The record Q1 results confirm Franco-Nevada's strong leverage to elevated precious metals prices. Key catalysts to watch: (1) Cobre Panam stockpile processing starting Q3 2026, with potential for full mine restart; (2) continued ramp-up of recently acquired assets (Casa Berardi, i-80 Gold, Bullabulling); (3) elevated oil prices providing upside to energy revenue. The company's $3.4B available capital positions it for further accretive acquisitions. Monitor Q2 2026 for Cobre Panam impairment reversal assessment and any impact from Canadian transfer pricing legislation changes.
Price Chart
Executive Summary
Franco-Nevada reported record Q1 2026 results with revenue surging 77% YoY to $650.7M, driven by record gold and silver prices, strong production from Antamina and South Arturo, and contributions from recently acquired assets. Net income more than doubled to $468.6M ($2.43/share), boosted by a $63.8M gain from the partial buy-back of the Cascabel royalty and stream. The company maintained its 2026 GEO sales guidance of 510,000-570,000 ounces and added significant new streams/royalties including Casa Berardi, i-80 Gold, and Bullabulling, while Cobre Panam received authorization to process stockpiled ore, expected to contribute ~23,100 gold oz and 265,000 silver oz starting Q3 2026.
Key Facts
- Revenue of $650.7M, up 77% YoY from $368.4M
- Net income of $468.6M ($2.43/share), up 123% YoY from $209.8M ($1.09/share)
- GEOs sold of 136,353, up 8% YoY from 126,585
- Operating cash flow of $520.4M, up 80% YoY from $288.9M
- Adjusted EBITDA of $591.9M ($3.07/share), up 84% YoY
- Gain of $63.8M from 50% buy-back of Cascabel stream and NSR
- Average realized gold price of $4,875/oz, up 70% YoY from $2,863/oz
- Silver price of $84.39/oz, up 165% YoY from $31.91/oz
- Dividend declared of $0.44/share, up 16% from $0.38/share in Q1 2025
- Available capital of $3.4B as of March 31, 2026
- Cobre Panam authorized to process stockpiled ore; estimated 23,100 gold oz and 265,000 silver oz deliveries starting Q3 2026
- New acquisitions: Casa Berardi stream ($100M), i-80 Gold royalty ($250M), Bullabulling royalty ($120M), Victoria Gold portfolio ($40M)
- 2026 GEO guidance maintained at 510,000-570,000 oz, excluding Cobre Panam
Financial Impact
Revenue increased $282.3M YoY (+77%), net income increased $258.8M YoY (+123%), operating cash flow increased $231.5M YoY (+80%)
Risk Factors
- Cobre Panam remains in P&SM with no full restart timeline; stockpile processing authorization is limited
- Commodity price volatility: gold/silver prices could decline from record levels
- Integration risk from multiple large acquisitions closed in Q1 2026
- Canadian transfer pricing legislation changes effective 2026 could impact tax position
- Operator execution risk at key assets (Candelaria, Côté Gold, Antamina)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-059511 |
| Document: fnv-20260331xex99d2.htm | 0001104659-26-059511 |
| Document: fnv-20260331xex99d1.htm | 0001104659-26-059511 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $261.67 $261.68 | ▲ +0.00% | ▼ −0.10% | $239.26 (−8.56%) |
Sep 14, 2026 18d ago | Press Release | $261.67 $261.68 | ▲ +0.00% | ▼ −0.10% | $239.26 (−8.56%) |
Jul 23, 2026 10w ago | Institutional Cluster | $214.22 $221.36 | ▲ +3.33% | ▲ +2.86% | $239.26 (+11.69%) |
Jul 20, 2026 10w ago | 6-K | $200.17 $214.68 | ▲ +7.25% | ▲ +7.67% | $239.26 (+19.53%) |
Jul 17, 2026 11w ago | EFFECT | $200.77 $214.22 | ▲ +6.70% | ▲ +7.39% | $239.26 (+19.17%) |
Jun 17, 2026 15w ago | 6-K | $226.93 $209.76 | ▲ +7.57% | ▲ +6.52% | $239.26 (−5.44%) |
May 13, 2026 20w ago | 6-K | $238.00 $225.84 | ▼ −5.11% | ▼ −4.39% | $239.26 (+0.53%) |
May 12, 2026 20w ago | 6-K | $240.79 $222.74 | ▼ −7.50% | ▼ −6.34% | $239.26 (−0.63%) |
May 6, 2026 21w ago | 6-K | $228.05 $240.79 | ▲ +5.59% | ▲ +4.08% | $239.26 (+4.92%) |
Apr 21, 2026 23w ago | 6-K | $247.50 $232.43 | ▼ −6.09% | ▼ −7.17% | $239.26 (−3.33%) |
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