (iron ore royalty) – Revenue from the Vale royalty increased when compared to Q1 2025, largely driven by the inclusion of sales from the Southeastern System following the achievement of the cumulative sales threshold of 1.7 billion tonnes of iron ore in April 2025.LIORC – Revenue from our attributable interest on the Carol Lake mine in Q1 2026 was lower than in Q1 2025. LIORC declared a cash dividend of C$0.30 per common share in the current period, compared to C$0.50 in Q1 2025. Production at IOC in Q1 2026 was lower due to adverse weather and ongoing challenges including mine equipment reliability.Ring of Fire – In March 2026, the government of Ontario released an accelerated plan for all-season road construction into the Ring of Fire, with construction scheduled to commence in mid-2026. The Ontario government has also signed new economic partnerships with Marten Falls First Nation and Webequie First Nation. In December 2025, the Ontario and Canadian federal governments signed a cooperation agreement aimed at eliminating duplicative environmental and impact assessment processes through the "One Project, One Process" framework.Energy: U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased to $43.0 million in Q1 2026, compared to $41.8 million in Q1 2025. The increase was driven by higher production at our Haynesville interests, and higher realized gas prices at Marcellus due to weather-related seasonality.Canada (various royalty rates) – Revenue from our Canadian Energy interests was $16.4 million in Q1 2026, compared to $16.2 million in Q1 2025 due to higher realized oil prices. Our Weyburn NRI benefited from stronger pricing and lower expenses compared to Q1 2025.Dividend DeclarationFranco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.44 per share. The dividend will be paid on June 25, 2026, to shareholders of record on June 11, 2026 (the "Record Date"). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.The Company has a Dividend Reinvestment Plan (the "DRIP") which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com. Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at www.investorcentre.com/franco-nevada. Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP.This news release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at www.sec.gov.Shareholder Information and Details for Q1 2026 Conference CallThe complete Consolidated Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.We will host a conference call to review our Q1 2026 quarterly results. Interested investors are invited to participate as follows:Conference Call and Webcast:May 13th 8:00 am ETDial-in Numbers:Toll-Free: 1-888-510-2154International: 437-900-0527
Conference Call URL (This allows participants to join the conference call by
phone without operator assistance. Participants will receive an automated
call back after entering their name and phone number):emportal.ink/4eu8kF3
Webcast:www.franco-nevada.com
Replay (available until May 20th):Toll-Free: 1-888-660-6345International: 289-819-1450Pass code: 31601#Corporate SummaryFranco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.Forward-Looking Statements This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.ENDNOTES:1. Gold Equivalent Ounces ("GEOs") and Net Gold Equivalent Ounces ("Net GEOs"):GEOs include Franco-Nevada's attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. Beginning in 2026, the Company adopted fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance. This methodology replaces our previous methodology which was based on variable GEO conversion ratios using prevailing market prices. Our 2026 guidance, as disclosed in our 2025 MD&A filed on March 10, 2026, assumed the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.Net GEOs are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce.Calculation of Net Gold Equivalent Ounces:
For the three months ended
March 31,
(expressed in millions, excepts GEOs and Gold Price)
2026
2025
GEOs
136,353
126,585
Less:
Cash Costs
$46.5
$38.5
Divided by: Gold price per ounce
$4,500
$2,863
10,333
13,447
Net GEOs
126,020
113,138
2. NON-GAAP FINANCIAL MEASURES: Adjusted Net Income, Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three months ended March 31, 2026 dated May 12, 2026 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov.Change in Composition of Adjusted Net Income – Gains on buy-backs of royalty and stream interests: Effective Q1 2026, the Company updated the composition of its Adjusted Net Income (and related per share and margin amounts) to no longer adjust for gains on contractual buy-backs of royalty and stream interests. Previously, gains on buy-backs were an adjusting item when calculating Adjusted Net Income (and related per share and margin amounts). Management continues to adjust for gains or losses on sales on discretionary sales of mineral interests when calculating these non-GAAP measures. Management believes that this change more appropriately reflects the Company's operating performance as contractual buy-backs are embedded in the terms of many of the Company's royalty and stream interest agreements, such that they occur in the ordinary course and are an integral part of Franco Nevada's royalty and stream business. Unlike less common discretionary sales of mineral interests, these transactions are evaluated by management when assessing overall returns from our royalty and stream interests, and accordingly, we believe such gains should not be eliminated for purposes of calculating Adjusted Net Income and related per share amounts, when evaluating performance for investors. This change is reflected on a full retrospective basis.Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests (excluding gains on buy-backs of royalty and stream interests) and investments; impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; the impact of income taxes on these items; income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates.Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue.Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment losses and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; gains on buy-backs of royalty and stream interests, impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses.Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue.Reconciliation of Non-GAAP Financial Measures:
For the three months ended
March 31,
(expressed in millions, except per share amounts)
2026
2025
Net income
$468.6
$209.8
Foreign exchange gain and other income
(12.4)
(5.7)
Tax effect of adjustments
2.1
1.5
Adjusted Net Income
$458.3
$205.6
Basic weighted average shares outstanding
192.8
192.6
Adjusted Net Income per share
$2.38
$1.07
For the three months ended
March 31,
(expressed in millions, except Adjusted Net Income Margin)
2026
2025
Adjusted Net Income
$458.3
$205.6
Divided by: Revenue
650.7
368.4
Adjusted Net Income Margin
70.4%
55.8%
For the three months ended
March 31,
(expressed in millions, except per share amounts)
2026
2025
Net income
$468.6
$209.8
Income tax expense
126.3
59.8
Finance income
(5.5)
(11.1)
Finance expenses
0.8
0.7
Depletion and depreciation
77.9
68.4
Gain on buy-back of royalty and stream interests
(63.8)
—
Foreign exchange gain and other income
(12.4)
(5.7)
Adjusted EBITDA
$591.9
$321.9
Basic weighted average shares outstanding
192.8
192.6
Adjusted EBITDA per share
$3.07
$1.67
For the three months ended
March 31,
(expressed in millions, except Adjusted EBITDA Margin)
2026
2025
Adjusted EBITDA
$591.9
$321.9
Divided by: Revenue
650.7
368.4
Adjusted EBITDA Margin
91.0%
87.4%3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $714.7 million as at March 31, 2026, our equity investments (excluding our long-term investment in Labrador Iron Ore Company of Canada) of $1,142.4 million and the amount available to borrow under our $1.0 billion corporate revolving credit facility and its accordion of $500.0 million as at March 31, 2026. Subsequent to quarter-end, on May 8, 2026, FNIC entered into a revolving credit facility of $500.0 million with a $250.0 million accordion.FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(in millions of U.S. dollars)
At March 31,
At December 31,
2026
2025
ASSETS
Cash and cash equivalents
$714.7
$670.9
Receivables
267.5
241.9
Gold and silver bullion and stream inventory
123.3
40.1
Other current assets
22.1
68.5
Current assets
$1,127.6
$1,021.4
Royalty, stream and working interests, net
$6,307.2
$6,043.1
Investments
1,322.0
1,141.3
Deferred income tax assets
19.8
23.2
Other assets
21.0
12.4
Total assets
$8,797.6
$8,241.4
LIABILITIES
Accounts payable and accrued liabilities
$49.7
$44.9
Income tax liabilities
133.5
78.1
Current liabilities
$183.2
$123.0
Deferred income tax liabilities
$487.0
$440.7
Income tax liabilities
12.4
33.8
Other liabilities
8.3
8.6
Total liabilities
$690.9
$606.1
SHAREHOLDERS' EQUITY
Share capital
$5,813.9
$5,803.4
Contributed surplus
16.5
21.6
Retained earnings
1,771.6
1,379.8
Accumulated other comprehensive income
504.7
430.5
Total shareholders' equity
$8,106.7
$7,635.3
Total liabilities and shareholders' equity
$8,797.6
$8,241.4
The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our websiteFRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in millions of U.S. dollars and shares, except per share amounts)
For the three months ended
March 31,
2026
2025Revenue
Revenue from royalty, streams and working interests
$650.7
$365.5Interest revenue
—
2.9Total revenue
$650.7
$368.4
Costs of sales
Costs of sales
$46.5
$38.5Depletion and depreciation
77.9
68.4Total costs of sales
$124.4
$106.9Gross profit
$526.3
$261.5
Other operating (income) expenses
General and administrative expenses
$9.2
$9.4Share-based compensation expenses
6.2
5.7Gain on buy-back of royalty and stream interests
(63.8)
—Gain on sale of gold and silver bullion
(3.1)
(7.1)Total other operating (income) expenses
$(51.5)
$8.0Operating income
$577.8
$253.5Foreign exchange gain and other income
$12.4
$5.7Income before finance items and income taxes
$590.2
$259.2
Finance items
Finance income
$5.5
$11.1Finance expenses
(0.8)
(0.7)Net income before income taxes
$594.9
$269.6
Income tax expense
126.3
59.8Net income
$468.6
$209.8
Other comprehensive income, net of taxes
Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment
$(51.9)
$2.7
Items that will not be reclassified subsequently to profit and loss:
Gain on changes in the fair value of equity investments
at fair value through other comprehensive income ("FVTOCI"),
net of income tax
133.7
148.8Other comprehensive income, net of taxes
$81.8
$151.5
Comprehensive income
$550.4
$361.3
Earnings per share
Basic
$2.43
$1.09Diluted
$2.43
$1.09Weighted average number of shares outstanding
Basic
192.8
192.6Diluted
193.2
192.9
The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our websiteFRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
For the three months ended
March 31,
2026
2025
Cash flows from operating activities
Net income
$468.6
$209.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation
77.9
68.4
Share-based compensation expenses
1.1
2.1
Gain on buy-back of royalty and stream interests
(63.8)
—
Unrealized foreign exchange gain
(1.3)
(6.0)
Deferred income tax expense
33.7
9.1
Gain on sale of gold and silver bullion
(3.1)
(7.1)
Gain on derivative financial instruments
(11.0)
(0.1)
Other non-cash items
(0.2)
(0.2)
Gold and silver bullion from royalties received in-kind
(47.4)
(19.2)
Proceeds from sale of gold and silver bullion
15.1
30.2
Receipt of deposits and interest from Canada Revenue Agency
49.5
—
Increase in other assets
(8.2)
—
Operating cash flows before changes in non-cash working capital
$510.9
$287.0
Changes in non-cash working capital:
Increase in receivables
$(25.6)
$(8.4)
(Increase) decrease in other current assets
(3.2)
8.9
Increase in accounts payable and accrued liabilities
38.3
1.4
Net cash provided by operating activities
$520.4
$288.9
Cash flows used in investing activities
Acquisition of royalty, stream and working interests
$(449.4)
$(505.2)
Acquisition of investments
(35.3)
(52.3)
Proceeds from buy-back of royalty interest
97.5
—
Acquisition of gold bullion from buy-back of stream interest
(10.2)
—
Acquisition of energy well equipment
(0.3)
(1.2)
Acquisition of property and equipment
(0.2)
(2.0)
Proceeds from sale of investments
—
9.7
Net cash used in investing activities
$(397.9)
$(551.0)
Cash flows used in financing activities
Payment of dividends
$(80.5)
$(70.2)
Capitalized debt issue costs
(0.7)
—
Proceeds from exercise of stock options
0.4
3.4
Net cash used in financing activities
$(80.8)
$(66.8)
Effect of exchange rate changes on cash and cash equivalents
$2.1
$5.7
Net change in cash and cash equivalents
$43.8
$(323.2)
Cash and cash equivalents at beginning of period
$670.9
$1,451.3
Cash and cash equivalents at end of period
$714.7
$1,128.1
Supplemental cash flow information:
Income taxes paid
$58.1
$47.5
Dividend income received
$1.6
$3.3
Interest and standby fees paid
$0.8
$1.0
The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website View original content:https://www.prnewswire.com/news-releases/franco-nevada-reports-record-q1-2026-results-302770055.htmlSOURCE Franco-Nevada Corporation Original: Franco-Nevada Reports Record Q1 2026 Results
US Market News
2月前
Franco-Nevada Launches 2026 Asset Handbook and Sustainability ReportMay 6, 2026 4:30 PM
PR Newswire (Canada) (in U.S. dollars unless otherwise noted)TORONTO, May 6, 2026 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV) (NYSE: FNV) announces the publication of its 2026 Asset Handbook and 2026 Sustainability Report. "Our Asset Handbook provides detailed descriptions of all of our material assets. We believe it is an essential tool for investors and analysts to evaluate the true potential of our portfolio and to appreciate the extent of the exposure we have to the resource optionality of many of the world's best mineral trends," said Paul Brink, President & CEO. "Our Sustainability Report shows how sustainability considerations are embedded into our decision-making and portfolio oversight, outlines our programs and commitments, and provides a focused view of portfolio–level performance, including key factors at our top producing assets and operators."Asset Handbook The 2026 Asset Handbook provides an overview of the portfolio. It describes each of our material assets including their performance to date and outlook. It also provides the underlying Mineral Resources and Mineral Reserves associated with those assets.Leading gold-focused royalty and streaming company:Since our 2007 IPO we have achieved a compounded annual growth rate of 17% in total shareholder returnsGrowth in annual GEOs of 3x and revenue of 12x since 2008Nineteen consecutive years of dividend increases with approximately $2.8 billion paidLargest and most diversified portfolio of cash-flow producing assets:121 cash-flow producing assets generated ~$1.66 billion in Adjusted EBITDA1 in 2025Portfolio well diversified by asset, operator, geography and commodity, no more than 12% of revenue will come from any one asset for 2026Long-life portfolio with M&I Royalty Ounce Mine Life2 of 34 years and a further 12-year Inferred Royalty Ounce Mine Life2 for our mining assetsStrong growth outlook:Growth driven by recent acquisitions, mine expansions and new mine starts, with the added potential of a restart of Cobre Panama, long-term optionality with interests in a suite of large-scale development projects that would provide added gold, copper and nickel interest and exposure to the exploration success on approximately 72,000km2 on some of the world's great mineral trendsNo debt, $3.1 billion in available capital and a strong pipeline of opportunitiesSustainability ReportOur 2026 Sustainability Report outlines our accomplishments in 2025 and our commitments to further our sustainability-related leadership. Highlights of the report include:Responsible Capital Allocation:Ongoing monitoring of sustainability performance across our major assets, with a focus on health and safety, tailings management, communities and Indigenous Peoples, water management and risk, carbon footprint, and biodiversityCommunity and Industry Contributions:Continued year–over–year growth in community contributions, made in partnership with operators across multiple jurisdictions and continued support for mining industry organizations and diversity initiativesGood Governance and Shareholder Alignment:Recognized for the first time as one of Corporate Knights' 2026 Global 100 Most Sustainable Corporations and once again named as one of Corporate Knights' Canada's Best 50 Corporate Citizens for 2025 along with being ranked the number one mining company in The Globe and Mail's 2025 Board GamesHigh level of Board and management share ownershipDiversity, Inclusion and Well-Being:44% diversity among Board members by reason of gender or ethnicity following the 2026 annual meetingContinued expansion of the Franco–Nevada Mining Industry Scholarship program, supporting the development of a more diverse future workforceClimate Action:Second year of measuring progress against our corporate emissions reduction targetsOngoing focus on emissions reduction initiatives across our global corporate operations, including the successful implementation of a solar panel project at our Barbados officeTransparency and Recognition:Alignment of sustainability-related disclosure with leading reporting standards and frameworks, including SASB, GRI and continued transition to reporting in alignment with IFRS Sustainability Disclosure StandardsRecognition from rating agencies, including an improved "AAA" MSCI ESG rating, Global ESG Leader designation from Sustainalytics, and a "Prime" rating from ISS ESGCorporate Summary Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.Forward-Looking StatementsThis press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.__________________________1 Adjusted EBITDA is a non-GAAP financial measure with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. Further information relating to this non-GAAP financial measure is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three months and year ended December 31, 2025 and filed on March 10, 2026 with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov.2 As defined in the 2026 Asset Handbook View original content:https://www.prnewswire.com/news-releases/franco-nevada-launches-2026-asset-handbook-and-sustainability-report-302764681.htmlSOURCE Franco-Nevada Corporation Original: Franco-Nevada Launches 2026 Asset Handbook and Sustainability Report
US Market News
3月前
Why Smart Money is Securing Pivotal Gold Reserves NowApril 16, 2026 9:30 AM
PR Newswire (Canada)
Issued on behalf of Lake Victoria Gold Ltd.USANewsGroup.com News CommentaryVANCOUVER, BC, April 16, 2026 /CNW/ -- Central banks are quietly draining physical gold supplies, scooping up a net 27 tonnes in February 2026 alone[1]. This is a pivotal move that mirrors the aggressive buying pace established last year. But the real issue driving market fundamentals is a looming supply wall. Global mine output managed just a 1% gain recently, and industry watchdogs warn that existing reserves are drying up faster than new deposits are found[2]. This undeniable supply crunch is redirecting institutional capital toward highly scalable, undervalued operators and reserve replacement players like Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF), Newmont (NYSE: NEM), Franco-Nevada (NYSE: FNV) (TSX: FNV), Alamos Gold (NYSE: AGI) (TSX: AGI), and B2Gold (NYSE-A: BTG) (TSX: BTO).
This tightening market environment is generating robust growth potential across the board. Major analysts now project 2026 targets between $4,700 and $5,200 per ounce, while Goldman Sachs recently pushed its year-end forecast to an impressive $5,400 due to massive ETF inflows and wealthy buyers stepping in[3]. Because of this, the race to secure proven reserves is heating up rapidly. According to S&P Global, overall gold deal value just hit a 15-year peak as producers aggressively hunt for permitted development assets with scalable production timelines[4].Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) recently secured a binding term sheet for a gold loan facility worth up to US$25 million from Monetary Metals, backed by up to 6,000 ounces of gold. The company also locked in a fully committed $3.0 million convertible debenture financing led by a long-term significant shareholder. Together, these deals give Lake Victoria Gold both near-term working capital and a funded path toward production at its Imwelo Gold Project in Tanzania.The gold loan is non-dilutive and production-linked. Repayment comes in gold ounces, not cash, so the facility scales naturally with output. The convertible debenture carries a 5.0% annual interest rate, converts at $0.31 per share, and includes half-warrants exercisable at $0.40. For a company at this stage, the structure is designed to move development forward without flooding the market with new shares."This financing allows us to immediately accelerate work programs on the ground at Imwelo and advance key initiatives across both Imwelo and Tembo without delay," said Marc Cernovitch, CEO of Lake Victoria Gold. "With capital now in place, our focus is on execution, progressing engineering, advancing site activities, and moving Imwelo toward development. At the same time, the Monetary Metals facility provides a clear pathway to larger-scale project financing, supporting our objective of bringing Imwelo into production."The financing builds on strong momentum across the company's Tanzanian portfolio. Lake Victoria Gold recently announced that Tanzania's government has formally begun incorporating its statutory 16% free carried interest in the Tembo mining licences, a required regulatory step that signals the project is advancing through the country's established framework. The company is also finalizing a binding agreement with Nyati Resources, a well-established Tanzanian mining operator, to begin toll milling at Tembo. That deal would allow Lake Victoria Gold to process material through an existing facility, opening a path to early cash flow without heavy upfront capital spending.At Imwelo, the project confirmed gold recovery rates of up to approximately 97% using conventional methods. A completed drill program at Area C returned grades including 11.88 g/t gold over 1.33 metres, and geotechnical studies supported consolidation into a single open pit design. The Tembo Project separately returned surface grades up to 35.45 g/t gold from artisanal sampling.Lake Victoria Gold holds a 100% interest in both projects, counts Barrick Gold among its strategic investors, and has a management, director, and strategic partners group that collectively owns more than 60% of outstanding shares.NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.Read this and more news for Lake Victoria Gold at: https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/In other industry developments and happenings in the market include:Newmont (NYSE: NEM) reported 2025 mineral reserves of 118.2 million attributable gold ounces, maintaining its position as the holder of the largest gold reserve base in the industry, with the year-over-year decline from 134.1 million ounces driven primarily by the divestment of five non-core assets. The company's reserve grade held steady at 0.94 grams per tonne after adjusting for divested assets, and reserves were calculated using a conservative $2,000 per ounce gold price assumption, more than 20% below the three-year trailing average."In 2025, Newmont maintained its position of having the industry's largest gold reserve base, declaring 118 million ounces of reserves, representing decades of production life with meaningful upside," said Natascha Viljoen, President and CEO of Newmont. "Through the disciplined application of technical rigor in our leading exploration program, we remain focused on extending mine life, discovering new opportunities, and unlocking value across our world-class portfolio of operations and projects."Beyond gold, Newmont holds 12.5 million attributable tonnes of copper reserves and 442 million ounces of silver reserves, with ten or more years of reserve life at eight managed sites. The company has budgeted $240 million in total exploration spending for 2026, with 80% directed toward near-mine expansion and brownfields programs.Franco-Nevada (NYSE: FNV) (TSX: FNV) delivered record 2025 results, posting $1.82 billion in annual revenue, up 64% year-over-year, alongside $1.49 billion in operating cash flow and net income of $1.11 billion, both full-year records driven by higher precious metal prices and growing production across its royalty and streaming portfolio."The record increase in our annual cash flow allowed us to announce a 16% dividend increase in January this year," said Paul Brink, CEO of Franco-Nevada. "With the industry's largest portfolio of gold royalties, no debt and $3.1 billion in available capital we are uniquely positioned to continue to create shareholder value."Franco-Nevada enters 2026 with 2026 GEO guidance of 510,000 to 570,000 ounces, supported by a first full year of contributions from Côté Gold, Porcupine, and Valentine Gold, plus recently closed acquisitions including a gold stream on Casa Berardi and a new NSR with i-80 Gold. A potential restart of Cobre Panama, where stockpile processing could yield approximately 23,100 gold ounces and 265,000 silver ounces to the company, represents meaningful upside not yet reflected in guidance.Alamos Gold (NYSE: AGI) (TSX: AGI) has filed an NI 43-101 technical report for the Island Gold District Expansion Study in Ontario, Canada, supporting the expansion disclosure previously announced in February 2026.The technical report was prepared in accordance with National Instrument 43-101 Standards for Disclosure for Mineral Projects and is available on Alamos Gold's website and under its SEDAR+ and EDGAR profiles. The Island Gold District, located in northern Ontario, is among Canada's highest-grade underground gold operations and a cornerstone of Alamos Gold's long-term growth strategy. The expansion study advances the company's plans to significantly increase throughput and extend mine life at the district.Alamos Gold is a Canadian-based intermediate gold producer operating three North American mines: the Island Gold District, the Young-Davidson mine in Ontario, and the Mulatos District in Sonora, Mexico, with more than 2,400 employees and a development pipeline that includes the Lynn Lake project in Manitoba.B2Gold (NYSE-A: BTG) (TSX: BTO) reported positive results from its 2025 Back River Gold District exploration program in Nunavut, Canada, with infill drilling at the Llama deposit returning highlights of 41.95 g/t gold over 13.70 m and 17.95 g/t gold over 38.20 m. The program, backed by a $32 million budget, completed 28,599 m across 140 diamond drill holes, confirming continuity of high-grade mineralization sufficient to upgrade portions of Llama's Inferred resources to Indicated, where the existing Indicated estimate stands at 760,000 ounces grading 7.72 g/t gold.Drilling at the Nuvuyak deposit extended high-grade gold mineralization approximately 150 m to the north-northwest at depth, demonstrating potential to further extend mine life beyond the current Goose Mine life-of-mine plan. The Nuvuyak Inferred resource totals 700,000 ounces grading 8.26 g/t gold.Looking ahead, B2Gold has committed $46 million to the 2026 Back River Gold District exploration program, allocating $24 million to the Goose Mine and a significantly increased $22 million to regional exploration across the George, Boot, Boulder, Del, and Needle projects.FURTHER READING: https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/CONTACT:
USA NEWS GROUP
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company. Cautionary Note on Production Decision: The Company has not completed a feasibility study on the Tembo Project that establishes mineral reserves demonstrating economic and technical viability. Any decision to advance the Project toward production, including through potential toll milling or other third-party processing arrangements, is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure.There is no certainty that any production decision will be made or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, metallurgical performance, availability and terms of processing arrangements with third parties, capital and operating cost estimates, funding availability, and operational, regulatory, permitting, and other risks.This is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://www.gold.org/goldhub/gold-focus/2026/04/central-bank-gold-statistics-central-banks-stay-course-gold-february https://www.gold.org/goldhub/gold-focus/2026/03/you-asked-we-answered-are-we-running-out-gold https://capital.com/en-int/market-updates/gold-price-forecast-03-03-2026 https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/mining-m-and-a-in-2025-copper-gold-remain-center-stage Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/why-smart-money-is-securing-pivotal-gold-reserves-now-302744573.html
Original: Why Smart Money is Securing Pivotal Gold Reserves Now
US Market News
4月前
Franco-Nevada Reports Record 2025 ResultsMarch 10, 2026 5:11 PM
PR Newswire (US)
(in U.S. dollars unless otherwise noted)TORONTO, March 10, 2026 /PRNewswire/ - Strong Finish to the Year2025 was a record-breaking year for Franco-Nevada driven by higher precious metal prices and growing production. "We achieved the top end of our revised 2025 GEO guidance range thanks to a strong fourth quarter", stated Paul Brink, CEO. "The record increase in our annual cash flow allowed us to announce a 16% dividend increase in January this year. 2025 joined 2024 as two of our best-ever years for capital deployment. That success has continued post year-end and we have announced four further attractive acquisitions, all of which add additional optionality and create real value for shareholders rather than simply adding scale. Our 2026 guidance and the five-year outlook point to a strong growth foundation and the tremendous amount of exploration capital expected to be spent by operators on projects in our deep royalty portfolio is set to provide powerful additional organic growth. A restart of Cobre Panama would add significant further growth, and the Panamanian Government's willingness to approve the processing of stockpiles is a positive step in that direction. With the industry's largest portfolio of gold royalties, no debt and $3.1 billion in available capital we are uniquely positioned to continue to create shareholder value." Financial Highlights – Q4 2025 compared to Q4 2024$597.3 million in revenue (a new record), +86%141,656 GEOs1 sold, +18%129,690 Net GEOs1 sold, +21%$426.5 million in operating cash flow, +76%$541.2 million in Adjusted EBITDA2 or $2.81/share (new records), +95%$367.7 million in net income or $1.91/share (new records), +110%$356.2 million in Adjusted Net Income2 or $1.85/share (new records), +94%Financial Highlights – 2025 compared to 2024$1,822.8 million in revenue (a new record), +64%519,106 GEOs sold (including 11,208 GEOs from Cobre Panamá), +12%469,819 Net GEOs sold, +15%$1,493.7 million in operating cash flow (a new record), +80%$1,656.1 million in Adjusted EBITDA or $8.59/share (new records), +74%$1,112.1 million in net income or $5.77/share (new records), +101%$1,075.2 million in Adjusted Net Income or $5.58/share (new records), +74%GEOs Sold and Revenue Quarterly GEOs sold and revenue by commodity
Q4 2025
Q4 2024
GEOs Sold
Revenue
GEOs Sold
Revenue
#
(in millions)
#
(in millions)
PRECIOUS METALS
Gold
101,140
$422.3
79,532
$211.6
Silver
24,078
102.4
13,689
36.2
PGM
2,741
12.8
2,344
6.5
127,959
$537.5
95,565
$254.3
DIVERSIFIED
Iron ore
2,175
$9.0
4,330
$11.6
Other mining assets
589
2.4
332
0.8
Oil
6,254
22.9
14,317
34.0
Gas
3,217
16.8
3,700
12.6
NGL
1,462
4.2
1,819
5.3
13,697
$55.3
24,498
$64.3
GEOs and revenue from royalty, stream and working interests
141,656
$592.8
120,063
$318.6
Interest revenue and other interest income
—
$4.5
—
$2.4
Total GEOs and revenue
141,656
$597.3
120,063
$321.0
Annual GEOs sold and revenue by commodity
2025
2024
GEOs Sold
Revenue
GEOs Sold
Revenue
#
(in millions)
#
(in millions)
PRECIOUS METALS
Gold
366,265
$1,275.8
295,193
$706.9
Silver
63,697
235.6
48,489
117.8
PGM
10,178
37.3
11,628
28.3
440,140
$1,548.7
355,310
$853.0
DIVERSIFIED
Iron ore
12,711
$43.7
22,314
$50.5
Other mining assets
3,804
12.4
3,555
8.2
Oil
39,665
118.8
59,030
128.6
Gas
15,294
65.4
15,147
44.1
NGL
7,492
19.6
7,978
20.3
78,966
$259.9
108,024
$251.7
GEOs and revenue from royalty, stream and working interests
519,106
$1,808.6
463,334
$1,104.7
Interest revenue and other interest income
—
$14.2
—
$8.9
Total GEOs and revenue
519,106
$1,822.8
463,334
$1,113.6
In Q4 2025, we recognized revenue of $597.3 million, an increase of 86% from Q4 2024, and sold 141,656 GEOs, an increase of 18% from Q4 2024. We benefited from record gold and silver prices during the quarter, strong production from Antamina and South Arturo, and contributions from Precious Metal assets which were acquired or commenced production over the past year. Revenue from our Diversified assets was lower than in Q4 2024, due to lower oil prices. The outperformance of the gold price relative to our other commodities also resulted in a reduction in GEOs reported from our Diversified assets.Precious Metal assets accounted for 90% of our revenue in Q4 2025 (71% gold, 17% silver, and 2% PGM). Revenue was sourced 89% from the Americas (44% South America, 21% Canada, 15% U.S. and 9% Central America & Mexico).Portfolio AdditionsAcquisition of Royalty Portfolio from Victoria Gold Corp.– Canada and U.S.: Subsequent to year-end, on February 24, 2026, we agreed to acquire a portfolio of six royalties previously held by Victoria Gold Corp. for total cash consideration of C$55 million (approximately $40.1 million). The portfolio includes a 6.0% NSR (subject to a 5.0% buydown at the operator's election) on Banyan Gold Corp.'s AurMac property and a 1.0% NSR on Banyan Gold's Hyland property both in the Yukon. The portfolio also includes a milestone payment royalty on i-80 Gold Corp's Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Closing of the transaction is expected to occur in H1 2026.Acquisition of Royalty on Bullabulling Gold Project with Minerals 260 – Australia: Subsequent to year-end, on February 22, 2026, we agreed to acquire, through a wholly-owned Australian subsidiary, a A$170 million (approximately $120 million) gross royalty from Minerals 260 Limited to support its development of the Bullabulling gold project located in Western Australia. The royalty consists of a 1.45% gross royalty over certain tenements on which Franco-Nevada already held a 1.00% royalty and a new 2.45% gross royalty over tenements where Franco-Nevada did not already hold an existing royalty. Upon production of an aggregate 4.0 Moz Au from royalty lands, the royalties, in aggregate, will step down from 2.45% to 1.63%. A$75 million ($53.3 million) was funded on February 26, 2026, and the remaining A$95 million (approximately $67.0 million) will be funded upon obtaining approval from the Foreign Investment Review Board. Additionally, Franco-Nevada subscribed for A$50 million ($35.5 million) of Minerals 260's ordinary shares at a price of A$0.45 per share.Acquisition of Royalty with i-80 Gold Corp – Nevada, U.S.: Subsequent to year-end, on February 12, 2026, we agreed to acquire, through a wholly-owned U.S. subsidiary, a $250 million NSR from i-80 Gold. The royalty consists of a 1.5% NSR increasing to 3.0% in 2031 on all minerals produced from Granite Creek, the Ruby Hill Complex (including Archimedes and Mineral Point), Cove and Lone Tree. Funding of the upfront payment of $225 million will be made upon closing, with a further $25 million payment subject to completion of 2026 budgeted spending at Mineral Point. Closing of the transaction is subject to customary conditions and is expected to occur in March 2026.Acquisition of Stream on Casa Berardi Gold Mine – Quebec, Canada: Subsequent to year-end, on January 26, 2026, we agreed to acquire, through a wholly-owned Canadian subsidiary, a $100 million gold stream from Orezone Gold Corporation to support their acquisition of Hecla Mining's producing Casa Berardi gold mine and other Quebec assets, including the Heva-Hosco gold project. Stream deliveries to Franco-Nevada consist of fixed deliveries of 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years, followed by variable deliveries of 5.0% of gold produced from Casa Berardi and other Quebec assets, and 2.5% of gold produced from Heva-Hosco. Gold ounces delivered will be subject to an ongoing payment of 20% of spot price. Closing of the stream transaction is expected in March 2026.Acquisition of Royalty on Yilgarn Star Gold Mine – Australia: On December 24, 2025, we acquired, through a wholly-owned Australian subsidiary, a 1.0% NSR on 75% of all ounces produced and sold on Barto Gold Mining Pty Ltd's Yilgarn Star gold project for $4.7 million (A$7.0 million), plus a contingent cash payment of $1.0 million (A$1.5 million).Cobre Panamá UpdateCobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted. During Q4 2025, as part of the P&SM plan approved by the government of Panama (the "GOP"), the power plant was restarted, with Unit 2 hot-commissioned and synchronized to the national grid and the commissioning of Unit 1 ongoing. In addition, the integral audit, carried out by SGS Global, is ongoing and is anticipated to be concluded in April 2026.In January 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing and export of stockpiled ore. First Quantum awaits formal approvals to undertake these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM plan. The processing of stockpiled ore does not constitute a mine reopening. On a preliminary basis, it is currently anticipated that processing of stockpiled ore could commence about three months after receiving official regulatory notice to proceed and would require approximately one year to process the stockpiled ore. Approximately 70,000 tonnes of copper is expected to be produced from the stockpiled ore which would result in the delivery of approximately 23,100 gold ounces and 265,000 silver ounces to Franco-Nevada. As the processing of the stockpiled ore is pending formal approval by the GOP, these GEOs are not included in our 2026 guidance. Timing of the receipt of such deliveries depends on the timing of formal approval by the GOP.Sustainability UpdatesWe continue to demonstrate strong sustainability performance and rank highly among leading ESG rating agencies, including recognition by Sustainalytics as a Global ESG Leader for 2026 and being named by Corporate Knights as one of the 2026 Global 100 Most Sustainable Corporations. In Q4 2025, our community contributions included advancing multi-year community investments to support reforestation and community infrastructure at Tocantinzinho in Brazil in partnership with G Mining Ventures, and supporting an anti-anemia health initiative at Antapaccay in Peru with Glencore.Dividend Increase for 2026As previously announced on January 12, 2026, Franco-Nevada raised its quarterly dividend to US$0.44 per share and declared a quarterly dividend payable on March 26, 2026 to shareholders of record on March 12, 2026. This is a 16% increase from the previous US$0.38 per share quarterly dividend and marks the 19th consecutive annual increase for Franco-Nevada shareholders. The increased dividend is intended to be effective for the full 2026 fiscal year. Canadian investors in Franco-Nevada's IPO in December 2007 are now receiving an effective 16.1% yield on their cost base.Guidance and OutlookOur 2026 guidance and five-year outlook are based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.Our 2026 guidance and five-year outlook are based on the following assumed commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas.2026 GuidanceBeginning in 2026, we will be adopting fixed GEO conversion ratios based on the pricing assumptions outlined in our 2026 guidance. This methodology replaces our previous variable GEO conversion ratios based on prevailing market prices and is intended to make our GEO guidance better reflect production volumes.Our Total GEOs are expected to range from 510,000 to 570,000 ounces, with approximately 90% from Precious Metal assets and 10% from our Diversified assets. The anticipated increase in our Precious Metal GEOs reflects the first full year of contribution from Côté Gold, Porcupine, and Valentine Gold, the continued ramp-up of Salares Norte and Greenstone, and the recent acquisitions of the Casa Berardi stream and i-80 royalty. With respect to our Diversified revenue, the commodity breakdown is expected to be approximately 50% oil and liquids, 25% natural gas and 25% iron ore and other minerals.We have not assumed any contributions from Cobre Panamá in our 2026 guidance. As further discussed above, First Quantum is awaiting formal approval to process stockpiled ore, which would produce approximately 70,000 tonnes of copper and result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces. The timing of stream deliveries would depend on when formal approval is received.Given the volatility in commodity prices, we are also providing volume-based guidance for our Precious Metal assets. The table below presents our guidance for 2026:
2026
GEO Sales Guidance (1) (2)
2025 Actual
Commodity
Gold ounces sold
360,000 to 400,000 ounces
366,265 gold ounces
Silver ounces sold
4.7 to 5.5 million ounces
5.4 million silver ounces
PGMs ounces sold
32,000 to 37,000 ounces
28,374 PGMs ounces
Diversified revenue
$245 to $285 million
$259.9 million
Gold Equivalent Ounces Sold
Total
510,000 to 570,000 GEOs
519,106 GEOs
1.Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. Starting in 2026, actual GEOs will be calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.2.Our guidance and outlook reflect contributions from acquisitions we entered into subsequent to year-end as of the date of this news release but does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance and outlook do not reflect any buyback options which may be exercised at the discretion of our operators with the exception of the Cascabel buybacks as further detailed below.Five-Year Outlook For 2030, we expect Total GEOs to range between 555,000 and 615,000 GEOs. Our outlook assumes the start of production at Cascabel, Copper World, Eskay Creek, Stibnite Gold and Rebecca-Roe. It also reflects planned expansions at Detour Lake, Magino and Castle Mountain Phase 2, and the development of the Coroccohuayco project at Antapaccay. These production increases are expected to be partly offset by the step-down at Candelaria and Antapaccay, and a decrease in production at Subika (Ahafo South). For our Energy assets, we anticipate continued production growth at our Haynesville, SCOOP/STACK and Permian interests, and expect steady-state production from our Canadian assets.We have not assumed any contributions from Cobre Panamá in our five-year outlook. Should production restart, there is potential for materially higher GEOs, depending on the conditions of such restart. Based on the average of the next five years of the Cobre Panamá mine plan which was in place at the time of suspension, the stream has the potential to contribute as much as 150,000 to 175,000 GEOs to Franco-Nevada annually once the mine has ramped up to full capacity.Q4 2025 Portfolio UpdatesPrecious Metal assets: GEOs sold from our Precious Metal assets were 127,959 GEOs, an increase of 34% from 95,565 GEOs in Q4 2024. This was primarily due to robust production at Antamina and South Arturo, and contributions from our recently acquired interests in Côté Gold, Western Limb, and Porcupine.South America: Candelaria (gold and silver stream) – GEOs sold in Q4 2025 were lower than those sold in Q4 2024 mainly due to lower mine production this year compared to last year's planned higher-grade ore from Phase 11. For 2026, we forecast between 57,500 and 67,500 GEOs sold, compared to 68,273 ounces sold in 2025. Lundin Mining expects lower underground mining rates in H1 2026 as it insources the underground mining contract, and higher production in H2 2026 due to higher expected grades from Phase 12.Antapaccay (gold and silver stream) – GEOs sold in Q4 2025 were higher than those sold in Q4 2024, with deliveries having caught up from delays experienced earlier in the year. For 2026, we anticipate GEOs sold to decrease from 45,488 GEOs in 2025 to between 30,000 and 40,000 GEOs based on mine sequencing.Antamina (22.5% silver stream) – Silver ounces sold in Q4 2025 were higher than in Q4 2024. The increase in deliveries is attributable to higher silver grades in the current period and timing of shipments. For 2026, we anticipate an increase in silver ounces to between 3.5 and 3.7 million silver ounces, compared to 3.2 million silver ounces sold in 2025, due to mine sequencing and anticipated higher silver grades.Tocantinzinho (gold stream) – GEOs sold in Q4 2025 were higher than Q4 2024, reflecting continued optimization initiatives at the mine and improved plant productivity. For 2026, we expect a modest increase in deliveries as higher-grade mineralization becomes available in accordance with the mine plan. In November 2025, after arranging a credit facility with a syndicate of commercial banks, G Mining Ventures Corp. repaid our term loan which had an outstanding balance of $79.9 million at the time of the repayment.Condestable (gold and silver stream) – In January 2026, Rio2 Limited completed the acquisition of the Condestable mine, which was previously held by Southern Peaks Mining L.P., a private company. Rio2 is evaluating a 20% to 40% increase in permitted capacity of the underground mine and is evaluating the development of an open pit. While production at the mine is expected to increase, we anticipate lower deliveries starting in 2026 following the end of the 5-year fixed delivery period.Salares Norte (1-2% royalties) – Salares Norte achieved commercial production in Q3 2025 and ramped up to steady-state levels of production in Q4 2025. The mine produced 397,000 gold equivalent ounces in 2025, exceeding its 2025 production guidance. For 2026, Salares Norte is expected to produce between 525,000 and 550,000 gold equivalent ounces from royalty grounds covered by our 1% NSR.Yanacocha (1.8% royalty) – In February 2026, Newmont announced it had indefinitely deferred the Yanacocha Sulfides project. Newmont has reiterated its commitment to Peru, in particular to the Quilish and Conga deposits, both of which Franco-Nevada has a royalty on. Since our acquisition of the royalty in 2024, Yanacocha has significantly outperformed compared to our initial expectations at the time of the acquisition, with oxide re-leaching delivering significantly higher production. Production at Yanacocha in 2025 of 515,000 ounces again exceeded Newmont's guidance due to the successful use of patented injection leaching technology. Newmont's production guidance for 2026 is 460,000 gold ounces, continuing as a leach-only operation. Newmont announced the extension of mining operations at site through 2026 and 2027, adding additional ounces in early 2027 with potential for further production extensions.Cascabel (gold stream and 0.5% royalty) – On March 4, 2026, SolGold plc and a subsidiary of Jiangxi Copper Company Limited ("JCC") completed the acquisition of SolGold by JCC. In February 2026, Franco-Nevada was notified that SolGold and JCC were exercising their option to buyback 50% of the Cascabel stream and 50% of the Cascabel NSR. As a result, Franco-Nevada expects to receive the equivalent of approximately $40.7 million (net of the ongoing payment) as a one-time delivery of gold ounces for the 50% buyback of the Cascabel stream, and approximately $97.5 million in cash for the 50% buyback of the Cascabel NSR. The Cascabel stream will be reduced to 7.0% of gold produced (stepping down to 4.2% after 262,500 ounces of gold have been delivered), and the NSR will be reduced to 0.5% on all minerals produced, subject to adjustments based on the production rate.Central America & Mexico:Guadalupe-Palmarejo (50% gold stream) – In February 2026, Coeur Mining announced an increase in gold mineral reserves of 40%, extending the mine life by approximately five years. For 2026, we anticipate deliveries of between 47,500 and 52,500 GEOs, in line with 50,609 GEOs sold in 2025, reflecting a similar proportion of Palmarejo's production being mined from ground covered by our stream.Cobre Panamá (gold and silver stream) – Subsequent to year-end, in February 2026, we received approximately 900 GEOs in connection with the sale of concentrate that had remained on site when production was suspended in November 2023. First Quantum is awaiting formal government approval for the processing of stockpiled ore, as further detailed above. Approximately 70,000 tonnes of copper is expected to be produced from the stockpiled ore which would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces.Canada:Côté Gold (7.5% GMR) – After having achieved nameplate throughput capacity in June 2025, production at the mine is expected to increase from 399,800 gold ounces in 2025 to between 390,000 and 440,000 ounces in 2026 on a 100% basis. IAMGOLD expects to release an expansion plan in Q4 2026 which will outline an increase to the plant throughput targeting the Côté and Gosselin deposits together as a single pit. Franco-Nevada's royalty is subject to a buyback option in two equal tranches of 25%, exercisable at the option of IAMGOLD and Sumitomo Metal Mining.Detour Lake (2% royalty) – Agnico Eagle expects to reach production of 1 Moz per annum in 2031 for approximately 14 years and is evaluating the potential for a third processing line which could lift annual production above the 1Mozpa level. The successful completion of the drilling program on a high-grade mineralized corridor in the West Pit zone has further strengthened confidence in the Detour Lake underground project. The ramp for the underground project commenced in July 2025.Hemlo (50% NPI and 3% NSR) – We earned 4,398 GEOs in Q4 2025 from Hemlo, reflecting the significant leverage of the NPI royalty to higher gold prices. Since completing its acquisition of the Hemlo mine in November 2025, Hemlo Mining Corp has initiated a 130,000-metre exploration drilling program which is expected to serve as the foundation for an updated technical report to be released in H2 2027. Hemlo Mining also plans to increase the underground mining rate to maximize the hoisting capacity which currently operates at approximately 60% capacity.Porcupine (4.25% royalty) – Discovery Silver expects to produce between 260,000 and 300,000 gold ounces in 2026, reflecting higher output at Hoyle Pond and Borden, as well as increased production from open pit sources, including both Pamour and Hollinger. During the quarter, Discovery Silver reported strong exploration results at all operations, including multiple high-grade intersections from resource conversion and extension drilling at Hoyle Pond and Borden, favourable drill results within and along strike of current resources at Pamour, and encouraging results from district exploration drilling at Owl Creek.Magino and Island Gold (0.62-3% royalty) – Alamos Gold reported the results of an expansion study which incorporates a 30% increase in mineral reserves and outlines an expansion of the Magino mill to 20,000 tpd. Production is expected to increase to 534,000 gold ounces annually over 10 years post expansion.Valentine Gold (3% royalty) – Equinox Gold reported that its Valentine Gold mine averaged 90% of nameplate capacity in Q4 2025. Once operating at design capacity, Valentine Gold is expected to produce between 175,000 and 200,000 ounces of gold annually. Equinox Gold is working on completing a feasibility study to increase processing throughput, which would increase annual production to 225,000 to 250,000 ounces.Canadian Malartic (1.5% royalty) – Agnico Eagle reported that production at East Gouldie is expected to commence in Q1 2026. Agnico Eagle is evaluating a second shaft in its potential ramp up to 1 Moz per annum starting in 2033. It is estimated that Franco-Nevada's East Gouldie claims cover approximately 24% of the East Gouldie reserve, with drilling continuing to extend East Gouldie to the east in both the upper and lower portions of the deposit.U.S.:Stillwater (5% royalty) – Sibanye-Stillwater reported that profitability of its US PGM operations has improved as a result of higher PGM prices and lower all-in sustaining costs. Sibanye-Stillwater is expecting to reopen Stillwater West in 2028, doubling current production levels. For 2026, US PGM operations are expected to produce between 280,000 and 300,000 platinum and palladium ounces, consistent with 2025 production.South Arturo (4-9% royalties) – We earned 6,088 GEOs from South Arturo in Q4 2025 as Nevada Gold Mines mined the South Arturo pit, in line with the Carlin mine plan. We expect another strong year in 2026 as the open pit will remain a focus for the Carlin operations.Bald Mountain (1-5% royalties) – In January 2026, Kinross announced its decision to proceed with the Redbird 2 project, which, along with five additional satellite pits, is expected to incrementally produce a total of 640,000 gold ounces and extends the mine life to 2032.Arthur Gold (1% royalty) – AngloGold Ashanti released the results of a pre-feasibility study supporting an initial nine-year mine life with an estimated average annual production of approximately 500,000 gold ounces (with production front-loaded of approximately 800,000 gold ounces per year) supported by a maiden Merlin Mineral Reserve of 4.9 million ounces (88Mt @ 1.75g/t). AngloGold is continuing to drill to expand the resource and has outlined a pathway to 18 to 20 million ounces when including the Silicon Mineral Resource and additional resource conversion and exploration potential at Merlin.Copper World (2.085% royalty) – In January 2026, Hudbay closed the investment from Mitsubishi Corporation for a 30% joint venture interest in Copper World for $600 million. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions required to construct Copper World. Hudbay expects a sanction decision with respect to Copper World in 2026. Franco-Nevada has certain contingent payments to previous holders of the Copper World royalties, part of which are expected to be due in 2026.Rest of World:Western Limb (gold and platinum stream) – Deliveries of gold and platinum ounces from our Western Limb operations are expected to be relatively consistent with 2025, where we received and sold 16,933 gold ounces and 9,185 platinum ounces. We expect GEO sales to benefit from higher platinum prices when compared to 2025 based on our current price assumptions.Subika (Ahafo) (2% royalty) – Payments from our Subika (Ahafo) royalty are expected to decrease relative to 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Newmont plans to increase its investment in exploration and advanced projects, including at Subika Underground.Séguéla (0.6% royalty) – Fortuna Mining reported a 31% increase in mineral reserves, with the addition of the Sunbird underground deposit. Fortuna is expecting a plant expansion study in Q2 2026 to potentially increase production from approximately 165,000 to 200,000 gold ounces per year.Rebecca-Roe (1.5% royalty) – Ramelius Resources expects production at Rebecca-Roe to commence in late 2028 following the release of a definitive feasibility study in October 2025 with a financial investment decision. Rebecca-Roe has Mineral Reserves of 1.1 million ounces (25 Mt at 1.4g/t).Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $55.3 million in revenue, compared to $64.3 million in Q4 2024. When converted to GEOs, our Diversified assets contributed 13,697 GEOs, compared to 24,498 GEOs in Q4 2024.Other Mining: Taca Taca (1.08% royalty) – On February 19, 2026, First Quantum released a 43-101 Technical Report for the Taca Taca deposit in Argentina. The report outlined initial processing capacity of 40 Mpta with an expansion to 60 Mtpa in the fifth year of operation, with average annual production of 291,000 tonnes of copper and 133,000 ounces of gold in the first ten years of operation. First Quantum is expecting approval of the Environmental and Social Impact Assessment and critical water permit and is preparing an application to RIGI in H1 2026.Vale Royalty (iron ore royalty) – Attributable sales from our Vale royalty are expected to increase in 2026 compared to 2025, reflecting a first full year of contributions from the Southeastern System where the cumulative sales threshold of 1.7 billion tonnes of iron ore was reached in April 2025.LIORC – Revenue from our attributable interest on the Carol Lake mine in Q4 2025 was lower than in Q4 2024. Production in 2025 was constrained as IOC focused on pit health and sent lower ore feed to the concentrator. Rio Tinto expects an increase in iron ore production at IOC, with 15 to 18 Mt of iron ore in 2026 compared to 16 Mt sold in 2025.Autazes – Brazil Potash Corp. reported the receipt of deferral water extraction rights, the commencement of indigenous community partnership work, and the advancement of construction financing initiatives at its Autazes potash project, located in Brazil. Franco-Nevada has an option to acquire a 4% gross revenue royalty on the Autazes project.Crawford Nickel (2% royalty) – Canada Nickel Company announced in January 2026 that the Province of Ontario has formally named the Crawford Nickel Project under the province's One Project, One Process framework. In November 2025, the project was officially referred to the Major Projects Office by the Government of Canada. Canada Nickel Company formally commenced the federal Impact Assessment in March 2026 and expects a federal permitting decision by summer 2026.Energy: U.S. (various royalty rates) – Revenue from our U.S. Energy interests decreased compared to Q4 2024. The decrease was largely driven by lower realized oil prices and lower production from our Permian assets, partly offset by higher realized gas prices at our Haynesville and Marcellus assets. For 2026, we anticipate production growth from our SCOOP/STACK and Haynesville interests when compared to 2025, offset by softer gas prices based on our current price assumptions.Canada (various royalty rates) – Revenue from our Canadian Energy interests was lower than in Q4 2024 due to lower oil prices. For 2026, production from the Weyburn Unit is forecasted to remain relatively constant year-over-year.Shareholder Information and Details for 2025 Year-End Conference CallThe complete Consolidated Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.We will host a conference call to review our 2025 year-end results. Interested investors are invited to participate as follows:
Conference Call and Webcast:March 11th 10:00 am ETDial-in Numbers:Toll-Free: 1-888-510-2154International: 437-900-0527
Conference Call URL (This allows participants to join
the conference call by phone without operator assistance.
Participants will receive an automated call back after
entering their name and phone number):emportal.ink/3LNbCaA
Webcast:www.franco-nevada.comReplay (available until March 18th):Toll-Free: 1-888-660-6345International: 289-819-1450Pass code: 83241#Corporate SummaryFranco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.Forward-Looking Statements This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.ENDNOTES:Gold Equivalent Ounces ("GEOs") and Net Gold Equivalent Ounces ("Net GEOs"): GEOs include Franco-Nevada's attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs varies depending on the royalty or stream agreement of each particular asset, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. For Q4 2025, the average commodity prices were as follows: $4,145/oz gold (Q4 2024 - $2,662), $54.83/oz silver (Q4 2024 - $31.34), $1,682/oz platinum (Q4 2024 - $966) and $1,474/oz palladium (Q4 2024 - $1,011), $105/t Fe 62% CFR China (Q4 2024 - $105), $59.14/bbl WTI oil (Q4 2024 - $70.27) and $4.07/mcf Henry Hub natural gas (Q4 2024 - $2.99). For 2025, the average commodity prices were as follows: $3,435/oz gold (2024 - $2,387), $39.94/oz silver (2024 - $28.24), $1,277/oz platinum (2024 - $955) and $1,149/oz palladium (2024 - $983), $102/t Fe 62% CFR China (2024 - $110), $64.80/bbl WTI oil (2024 - $75.72) and $3.62/mcf Henry Hub natural gas (2024 - $2.41).Net GEOs are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce.Calculation of Net Gold Equivalent Ounces:
(expressed in millions, excepts GEOs and
Average Gold Price)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
For the year ended
December 31, 2025
GEOs
126,585
112,093
138,772
141,656
519,106
Less:
Cash Costs
$38.5
$33.5
$47.2
$49.6
$168.8
Divided by: Average gold price per ounce
$2,863
$3,279
$3,456
$4,145
$3,425
13,447
10,217
13,657
11,966
49,287
Net GEOs
113,138
101,876
125,115
129,690
469,819
(expressed in millions, excepts GEOs and
Average Gold Price)
Q1 2024
Q2 2024
Q3 2024
Q4 2024
For the year ended
December 31, 2024
GEOs
122,897
110,264
110,110
120,063
463,334
Less:
Cash Costs
$33.6
$29.1
$31.9
$34.4
$129.0
Divided by: Average gold price per ounce
$2,072
$2,338
$2,477
$2,662
$2,369
16,216
12,447
12,878
12,923
54,464
Net GEOs
106,681
97,817
97,232
107,140
408,870
2. NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the year ended December 31, 2025 dated March 10, 2026 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov.Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; the impact of income taxes on these items; income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates.Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue.Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment losses and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses.Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue.Reconciliation of Non-GAAP Financial Measures:
For the three months ended
For the year ended
December 31,
December 31,
(expressed in millions, except per share amounts)
2025
2024
2025
2024
Net income
$367.7
$175.4
$1,112.1
$552.1
Impairment reversal
—
—
(4.8)
—
Gain on disposal of royalty interests
—
—
—
(0.3)
Foreign exchange (gain) loss and other (income) expenses
(12.7)
8.0
(36.7)
20.7
Tax effect of adjustments
1.2
(0.4)
4.6
(2.4)
Other tax related adjustments
Deferred tax expense related to the remeasurement of
deferred tax liability due to changes in Barbados tax rate
—
—
—
49.1
Change in unrecognized deferred income tax assets
—
0.3
—
(1.1)
Adjusted Net Income
$356.2
$183.3
$1,075.2
$618.1
Basic weighted average shares outstanding
192.8
192.5
192.7
192.4
Adjusted Net Income per share
$1.85
$0.95
$5.58
$3.21
For the three months ended
For the year ended
December 31,
December 31,
(expressed in millions, except Adjusted Net Income Margin)
2025
2024
2025
2024
Adjusted Net Income
$356.2
$183.3
$1,075.2
$618.1
Revenue
597.3
321.0
1,822.8
1,113.6
Adjusted Net Income Margin
59.6%
57.1%
59.0%
55.5%
For the three months ended
For the year ended
December 31,
December 31,
(expressed in millions, except per share amounts)
2025
2024
2025
2024
Net income
$367.7
$175.4
$1,112.1
$552.1
Income tax expense
100.6
46.8
303.9
211.8
Finance expenses
0.8
0.7
3.1
2.6
Finance income
(2.5)
(13.5)
(28.2)
(60.6)
Depletion and depreciation
87.3
60.0
306.7
225.3
Impairment reversal
—
—
(4.8)
—
Gain on disposal of royalty interests
—
—
—
(0.3)
Foreign exchange (gain) loss and other (income) expenses
(12.7)
8.0
(36.7)
20.7
Adjusted EBITDA
$541.2
$277.4
$1,656.1
$951.6
Basic weighted average shares outstanding
192.8
192.5
192.7
192.4
Adjusted EBITDA per share
$2.81
$1.44
$8.59
$4.95
For the three months ended
For the year ended
December 31,
December 31,
(expressed in millions, except Adjusted EBITDA Margin)
2025
2024
2025
2024
Adjusted EBITDA
$541.2
$277.4
$1,656.1
$951.6
Revenue
597.3
321.0
1,822.8
1,113.6
Adjusted EBITDA Margin
90.6%
86.4%
90.9%
85.5%3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $670.9 million as at December 31, 2025, our equity investments (excluding our long-term investment in Labrador Iron Ore Company of Canada) of $967.3 million as at December 31, 2025, the amount available to borrow under our $1.0 billion revolving credit facility and its accordion of $500.0 million as of the date of this news release.FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of U.S. dollars)
At December 31,
At December 31,
2025
2024
ASSETS
Cash and cash equivalents
$670.9
$1,451.3
Receivables
241.9
151.8
Gold and silver bullion and stream inventory
40.1
96.8
Loans receivable
—
5.9
Other current assets
68.5
11.0
Current assets
$1,021.4
$1,716.8
Royalty, stream and working interests, net
$6,043.1
$4,098.8
Investments
1,141.3
325.5
Loans receivable
—
104.1
Deferred income tax assets
23.2
30.8
Other assets
12.4
54.4
Total assets
$8,241.4
$6,330.4
LIABILITIES
Accounts payable and accrued liabilities
$44.9
$28.7
Income tax liabilities
78.1
38.8
Current liabilities
$123.0
$67.5
Deferred income tax liabilities
$440.7
$238.0
Income tax liabilities
33.8
19.8
Other liabilities
8.6
8.5
Total liabilities
$606.1
$333.8
SHAREHOLDERS' EQUITY
Share capital
$5,803.4
$5,769.1
Contributed surplus
21.6
23.0
Retained earnings
1,379.8
486.5
Accumulated other comprehensive gain (loss)
430.5
(282.0)
Total shareholders' equity
$7,635.3
$5,996.6
Total liabilities and shareholders' equity
$8,241.4
$6,330.4
The consolidated financial statements and accompanying notes can be found in our 2025 Annual Report available on our websiteFRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in millions of U.S. dollars and shares, except per share amounts)
For the three months ended
For the year ended
December 31,
December 31,
2025
2024
2025
2024Revenue
Revenue from royalty, streams and working interests
$592.8
$318.6
$1,808.6
$1,104.7Interest revenue
4.5
2.4
14.2
8.3Other interest income
—
—
—
0.6Total revenue
$597.3
$321.0
$1,822.8
$1,113.6
Costs of sales
Costs of sales
$49.6
$34.4
$168.8
$129.0Depletion and depreciation
87.3
60.0
306.7
225.3Total costs of sales
$136.9
$94.4
$475.5
$354.3Gross profit
$460.4
$226.6
$1,347.3
$759.3
Other operating expenses (income)
General and administrative expenses
$7.7
$11.0
$35.3
$32.9Share-based compensation expenses
0.7
1.0
16.9
8.0Impairment reversal
—
—
(4.8)
—Gain on disposal of royalty interests
—
—
—
(0.3)Gain on sale of gold and silver bullion
(1.9)
(2.8)
(54.3)
(7.9)Total other operating (income) expenses
$6.5
$9.2
$(6.9)
$32.7Operating income
$453.9
$217.4
$1,354.2
$726.6Foreign exchange gain (loss) and other income (expenses)
$12.7
$(8.0)
$36.7
$(20.7)Income before finance items and income taxes
$466.6
$209.4
$1,390.9
$705.9
Finance items
Finance income
$2.5
$13.5
$28.2
$60.6Finance expenses
(0.8)
(0.7)
(3.1)
(2.6)Net income before income taxes
$468.3
$222.2
$1,416.0
$763.9
Income tax expense
100.6
46.8
303.9
211.8Net income
$367.7
$175.4
$1,112.1
$552.1
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment
$45.4
$(103.9)
$91.2
$(131.3)
Items that will not be reclassified subsequently to profit and loss:
Gain (loss) on changes in the fair value of equity investments
at fair value through other comprehensive income ("FVTOCI"),
net of income tax
291.5
(1.1)
696.3
40.4Other comprehensive income (loss), net of taxes
$336.9
$(105.0)
$787.5
$(90.9)
Comprehensive income
$704.6
$70.4
$1,899.6
$461.2
Earnings per share
Basic
$1.91
$0.91
$5.77
$2.87Diluted
$1.90
$0.91
$5.76
$2.87Weighted average number of shares outstanding
Basic
192.8
192.5
192.7
192.4Diluted
193.2
192.5
193.0
192.6
The consolidated financial statements and accompanying notes can be found in our 2025 Annual Report available on our websiteFRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
For the three months ended
For the year ended
December 31,
December 31,
2025
2024
2025
2024
Cash flows from operating activities
Net income
$367.7
$175.4
$1,112.1
$552.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation
87.3
60.0
306.7
225.3
Share-based compensation expenses
1.5
1.2
6.3
5.4
Impairment reversal
—
—
(4.8)
—
Gain on disposal of royalty interests
—
—
—
(0.3)
Unrealized foreign exchange loss
2.5
5.0
(10.4)
12.9
Deferred income tax expense
25.2
2.3
108.1
66.3
Gain on sale of gold and silver bullion
(1.9)
(2.8)
(54.3)
(7.9)
(Gain) loss on derivative financial instruments
(14.2)
2.0
(32.7)
6.0
Other non-cash items
(8.8)
0.4
(10.3)
(4.2)
Gold and silver bullion from royalties received in-kind
(55.4)
(20.3)
(117.0)
(72.7)
Proceeds from sale of gold and silver bullion
12.4
13.3
221.0
42.6
Changes in other assets
—
—
—
(17.4)
Operating cash flows before changes in non-cash working capital
$416.3
$236.5
$1,524.7
$808.1
Changes in non-cash working capital:
Increase in receivables
$(51.2)
$(18.1)
$(90.1)
$(40.8)
(Increase) decrease in other current assets
11.6
4.9
(4.7)
15.6
Increase in accounts payable and accrued liabilities
49.8
19.7
63.8
46.6
Net cash provided by operating activities
$426.5
$243.0
$1,493.7
$829.5
Cash flows used in investing activities
Acquisition of royalty, stream and working interests
$(34.2)
$(4.3)
$(2,191.6)
$(406.0)
Proceeds from repayment of loan receivable
104.1
—
114.1
28.9
Proceeds from sale of investments
—
9.3
109.9
23.3
Acquisition of investments
(5.0)
(35.6)
(60.3)
(74.5)
Acquisition of property and equipment
(0.2)
(0.1)
(2.4)
(0.2)
Acquisition of energy well equipment
(0.6)
(0.4)
(2.7)
(1.8)
Advances of loans receivable
—
—
—
(118.2)
Proceeds from disposal of royalty interests
—
—
—
11.2
Net cash provided by (used in) investing activities
$64.1
$(31.1)
$(2,033.0)
$(537.3)
Cash flows used in financing activities
Payment of dividends
$(70.6)
$(62.1)
$(275.1)
$(242.4)
Proceeds from draw down of Corporate Revolver
—
—
175.0
—
Repayment of Corporate Revolver
—
—
(175.0)
—
Proceeds from exercise of stock options
0.3
0.1
7.7
2.8
Revolving credit facility amendment costs
—
—
—
(0.8)
Net cash used in financing activities
$(70.3)
$(62.0)
$(267.4)
$(240.4)
Effect of exchange rate changes on cash and cash equivalents
$13.9
$(15.9)
$26.3
$(22.4)
Net change in cash and cash equivalents
$434.2
$134.0
$(780.4)
$29.4
Cash and cash equivalents at beginning of year
$236.7
$1,317.3
$1,451.3
$1,421.9
Cash and cash equivalents at end of year
$670.9
$1,451.3
$670.9
$1,451.3
Supplemental cash flow information:
Income taxes paid
$22.0
$17.2
$162.0
$73.8
Dividend income received
$1.8
$3.3
$8.7
$12.6
Interest and standby fees paid
$1.4
$0.6
$4.0
$2.1
The consolidated financial statements and accompanying notes can be found in our 2025 Annual Report available on our website
View original content:https://www.prnewswire.com/news-releases/franco-nevada-reports-record-2025-results-302710083.htmlSOURCE Franco-Nevada Corporation
Original: Franco-Nevada Reports Record 2025 Results
CA Market News
4月前
Franco-Nevada Announces A$220 Million Financing Package with Minerals 260 for the Bullabulling Gold ProjectFebruary 22, 2026 5:36 PM
PR Newswire (Canada)
(in U.S. dollars unless otherwise noted)TORONTO, Feb. 22, 2026 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV)(NYSE: FNV) is pleased to announce that, through a wholly-owned Australian subsidiary, it has entered into an agreement to acquire a A$170 million (approximately $120 million) gross royalty (the "Royalty") from Minerals 260 Limited ("Minerals 260") to support its development of the Bullabulling Gold Project ("Bullabulling" or the "Project") located in Western Australia. Additionally, Franco-Nevada has agreed to subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares (the "Shares").The Royalty acquisition will be in addition to Franco-Nevada's historical 1.00% gross royalty over certain Project tenements, effectively increasing it to a 2.45% gross royalty over a Bullabulling land package, covering all Mineral Resources, plus an area of interest."Bullabulling is a large and growing Resource and one of the most attractive gold development projects in Australia," said Paul Brink, President & CEO of Franco-Nevada. "After a full review by our team of the rapid and impressive progress made by Minerals 260, we are excited to increase our exposure to the Project. This represents Franco-Nevada's largest ever royalty acquisition in Australia and adds to the extensive royalty coverage we have in the country. Our equity investment demonstrates our confidence in the Minerals 260 team's ability to deliver the Project and unlock value for shareholders. We look forward to a long-term partnership with Minerals 260 for the development of Bullabulling and beyond."Luke McFadyen, Managing Director of Minerals 260, commented: "Securing a A$220 million funding package with the world's leading gold royalty company at this stage of Bullabulling's development is a major milestone that will allow us to rapidly accelerate the Project towards production, while also substantially de-risking our development funding pathway. Franco-Nevada's extensive due diligence across all areas of the Project validates Bullabulling as one of the leading gold development projects in Australia."Transaction HighlightsNear-Term Production Pathway: Bullabulling is one of Australia's largest near-term gold projects, located approximately 65 km from Kalgoorlie, Western Australia in the Eastern Goldfields, with an existing resource of 3.0 Moz Indicated Resources (93 Mt at 1.0 g/t) and 1.5 Moz Inferred Resources (42 Mt at 1.1 g/t). The Project is located on existing mining leases and has a straightforward pathway to meaningful near-term production from conventional open-pit and CIL processing. A pre-feasibility study is targeted by Minerals 260 for completion in mid-2026, with a final investment decision expected early 2027, and first gold production potentially as soon as H2 2028. Meaningful Production Profile: Minerals 260's intended strategy is to incrementally develop and expand Bullabulling to accelerate and optimize production. Based on Franco-Nevada's review and current Resources, we see potential for throughput expanding in phases to 7 to 8 Mtpa, which corresponds with historical studies.1Substantial Funding for Project Development: Financing proceeds will enable Minerals 260 to accelerate the development of Bullabulling through the expansion of resource drilling and growth, bringing forward camp construction and other infrastructure to fast-track development, and facilitate the ordering of long lead items.Large Mineral Resource with Exploration Potential: The Royalty will cover a large Resource base, including the Phoenix, Bacchus, Dicksons, Kraken deposits which cover 8.5 km strike-length on the Bullabulling trend and the Gibraltar deposit which currently spans 1 km strike-length on a sub-parallel trend. Since acquiring the project in 2025, Minerals 260 has had significant success growing the Resource through the first significant drilling campaign on the Project since 2011, nearly doubling Mineral Resources. Considerable growth potential exists on the deposits both along strike and at depth, along with conversion of Inferred Resources. We expect the financing proceeds will assist Minerals 260 to continue expanding their Resource base through both exploration and infill drilling on ground covered by the Royalty, along with advancing the Project.Experienced Board & Management Team: Minerals 260 is led by its Chairman Tim Goyder, who has over 40 years of experience in the resource industry and is Minerals 260's second largest shareholder. Mr. Goyder is the also the Chairman of Liontown Limited which recently developed and is operating the Kathleen Valley Lithium mine in Western Australia. The Minerals 260 management team is lead by its Chief Executive Officer and Managing Director, Luke McFadyen who has over 15 years of mining industry experience and, prior to joining Minerals 260 in 2023, held senior roles at OZ Minerals, Syrah Resources, South32 and BHP.Transaction Highlights Exploration Royalty Portfolio Upside: The Royalty acquisition underscores the value and optionality of Franco-Nevada's historical Bullabulling royalty and the 300+ exploration and advanced-stage royalty and stream interests in our portfolio, including several other royalties that Franco-Nevada holds on the Kalgoorlie belt, one of Australia's most prolific mining camps.____________________________________1Throughput potential is based on Franco-Nevada's own review, including of the current Resources and historical studies, and is not a Minerals 260 production target for the Project.Key TermsRoyalty AcquisitionUpfront proceeds of A$75 million (approximately $53 million) upon closing, with a further A$95 million (approximately $67 million) payment upon obtaining Foreign Investment Review Board ("FIRB") approval for the acquisition of security interests over the Project tenementsFranco-Nevada will hold a 2.45% gross royalty comprised of:an additional 1.45% gross royalty over Bullabulling tenements on which Franco-Nevada currently holds a 1.00% royaltya new 2.45% gross royalty over Bullabulling tenements where Franco-Nevada currently holds no existing royaltyUpon production of 4 Moz Au from Royalty lands, the royalties, in aggregate, will step down from 2.45% to 1.63%Royalties cover a Bullabulling land package, inclusive of all Mineral Resources, plus an area of interestFranco-Nevada will maintain a right of first refusal on future streams, royalties and similar interests related to the Royalty propertiesThe initial A$75 million Royalty funding is expected to occur on or about February 26, 2026. The second A$95 million Royalty funding is expected to occur upon obtaining FIRB approvalEquity ParticipationFranco-Nevada has committed to purchase 111,111,111 Shares of Minerals 260 at an issue price of A$0.45 per Share for an aggregate purchase price of A$50 million (or approximately $35 million)Upon closing of the equity transaction, Franco-Nevada will own approximately 4.9% of Minerals 260's issued and outstanding SharesFinancing the TransactionsFranco-Nevada intends to finance the transactions from cash on hand. The Company had $0.9B in cash and cash equivalents and marketable securities and $1.9B in available capital as at September 30, 2025.Franco-Nevada Corporate SummaryFranco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.About Minerals 260Minerals 260 is building an Australian gold company by developing the Bullabulling Gold Project, located approximately 65 km from Kalgoorlie, Western Australia in the Eastern Goldfields. Minerals 260's shares are listed on the Australian Stock Exchange (ASX:MI6). For more information, visit www.minerals260.com.au.Additional InformationMinerals 260's head office is located at Level 2, 1292 Hay Street, West Perth WA 6005. Franco-Nevada's head and registered office is located at 2000-199 Bay Street, Commerce Court West, Toronto, Ontario, M5L 1G9.Information relating to Bullabulling contained in this news release has been provided by Minerals 260. All Mineral Resource estimates are reported in accordance with the JORC Code (2012).Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, Vice President, Mining of Franco-Nevada, a qualified person under National Instrument 43-101.Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including the expected timing of closing the transaction, the expected future performance of Bullabulling and the Royalty, and production and mine life estimates relating to Bullabulling. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("GEOs") and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine life will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
View original content:https://www.prnewswire.com/news-releases/franco-nevada-announces-a220-million-financing-package-with-minerals-260-for-the-bullabulling-gold-project-302694174.htmlSOURCE Franco-Nevada Corporation
Original: Franco-Nevada Announces A$220 Million Financing Package with Minerals 260 for the Bullabulling Gold Project
CA Market News
5月前
Franco-Nevada Announces $250 Million Royalty Financing with i-80 GoldFebruary 12, 2026 7:22 AM
PR Newswire (US)
(in U.S. dollars unless otherwise noted)TORONTO, Feb. 12, 2026 /PRNewswire/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV)(NYSE: FNV) is pleased to announce that, through a wholly-owned U.S. subsidiary, it has entered into an agreement to acquire a $250 million net smelter return royalty (the "Royalty") from i-80 Gold Corp. ("i-80 Gold") to support its recapitalization plan and strategy of creating 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 including their six projects in various stages of development. These projects cover more than 250 km2 of prospective ground and include: Granite Creek Underground (operating), Archimedes Underground (development), Mineral Point Heap Leach (study), Granite Creek Open Pit (study), Cove Underground (study), and Lone Tree open pit (study).i-80 Gold has outlined a three-phase development timeline to put the projects into production, anticipated to increase annual production from 150–200 koz Au in Phase 1 to 600+ koz Au with Phase 3 in 2032+. This financing, together with i-80 Gold's concurrent recapitalization plan, provides substantial capital to develop Phases 1 and 2. See i-80 Gold's press release dated February 12, 2026 for additional details."We are pleased to add i-80 Gold's extensive portfolio of assets in Nevada to our U.S. portfolio and to partner with i-80 to advance their development plans," said Paul Brink, President & CEO of Franco-Nevada. "The i-80 team has an excellent track record and we look forward to partnering with them as they unlock what we believe will be one of largest gold operations in Nevada."Richard Young, President & CEO of i-80 Gold, commented: "We are thrilled to have Franco-Nevada as a partner who shares our long-term vision of advancing our gold portfolio to create a Nevada-focused mid-tier gold producer. With Franco-Nevada providing the foundational capital as part of our recapitalization, we now have a clear and achievable path to over 600,000 ounces of gold production annually by the early 2030s. With additional drilling and optimization work on our large land package, we believe there are opportunities to create further long-term growth and value for all stakeholders."Transaction HighlightsRoyalty Covers all of i-80 Gold's Growth Plans in Nevada: i-80 Gold is planning an aggressive asset development program that will increase production from 30-40 koz Au in 2025 to more than 600 koz Au per year by 2032 upon completion of all 3 phases of the development plan, delivering a strong growth profile. Phase 1 increases annual gold production to 150-200 koz Au from Granite Creek Underground and Archimedes Underground with processing at the Lone Tree Autoclave in 2028-2029. Phase 2 further increases annual production to 300-400 koz Au commencing in 2030-2031 adding Cove and Granite Creek Open Pit. Finally, Phase 3 in 2032+ adds Mineral Point and increases annual production to 600+ koz Au.Comprehensive Financing Plan Unlocks Processing Hub: This financing, alongside the concurrent recapitalization plans at i-80 Gold provides substantial capital to advance Phases 1 and 2, including the refurbishment of the Lone Tree Autoclave facility, providing a central processing hub for the Granite Creek, Archimedes and Cove underground operations.Attractive Anchor Project in Mineral Point Heap Leach: Mineral Point is an attractive, large-scale and straight-forward heap leach project hosting 4.6 Moz AuEq M&I mineral resources and 3.2 Moz AuEq inferred resources1. Mineral Point is Phase 3 of i-80 Gold's plan, with potential to accelerate the feasibility study and permitting work with part of the Royalty financing tied to Mineral Point technical and permitting work. Mineral Point is expected to produce 282 koz AuEq per year once in production.Royalty Rate Step-up: The Royalty has been designed to maximise cash flow available to i-80 Gold during the capital intensive phase of asset development. The Royalty rate will be 1.5% until January 1, 2031 and thereafter will be 3%.Large Mineral Resource with Exploration Potential: The Royalty will cover a large resource base including Granite Creek, the Ruby Hill Complex (including Archimedes Underground and Mineral Point), Cove and Lone Tree. The 256 km2 land package in Nevada hosts a substantial mineral base of 7.8 Moz AuEq M&I mineral resources and 8.6 Moz AuEq inferred mineral resources1.Experienced Management Team: i-80 Gold is led by Richard Young, who has over 30 years of experience in the resource industry. Richard played a key role in Teranga Gold's transformation from a single asset producer into a successful low-cost, mid-tier gold producer and Richard most recently served as President and CEO of Argonaut Gold that was acquired by Alamos Gold Inc. i-80 Gold operations are led by Paul Chawrun who has over 30 years of experience permitting, building and operating gold mines globally, most recently as COO and EVP of Centerra Gold and previously as COO of Teranga Gold. Further, the i-80 Gold leadership team holds extensive Nevada mining experience in operations, processing, permitting, and stakeholder relations.Gold Focused Royalty in Nevada: The Royalty financing increases our long-term gold exposure in Nevada, where our royalty coverage already extends to Goldstrike, Gold Quarry, Arthur, Marigold, Bald Mountain, South Arturo and numerous other properties.Royalty Key TermsUpfront proceeds of $225M upon closing, with a further $25M payment subject to completion of 2026 budgeted spending at Mineral Point.Upon closing, 1.5% of net smelter returns on all minerals produced. Beginning January 1, 2031, the Royalty rate will increase to 3.0% of net smelter returns in perpetuity.The Royalty will apply to all material properties in i-80 Gold's portfolio, including Granite Creek, Cove, the Ruby Hill Complex and Lone Tree, including after-acquired properties within a 1-mile area of interest.The Royalty will be registered on title as an interest in land.Additional ConsiderationsFranco-Nevada will maintain a right of first offer on future streams, royalties and similar interests related to i-80 Gold's assets.Franco-Nevada will partner with i-80 Gold on environmental and social initiatives in Nevada.Closing of the transaction is subject to customary conditions and is expected to occur in March 2026.Financing the TransactionFranco-Nevada intends to finance the transaction from cash on hand. The Company had $0.9B in cash and cash equivalents and marketable securities and $1.9B in available capital as at September 30, 2025.Franco-Nevada Corporate SummaryFranco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.________________________________________1 Total resources converted into gold equivalent at long term prices of $3,302/oz Au and $40.31/oz Ag. Total resources include the following:Granite Creek Underground – 0.8 Mt at 10.5 g/t Au for 261 koz Au measured and indicated resources and 0.8 Mt at 13.0 g/t Au for 326 koz Au inferred resources.Granite Creek Open Pit – 37.7 Mt at 1.2 g/t Au for 1,435 koz Au measured and indicated resources and 2.1 Mt at 1.1 g/t Au for 75 koz Au inferred resources.Ruby Hill – Archimedes Underground – 1.8 Mt at 7.6 g/t Au and 1.6 g/t Ag for 436 koz Au and 92 koz Ag indicated resources and 4.2 Mt at 7.3g/t Au and 2.1 g/t Ag for 988 koz Au and 286 koz Ag inferred resources.Ruby Hill – Mineral Point Open Pit – 217 Mt at 0.5 g/t Au and 15.0 g/t Ag for 3,376 koz Au and 104,332 koz Ag indicated resources and 194 Mt at 0.3 g/t Au and 14.6 g/t Ag for 2,117 koz Au and 91,473 koz Ag inferred resources.Ruby Hill – Archimedes Open Pit – 4.3 Mt at 2.0 g/t Au and 10.6 g/t Ag for 272 koz Au and 1,490 koz Ag indicated resources and 0.9 Mt at 1.1 g/t Au and 8.5 g/t Ag for 31 koz Au and 250 koz Ag inferred resources.Cove – 1.2 Mt at 8.2 g/t Au and 15.0 g/t Ag for 310 koz Au and 568 koz Ag indicated resources and 4.0 Mt at 8.9 g/t Au and 11.1 g/t Ag for 1,156 koz Au and 1,439 koz Ag inferred resources.Lone Tree – 7.7 Mt at 1.7 g/t Au for 428 koz Au indicated resources and 52.9 Mt at 1.6 g/t Au for 2,789 koz Au inferred resources.About i-80 Gold Corp.i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. i-80 Gold is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade multi-stage projects strategically located in Nevada's most prolific gold-producing trends. Leveraging its central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold's shares are listed on the Toronto Stock Exchange (TSX:IAU) and the NYSE American (NYSE:IAUX). For more information, visit www.i80gold.com.Additional Informationi-80 Gold's head office is located at 5190 Neil Road, Suite 460, Reno, Nevada 89502 and its principal executive office is located in 150 York Street – Suite 1802, Toronto, Ontario M5H 3S5. Franco-Nevada's head and registered office is located at 2000-199 Bay Street, Commerce Court West, Toronto, Ontario, M5L 1G9.Information relating to the i-80 Gold's assets contained in this news release has been provided by i-80 Gold.Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, Vice President, Mining of Franco-Nevada, a qualified person under National Instrument 43-101.Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including the expected timing of closing the transaction, the expected future performance of i-80 Gold's assets and the Royalty, and production and mine life estimates relating to the i-80 Gold's assets. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("GEOs") and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine life will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
View original content:https://www.prnewswire.com/news-releases/franco-nevada-announces-250-million-royalty-financing-with-i-80-gold-302686392.htmlSOURCE Franco-Nevada Corporation
Original: Franco-Nevada Announces $250 Million Royalty Financing with i-80 Gold
CA Market News
5月前
Franco-Nevada Announces $100 Million Financing with Orezone Gold on the Casa Berardi MineJanuary 26, 2026 5:59 PM
PR Newswire (Canada)
(in U.S. dollars unless otherwise noted)TORONTO, Jan. 26, 2026 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV) (NYSE: FNV) is pleased to announce that, through a wholly-owned Canadian subsidiary, it has entered into a $100 million gold stream (the "Stream") financing transaction with Orezone Gold Corporation ("Orezone") to support its acquisition of Hecla Mining Company's ("Hecla") producing Casa Berardi Gold Mine and all other Quebec assets, including the Heva-Hosco Gold Project."We are pleased to add another operating gold mine to our Canadian portfolio and to partner with Orezone on this transformative transaction," said Paul Brink, President & CEO of Franco-Nevada. "Patrick and the Orezone team are proven operators and developers, and we are excited to partner with them as they build Casa Berardi's next chapter." Patrick Downey, CEO of Orezone, commented: "We are honoured and excited to partner with Franco-Nevada on this transformational acquisition. We worked very closely with the Franco-Nevada team throughout the process and are confident that this partnership will generate significant value for both companies and all stakeholders. We are enthusiastic about the near-term opportunities to enhance value and see substantial exploration upside at Casa Berardi and across its surrounding land package. Together, our vision is to establish Casa Berardi as a profitable, long-life mining camp for decades to come."Transaction HighlightsImmediate Gold Revenues from the Established Casa Berardi Mine: The Stream will add immediate gold revenues from a well-established operation in a highly prospective district. Casa Berardi is located in the Abitibi region of Quebec and has an extensive 35-year history of both surface and underground mining operations. The mine has produced over 3.2 Moz of gold to date and continues to deliver meaningful production and cash flow.Experienced Management Team: Orezone is led by Patrick Downey, who has over 40 years of experience in the resource industry. The Orezone team has strong track record, building both the Bomboré mine and the subsequent Phase 1 Expansion on time and on budget. Large Mineral Resource with Exploration Potential: The Stream will cover a large resource base and surrounding land package, which includes both the Casa Berardi Mine and other Quebec assets, including the Heva-Hosco Gold Project. The Casa Berardi Mine hosts P&P mineral reserves of 1.3 Moz (14.4 Mt at 2.79 g/t Au), mineral resources of 0.9 Moz Au M&I mineral resources exclusive of mineral reserves (4.7 Mt at 5.92 g/t Au) and 0.5 Moz Au inferred mineral resources (2.4 Mt at 6.01 g/t Au). In addition, Heva-Hosco hosts a large resource base of 1.2 Moz Au M&I mineral resources (30.3 Mt at 1.19 g/t Au) and 0.6 Moz Au inferred mineral resources (14.6 Mt at 1.27 g/t Au). Significant Expansion Potential: Orezone has identified a number of opportunities to increase production over time and extend the mine life including:Maintaining and extending ongoing underground operations, with opportunity to increase head grade and production to historic levels with sustained investment in underground exploration and development; Continuing to advance permitting and development of WMCP & Principal pits; andEvaluating expansion of current and future open pits. Key Terms$100 million Gold Stream ParametersStream deliveries to Franco-Nevada consisting of:Fixed Deliveries: 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years, followed by,Variable Deliveries: 5.0% of gold produced from the Casa Berardi Mine and other Quebec assets (excluding Heva-Hosco) and 2.5% of gold produced from Heva-Hosco. Additional ConsiderationsFunding of the $100 million deposit upon closing with the effective date of the Stream January 1, 2026 and the first full quarter fixed delivery due by the later of April 15, 2026 and closing;Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to Orezone;Stream will be secured and will benefit from an Orezone parent guarantee;Franco-Nevada will maintain a right of first refusal on future streams and royalties related to the Casa Berardi Mine and the Heva-Hosco Gold Project; andClosing of the transaction is subject to customary conditions, including the successful completion of the acquisition by Orezone (which is itself subject to conditions), which is expected to occur in H1 2026.Financing the TransactionFranco-Nevada intends to finance the transaction from cash on hand. The Company had $0.9B in cash and cash equivalents and $1.9B in available capital at September 30, 2025. Franco-Nevada Corporate SummaryFranco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.About OrezoneOrezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring the Bomboré Gold Mine in Burkina Faso. Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 170,000 and 185,000 ounces in 2026. Orezone is also advancing stage 2 of the hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces.Additional Information Orezone's head and registered office is located at 450-505 Burrard Street, Vancouver, British Columbia, V7X 1M3. Franco-Nevada's head and registered office is located at 2000-199 Bay Street, Commerce Court West, Toronto, Ontario, M5L 1G9.Information relating to the Casa Berardi Mine and the Heva-Hosco Gold Project contained in this news release has been provided by Orezone.Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, Vice President, Mining of Franco-Nevada, a non-independent qualified person under National Instrument 43-101. Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including the expected timing of closing the transaction, the expected future performance of the Casa Berardi Mine and other Quebec assets and the Stream, and production and mine life estimates relating to the Casa Berardi Mine and other Quebec assets. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("GEOs") and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine life will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
View original content:https://www.prnewswire.com/news-releases/franco-nevada-announces-100-million-financing-with-orezone-gold-on-the-casa-berardi-mine-302670260.htmlSOURCE Franco-Nevada Corporation
Original: Franco-Nevada Announces $100 Million Financing with Orezone Gold on the Casa Berardi Mine
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