FNV News & Events

Volatility may be receding, though the broad sentiment remains confounded by mixed message from President Trump regarding the Middle East as the White House attempts to threat the needle with comments that will ease the stress of the energy markets and avoid declaring victory prematurely.   Indeed, Tuesday's rally was upended by late day tough rhetoric from the president on Truth Social threatening military consequences at 'levels never seen before' if Iran decides to put any mines in the Hormuz Strait, but also hinting at relief if the mines are removed.The markets appear to be swayed that cooler heads will likely prevail, with crude oil futures - the baromenter of geopolitical stress - continuing to back off the overnight highs  toward $86.  Energy was also the worst performing sector in the S&P 500 as Communication Services and Materials bounced.  In the opening hour of the evening session, index futures are flat despite a constructive Q3 earnings update from Oracle.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Domoup 36.5%Auna SAup 17.1%The Beachbody Companyup 11.2%Oracleup 7.7%Franco-Nevadaup 2.4%DOWN AFTER EARNINGS -Groupondown 11.9%AeroVironmentdown 9.7%Westrock Coffeedown 6.2%loanDepotdown 3.6%Cadre Holdingsdown 3.1%

The company said, "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 Panama 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 Panama 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."

Reports Q4 revenue $597.3, consensus $532.77M. Reports Q4 141,656 GEOs sold, up +18% from last year, and 129,690 Net GEOs sold up 21% vs. last year. "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 $3.1B in available capital we are uniquely positioned to continue to create shareholder value."

Sees FY26 Gold Equivalent Ounces Sold 510,000-570,000 GEOs. The company said, "Beginning 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 Cote 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 Panama 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."