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|||||
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|
Balance Sheet is Debt-Free
(in U.S. dollars unless otherwise noted)
TORONTO, Nov. 3, 2025 /PRNewswire/ - Franco-Nevada's record quarterly results benefited from a combination of higher gold prices, strong operations, new acquisitions and the sale of Cobre Panama copper concentrate stockpiles. Our acquisition of six meaningful new gold interests over the last 18 months has positioned us for strong growth over the long-term and boosted our gold price exposure, with 85% of our revenue being from precious metals in the quarter. Following these results, we have narrowed our 2025 Total GEO sales guidance range, toward the higher end of our original guidance. After drawing on our corporate revolver to fund the Arthur Gold royalty acquisition in July, the Company is once again debt-free. We are encouraged by the recent constructive comments by the President of Panama toward resolution of the Cobre Panama mine closure. "Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment," stated Paul Brink, CEO.
Financial Highlights – Q3 2025 compared to Q3 2024
Financial Highlights – YTD 2025 compared to YTD 2024
GEOs Sold and Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly GEOs sold and revenue by commodity |
|||||||||||
|
|
|
Q3 2025 |
|
Q3 2024 |
|
||||||
|
|
|
GEOs Sold |
|
Revenue |
|
GEOs Sold |
|
Revenue |
|
||
|
|
|
# |
|
(in millions) |
|
# |
|
(in millions) |
|
||
|
PRECIOUS METALS |
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
101,068 |
|
$ |
351.6 |
|
71,100 |
|
$ |
177.6 |
|
|
Silver |
|
15,407 |
|
|
55.4 |
|
11,111 |
|
|
28.5 |
|
|
PGM |
|
2,634 |
|
|
9.5 |
|
2,166 |
|
|
5.6 |
|
|
|
|
119,109 |
|
$ |
416.5 |
|
84,377 |
|
$ |
211.7 |
|
|
DIVERSIFIED |
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore |
|
4,451 |
|
$ |
15.1 |
|
5,528 |
|
$ |
12.1 |
|
|
Other mining assets |
|
758 |
|
|
2.6 |
|
1,068 |
|
|
2.7 |
|
|
Oil |
|
9,580 |
|
|
30.4 |
|
14,366 |
|
|
32.5 |
|
|
Gas |
|
3,336 |
|
|
14.3 |
|
2,576 |
|
|
8.4 |
|
|
NGL |
|
1,538 |
|
|
4.7 |
|
2,195 |
|
|
5.5 |
|
|
|
|
19,663 |
|
$ |
67.1 |
|
25,733 |
|
$ |
61.2 |
|
|
GEOs and revenue from royalty, stream and working interests |
|
138,772 |
|
$ |
483.6 |
|
110,110 |
|
$ |
272.9 |
|
|
Interest revenue and other interest income |
|
— |
|
$ |
4.1 |
|
— |
|
$ |
2.8 |
|
|
Total GEOs and revenue |
|
138,772 |
|
$ |
487.7 |
|
110,110 |
|
$ |
275.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date GEOs sold and revenue by commodity |
|
|
|
||||||||
|
|
|
YTD 2025 |
|
YTD 2024 |
|
||||||
|
|
|
GEOs Sold |
|
Revenue |
|
GEOs Sold |
|
Revenue |
|
||
|
|
|
# |
|
(in millions) |
|
# |
|
(in millions) |
|
||
|
PRECIOUS METALS |
|
|
|
|
|
|
|
|
|
|
|
|
Gold |
|
265,329 |
|
$ |
855.9 |
|
215,662 |
|
$ |
495.4 |
|
|
Silver |
|
39,418 |
|
|
130.6 |
|
34,799 |
|
|
81.5 |
|
|
PGM |
|
7,434 |
|
|
24.7 |
|
9,284 |
|
|
21.8 |
|
|
|
|
312,181 |
|
$ |
1,011.2 |
|
259,745 |
|
$ |
598.7 |
|
|
DIVERSIFIED |
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore |
|
10,536 |
|
$ |
34.7 |
|
17,984 |
|
$ |
38.9 |
|
|
Other mining assets |
|
3,215 |
|
|
10.0 |
|
3,223 |
|
|
7.4 |
|
|
Oil |
|
33,411 |
|
|
95.9 |
|
44,713 |
|
|
94.6 |
|
|
Gas |
|
12,078 |
|
|
48.5 |
|
11,450 |
|
|
31.5 |
|
|
NGL |
|
6,029 |
|
|
15.5 |
|
6,156 |
|
|
15.0 |
|
|
|
|
65,269 |
|
$ |
204.6 |
|
83,526 |
|
$ |
187.4 |
|
|
GEOs and revenue from royalty, stream and working interests |
|
377,450 |
|
$ |
1,215.8 |
|
343,271 |
|
$ |
786.1 |
|
|
Interest revenue and other interest income |
|
— |
|
$ |
9.7 |
|
— |
|
$ |
6.5 |
|
|
Total GEOs and revenue |
|
377,450 |
|
$ |
1,225.5 |
|
343,271 |
|
$ |
792.6 |
|
In Q3 2025, we recognized revenue of $487.7 million, an increase of 77% from Q3 2024, and sold 138,772 GEOs, an increase of 26% from Q3 2024. We benefited from record gold prices during the quarter, deliveries from Cobre Panama in connection with the sale of concentrate that had remained on site when production was suspended in November 2023, and contributions from Precious Metal assets which were acquired or commenced production over the past year. Revenue from our Diversified assets was higher than in Q3 2024, reflecting higher natural gas prices than in the prior year quarter. The outperformance of the gold price relative to our other commodities resulted in a reduction in GEOs reported from our Diversified assets.
Precious Metal assets accounted for 85% of our revenue (72% gold, 11% silver, and 2% PGM). Revenue was sourced 88% from the Americas (40% South America, 18% Central America & Mexico, 18% Canada and 12% U.S.).
Guidance
Our 2025 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.
We earned record revenue during the first nine months of 2025, driven by record gold prices and a robust performance across our portfolio. We further benefited from additional deliveries from Cobre Panama and initial contributions from our recently acquired Côté Gold royalty, both of which were not included in our original guidance. We now expect to exceed our initial Precious Metal GEO sales guidance.
For Total GEO sales, we have narrowed our guidance range, toward the higher end of our original guidance. Total GEOs, which include GEOs from our non-gold assets, are impacted by the relative performance of commodity prices relative to gold. Our 2025 updated guidance is based on the following assumed commodity prices for the remainder of 2025: $3,800/oz Au, $47.50/oz Ag, $1,450/oz Pt, $1,350/oz Pd, $100/tonne Fe 62% CFR China, $60/bbl WTI oil and $3.00/mcf Henry Hub natural gas.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 Revised Guidance |
|
|
2025 Initial Guidance |
|
|
YTD 2025 Actual |
|
|
Precious Metal GEO sales |
|
|
420,000 - 440,000 |
|
|
385,000 - 425,000 |
|
|
312,181 |
|
|
Total GEO sales |
|
|
495,000 - 525,000 |
|
|
465,000 - 525,000 |
|
|
377,450 |
|
Canada Revenue Agency Audit
On September 11, 2025, we reached a settlement with the Canada Revenue Agency (the "CRA Settlement") which provided for a final resolution of our tax dispute in connection with the reassessments under transfer pricing rules of the 2013 to 2019 taxation years in relation to our Mexican and Barbadian subsidiaries. Under the terms of the CRA Settlement, no payment of any tax in Canada is required on the foreign earnings of the Company's Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years. Franco-Nevada has posted security in the form of cash totaling $44.1 million (C$61.4 million) and standby letters of credit totaling $47.4 million (C$66.0 million), which we expect will be released in the short-term.
Cobre Panama Updates
Cobre Panama remains in a phase of Preservation and Safe Management ("P&SM") with production halted. Following the approval of the P&SM plan in May 2025 by the Government of Panama, through the Ministry of Commerce and Industries ("MICI"), the shipment of the 122,520 dry metric tonnes of copper concentrate that had remained at site was completed. First Quantum has commenced pre-commissioning of the thermoelectric power plant ("power plant") and the mobilization of specialists to site. The power plant is currently anticipated to restart in Q4 2025, with the first 150MW unit expected to be fired and synchronized with the national grid in November 2025. On October 10, 2025, the Ministry of Environment ("MiAmbiente") issued the order for SGS Panama Control Services Inc. ("SGS") to proceed with the integral audit of the Cobre Panama project. MiAmbiente and MICI, together with SGS, are coordinating the audit planning and implementation, which is expected to cover environmental, social, legal and fiscal compliance aspects.
During Q3 2025, Franco-Nevada received 11,208 GEOs in stream deliveries in reference to the shipped copper concentrate that had remained at site, and expects approximately 1,000 GEOs in Q4 2025 or early Q1 2026.
Management Update
Jason O'Connell, Senior Vice President, Diversified, has left the Company to pursue other opportunities. "Jason's dedication and hard work have been a key contributor to the growth of the Company and we wish him well with his new endeavour," commented Paul Brink, President & CEO.
Sustainability Updates
We continue to be top rated by Sustainalytics, AA by MSCI and Prime by ISS ESG. During the quarter, we expanded the Franco-Nevada Diversity Scholarship program by awarding four new diversity scholarships to mining engineering students at the University of Toronto, McGill University, and Queen's University. Franco-Nevada is now providing scholarships to 15 students. Our community initiatives included supporting an initiative led by Fundación Hogar De La Divina Gracia to renovate a girls' home in Arraiján, Panama, helping improve living conditions for vulnerable young women. We also renewed our funding support for the Enseña Perú education initiative in Peru.
Portfolio Additions
Equity Investments and Loans Receivable
Q3 2025 Portfolio Updates
Precious Metal assets: GEOs sold from our Precious Metal assets were 119,109 GEOs, an increase of 41% from 84,377 GEOs in Q3 2024. This was primarily due to deliveries from Cobre Panama as a result of the sale of copper concentrate that had been stored at site, robust production at Guadalupe-Palmarejo and Tocantinzinho, and contributions from our recently acquired interests in Côté Gold, Western Limb, and Porcupine.
South America:
Central America & Mexico:
Canada:
U.S.:
Rest of World:
Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $67.1 million in revenue, compared to $61.2 million in Q3 2024. When converted to GEOs, our Diversified assets contributed 19,663 GEOs, a decrease of 24% from 25,733 GEOs in Q3 2024.
Other Mining:
Energy:
Dividend Declaration
Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.38 per share. The dividend will be paid on December 18, 2025, to shareholders of record on December 4, 2025 (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 press 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 Q3 2025 Conference Call
The complete unaudited Condensed Consolidated Interim 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 Q3 2025 quarterly results. Interested investors are invited to participate as follows:
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Conference Call and Webcast: |
November 4th 11:00 am ET |
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Dial‑in Numbers: |
Toll‑Free: 1-888-510-2154 International: 437-900-0527 |
|
Conference Call URL (This allows participants to join Participants will receive an automated call back after entering their name and phone number): |
emportal.ink/4o9qUE5 |
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|
|
Webcast: |
|
|
Replay (available until November 11th): |
Toll‑Free: 1-888-660-6345 International: 289-819-1450 Pass code: 52085# |
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.
Forward- Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, 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 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 Panama mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from 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 Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein .
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date 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"):
Calculation of Net Gold Equivalent Ounces:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expressed in millions, excepts GEOs and Average Gold Price) |
|
Q1 2025 |
|
|
Q2 2025 |
|
|
Q3 2025 |
|
|
For the nine months |
|
|||
|
GEOs |
|
|
126,585 |
|
|
|
112,093 |
|
|
|
138,772 |
|
|
377,450 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Costs |
|
$ |
38.5 |
|
|
$ |
33.5 |
|
|
$ |
47.2 |
|
$ |
119.2 |
|
|
Divided by: Average gold price per ounce |
|
$ |
2,863 |
|
|
$ |
3,279 |
|
|
$ |
3,456 |
|
$ |
3,194 |
|
|
|
|
|
13,447 |
|
|
|
10,217 |
|
|
|
13,657 |
|
|
37,321 |
|
|
Net GEOs |
|
|
113,138 |
|
|
|
101,876 |
|
|
|
125,115 |
|
|
340,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expressed in millions, excepts GEOs and Average Gold Price) |
|
Q1 2024 |
|
|
Q2 2024 |
|
|
Q3 2024 |
|
|
For the nine months ended September 30, 2024 |
|
|||
|
GEOs |
|
|
122,897 |
|
|
|
110,264 |
|
|
|
110,110 |
|
|
343,271 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Costs |
|
$ |
33.6 |
|
|
$ |
29.1 |
|
|
$ |
31.9 |
|
$ |
94.6 |
|
|
Divided by: Average gold price per ounce |
|
$ |
2,072 |
|
|
$ |
2,338 |
|
|
$ |
2,477 |
|
$ |
2,277 |
|
|
|
|
|
16,216 |
|
|
|
12,447 |
|
|
|
12,878 |
|
|
41,541 |
|
|
Net GEOs |
|
|
106,681 |
|
|
|
97,817 |
|
|
|
97,232 |
|
|
301,730 |
|
2. NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three and nine months ended September 30, 2025 dated November 3, 2025 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.
Reconciliation of Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
(expressed in millions, except per share amounts) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Net income |
|
$ |
287.5 |
|
|
$ |
152.7 |
|
|
$ |
744.4 |
|
|
$ |
376.7 |
|
|
Impairment reversal |
|
|
(0.7) |
|
|
|
— |
|
|
|
(4.8) |
|
|
|
— |
|
|
Gain on disposal of royalty interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3) |
|
|
Foreign exchange (gain) loss and other (income) expenses |
|
|
(14.2) |
|
|
|
1.3 |
|
|
|
(24.0) |
|
|
|
12.7 |
|
|
Tax effect of adjustments |
|
|
2.4 |
|
|
|
(0.4) |
|
|
|
3.4 |
|
|
|
(2.4) |
|
|
Other tax related adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax expense related to the remeasurement of |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49.1 |
|
|
Change in unrecognized deferred income tax assets |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
(1.1) |
|
|
Adjusted Net Income |
|
$ |
275.0 |
|
|
$ |
153.9 |
|
|
$ |
719.0 |
|
|
$ |
434.7 |
|
|
Basic weighted average shares outstanding |
|
|
192.7 |
|
|
|
192.3 |
|
|
|
192.6 |
|
|
|
192.3 |
|
|
Adjusted Net Income per share |
|
$ |
1.43 |
|
|
$ |
0.80 |
|
|
$ |
3.73 |
|
|
$ |
2.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
(expressed in millions, except Adjusted Net Income Margin) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Adjusted Net Income |
|
$ |
275.0 |
|
|
$ |
153.9 |
|
|
$ |
719.0 |
|
|
$ |
434.7 |
|
|
Revenue |
|
|
487.7 |
|
|
|
275.7 |
|
|
|
1,225.5 |
|
|
|
792.6 |
|
|
Adjusted Net Income Margin |
|
|
56.4 |
% |
|
|
55.8 |
% |
|
|
58.7 |
% |
|
|
54.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
(expressed in millions, except per share amounts) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Net income |
|
$ |
287.5 |
|
|
$ |
152.7 |
|
|
$ |
744.4 |
|
|
$ |
376.7 |
|
|
Income tax expense |
|
|
74.9 |
|
|
|
42.2 |
|
|
|
203.3 |
|
|
|
165.0 |
|
|
Finance expenses |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
2.3 |
|
|
|
1.9 |
|
|
Finance income |
|
|
(8.0) |
|
|
|
(14.9) |
|
|
|
(25.7) |
|
|
|
(47.1) |
|
|
Depletion and depreciation |
|
|
87.0 |
|
|
|
54.2 |
|
|
|
219.4 |
|
|
|
165.3 |
|
|
Impairment reversal |
|
|
(0.7) |
|
|
|
— |
|
|
|
(4.8) |
|
|
|
— |
|
|
Gain on disposal of royalty interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3) |
|
|
Foreign exchange (gain) loss and other (income) expenses |
|
|
(14.2) |
|
|
|
1.3 |
|
|
|
(24.0) |
|
|
|
12.7 |
|
|
Adjusted EBITDA |
|
$ |
427.3 |
|
|
$ |
236.2 |
|
|
$ |
1,114.9 |
|
|
$ |
674.2 |
|
|
Basic weighted average shares outstanding |
|
|
192.7 |
|
|
|
192.3 |
|
|
|
192.6 |
|
|
|
192.3 |
|
|
Adjusted EBITDA per share |
|
$ |
2.22 |
|
|
$ |
1.23 |
|
|
$ |
5.79 |
|
|
$ |
3.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
(expressed in millions, except Adjusted EBITDA Margin) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Adjusted EBITDA |
|
$ |
427.3 |
|
|
$ |
236.2 |
|
|
$ |
1,114.9 |
|
|
$ |
674.2 |
|
|
Revenue |
|
|
487.7 |
|
|
|
275.7 |
|
|
|
1,225.5 |
|
|
|
792.6 |
|
|
Adjusted EBITDA Margin |
|
|
87.6 |
% |
|
|
85.7 |
% |
|
|
91.0 |
% |
|
|
85.1 |
% |
3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents and the amount available to borrow under our $1.0 billion revolving credit facility.
FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
|
At December 31, |
|
||
|
|
|
2025 |
|
|
2024 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
236.7 |
|
|
$ |
1,451.3 |
|
|
Receivables |
|
|
190.7 |
|
|
|
151.8 |
|
|
Gold and silver bullion and stream inventory |
|
|
10.3 |
|
|
|
96.8 |
|
|
Loans receivable |
|
|
23.7 |
|
|
|
5.9 |
|
|
Other current assets |
|
|
81.1 |
|
|
|
11.0 |
|
|
Current assets |
|
$ |
542.5 |
|
|
$ |
1,716.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Royalty, stream and working interests, net |
|
$ |
6,087.1 |
|
|
$ |
4,098.8 |
|
|
Investments |
|
|
774.2 |
|
|
|
325.5 |
|
|
Loans receivable |
|
|
76.9 |
|
|
|
104.1 |
|
|
Deferred income tax assets |
|
|
24.1 |
|
|
|
30.8 |
|
|
Other assets |
|
|
12.1 |
|
|
|
54.4 |
|
|
Total assets |
|
$ |
7,516.9 |
|
|
$ |
6,330.4 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
66.1 |
|
|
$ |
28.7 |
|
|
Income tax liabilities |
|
|
50.8 |
|
|
|
38.8 |
|
|
Current liabilities |
|
$ |
116.9 |
|
|
$ |
67.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities |
|
$ |
369.0 |
|
|
$ |
238.0 |
|
|
Income tax liabilities |
|
|
23.2 |
|
|
|
19.8 |
|
|
Other liabilities |
|
|
8.5 |
|
|
|
8.5 |
|
|
Total liabilities |
|
$ |
517.6 |
|
|
$ |
333.8 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Share capital |
|
$ |
5,799.6 |
|
|
$ |
5,769.1 |
|
|
Contributed surplus |
|
|
20.2 |
|
|
|
23.0 |
|
|
Retained earnings |
|
|
1,078.4 |
|
|
|
486.5 |
|
|
Accumulated other comprehensive loss |
|
|
101.1 |
|
|
|
(282.0) |
|
|
Total shareholders' equity |
|
$ |
6,999.3 |
|
|
$ |
5,996.6 |
|
|
Total liabilities and shareholders' equity |
|
$ |
7,516.9 |
|
|
$ |
6,330.4 |
|
|
|
|
|
|
|
|
|
|
|
The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q3 2025 Quarterly Report available on our website
FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in millions of U.S. dollars and shares, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
||||||||||
|
|
|
September 30, |
|
|
September 30, |
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from royalty, streams and working interests |
|
$ |
483.6 |
|
|
$ |
272.9 |
|
|
$ |
1,215.8 |
|
|
$ |
786.1 |
|
Interest revenue |
|
|
4.1 |
|
|
|
2.8 |
|
|
|
9.7 |
|
|
|
5.9 |
|
Other interest income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
Total revenue |
|
$ |
487.7 |
|
|
$ |
275.7 |
|
|
$ |
1,225.5 |
|
|
$ |
792.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of sales |
|
$ |
47.2 |
|
|
$ |
31.9 |
|
|
$ |
119.2 |
|
|
$ |
94.6 |
|
Depletion and depreciation |
|
|
87.0 |
|
|
|
54.2 |
|
|
|
219.4 |
|
|
|
165.3 |
|
Total costs of sales |
|
$ |
134.2 |
|
|
$ |
86.1 |
|
|
$ |
338.6 |
|
|
$ |
259.9 |
|
Gross profit |
|
$ |
353.5 |
|
|
$ |
189.6 |
|
|
$ |
886.9 |
|
|
$ |
532.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses (income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
$ |
8.6 |
|
|
$ |
7.8 |
|
|
$ |
27.6 |
|
|
$ |
21.9 |
|
Share-based compensation expenses |
|
|
7.7 |
|
|
|
2.4 |
|
|
|
16.2 |
|
|
|
7.0 |
|
Impairment reversal |
|
|
(0.7) |
|
|
|
— |
|
|
|
(4.8) |
|
|
|
— |
|
Gain on disposal of royalty interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3) |
|
Gain on sale of gold and silver bullion |
|
|
(3.1) |
|
|
|
(2.6) |
|
|
|
(52.4) |
|
|
|
(5.1) |
|
Total other operating expenses (income) |
|
$ |
12.5 |
|
|
$ |
7.6 |
|
|
$ |
(13.4) |
|
|
$ |
23.5 |
|
Operating income |
|
$ |
341.0 |
|
|
$ |
182.0 |
|
|
$ |
900.3 |
|
|
$ |
509.2 |
|
Foreign exchange gain (loss) and other income (expenses) |
|
$ |
14.2 |
|
|
$ |
(1.3) |
|
|
$ |
24.0 |
|
|
$ |
(12.7) |
|
Income before finance items and income taxes |
|
$ |
355.2 |
|
|
$ |
180.7 |
|
|
$ |
924.3 |
|
|
$ |
496.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
|
$ |
8.0 |
|
|
$ |
14.9 |
|
|
$ |
25.7 |
|
|
$ |
47.1 |
|
Finance expenses |
|
|
(0.8) |
|
|
|
(0.7) |
|
|
|
(2.3) |
|
|
|
(1.9) |
|
Net income before income taxes |
|
$ |
362.4 |
|
|
$ |
194.9 |
|
|
$ |
947.7 |
|
|
$ |
541.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
74.9 |
|
|
|
42.2 |
|
|
|
203.3 |
|
|
|
165.0 |
|
Net income |
|
$ |
287.5 |
|
|
$ |
152.7 |
|
|
$ |
744.4 |
|
|
$ |
376.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit and loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment |
|
$ |
(52.6) |
|
|
$ |
24.1 |
|
|
$ |
45.8 |
|
|
$ |
(27.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not be reclassified subsequently to profit and loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on changes in the fair value of equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at fair value through other comprehensive income ("FVTOCI"), |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of income tax |
|
|
224.8 |
|
|
|
24.3 |
|
|
|
404.8 |
|
|
|
41.5 |
|
Other comprehensive income, net of taxes |
|
$ |
172.2 |
|
|
$ |
48.4 |
|
|
$ |
450.6 |
|
|
$ |
14.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
$ |
459.7 |
|
|
$ |
201.1 |
|
|
$ |
1,195.0 |
|
|
$ |
390.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.49 |
|
|
$ |
0.79 |
|
|
$ |
3.86 |
|
|
$ |
1.96 |
|
Diluted |
|
$ |
1.49 |
|
|
$ |
0.79 |
|
|
$ |
3.86 |
|
|
$ |
1.96 |
|
Weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
192.7 |
|
|
|
192.3 |
|
|
|
192.6 |
|
|
|
192.3 |
|
Diluted |
|
|
193.0 |
|
|
|
192.5 |
|
|
|
192.9 |
|
|
|
192.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q3 2025 Quarterly Report available on our website
FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
287.5 |
|
|
$ |
152.7 |
|
|
$ |
744.4 |
|
|
$ |
376.7 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depletion and depreciation |
|
|
87.0 |
|
|
|
54.2 |
|
|
|
219.4 |
|
|
|
165.3 |
|
|
Share-based compensation expenses |
|
|
1.7 |
|
|
|
1.3 |
|
|
|
4.8 |
|
|
|
4.2 |
|
|
Impairment reversal |
|
|
(0.7) |
|
|
|
— |
|
|
|
(4.8) |
|
|
|
— |
|
|
Gain on disposal of royalty interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3) |
|
|
Unrealized foreign exchange (gain) loss |
|
|
(1.7) |
|
|
|
0.1 |
|
|
|
(12.9) |
|
|
|
7.9 |
|
|
Deferred income tax expense |
|
|
36.6 |
|
|
|
7.7 |
|
|
|
82.9 |
|
|
|
64.0 |
|
|
Gain on sale of gold and silver bullion |
|
|
(3.1) |
|
|
|
(2.6) |
|
|
|
(52.4) |
|
|
|
(5.1) |
|
|
(Gain) loss on derivative financial instruments |
|
|
(12.9) |
|
|
|
1.0 |
|
|
|
(18.5) |
|
|
|
4.0 |
|
|
Other non-cash items |
|
|
(1.5) |
|
|
|
(0.1) |
|
|
|
(1.5) |
|
|
|
(4.6) |
|
|
Gold and silver bullion from royalties received in-kind |
|
|
(31.5) |
|
|
|
(20.0) |
|
|
|
(61.6) |
|
|
|
(52.4) |
|
|
Proceeds from sale of gold and silver bullion |
|
|
31.3 |
|
|
|
12.7 |
|
|
|
208.6 |
|
|
|
29.3 |
|
|
Changes in other assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17.4) |
|
|
Operating cash flows before changes in non-cash working capital |
|
$ |
392.7 |
|
|
$ |
207.0 |
|
|
$ |
1,108.4 |
|
|
$ |
571.6 |
|
|
Changes in non-cash working capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in receivables |
|
$ |
(44.0) |
|
|
$ |
(12.8) |
|
|
$ |
(38.9) |
|
|
$ |
(22.7) |
|
|
(Increase) decrease in other current assets |
|
|
(5.2) |
|
|
|
8.2 |
|
|
|
(16.3) |
|
|
|
10.7 |
|
|
Increase in accounts payable and accrued liabilities |
|
|
4.5 |
|
|
|
11.2 |
|
|
|
14.0 |
|
|
|
26.9 |
|
|
Net cash provided by operating activities |
|
$ |
348.0 |
|
|
$ |
213.6 |
|
|
$ |
1,067.2 |
|
|
$ |
586.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of royalty, stream and working interests |
|
$ |
(291.8) |
|
|
$ |
(238.6) |
|
|
$ |
(2,157.4) |
|
|
$ |
(401.7) |
|
|
Proceeds from sale of investments |
|
|
84.4 |
|
|
|
12.9 |
|
|
|
109.9 |
|
|
|
14.0 |
|
|
Acquisition of investments |
|
|
— |
|
|
|
(27.9) |
|
|
|
(55.3) |
|
|
|
(38.9) |
|
|
Proceeds from repayment of loan receivable |
|
|
— |
|
|
|
10.0 |
|
|
|
10.0 |
|
|
|
28.9 |
|
|
Acquisition of property and equipment |
|
|
(0.1) |
|
|
|
— |
|
|
|
(2.2) |
|
|
|
(0.1) |
|
|
Acquisition of energy well equipment |
|
|
(0.5) |
|
|
|
(0.7) |
|
|
|
(2.1) |
|
|
|
(1.4) |
|
|
Advances of loans receivable |
|
|
— |
|
|
|
(34.7) |
|
|
|
— |
|
|
|
(118.2) |
|
|
Proceeds from disposal of royalty interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11.2 |
|
|
Net cash used in investing activities |
|
$ |
(208.0) |
|
|
$ |
(279.0) |
|
|
$ |
(2,097.1) |
|
|
$ |
(506.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of dividends |
|
$ |
(67.3) |
|
|
$ |
(61.1) |
|
|
$ |
(204.5) |
|
|
$ |
(180.3) |
|
|
Proceeds from draw down of Corporate Revolver |
|
|
175.0 |
|
|
|
— |
|
|
|
175.0 |
|
|
|
— |
|
|
Repayment of Corporate Revolver |
|
|
(175.0) |
|
|
|
— |
|
|
|
(175.0) |
|
|
|
— |
|
|
Proceeds from exercise of stock options |
|
|
3.1 |
|
|
|
— |
|
|
|
7.4 |
|
|
|
2.7 |
|
|
Revolving credit facility amendment costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8) |
|
|
Net cash used in financing activities |
|
$ |
(64.2) |
|
|
$ |
(61.1) |
|
|
$ |
(197.1) |
|
|
$ |
(178.4) |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
$ |
0.6 |
|
|
$ |
4.8 |
|
|
$ |
12.4 |
|
|
$ |
(6.5) |
|
|
Net change in cash and cash equivalents |
|
$ |
76.4 |
|
|
$ |
(121.7) |
|
|
$ |
(1,214.6) |
|
|
$ |
(104.6) |
|
|
Cash and cash equivalents at beginning of period |
|
$ |
160.3 |
|
|
$ |
1,439.0 |
|
|
$ |
1,451.3 |
|
|
$ |
1,421.9 |
|
|
Cash and cash equivalents at end of period |
|
$ |
236.7 |
|
|
$ |
1,317.3 |
|
|
$ |
236.7 |
|
|
$ |
1,317.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
46.8 |
|
|
$ |
14.1 |
|
|
$ |
140.0 |
|
|
$ |
56.6 |
|
|
Dividend income received |
|
$ |
1.4 |
|
|
$ |
5.1 |
|
|
$ |
6.9 |
|
|
$ |
9.3 |
|
|
Interest and standby fees paid |
|
$ |
1.2 |
|
|
$ |
0.5 |
|
|
$ |
2.6 |
|
|
$ |
1.5 |
|
The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q3 2025 Quarterly Report available on our website
SOURCE Franco-Nevada Corporation
| Nov-03 | |
| Oct-31 | |
| Oct-30 | |
| Oct-29 | |
| Oct-28 | |
| Oct-22 | |
| Oct-20 | |
| Oct-16 | |
| Oct-15 | |
| Oct-15 | |
| Oct-14 | |
| Oct-08 | |
| Oct-06 | |
| Oct-06 | |
| Oct-02 |
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