FNV

Franco-Nevada Corporation FNV reported adjusted earnings of $1.81 per share in the second quarter of 2026, up 46% year over year. However, the bottom line missed the Zacks Consensus Estimate of $1.95.Revenues climbed 57.3% year over year to $581 million, aided by stronger precious metal and oil prices, and higher contributions from several assets. Gold-equivalent ounces (GEOs) sold increased 18.1% to 132,405. Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote Revenues from Precious Metal assets totaled $498.7 million in the reported quarter, up from $304 million a year ago. These assets accounted for 86% of the quarterly revenues, comprising 70% of gold, 14% of silver and 2% of platinum group metals. Precious Metal GEOs sold increased 23.4% year over year to 114,111. Results benefited from higher deliveries from Antapaccay, Antamina, South Arturo and Musselwhite, along with incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine. Adjusted EBITDA advanced 44.8% year over year to $529.7 million. However, the adjusted EBITDA margin declined to 91.2% from 99% in the year-ago quarter. Gross profit rose to $451 million from $271.9 million.Adjusted net income increased to $349.2 million from $238.5 million a year earlier. The adjusted net income margin was 60.1%, down from 64.6% in the prior-year quarter, indicating that the sharp revenue increase did not translate into comparable margin expansion. As of June 30, 2026, Franco-Nevada had $1.01 billion in cash and cash equivalents, up from $0.67 billion at the end of 2025. The company generated an operating cash flow of $482.5 million in the second quarter, up 12% year over year.The company remained debt-free and had $4.3 billion in available capital at the end of the quarter. Franco-Nevada uses its free cash flow to expand its portfolio and pay out dividends. FNV expects total GEO sales of 510,000-570,000 for 2026 and is tracking toward the upper half of this range. The company sold 268,758 GEOs during the first half. Production is expected to be weighted toward the second half, reflecting anticipated production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine.The outlook also incorporates anticipated deliveries from the processing of stockpiled ore at Cobre Panamá. Franco-Nevada expects stream deliveries from Cobre Panamá to total 23,100 gold ounces and 265,000 silver ounces, with deliveries expected to begin in the third quarter. The company’s shares have gained 32.7% in the past year compared with the industry’s growth of 52%. Image Source: Zacks Investment Research Franco-Nevada currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.Agnico Eagle Mines Limited AEM posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89. Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franco-Nevada Corporation (FNV) : Free Stock Analysis Report Newmont Corporation (NEM) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Increased 57% year over year in Q2 2026. Adjusted EBITDA: Increased 45% year over year. Adjusted Net Income: Increased 46% to $349.2 million, or $1.81 per share. Total GEOs Sold: Increased 18% to 132,405 in Q2 2026, compared to just over 112,000 in Q2 2025. Precious Metal GEOs Sold: Increased 23% to 114,111 in the quarter. Diversified GEOs Sold: Decreased to 18,209 in Q2 2026 from 19,644 in the prior year, due to conversion at a higher gold price. Diversified Revenue: Increased 31% to $82.2 million. Cost of Sales: Increased to $45.9 million from $32.5 million in Q2 2025. Depletion: Increased to $84 million from $64 million a year ago. Antamina Revenue: Increased to $57.4 million in Q2 2026 from $23.3 million in Q2 2025. Margin per GEO: Increased to $4,352 per GEO in 2026, a 179% increase from $1,559 per GEO in 2022. Dividends Paid: $84 million paid to shareholders during the quarter. Available Capital: $4.3 billion as of June 30, 2026, including $1 billion in cash, $2.25 billion credit facility, and $1.2 billion in liquid market securities. Warning! GuruFocus has detected 2 Warning Signs with BOM:532830. Is FNV fairly valued? Test your thesis with our free DCF calculator. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Franco-Nevada Corp (NYSE:FNV) reported a strong second quarter with GEOs sold up 18% year-over-year, driven by higher production at key assets and new contributions from recent acquisitions. The company achieved record financial results for revenue, adjusted EBITDA, adjusted net income, and operating cash flow for the first half of 2026, with revenue up 57% and adjusted EBITDA up 45%. Franco-Nevada Corp (NYSE:FNV) is tracking towards the upper half of its 2026 annual guidance range, supported by strong performance from Candelaria, Tocantinzinho, Cote, and Valentine in the second half. The company maintains a robust balance sheet with $4.3 billion in total available capital, including $1 billion in cash and no debt, positioning it well for future acquisitions. Franco-Nevada Corp (NYSE:FNV) continues to see organic growth opportunities across its portfolio, with positive developments at multiple mines and successful exploration results, including at Porcupine and Bullabulling. The company's high-margin business model is evident, with margin per GEO increasing 179% since 2022, and adjusted EBITDA margin reaching 91.2%. Franco-Nevada Corp (NYSE:FNV) received positive news on the Cobre Panama environmental audit, with an 87.7% compliance rate and no major findings, supporting a potential restart. The company's diversified portfolio, with no single asset generating more than 10% of revenue, provides stability and reduces risk. Franco-Nevada Corp (NYSE:FNV) is actively expanding its business development pipeline, with a focus on project finance opportunities and larger transactions, which could lead to significant capital deployment. The company's energy segment benefited from higher oil prices and increased rig counts, with expectations of higher production volumes in the future. Franco-Nevada Corp (NYSE:FNV) experienced a decrease in diversified GEOs sold due to converting revenue at a higher gold price, which impacted reported volumes. Cost of sales increased to $45.9 million from $32.5 million year-over-year, driven by higher fixed costs for stream ounces and recent acquisitions with higher depletion rates. Depletion expense rose to $84 million from $64 million, reflecting higher per-ounce depletion from recent transactions like Yanacocha, Casa Berardi, Porcupine, and Cote. The company faces uncertainty regarding the Cobre Panama restart, as negotiations with the government have not yet begun, and there is no clarity on potential changes to fiscal terms. Franco-Nevada Corp (NYSE:FNV) noted that South Arturo's strong performance is weighted towards the first half of the year, leading to expected weaker contributions in the second half. The company's energy revenue was slightly light in the quarter due to delays in receiving production data, which could lead to conservative estimates and potential volatility. There is ongoing legal uncertainty regarding the Karma asset, with the company pursuing remedies under Ontario law and not carrying any book value for it. The business development pipeline includes smaller transactions, and the timing of larger deals is uncertain, with potential for lumpy capital deployment. Franco-Nevada Corp (NYSE:FNV) faces potential volatility in NPIs, as seen with Hemlo and Musslewhite, which can impact quarterly results. The company's guidance for 2026 is tracking to the upper half of the range, but there is a possibility of surpassing it, which could indicate conservative guidance. Q: Can you clarify how the company is tracking relative to its 2026 GEO guidance, given the inclusion of Cobre Panama stockpile processing and stronger oil prices?A: Sandip Rana, CFO, confirmed the company is tracking towards the upper half of its 510,000 to 570,000 GEO guidance range. While the midpoint is 540, the 9,000 to 10,000 GEOs from Cobre Panama and higher energy prices could push results above the range, but the company remains comfortable with its current guidance due to expected weaker second-half performance from South Arturo. Q: What is the status of the Cobre Panama restart, and has Franco-Nevada engaged with the Panamanian government regarding potential changes to the stream's fiscal terms?A: Paul Brink, President and CEO, stated that First Quantum is the operator and the party that will engage with the government. Formal negotiations have not yet begun, and there have been no discussions regarding changes to the fiscal terms of the stream as part of any potential restart settlement. Q: Given the robust pipeline and $4.3 billion in available capital, are there larger transactions in the pipeline, and would the company consider a special dividend if capital deployment is slow?A: An unidentified company representative (Ian) noted the pipeline is active across a range of deal sizes, including some significantly larger transactions that would deploy the accumulated capital. The company is seeing good opportunities in project finance. Regarding capital returns, Sandip Rana, CFO, stated that if a large cash influx occurred (e.g., from a Cote Gold NPI buyback), the company would likely increase its regular dividend rather than issue a special dividend. Q: How should we think about the volatility in the NPI contributions from Hemlo and Musslewhite for the second half of 2026?A: Sandip Rana, CFO, explained that NPIs are inherently volatile. Hemlo's Q2 production was lower, but it should increase in the second half, though not necessarily to Q1 levels. Musslewhite's strong Q2 included a catch-up payment for 2025, and given current commodity prices, the company expects a very strong NPI from Musslewhite for the full year 2026. Q: Are there any concerns regarding the deferral of production guidance at Hemlo by the operator, Newmont?A: Sandip Rana, CFO, expressed confidence in the operator's management of the asset. While NPI contributions will be volatile depending on development progress, the company is confident the NPI will continue for the foreseeable future. Q: With exploration at Guadalupe-Palmarejo continuing beyond Franco-Nevada's area of influence, are there near-term concerns about the stream's contribution?A: Sandip Rana, CFO, stated that a large portion of the mine's production remains on Franco-Nevada's stream ground, and based on exploration results, production on their land will continue for the foreseeable future. There are no current concerns. Q: Can you provide an update on the New Prosperity project and its key catalysts?A: Paul Brink, President and CEO, explained that a land-use planning process is ongoing between the First Nations and the BC government. The operator and First Nations have an arrangement where the First Nations could have a 20% ownership if they decide to proceed. There is no timeline for a conclusion, but the company is hopeful for a positive outcome. Q: When is the step-down in the Candelaria stream expected to occur?A: Sandip Rana, CFO, estimated the step-down will occur in the first half of 2027, though it could happen later in 2026 depending on production performance for the remainder of the year. Q: Why was the energy revenue lower than expected, and what is the outlook for the second half?A: Sandip Rana, CFO, attributed the variance to a delay in receiving actual production data, leading to conservative estimates. Paul Brink, CEO, added that the increase in US rig counts (from 420 to 450) and higher reinvestment rates (55% vs 51%) are positive indicators, but it takes about six months for drilling to translate into production, so higher unit volumes are expected towards the end of 2026 and into 2027. Q: What is the status of the Karma asset, and what is its book value?A: Lloyd Hong, Chief Legal Officer, stated there is no update since the company's press release. Franco-Nevada is continuing to pursue remedies under the Ontario-law-governed agreement and believes the Burkinabe judgment is not valid. The company is no longer carrying any book value for the asset. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the 18% year-over-year GEO growth to higher production at Antapaccay, Antamina, and South Arturo, alongside new contributions from Côté Gold and Valentine Gold. The company is executing a 'green shoots' strategy, focusing on organic growth within its deep royalty portfolio during the current bull market through mine expansions and resource growth at key assets like Detour and Caserones. Performance at Candelaria was lower year-over-year due to a transition between mining phases, but management expects a stronger second half as higher-grade Phase 12 ore becomes available. Energy segment revenue increased due to stronger oil prices and a boost from the Weyburn NPI, with management noting a pickup in U.S. oil rig rates and reinvestment as leading indicators for future production. The business model demonstrated significant leverage, with margins per GEO increasing 179% since 2022, outpacing the 160% increase in gold prices over the same period. Management maintains a robust $4.3 billion in available capital, positioning the company to act as a financial backer for new project developments in a lumpy but active M&A pipeline. Franco-Nevada is tracking towards the upper half of its 510,000 to 570,000 annual GEO guidance range, assuming continued strong performance from Candelaria, Côté, and Valentine in the second half. Guidance includes an expected 9,000 to 10,000 GEOs from Cobre Panamá as the operator begins processing stockpile ore following a positive environmental audit. Management anticipates higher unit volumes in the energy portfolio by late 2026 or early 2027, assuming the current increase in rig counts translates to production after the typical six-month lag. The company expects the depletion rate to decrease over time as reserves grow on recently acquired higher-depletion assets like Yanacocha and Casa Berardi. Strategic focus remains on project finance opportunities where Franco-Nevada can provide capital to teams building new mines, particularly in the $200 million to $500 million range for non-precious assets. At Cobre Panamá, an environmental audit showed 87.7% compliance; a government commission is now evaluating the mine's potential restart, though Franco-Nevada is not directly involved in fiscal negotiations. The company is pursuing legal remedies regarding the Karma asset in Burkina Faso but currently carries no book value for the interest, mitigating further balance sheet risk. A step-down in the Candelaria stream is estimated for the first half of 2027, though the exact timing depends on the operator's production rates through the end of 2026. Management flagged volatility in Net Profit Interests (NPIs) at Hemlo and Musselwhite, with Musselwhite's Q2 results including a one-time catch-up entry for 2025. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while recent deals were smaller, the pipeline contains significantly larger 'lumpy' transactions that require substantial liquidity. The company prefers to maintain cash for capital-intensive opportunities rather than issuing special dividends, though a permanent dividend increase would be considered if cash remains high. CEO Paul Brink confirmed Franco-Nevada is not at the negotiating table with the government; the operator, First Quantum, handles all fiscal and restart discussions. There are currently no discussions regarding changes to the economics of the existing stream agreement. The investment was described as a relationship-building move to back a proven management team (the Gignacs) on a copper-gold property in Chile. While there is no formal right of first refusal, management hopes the partnership positions them well for a future stream opportunity on the asset. Hemlo production on the Interlake land is expected to be higher in the second half of the year compared to Q2, despite recent operator guidance deferrals. Musselwhite's strong Q2 was aided by a 2025 finalization entry, but high commodity prices suggest a very strong full-year 2026 for the asset.

Interested in Franco-Nevada Corporation? Here are five stocks we like better. Record results: Franco-Nevada’s second-quarter revenue rose 57% year over year, while adjusted EBITDA increased 45% and adjusted net income climbed 46% to $349.2 million, or $1.81 per share. GEOs sold rose 18% to 132,405, supported by higher metal prices and increased production at key assets. 2026 guidance maintained: The company kept its full-year forecast at 510,000–570,000 GEOs and expects results to trend toward the upper half of that range, with stronger contributions from Candelaria, Tocantinzinho, Côté, Valentine and Cobre Panama stockpiles. Strong financial flexibility: Franco-Nevada had $4.3 billion in available capital and no debt at June 30, positioning it to pursue new royalty and streaming investments. Management expects to deploy significant capital toward acquisitions before considering additional shareholder returns. Franco-Nevada May Be the Best Way to Play a Commodity Supercycle Franco-Nevada (NYSE:FNV) reported higher second-quarter production-equivalent sales and record first-half financial results, aided by stronger precious-metal and oil prices, increased production at key assets, and contributions from recently acquired interests. President and Chief Executive Officer Paul Brink said total gold-equivalent ounces, or GEOs, sold rose 18% from a year earlier during the second quarter. The increase reflected higher production at Antamina and South Arturo, new contributions from the company’s Côté Gold and Casa Berardi interests, and the start of production at Valentine Gold. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Gold, Copper, and Missiles: 3 Big Dividend Raises After a Breakout Year “With the higher energy contribution and the processing of stockpiles at Cobre Panama, we are tracking towards the upper half of our annual guidance range for 2026,” Brink said. Chief Financial Officer Sandip Rana said the company achieved record revenue, adjusted EBITDA, adjusted net income and operating cash flow in the first six months of 2026. Second-quarter revenue increased 57% year over year, while adjusted EBITDA rose 45% and adjusted net income increased 46%. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Gold, Silver, and Copper Are Surging—Here Are 3 Smart Ways to Play It Adjusted net income was $349.2 million, or $1.81 per share, for the quarter. Total GEOs sold increased to 132,405 from slightly more than 112,000 in the second quarter of 2025. Precious-metals GEOs totaled 114,111, up 23% from the prior-year period. Average gold prices were 38% higher year over year during the quarter, while silver prices increased 118%, Rana said. Although both metals retreated from first-quarter highs, the company also benefited from oil prices that remained above $80 per barrel for West Texas Intermediate crude. → First Solar’s Profit Engine Faces a New Policy Test in Washington Antamina revenue rose to $57.4 million from $23.3 million a year earlier, reflecting greater deliveries, higher silver prices and the processing of higher-grade ore. Rana said the company expects processing of higher-grade material at Antamina to continue through the second half of 2026. South Arturo also made a significant contribution as the operation benefited from Phase I open-pit production. Rana noted, however, that South Arturo’s production profile was expected to be weighted toward the first half of the year. At Candelaria, mine production was lower than in the prior-year quarter, when the operation processed higher-grade Phase IA ore. Franco-Nevada expects stronger second-half performance as higher-grade Phase 12 ore becomes available and underground mining rates increase. The company estimates that a step-down in the Candelaria stream will occur during the first half of 2027, though it could occur earlier depending on production through the remainder of 2026. Franco-Nevada maintained its full-year 2026 guidance of 510,000 to 570,000 GEOs sold. The company sold approximately 269,000 GEOs in the first half and expects results to trend toward the upper half of the guidance range. Rana said stronger second-half contributions are anticipated from Candelaria, Tocantinzinho, Côté and Valentine. The company also expects to receive between 9,000 and 10,000 GEOs from Cobre Panama as First Quantum processes stockpile ore. Brink said an environmental audit at Cobre Panama found no major issues and reported an overall operating compliance rate of 87.7%. Panama’s government subsequently created a commission of senior ministers to evaluate environmental considerations and the economic contribution of a potential restart. Franco-Nevada has not participated in discussions with the Panamanian government regarding a restart or possible changes to the mine’s fiscal terms, Brink said, noting that First Quantum is the operator and party engaging with the government. Brink pointed to expansion, development and exploration updates across Franco-Nevada’s royalty portfolio, including developments at Côté, Detour, Magino, Valentine, Caserones and Séguéla, as well as a potential pit pushback at Candelaria. He also cited resource expansions at Guadalupe, Hemlo, Bullabulling and AurMac, and progress at Copper World and Stibnite Gold. The company said 86% of second-quarter revenue came from precious metals, while 88% was generated in the Americas. No single asset accounted for more than 10% of revenue, according to Rana. Energy revenue increased on stronger oil prices. Brink said U.S. oil rigs in the lower 48 states had risen to 450 from 420 three months earlier, while average producer reinvestment rates increased to 55% from 51% earlier in the year. He said higher drilling activity could translate into increased production volumes late in 2026 and into 2027, though operators generally need time to adjust drilling programs. Franco-Nevada’s diversified GEO sales declined to 18,209 from 19,644 a year earlier, but diversified revenue increased 31% to $82.2 million. Rana said the lower GEO figure reflected the company’s conversion of revenue into GEOs using a fixed gold price of $4,500 per ounce. As of June 30, Franco-Nevada had $4.3 billion of available capital, consisting of $1 billion in cash, $2.25 billion under its credit facility including accordion capacity, and $1.2 billion in liquid marketable securities. The company said it remained debt-free. Chief Investment Officer Eaun Gray said Franco-Nevada’s transaction pipeline includes opportunities across a range of deal sizes and development stages, with particular potential in project financing for new mine construction. He said transaction activity could pick up later in 2026 and into 2027, while larger transactions may take longer to close. Management said it expects to deploy a significant amount of available capital before considering other methods of returning capital to shareholders. Franco-Nevada paid $84 million in quarterly dividends during the second quarter. Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing. The company's business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Franco-Nevada Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Tracking towards the upper half of annual guidance range (in U.S. dollars unless otherwise noted) TORONTO, Aug. 11, 2026 /CNW/ -- Gold equivalent ounces sold in the quarter were 18% higher compared to the prior year period. Financial results benefited further from strong year-over-year precious metal and oil prices in the quarter. Production for the portfolio is expected to be weighted to the second half of the year, largely due to the expected production profiles at Candelaria, Tocantinzinho and Côté Gold, among others. During the quarter, the Government of Panama allowed the processing of stockpiles at Cobre Panamá to commence and established a ministerial commission to consider the future of the mine. The Company is tracking towards the upper half of its annual guidance range for 2026 due to elevated oil prices and anticipated deliveries from the processing of stockpiles at Cobre Panamá. "Our portfolio is set to benefit from strong organic growth evidenced by resource increases, planned mine expansions and project advancements," stated Paul Brink, President & CEO. "With $4.3 billion in available capital, the Company is also well positioned to take advantage of a strong pipeline of deal opportunities." Financial Highlights – Q2 2026 compared to Q2 2025 $580.9 million in revenue, +57%. 132,405 GEOs1 sold, +18%. 122,205 Net GEOs1 sold, +20%. $482.5 million in operating cash flow, +12%. $529.7 million ($2.75/share) in Adjusted EBITDA2, +45%. $354.0 million ($1.84/share) in net income, +43%. $349.2 million ($1.81/share) in Adjusted Net Income2, +46%. $4.3 billion in Available Capital3 as at June 30, 2026. Financial Highlights – H1 2026 compared to H1 2025 $1,231.6 million in revenue, +67% – new half-year record. 268,758 GEOs sold, +13%. 248,225 Net GEOs sold, +15%. $1,002.9 million in operating cash flow, +39% – new half-year record. $1,121.6 million in Adjusted EBITDA or $5.82/share, +63% – new half-year records. $822.6 million in net income or $4.27/share, +80% – new half-year records. $807.5 million in Adjusted Net Income or $4.19/share, +82% – new half-year records. GEOs Sold and Revenue In Q2 2026, we recognized revenue of $580.9 million, an increase of 57% from Q2 2025, and sold 132,405 GEOs, an increase of 18% from Q2 2025. We benefited from higher precious metal and oil prices compared to Q2 2025, strong contributions from Antapaccay, Antamina, South Arturo, Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, all of which were acquired or commenced production approximately over the past year. We also benefited from an increase in revenue from our Diversified assets, particularly from our Weyburn and SCOOP/STACK interests. Precious Metal assets accounted for 86% of our revenue in Q2 2026 (70% gold, 14% silver, and 2% PGM). Revenue was sourced 88% from the Americas (40% South America, 25% Canada, 16% U.S. and 7% Central America & Mexico). Portfolio Additions Acquisition of Royalty on the Comet Vale Gold Mine – Australia: Subsequent to quarter-end, on July 15, 2026, we acquired a 2.0% gross royalty on all gold production from the majority of the mining leases of Gorilla Gold Mines Ltd's Comet Vale gold project, including the Sovereign and Cheer deposits, in the north Kalgoorlie region of Western Australia for $8.4 million (A$12.0 million), plus a contingent payment of $2.1 million (A$3.0 million). Acquisition of Royalties on the Greenstone Gold Mine – Canada: On June 22, 2026, we acquired a 5.0% NPI and 2.0% NSR that cover part of Equinox Gold Corp.'s broader Greenstone Gold Mine property for total cash consideration of $2.0 million. The 5.0% NPI area overlaps with a portion of our existing 3.0% NSR on Greenstone. Acquisition of Royalty on Youanmi Gold Mine – Australia: On May 29, 2026, we acquired a 1.0% NSR on all gold production from the mining leases of Rox Resources Limited's Youanmi gold project in the Murchison region of Western Australia for $32.9 million (A$47.0 million). Acquisition of Royalty Portfolio from Victoria Gold Corp.– Canada and U.S.: 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$55.0 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 milestone payments on i-80 Gold Corp.'s Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Cobre Panamá Update Cobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted. During the quarter, the integral audit, carried out by SGS Global, was completed and on June 19, 2026, Panama's Ministry of Environment, MiAmbiente, published SGS' final integral audit report, representing an overall compliance rate of 87.7%. During the quarter, the Government of Panama (the "GOP") established a high-level ministerial commission comprising the Ministers of Commerce and Industries, Economy and Finance, and Environment to evaluate matters relating to the future of the Cobre Panamá mine, including consideration of the integral audit findings and associated economic, environmental, and legal implications. On April 7, 2026, the GOP authorized the removal, processing, and export of stockpiled ore (the "Processing Program") currently stored on site at the Cobre Panamá mine as part of the P&SM plan. As a result, after two years of halted operations, Cobre Panamá transitioned to the execution of the approved Processing Program. Commissioning of the first processing train was completed during May 2026, followed by the commencement of stockpile processing and the production of the first copper concentrate. Production reflected the successful commissioning and restart of one of the three milling circuits while Cobre Panamá continued to execute the P&SM plan in accordance with regulatory requirements. First Quantum estimates that Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with the remaining balance to be processed in 2027 for a total of approximately 70,000 tonnes. Based on these estimates, Cobre Panamá 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 one-third of deliveries anticipated in H2 2026. Guidance The 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 "Forward-Looking Statements" 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 public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof. Production for the portfolio is expected to be weighted to the second half of the year as previously guided, largely due to production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine. We also expect to benefit from the commencement of processing of stockpiled ore at Cobre Panamá, as outlined in the section above. With the inclusion of the anticipated Cobre Panamá deliveries, we are tracking towards the upper half of our 2026 Total GEOs guidance range. Furthermore, we are benefiting from elevated oil and natural gas liquids prices, with H1 2026 oil revenue of $78.8 million increasing 20% relative to H1 2025. Should oil prices remain elevated, we would expect a continued positive impact on our Energy revenue. An increase of $10 relative to our assumed WTI price of $70 per barrel is estimated to increase oil revenue by approximately 12%. The following table presents our H1 2026 actual performance compared to our 2026 guidance. Sustainability Updates During the quarter, we published our 2026 Sustainability Report, highlighting our sustainability-related initiatives and disclosures, including expanded disclosure relating to communities and Indigenous Peoples and enhanced climate-related disclosure. Franco-Nevada was recognized as one of Corporate Knights' Best 50 Corporate Citizens in Canada for 2026 and achieved an "A" rating in CDP's Supplier Engagement Assessment. We continued to strengthen our community engagement and contribution initiatives through operator partnerships, including support for the Boys & Girls Club Early Learning Center in Eureka, Nevada with i-80 Gold and for a community-based facility in Rustenburg, South Africa with Sibanye-Stillwater. During the quarter, we received a record number of applications for the Franco-Nevada Mining Industry Scholarship Program following the expansion of the program in partnership with the Young Mining Professionals Scholarship Fund. Q2 2026 Portfolio Updates Precious Metal assets: GEOs sold from our Precious Metal assets amounted to 114,111 GEOs for Q2 2026, an increase of 23% from 92,449 GEOs in Q2 2025. This was primarily due to higher deliveries from Antapaccay, Antamina, South Arturo and Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, which were acquired or commenced production approximately over the past year. South America: Candelaria (gold and silver stream) – GEOs sold in Q2 2026 were lower than those sold in Q2 2025. 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 due to increased availability of higher-grade Phase 12 ore, combined with increased underground mining rates as the underground insourcing initiative nears completion. In addition, Lundin has reported strong potential for mine life extensions through underground extensions, open pit push backs (Phase 14) and surface projects. The underground expansion is expected to achieve 14 ktpd in H2 2027 and progress towards 22 ktpd by 2030. Antapaccay (gold and silver stream) – GEOs sold in Q2 2026 were higher than those sold in Q2 2025, primarily due to processing of higher-grade ore. In addition, delivery shortfalls were experienced in the prior year period. Antamina (22.5% silver stream) – Silver ounces sold in Q2 2026 were higher than in Q2 2025. The increase in deliveries is attributable to higher silver grades in the current period and timing of shipments. Q3 2026 deliveries to Franco-Nevada are expected to be lower based on lower concentrator throughput at the mine in Q2 2026. Tocantinzinho (gold stream) – GEOs sold in Q2 2026 were relatively consistent with those sold in Q2 2025. G Mining Ventures expects production to be weighted towards H2 2026 as higher-grade mineralization becomes available in accordance with the mine plan. Condestable (gold and silver stream) – GEOs sold in Q2 2026 were higher than those sold in Q2 2025. The stream transitioned from fixed deliveries to variable deliveries with Q2 2026 being the first period with variable deliveries. Rio2 Limited expects to receive approval for the modification of the mine EIA during Q3 2026, which will permit an increase in production from 8,400 tonnes per day to 10,000 tpd, and will continue to assess opportunities to expand production further. In June 2026, Rio2 finalized an updated National Instrument 43-101 Technical Report which highlighted continued resource and reserve replacement and outlined a 14-year life of mine through 2039. Yanacocha (1.8% royalty) – GEOs from our Yanacocha royalty in Q2 2026 were relatively consistent with Q2 2025. Newmont anticipates production from Yanacocha for 2026 of approximately 460,000 gold ounces, with 272,000 gold ounces produced in H1 2026. PSJ Cobre Mendocino (San Jorge) (7.5% royalty) – PSJ Cobre Mendocino (formerly San Jorge), a copper-gold project located in the province of Mendoza in Argentina, obtained approval under Argentina's Large Investment Incentive Regime (RIGI) in May 2026. A feasibility study is expected in late 2026 and initial production is planned for 2029. Central America & Mexico: Guadalupe-Palmarejo (50% gold stream) – GEOs sold in Q2 2026 were slightly lower than in Q2 2025, primarily due to the processing of a larger quantity of higher-grade ore in the previous year. In July 2026, Coeur Mining announced positive exploration results from an extensive exploration program. Drilling along the Main Mine Trend has further expanded mineralization at both the Hidalgo Corridor and Independencia Sur, where results are expected to add near-term reserves, some of which is expected to be within Franco-Nevada's stream boundaries. Canada: Côté Gold (7.5% GMR) – Production (on a 100% basis) from Côté Gold in Q2 2026 was 96,200 gold ounces, in line with the prior year period, where production was 96,000 gold ounces. The replacement of the conveyor belt in May 2026 and the commissioning of a second cone crusher allowed the plant to operate at near full capacity in June 2026. IAMGOLD expects production to increase and unit costs to decline through H2 2026. In June 2026, IAMGOLD released an updated Mineral Resource estimate integrating the Côté and Gosselin zones into a consolidated block model, outlining Measured and Indicated Mineral Resources of 20.3 million ounces of gold (838.0 Mt at 0.75 g/t Au) and Inferred Mineral Resources of 3.5 million ounces of gold (177.1 Mt at 0.61 g/t Au). An updated Mineral Reserve estimate and updated mine plan outlining near-term opportunities to increase processing capacity to 40,000 tpd are expected in Q4 2026. In parallel, IAMGOLD is continuing to evaluate opportunities for a larger-scale expansion over the long term. Detour Lake (2% royalty) – Detour produced 207,279 ounces of gold during the quarter, a 23% increase over the prior year period driven by a higher-grade sequence and strong mine and mill performance. Development activities for the underground project continued during the quarter, with the exploration ramp reaching a depth of 180 metres as of June 30, 2026. Exploration drilling, which totalled 52,763 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 fewer GEOs in Q2 2026 compared to Q2 2025 as access to higher-grade stopes was delayed based on mining sequence. In June 2026, Hemlo Mining Corporation announced an increased Mineral Resource estimate which outlined Measured and Indicated Mineral Resources of 387,000 ounces of gold (3,086 kt at 3.90 g/t Au) attributable to Franco-Nevada's 50% portion of the Interlake claims, a year-over-year increase of 18%. Porcupine (4.25% royalty) – GEOs sold in Q2 2026 increased compared to Q2 2025. In June 2026, Discovery acquired Glencore's Kidd Operations, providing Discovery with the potential to double production from the Timmins complex to 500,000 gold ounces annually. Discovery expects to release updated mineral resource updates for Dome and TVZ by the end of 2026. Additionally, Discovery has initiated the development of an exploration ramp between Hoyle Pond and Owl Creek to facilitate drilling along the trend. Greenstone (3% royalty) – Equinox Gold reported operational improvements in Q2 2026, as the number of days operating above nameplate capacity continues to increase, with 69% of days exceeding 27,000 tpd compared to 51% in the immediately preceding quarter. This trend is anticipated to continue into H2 2026 resulting in expected higher production quarter-over-quarter for the balance of the year. Equinox Gold expects Greenstone to produce between 250,000 and 275,000 gold ounces in 2026. Valentine (3% royalty) – Equinox Gold reported that the ramp-up is progressing well, with the mine averaging 113% of nameplate capacity for Q2 2026. Production is expected to increase in H2 2026, driven by higher mill feed grades and continued strong plant performance. Following its acquisition of Orla Mining on July 31, 2026, Equinox Gold revised its 2026 production guidance for Valentine from 150,000 – 200,000 gold ounces to 140,000 –150,000 gold ounces. In August 2026, Equinox Gold approved the construction of the Valentine Phase 2 expansion project. Construction is expected to be completed in late 2028. Musselwhite (5% NPI) – GEOs sold in Q2 2026 were higher than in Q2 2025. Production at the mine was higher due to improvements in stope sequencing and underground development rates. In addition, of the 5,198 GEOs recognized in Q2 2026, 3,951 GEOs were related to the 2025 annual period. On July 31, 2026, Equinox Gold completed its acquisition of Orla Mining. Equinox Gold expects production of between 100,000 and 110,000 gold ounces from Musselwhite for the period of August 1, 2026 to December 31, 2026. Sudbury (gold and PGM stream) – GEOs sold from our Sudbury stream were higher in Q2 2026 than in Q2 2025, supported by Magna Mining's record quarterly production under its ownership and continued operational momentum at McCreedy West, where underground development is expected to exceed 2,350 feet during the quarter, also a record under Magna ownership. Canadian Malartic (1.5% royalty) – At Odyssey, production from East Gouldie ramped up during the quarter. Gold production at Odyssey was a record and in line with plan at 28,800 ounces, with Odyssey expected to contribute approximately 120,000 ounces of gold in 2026. In July 2026, Agnico Eagle Mines Limited reported a rock mass movement along the north wall of the Barnat open pit. Franco-Nevada's royalty does not cover the Barnat pit. Agnico Eagle believes that the incident will not affect the development or production outlook for the Odyssey mine. For 2026, Franco-Nevada estimates 600-700 GEOs will be received from our royalty interest at Canadian Malartic. AurMac (1% royalty post buy-back) – Banyan Gold announced the final Environmental Impact Statement and Record of Decision are on track for Q4 2026. The draft EIS was published in April. An updated feasibility study is expected in H2 2026 with an investment decision expected in H1 2027. Kerr-Addison (1% royalty) – In July 2026, Cadillac Mines completed a C$385 million IPO, including a C$60 million investment from Agnico Eagle, providing significant funding to develop the Kerr-Addison project. U.S.: South Arturo (4-9% royalties) – GEOs sold in Q2 2026 were higher than in Q2 2025, as Nevada Gold Mines continues to process ore from the South Arturo pit in 2026, in line with the Carlin mine plan. Production from Phase 1 is expected to continue through to the end of 2026. Bald Mountain (1-5% royalties) – Kinross reported that mining is advancing well at Bald Mountain Redbird and that the heap leach pad expansion is continuing ahead of schedule. i-80 (1.5% royalty) – i-80 Gold reported that construction at the Archimedes project, which commenced in Q3 2025, continues to be on schedule with first gold expected in Q4 2026. The refurbishment of the Lone Tree autoclave and plant also continues to advance and the plant is expected to achieve first pour in late 2027. Stibnite (1.7% gold royalty and 100% silver royalty) – Perpetua Resources reported that it had commenced critical path construction activities for the 2026 field season, following a decision in May 2026 by the United States District Court of Idaho denying a motion for a preliminary injunction filed by special interest groups. Perpetua anticipates operations to commence in 2029. Stillwater (5% royalty) – Sibanye-Stillwater announced the phased implementation of a new technique to achieve larger stope sizes to be completed by H2 2028 and steady state production of 410,000 2E PGM ounces by 2029. Stillwater West is expected to provide future optionality and upside. Castle Mountain (2.65-4.65% royalties) – Equinox Gold expects a final Environmental Impact Statement and Federal Record of Decision for the Castle Mountain Expansion in Q4 2026. An updated feasibility study is expected in H2 2026 with an investment decision in H1 2027. Rest of World: Western Limb (gold and platinum stream) – GEOs sold in Q2 2026 were higher than in the prior year quarter. Sibanye-Stillwater reported that the ramp-up of the K4 shaft was 77% complete as of June 2026. Sibanye-Stillwater expects UG2 brownfield projects to sustain an annual underground production profile of 1.5Moz 4E PGM beyond 2035 and increases the mechanized and UG2 contributions to 64% and 80%, respectively. This indicative production profile exceeds our initial expectations at the time of the transaction. Tasiast (2% royalty) – GEOs from our Tasiast royalty were higher in Q2 2026 than in Q2 2025, primarily driven by higher throughput and timing of ounces processed through the mill. Bullabulling (2.45% royalty) – In July 2026, Minerals 260 Limited released an updated mineral resource estimate that substantially exceeded the initial maiden resource estimate. Concurrently, Minerals 260 announced the completion of a positive pre-feasibility study, outlining an annual production profile of 150,000 gold ounces over 19 years with production expected to commence in Q4 2028. Infrastructure for the processing plant of 5Mtpa will be designed to support a potential expansion to 7.5 Mtpa. The pre-feasibility study was based on the maiden ore reserve estimate. The expanded resource estimate is expected to be incorporated into a reserve update as part of a definitive feasibility study targeted for Q1 2027. Séguéla (0.6% royalty) – In July 2026, Fortuna Mining announced it had made a final investment decision for the Séguéla plant expansion, representing a 30% expansion and providing a pathway to production of over 200,000 gold ounces per year. The project includes an expansion of the Séguéla processing facility, upgrades to supporting infrastructure, and development of the Sunbird underground mine. Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $82.2 million in revenue, compared to $62.7 million in Q2 2025. Other Mining: Vale (iron ore royalty) – Revenue from the Vale royalty increased when compared to Q2 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, partly offset by higher transportation costs. LIORC – Revenue from our attributable interest on the Carol Lake mine in Q2 2026 was relatively consistent with Q2 2025. Production at IOC in Q2 2026 was lower than Q2 2025 but improved relative to Q1 2026 as IOC is implementing a multi-year program to address operating challenges. Caserones (0.517% royalty) – In June 2026, Lundin Mining reported that annual cathode production at the mine increased to 25,000 tonnes following leaching improvements. Lundin expects to increase utilization of the cathode plant and further increase cathode production to approximately 40,000 tonnes per year, partially offsetting expected lower sulphide head grades in future years. Subsequent to quarter-end, production at Caserones was impacted by severe winter storms, which restricted site access and disrupted power supply for 13 days. Copper World (2.085% royalty) – Hudbay reported that the Copper World definitive feasibility study is progressing, with 95% of the engineering work completed, and a project sanctioning decision on track for late 2026 and first production expected in H2 2029. Crawford (2% royalty) – Canada Nickel Company received a positive decision statement from the federal Minister of Environment, Climate Change and Nature, and is advancing towards a construction decision in 2027. Energy: U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased to $46.2 million in Q2 2026, compared to $38.5 million in Q2 2025. The increase was primarily due to a higher share of production earned from our Continental Resources interests and stronger realized oil prices, including the benefit of higher natural gas liquids pricing across our principal gas assets. Overall, we continue to see steady production across the basins. Canada (various royalty rates) – Revenue from our Canadian Energy interests was $24.2 million in Q2 2026, compared to $14.0 million in Q2 2025 due to higher realized oil prices. We earned higher revenue from our Weyburn interests due to the leverage of the NRI royalty to the increase in oil prices in the quarter. Dividend Declaration Franco-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 September 24, 2026, to shareholders of record on September 10, 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 Q2 2026 Conference Call The 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 Q2 2026 quarterly results. Interested investors are invited to participate as follows: Corporate 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. For more information, please visit our website at www.franco-nevada.com 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: 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 and six months ended June 30, 2026 dated August 11, 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 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: 3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $1,014.2 million as at June 30, 2026, our equity investments (excluding our long-term investment in Labrador Iron Ore Royalty Corporation) of $1,041.2 million and the amounts available to borrow under our corporate revolving credit facilities totaling $1.5 billion and their accordions of $750.0 million as at June 30, 2026. FRANCO-NEVADA CORPORATIONCONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION(in millions of U.S. dollars) The condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2026 Quarterly Report available on our website FRANCO-NEVADA CORPORATIONCONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in millions of U.S. dollars and shares, except per share amounts) The condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2026 Quarterly Report available on our website FRANCO-NEVADA CORPORATIONCONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS(in millions of U.S. dollars) The condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2026 Quarterly Report available on our website View original content:https://www.prnewswire.com/news-releases/franco-nevada-reports-q2-2026-results-302848909.html View original content: http://www.newswire.ca/en/releases/archive/August2026/11/c7348.html

GDX dropped 21% in Q2 2026 but remains up 50% over the trailing year, creating a contrarian setup for gold miner bulls. GLD returned 22% over the past year while GDX returned 50%, showing that miners' operational leverage amplifies gold's upside just as it amplifies its downside. Genesis Minerals' $3.9 billion rival bid for Vault Minerals signals producers view gold ounces as cheap and their cash flows as durable. Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today. Gold miners just got taken to the woodshed. The VanEck Gold Miners ETF (NYSEARCA:GDX) shed 21% in the second quarter of 2026, sliding from $96 in early April to roughly $75 by June 30, one of the ugliest three-month stretches for the sector in over a decade. Yet GDX is still up almost 50% over the trailing year. Contrarians hunt exactly that gap between recent pain and the underlying trend, and GDX is the cleanest way to express it. GDX tracks the NYSE Arca Gold Miners Index, a basket of large-cap producers led by Newmont (NYSE:NEM), Agnico Eagle (NYSE:AEM), Barrick Gold (NYSE:B), and royalty companies like Franco-Nevada (NYSE:FNV) and Wheaton Precious Metals (NYSE:WPM). You are buying the businesses that dig it up, refine it, and sell it, which is a very different animal from owning the metal itself. Most Americans suspect they're behind on retirement and never find out. Advisor.com's free matching tool pairs you in about three minutes with a vetted fiduciary advisor who can help you with investing, taxes, retirement, estate planning, and more. No minimums. No sales call. Find out where you stand. The return engine is operational leverage. A miner's all-in sustaining cost might sit around $1,400 an ounce. When gold trades at $2,000, that spread is one thing. When gold pushes to $3,000, the extra revenue drops almost entirely to the bottom line. Free cash flow explodes, dividends get raised, and the equity re-rates. That mechanic runs in reverse on the way down, which is what just happened. SPDR Gold Shares (NYSEARCA:GLD), the physical bullion proxy, fell roughly 12% from early April through early July. GDX fell closer to 16% over the same window. Miners amplified the move, as they always do. But zoom out and the same leverage runs the other way. Over five years, GLD returned 126% while GDX returned 144%. Over one year, gold gained 22% while miners gained 50%. When gold trends up, miners typically outrun it. When gold rolls over, they get hit harder. But how come the dying sector story does not hold? Look at what management teams are doing with their cash. Genesis Minerals just launched a rival $3.9 billion bid for Vault Minerals, an aggressive move producers make when they see ounces as cheap and their own cash flows as durable. Boards do not authorize hostile bids of that size if they believe the cycle is over. Sustained weakness across the peer group looks more like a grinding correction than panic capitulation, with cash flows still supporting dividends and buybacks. GDX is a satellite position, not a core holding. A reasonable framework treats gold exposure as 5% to 10% of a diversified portfolio, split between bullion (GLD or IAU) and miners (GDX). The bullion piece is your insurance policy. The miners piece is your call option on gold trending higher, with operational leverage doing the work. Sizing GDX above 5% invites drawdowns like the one that just happened. The tradeoffs are still real, because: Volatility that hurts. A 21% quarter is a structural feature of this fund. If you cannot stomach that on 5% of your book, own bullion instead. Concentration risk. The top holdings dominate the index, so Newmont's cost overruns or Barrick's political headaches show up in your returns whether gold moves or not. Catching a falling knife is a real risk. Miners can grind lower for months before turning, and averaging in beats trying to time it. GDX fits an investor who already holds some bullion, believes the gold cycle has further to run, and wants operational leverage without picking a single miner. It does not fit anyone treating gold as a sleep-well-at-night allocation. For that use case, bullion serves better than the equities. The contrarian case for miners rests on cash flow, M&A activity, and a peer group that just corrected hard while gold itself is still up over the year. That is a setup worth watching, ideally with a plan to add on further weakness rather than a single lump-sum entry at $78. Most Americans have no idea where they actually stand. Most guess, or hope Social Security and a 401(k) will work out. Advisor.com's new matching tool gives you a real answer, free. They pair you with a fiduciary (required by law to put YOUR interest first) with questions related to taxes, estate planning, retirement, insurance analysis, and more. See you who you match with today, and get the answers you need. Contact [email protected] for any questions or corrections.

Franco-Nevada recently reported record first-quarter 2026 results, with revenue reaching US$650.7 million and adjusted earnings of US$2.38 per share, while also announcing a leadership change as Tom Albanese became independent non-executive Chair. The company’s confirmation of maintained 2026 gold-equivalent guidance and expected Cobre Panamá stream deliveries starting in the third quarter of 2026 adds clearer visibility to its near-term royalty and streaming pipeline. With record quarterly performance and increased clarity around Cobre Panamá’s upcoming contributions, we’ll now examine how this news reshapes Franco-Nevada’s investment narrative. Find 8 companies with promising cash flow potential yet trading below their fair value. To own Franco-Nevada, you have to believe in the appeal of a royalty and streaming model that is tightly linked to precious metal prices, yet buffered by diversification and a strong balance sheet. The key near term catalyst remains the resumption of Cobre Panamá stream deliveries, and the latest confirmation of expected third quarter 2026 volumes improves visibility. The biggest current risk still lies in asset concentration and potential disruptions at major revenue contributors, which this news does not fundamentally change. Against that backdrop, the record first quarter 2026 results, with US$650.7 million in revenue and adjusted earnings of US$2.38 per share, matter because they show how sensitive Franco-Nevada’s financials are to commodity prices and new asset contributions. The leadership transition to Tom Albanese as independent non executive Chair also reinforces governance continuity at a time when investors are focused on execution around Cobre Panamá and the broader precious metals royalty pipeline. Read the full narrative on Franco-Nevada (it's free!) Franco-Nevada’s narrative projects $3.0 billion revenue and $2.1 billion earnings by 2029. This requires 12.6% yearly revenue growth and roughly a $0.7 billion earnings increase from $1.4 billion today. Uncover how Franco-Nevada's forecasts yield a CA$410.64 fair value, a 40% upside to its current price. Yet while the bullish analysts were assuming revenue could reach about US$2.7 billion and earnings US$1.9 billion by 2029, you should also weigh how concentrated assets like Cobre Panamá leave Franco-Nevada exposed to... Compared with the baseline, the most optimistic analysts were already banking on roughly US$2.7 billion of revenue and US$1.9 billion of earnings by 2029, so after this earnings beat you should recognise that their more aggressive growth and margin assumptions, particularly around projects like Cobre Panamá, may or may not hold up as new information comes in and that your own view should sit somewhere along this wide spectrum of expectations. Explore 6 other fair value estimates on Franco-Nevada - why the stock might be worth 30% less than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Franco-Nevada research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision. Our free Franco-Nevada research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Franco-Nevada's overall financial health at a glance. Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters: The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 14 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. Invest in the nuclear renaissance through our list of 88 elite nuclear energy infrastructure plays powering the global AI revolution. Uncover the next big thing with 14 elite penny stocks that balance risk and reward. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FNV.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

It has been about a month since the last earnings report for Franco-Nevada (FNV). Shares have lost about 13.4% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Franco-Nevada due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Franco-Nevada reported adjusted earnings of $2.38 per share for the first quarter of 2026, beating the Zacks Consensus Estimate of $2.09 by 13.9%. Earnings jumped 122.4% from $1.07 a year ago, supported by higher commodity prices and contributions from recently added assets. Revenues were a record $650.7 million, up 76.6% year over year. Operationally, Franco-Nevada sold 136,353 gold-equivalent ounces, an 8% increase, reflecting strength across precious metals and diversified interests. Precious Metal assets remained the engine of Franco-Nevada’s quarter, accounting for $568.1 million of revenues from royalty, stream and working interests. Gold contributed $436.9 million, while silver added $113.5 million and platinum group metals generated $17.7 million. Diversified assets produced $82.6 million of revenues. Within that bucket, iron ore contributed $17.1 million and energy assets added a meaningful cash flow, led by oil at $33.5 million and gas at $20.6 million, with natural gas liquids contributing $5.3 million. FNV translated the revenue strength into higher profitability, with adjusted EBITDA of $591.9 million, up 83.9% from the year-ago period. The adjusted EBITDA margin expanded to 91% from 87.4%, helped by the company’s royalty and streaming structure, and the benefit of higher realized prices. Net income climbed 123% year over year to $468.6 million. Costs of sales came in at $124 million compared with $107 million in the prior-year quarter. The operating cash flow rose 80% to $520.4 million from the prior-year quarter. The quarter included a $49.5-million refund tied to a Canada Revenue Agency settlement, which added to cash generation alongside higher receipts from royalty and stream interests. Franco-Nevada ended March 31, 2026, with $714.7 million in cash and cash equivalents, up from $670.9 million at the end of 2025. Available capital totaled $3.4 billion, reflecting cash, equity investments and unused capacity on its revolving credit facilities, giving the company flexibility to pursue additional deals. FNV reiterated its 2026 GEO sales guidance of 510,000-570,000 ounces, which excludes any potential contributions from Cobre Panamá. Following Panama’s authorization to process and export stockpiled ore, First Quantum Minerals estimates Cobre Panamá to produce 30,000-40,000 tons of copper in 2026. First Quantum Minerals anticipates additional processing in 2027 from the mine. Franco-Nevada expects stream deliveries to start in the third quarter of 2026, with most deliveries anticipated in 2027. It turns out, estimates revision have trended downward during the past month. At this time, Franco-Nevada has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of this revision looks promising. Notably, Franco-Nevada has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franco-Nevada Corporation (FNV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research