Dividend Announcement - Franco-Nevada Corporation has raised its quarterly dividend to US$0.44 per share, an increase of approximately 16% from the previous US$0.38 per share [1] - This marks the 19th consecutive annual increase for Franco-Nevada shareholders, with Canadian investors from the IPO in December 2007 now receiving an effective yield of 16.1% on their cost base [1] Board Succession Planning - David Harquail will be appointed as Chair Emeritus effective May 12, 2026, after serving as CEO and non-executive Chair, contributing to the company's strong shareholder value creation [2] - Tom Albanese is set to be appointed as the independent non-executive Chair of the board effective May 12, 2026, bringing extensive experience from previous CEO roles at Rio Tinto Plc. and Vedanta Resources Plc [3] Dividend Reinvestment Plan - The company offers a Dividend Reinvestment Plan (DRIP) allowing shareholders to reinvest dividends to purchase additional shares at a discount of 1% from the Average Market Price [5] - Participation in the DRIP is optional, and details are available on the company's website, with provisions for both Canadian and U.S. registered shareholders to enroll online [5] Corporate Overview - Franco-Nevada Corporation is a leading gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets, operating debt-free and utilizing free cash flow for portfolio expansion and dividends [7] - The company trades under the symbol FNV on both the Toronto and New York stock exchanges, positioning itself as a viable gold investment option [7]

Core Insights - Franco-Nevada Corporation has been recognized as one of the 2026 Global 100 Most Sustainable Corporations by Corporate Knights, marking its first inclusion in this ranking [1][2]. Corporate Summary - Franco-Nevada is a leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets [4]. - The company's business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation [4]. - Franco-Nevada is debt-free and utilizes its free cash flow to expand its portfolio and pay dividends [4]. - The company trades under the symbol FNV on both the Toronto and New York stock exchanges [4].

Core Insights - Franco-Nevada Corporation (FNV) shares have increased by 27.65% on a total return basis since the last coverage, outperforming the S&P 500, which rose by 2.99% [1] - During the same period, gold prices increased by 11.4%, while silver prices experienced a significant rise of 84.2% [1] Company Performance - The performance of FNV shares indicates strong market interest and potential growth in the mining sector, particularly in precious metals [1] Market Context - The notable increase in silver prices suggests a heightened demand or market dynamics favoring silver, which may impact companies in the mining sector [1]

Core Viewpoint - Franco-Nevada Corporation (FNV) shares have increased by 27.65% on a total return basis, outperforming the S&P 500, which rose by 2.99% during the same period [1] Group 1: Performance Metrics - Gold prices increased by 11.4% while silver prices surged by 84.2% over the same timeframe [1]

Franco-Nevada Corporation (NYSE:FNV) is one of the best metal stocks to buy right now. On December 10, analysts at RBC Capital upgraded Franco-Nevada Corporation (NYSE:FNV) to an Outperform from Sector Perform. The research firm also raised its price target for the stock to $250 from $225. The upgrade came on the stock, demonstrating strong momentum with a 74% gain. Franco-Nevada Corporation (FNV) Upgraded to Outperform, Price Target Lifted to $250 Photo by Gold-bar-jingming-pan on Unsplash Despite the ...

Core Viewpoint - Wheaton Precious Metals has an ideal business model in the precious metals industry, holding a growing portfolio of streaming contracts that allow it to purchase metals at low rates and benefit from higher market prices [1]. Company Overview - Wheaton Precious Metals provides mining companies with capital through streaming contracts, paying a fixed up-front fee for the right to buy a portion of the gold or silver produced at a fixed rate [4]. - The company has streams tied to 23 operating mines and 25 additional projects, expecting to produce 600,000 to 670,000 gold equivalent ounces (GEOs) in 2025, with growth projected to 870,000 GEOs by 2029 and an average of 950,000 GEOs annually from 2030 to 2034 [5]. Financial Metrics - Wheaton Precious Metals can purchase gold and silver at an average cost of $473 and $5.75 per ounce, respectively, through 2029 [5]. - The company's streams generate significant cash flow, which is reinvested into new streams and used to pay a sustainable and progressive dividend [5]. Comparison with Competitors - Franco-Nevada is preferred over Wheaton Precious Metals due to its larger and more diversified portfolio, consisting of 434 assets, including 120 producing and 38 in advanced stages [6]. - Franco-Nevada's diversification across various metals and energy sectors makes it a lower-risk investment in precious metals compared to Wheaton Precious Metals [7].

Core Viewpoint - Pierre Lassonde, co-founder of Franco-Nevada, predicts that gold prices will reach $17,250 per ounce within three years, significantly higher than current levels [1][2]. Gold Market Dynamics - Investors are increasingly buying gold as an alternative to the U.S. dollar due to budget deficits in major developed countries [2]. - Gold's finite supply is a key attraction, with only 216,265 tonnes mined historically, while demand continues to rise, particularly from central banks [3]. - Lassonde emphasizes that if just 1% of funds from other asset classes were redirected to gold, prices would surge, as only 3,600 tonnes are produced annually, with a third going to central banks [4]. Global Reserve Trends - Gold is being remonetized in global reserves, with central banks and sovereign wealth funds diversifying their investments amid geopolitical uncertainties [5]. - The U.S. dollar's share of global official foreign reserves has decreased from 72% in 2001 to 58% in 2024, indicating a shift towards gold as a store of value [4]. Franco-Nevada's Business Model - Franco-Nevada operates on a royalty model, which was initially met with skepticism but has proven successful, yielding a 36% annualized return from its founding until its acquisition by Newmont in 2002 [13][14]. - The company currently has a market value of approximately $36 billion, reflecting its growth and the competitive landscape in the mining sector [13]. Philanthropic Efforts - Lassonde has made significant contributions to mining education and research, establishing endowed chairs and supporting scholarships, demonstrating a commitment to giving back to the community [16]. - His current project, Fuerte Metals, is seen as a promising venture in the Yukon, reminiscent of earlier successful investments [17].

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Company Overview - Franco-Nevada Corporation is a Toronto-based company focused on gold royalties and streams, with interests in silver, platinum group metals, oil & gas, and other resource assets [12] - The company has a diversified portfolio of 54 producing assets, including four major cash-flowing assets: Antamina, Antapaccay, Candelaria, and Cobre Panama, along with interests in 41 advanced assets and 223 exploration stage mining properties [12] - Approximately 86% of Franco-Nevada's revenues come from the Americas, with 49% from Latin America, 18% from the United States, and 19% from Canada, while the remaining 14% is generated from other regions [12] Investment Ratings - Franco-Nevada currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of B [13] - The company has a Momentum Style Score of A, and its shares have increased by 4.3% over the past four weeks [13] - Four analysts have revised their earnings estimates upwards for fiscal 2025, with the Zacks Consensus Estimate rising by $0.33 to $5.20 per share [13] Performance Metrics - Franco-Nevada has an average earnings surprise of +7.7%, indicating a positive trend in earnings performance [13] - With a solid Zacks Rank and strong Momentum and VGM Style Scores, Franco-Nevada is recommended for investors' consideration [14]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment returns Group 1: Stocks and Earnings Estimates - Newmont Corporation (NEM) has seen a 9.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Wheaton Precious Metals Corp. (WPM) has experienced an 8.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Hallador Energy Company (HNRG) has seen a significant 71.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Fox Corporation (FOXA) has experienced a 6.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Franco-Nevada Corporation (FNV) has seen a 5.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]