First Quantum Sees FY26 Gold Equivalent Sales of 510,000-570,000 Ounces
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 20 hours ago
0mins
Should l Buy FNV?
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."
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Analyst Views on FNV
Wall Street analysts forecast FNV stock price to fall
10 Analyst Rating
6 Buy
4 Hold
0 Sell
Moderate Buy
Current: 262.570
Low
210.00
Averages
236.43
High
270.00
Current: 262.570
Low
210.00
Averages
236.43
High
270.00
About FNV
Franco-Nevada Corporation is a Canada-based gold-focused royalty and streaming company. The Company’s segments include precious metals, other mining and energy. The Company’s portfolio is diversified by commodity, geography and asset. Its assets include Candelaria, Antapaccay, Antamina, Condestable, Tocantinzinho, Cerro Moro, Salares Norte, Cascabel (Alpala), Posse (Mara Rosa), CentroGold (Gurupi), Calcatreu, and San Jorge. Its other mining assets include NuevaUnion, Taca Taca, Caserones, Copper World Project, Ring of Fire, Mt Keith, Crawford, Robinson, EaglePicher, Copper World Project, and Milpillas. Its United States assets include Stillwater, Goldstrike, Gold Quarry, Marigold, Bald Mountain, South Arturo, Mesquite, Castle Mountain, Stibnite Gold, Sterling, Granite Creek (Pinson) and Arthur Gold Project. Its Canadian assets include Detour Lake, Sudbury, Hemlo, Brucejack, Macassa (Kirkland Lake), Dublin Gulch (Eagle), Musselwhite, and Timmins West.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Significant Revenue Growth: Q4 revenue reached $597.3 million, up 86.1% year-over-year, exceeding market expectations by $64.53 million, reflecting strong performance in the mining sector.
- Record Annual Performance: Revenue for 2025 hit $1.8228 billion, a new record with a 64% increase, while net income also set a record at $1.1121 billion, growing 101%, showcasing the company's sustained profitability.
- Substantial Cash Flow Increase: Operating cash flow for 2025 reached $1.4937 billion, a new record with an 80% increase, providing strong support for future investments and shareholder returns.
See More
New Investment Choice: Streaming and Royalty Stocks
- Cryptocurrency Risks: Bitcoin's price has declined over the past year while gold has risen, indicating that Bitcoin may not be the ideal safe-haven investment, thus suggesting investors should approach with caution and consider allocating more to major cryptocurrencies.
- Limitations of Gold: While gold has a long history as a store of wealth, its inability to appreciate means it should only represent a small portion of an investment portfolio, especially amid increasing economic and geopolitical uncertainties that challenge gold's appeal.
- Advantages of Royalty Companies: Companies like Franco-Nevada, Royal Gold, and Wheaton Precious Metals provide upfront cash to miners for the right to purchase precious metals at favorable prices in the future, enabling miners to expand without debt while locking in profits for themselves.
- Growth Potential: These companies not only pay dividends but can also grow their businesses by securing new streaming agreements with miners, offering a more direct financial benefit compared to cryptocurrencies and gold, making them suitable for long-term investors.
See More
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- Cryptocurrency Risks: Bitcoin's price has declined over the past year, indicating its potential as a safe-haven investment is lacking; thus, investors should approach the crypto market with caution, allocating only a small amount of capital to mitigate risks.
- Gold's Limitations: While gold remains a store of wealth amid economic uncertainty and geopolitical conflicts, its inability to appreciate means it should only constitute a small portion of an investment portfolio, prompting investors to consider alternative options.
- Advantages of Streaming and Royalty Companies: Companies like Franco-Nevada, Royal Gold, and Wheaton Precious Metals provide upfront cash to miners for the right to purchase precious metals at favorable prices, enabling miners to finance operations without incurring debt, thereby driving profit growth.
- Attractive Dividend Yields: Unlike Bitcoin and gold, these streaming and royalty companies can expand their business through new agreements while also paying dividends to shareholders, offering direct financial returns that appeal to long-term investors.
See More
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- Net Income Growth: Franco-Nevada reported a net income of $367.7 million for Q4, translating to $1.90 per share, a substantial increase from last year's $175.4 million and $0.91 per share, highlighting the company's successful resource investment strategy.
- Adjusted Net Income: The adjusted net income stood at $356.2 million or $1.85 per share, significantly up from $183.3 million and $0.95 per share last year, indicating effective cost control and operational optimization strategies.
- Revenue Surge: Total revenues for the quarter reached $597.3 million, an 86% increase from $321.0 million last year, enhancing the company's financial stability and providing capital for future investments and expansions.
- Strong Market Performance: This robust financial performance is likely to attract more investor attention, further solidifying the company's market position and laying a strong foundation for future growth strategies.
See More
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- Strong Earnings Performance: Franco-Nevada reported a fourth-quarter profit of $367.7 million, translating to earnings of $1.90 per share, which surpassed Wall Street analysts' expectations of $1.68, indicating robust performance in the precious metals streaming and royalty sector.
- Solid Adjusted Earnings: The adjusted earnings per share stood at $1.85 after excluding non-recurring gains, demonstrating the company's sustained profitability in its core operations and further solidifying its market position.
- Impressive Annual Results: For the year, the company reported a profit of $1.11 billion, or $5.76 per share, with total revenue of $1.82 billion, showcasing the company's ongoing growth potential in the precious metals market.
- Significant Revenue Growth: The revenue for the fourth quarter reached $597.3 million, reflecting a year-over-year increase and indicating strong demand in the precious metals sector, which is expected to bolster investor confidence moving forward.
See More
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- Revenue Growth: Altius Minerals reported total revenue of CAD 53.7 million for 2025, a decrease from CAD 58.2 million in 2024, yet fourth-quarter revenue surged to CAD 14.1 million from CAD 11.7 million in Q4 2024, demonstrating the company's resilience amid market fluctuations.
- Royalty Revenue Increase: The attributable royalty revenue for 2025 reached CAD 69.9 million (CAD 1.51 per share), up from CAD 64.0 million (CAD 1.37 per share) in 2024, primarily driven by rising potash and base metal prices, reflecting the company's profitability in a recovering resource market.
- Significant Net Earnings Rise: Net earnings for 2025 soared to CAD 299.4 million (CAD 6.45 per share), compared to CAD 101.8 million (CAD 2.16 per share) in 2024, largely due to gains from the sale of the Arthur Gold royalty, showcasing effective asset management.
- Strong Cash Flow: The adjusted operating cash flow for 2025 was CAD 27.5 million (CAD 0.59 per share), an increase from CAD 24.8 million (CAD 0.53 per share) in 2024, reflecting the company's effective strategies in enhancing royalty receipts and interest income.
See More
