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Highlights

  • FNV’s revenue rose 43% YoY in Q1 2025 to USD 368.4 million, driven by higher volumes and commodity prices
  • Net income grew 45% YoY to USD 209.8 million in Q1 2025, with operating cash flow up 62% YoY to USD 288.9 million
  • A quarterly dividend of USD 0.38 per share was declared, marking a 5.6% annual increase

Franco-Nevada Corporation (TSX:FNV) is a royalty and investment company focused on precious metals. Its diversified portfolio generates most of its revenue from gold, silver, and platinum assets.

The company delivered record Q1 2025 (first quarter of 2025) results, supported by higher commodity prices and higher volumes. Revenue rose 43% YoY to USD 368.4 million, while net income grew 45% YoY to USD 209.8 million. Operating cash flow in Q1 2025 increased 62% YoY to USD 288.9 million, driven by higher gold equivalent ounces (GEOs) sold and favorable pricing. New contributions from the Western Limb Mining Operations stream and the Yanacocha royalty also boosted production. Adjusted EBITDA surged 49%, reflecting operational leverage and effective cost management.

Additionally, the company announced a quarterly dividend of USD 0.38 per share, reflecting a 5.6% annual increase. The dividend is scheduled for payment on June 26, 2025.

Recent Business Update

On April 15, 2025, the company completed a USD 448.6 million financing package with Discovery Silver for the Porcupine Complex. The deal includes a USD 300 million acquisition of a 4.25% net smelter return (NSR) royalty, a USD 100 million senior secured term loan, and USD 48.6 million in equity financing. The funds will support Discovery’s acquisition and development plans for the Porcupine Complex.

Company Outlook

The company’s five-year growth strategy is supported by ongoing mine expansions and new project developments, with long-term potential in gold, copper, and nickel. FNV also holds exposure to more than 17 million acres of mineral-rich land and maintains a pipeline of precious metals and diversified asset opportunities.

Top 10 Shareholders

The top 10 shareholders of FNV hold approximately 34.62% of the company’s stake. MFS Investment Management owns about 5.74%, while Fidelity Management & Research Company LLC holds around 5.66%.

Stock Information

Over the past week, the stock gained ~4.45%, while showing a ~1.31% decline over the past month. As of May 26, 2025, it closed at CAD 232.61, trading above its 52-week range of CAD 156.31 to CAD 245.55.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is May 26, 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.