Franco-Nevada Achieves Record Financial Performance in Q2 2025

Toronto-based Franco-Nevada Corporation delivered a stellar Q2 2025, marked by record revenue, earnings, and operating cash flow as surging gold prices and strategic acquisitions drove performance. CEO Paul Brink highlighted the robustness of Franco-Nevada’s diverse and resilient royalty and streaming portfolio, which continued to outperform expectations.

Key Economic Events and Growth Drivers

Franco-Nevada’s economic landscape in Q2 2025 was shaped by several pivotal events:

• Historic Revenue Growth: The company posted $369.4million in quarterly revenue, a staggering 42% increase from Q2 2024, fueled primarily by higher gold prices and strengthened production from recently acquired precious metal assets.

• Expansion of Portfolio: Notable acquisitions during and after the quarter include royalties on IAMGOLD’s Côté Gold Mine (Ontario), AngloGold Ashanti’s Nevada-based Arthur Gold Project, and increased holdings in Nevada Gold Mines LLC’s Gold Quarry. These deals, totaling well over $1.3billion, underscore Franco-Nevada’s commitment to long-term, optionality-rich growth.

• Record Earnings and Cash Flow: Net income rocketed to $247.1million (+211%), while operating cash flow hit $430.3million (+121%), both record highs for the company.

• Operational Developments: The company saw significant developments in Panama, marking the shipment of 121,000 tonnes of copper concentrate from Cobre Panama and a partial reversal of prior impairment related to that asset.

Q2 2025 Financial Performance at a Glance

Compared to Q2 2024:

• Revenue: $369.4million (+42%)

• Gold Equivalent Ounces (GEOs) Sold: 112,093 (+2%)

• Net GEOs Sold: 101,876 (+4%)

• Operating Cash Flow: $430.3million (+121%)

• Adjusted EBITDA: $365.7million or $1.90/share (+65%)

• Net Income: $247.1million or $1.28/share (+211%)

• Adjusted Net Income: $238.5million or $1.24/share (+65%)

H1 2025 vs H1 2024:

• Revenue: $737.8million (+43%)

• GEOs Sold: 238,678 (+2%)

• Net GEOs Sold: 215,014 (+5%)

• Operating Cash Flow: $719.2million (+93%)

• Adjusted EBITDA: $687.6million (+57%)

Portfolio, Asset Mix & Strategic Acquisitions

Franco-Nevada boasts the most diverse royalty and streaming portfolio in the sector, with assets spanning gold, silver, platinum, iron ore, oil & gas, and other minerals across major geographic regions:

• Revenue Composition: Q2 revenue comprised 82% precious metals (70% gold, 10% silver, 2% PGM), 14% energy, and 4% iron ore/other assets.

• Regional Distribution: 86% of revenue was sourced from the Americas—38% South America, 12% Central America & Mexico, 20% Canada, 16% U.S.

• Recent Acquisitions: Key deals in 2025 included the Arthur Gold Project Royalty ($250million), Gold Quarry NSR in Nevada ($10.5million), the Côté Gold Mine royalty ($1.05billion), and a $448.6million financing package for Ontario’s Porcupine Complex.

Operational Highlights and Asset Performance

• Panama’s Cobre Panama: After a lengthy production halt, Franco-Nevada received approval for the preservation phase, with 10,000 GEOs expected in Q3 2025 from concentrate shipments.

• South American Mines: Continued strong production from Candelaria, Antapaccay (delayed Q2 but projected strong Q3), and Yanacocha were noted. Improvements in Tocantinzinho mill operations achieved nameplate capacity in July 2025.

• Canadian Operations: Hemlo and Musselwhite royalties benefited from gold price surges. Detour Lake and Macassa saw major asset development, while Greenstone reduced annual production guidance due to ramp-up delays.

• U.S. & International Outlook: Copper World projects advanced with permitting and feasibility studies, while Western Limb in South Africa and Subika (Ghana) delivered growth tied to mining and commodity trends.

Shareholder Returns and Capital Position

Franco-Nevada’s commitment to shareholder value was demonstrated with:

• Dividend Growth: A quarterly dividend of $0.38/share (annual increase of 5.6%) was declared for Q1 2025, payable September 25.

• Robust Financial Position: The company held $1.1billion in available capital as of June 30, 2025, supporting both new investments and reliable dividend payments.

Sustainability Leadership

Franco-Nevada maintained industry-leading sustainability ratings by third parties including Sustainalytics and MSCI, and published its 2025 Sustainability Report, detailing commitments to stakeholder engagement, environmental initiatives, and emission reduction targets. The company earned recognition for the third time as one of Canada’s Best 50 Corporate Citizens.

Forward-Looking Guidance

For full-year 2025, Franco-Nevada guides for:

• Precious Metal GEO Sales: 385,000–425,000

• Total GEO Sales: 465,000–525,000

• Commodity Price Assumptions: $3,250/oz Au, $37/oz Ag, $1,300/oz Pt, $1,150/oz Pd, $90/t Fe, $65/bbl WTI oil, $3.00/mcf natural gas

Conclusion

Franco-Nevada’s Q2 2025 performance sets a new benchmark for the gold-focused royalty and streaming sector. Strategic acquisitions, healthy dividends, operational excellence, and sustainability leadership together reinforce Franco-Nevada’s market-leading position and long-term growth outlook.