[FNV] Franco-Nevada: Q3 2026 Earnings Test for Royalty Volumes and Cobre Panamá

Franco-Nevada is a gold-focused royalty and streaming company: it does not operate mines, develop projects or explore, but instead provides capital to mine and oil-and-gas operators in exchange for production-linked royalties or the right to buy gold and silver at contracted low prices[1]. The company has said it will release results for the third quarter 2026, the three months ended September 30, 2026, after the market closes on November 11, with the earnings call on the morning of 2026-11-12[2]. In the latest disclosed quarter, the second quarter of 2026, revenue was $580.9 million, up 57% year over year; Franco-Nevada sold 132,405 gold equivalent ounces (GEOs, up 18%), generated $529.7 million of adjusted EBITDA and $354.0 million of net income, earned $1.81 of adjusted EPS and produced $482.5 million of operating cash flow[3]. The company gives no quarterly earnings guidance; it holds a full-year sales guide of 510,000 to 570,000 GEOs and said in its Q2 report that, including deliveries from Cobre Panamá stockpile processing, it is tracking toward the upper half of that range[4]. As of November 9, the Drillr earnings-calendar consensus for the third quarter was EPS of $1.77 and revenue of $568.4 million; the same source had expected Q2 EPS of $1.95 against an actual $1.81[5].

Three things matter most in this report. The first is whether precious-metal deliveries show the second-half step-up management has described: Franco-Nevada sold 268,758 GEOs in the first half, Q2 came in below Q1, and staying in the upper half of the range requires roughly 135,621 GEOs per quarter in the second half, while a higher year-ago gold price means revenue growth now depends more on volume itself[6][7]. The second is whether Cobre Panamá, idle for nearly three years, delivers its first gold and silver in the third quarter: the company says stockpile processing should yield about 23,100 gold ounces and 265,000 silver ounces, starting in Q3 with one-third arriving in the second half; none of this was in the original guidance, yet it underpins the "upper half" call[8]. The third is whether energy royalty revenue can hold its Q2 level: Q2 energy revenue was $70.4 million, up 34%, driven mainly by oil and NGL prices, and the U.S. and Canadian figures for Q3 will show whether this is a short-term price spike or is starting to be backed by volume[9].

Company Background and Business Structure

Franco-Nevada's business model is to pay once and share in a mine's or oil field's output over the long term without bearing operating costs. The company is headquartered in Toronto and its shares trade on the Toronto and New York exchanges under the symbol FNV[10]; it describes itself as the gold royalty and streaming company with the largest and most diversified portfolio, and in January 2026 it raised its quarterly dividend by 16% to $0.44 per share, its 19th consecutive annual increase[11]. As of August 11, 2026, the portfolio held 447 assets, of which 121 were producing cash flow: 53 precious-metal, 13 other-mining and 55 energy assets[10].

The company's interests fall into three broad types, each with a different sensitivity to costs and prices. The first is royalties paid as a share of mine revenue, such as NSRs, for which Franco-Nevada bears no costs; the second is streams, under which it buys a contracted share of gold and silver at a fixed low price or a percentage of spot and sells it at market, keeping the spread as gross profit; the third is royalties based on mine profit, such as NPIs and NRIs, which are more leveraged to price. In 2025 the first two types, which do not adjust for operator costs, produced 91% of revenue, with the rest coming from profit- or margin-based interests[12].

By revenue mix, precious metals dominate and geography is concentrated in the Americas. In Q2, precious-metal assets produced 86% of revenue, made up of 70% gold, 14% silver and 2% PGMs; Diversified assets, mainly iron ore and energy, produced the remainder; and 88% of revenue came from the Americas, including 40% from South America, 25% from Canada, 16% from the U.S. and 7% from Central America and Mexico[13]. In 2025 the largest single stream was the Candelaria gold and silver stream in South America, with $232.5 million of revenue, followed by the Guadalupe-Palmarejo, Antapaccay and Antamina streams and royalties such as Detour Lake and Côté Gold; the suspended Cobre Panamá stream contributed just $38.3 million for the year[14].

Financial History and Current Position

High gold prices drove record revenue and profit in 2025. Revenue was $1,822.8 million, up 64% from $1,113.6 million in 2024; GEOs sold were 519,106, including 11,208 from Cobre Panamá, up 12%; operating cash flow was $1,493.7 million, adjusted EBITDA was $1,656.1 million ($8.59 per share), and net income was $1,112.1 million ($5.77 per share)[15]. After Cobre Panamá was suspended in 2023, the company impaired the stream; when deliveries resumed in 2025 from the export of stored copper concentrate, it reversed $4.8 million of that impairment[16].

Quarterly figures since then show revenue peaking with the gold price in Q1 2026 and easing in Q2 while staying well above the prior year. By quarter, revenue was $487.7 million in Q3 2025, $597.3 million in Q4 2025, $650.7 million in Q1 2026 and $580.9 million in Q2 2026[17]; the average gold price over those quarters was $3,456, $4,145, $4,875 and $4,517 per ounce[18], and GEOs sold were 138,772, 141,656, 136,353 and 132,405[7]. Adjusted EPS rose from $1.43 in Q3 2025 to $2.38 in Q1 2026 before falling back to $1.81 in Q2[19]; adjusted EBITDA rose from $427.3 million to $591.9 million and was $529.7 million in Q2[20].

Q2 cash flow and the balance sheet remained strong, while margin eased because of portfolio mix. The Q2 adjusted EBITDA margin was 91.2%, down from 99.0% a year earlier; net income grew 43%, slower than gross profit, because income tax expense rose and the prior-year quarter included a $42.2 million gain on the sale of gold and silver bullion[21]. First-half revenue of $1,231.6 million and operating cash flow of $1,002.9 million were both half-year records[3]. Cash was $1,014.2 million at the end of June, up from $670.9 million at the end of 2025[22]; available capital was $4.3 billion, compared with $2.8 billion at year-end 2025[21]. The quarterly dividend stayed at $0.44 per share[23].

Operating Model

Revenue can be split into delivered ounces times metal prices, plus energy and iron ore royalties. Precious-metal volume depends on operator output and Franco-Nevada's stream or royalty percentage, while price follows gold and silver markets; 2026 guidance is 510,000 to 570,000 GEOs, about 90% from precious metals and 10% from Diversified assets[24]. Starting in 2026, the company converts to GEOs at fixed ratios based on its guidance prices ($4,500 gold, $75 silver, $70 WTI and so on), so non-gold GEOs no longer move with market prices, and 2025 comparatives are shown on the old method and are not fully comparable[25][22]. Diversified revenue is also guided in dollars, at $245 million to $285 million, with roughly half from oil and liquids, a quarter from natural gas and a quarter from iron ore and other minerals[26].

On the profit side there is little operating leverage burden, but stream purchase prices and depletion on new assets weigh on margin. Q2 costs of sales excluding depletion were $45.9 million, mainly ongoing stream purchase payments, mineral production taxes and energy costs, or $347 per GEO; part of the stream purchase price floats with spot, so higher gold prices also mean higher costs[27][19]. Q2 depletion and depreciation was $84.0 million versus $64.0 million a year earlier, mainly because newly acquired assets carry higher per-ounce depletion[27]. The company guides full-year depletion and depreciation of $310 million to $340 million ($161.9 million in the first half) and an effective tax rate of 20% to 23%[28]. Q2 operating income was $445.7 million[17].

Cash flow tracks adjusted EBITDA almost directly because there is no sustaining capital spending. Delivered gold and silver are usually sold within the quarter; Q2 operating cash flow was $482.5 million, up 12%, slower than EBITDA partly because taxes paid rose and bullion sale proceeds fell[29]. Cash goes mainly to new stream and royalty acquisitions and to dividends: Q2 net investing outflow was $101.4 million[7], and remaining commitments include an $11.7 million third pre-construction payment on the Cascabel stream in 2026 and $30.1 million still to be contributed to the Royalty Acquisition Venture with Continental[28].

Industry and Competitive Position

Within gold royalties and streaming, Franco-Nevada stands out for scale and diversification, and for an energy royalty book that few peers hold. The company describes its portfolio as the largest and most diversified in gold royalties and streaming[10], and on the Q2 call management explained that recent deals have been mostly royalties with little or no associated cost, which keeps portfolio margin as high as 91.2%[30]. The model largely insulates margins from rising operator costs[12], but the price is that revenue depends entirely on third-party output and on the political, permitting and legal environment in each host country, as Cobre Panamá and Karma in Burkina Faso show[31][32].

Capital is the company's main competitive tool, yet recent deals have been small relative to available capital. Among this year's larger additions was the follow-on Bullabulling financing announced in September: Franco-Nevada is buying a gross revenue royalty for A$170 million (about $122 million) and subscribing for A$30 million of Minerals 260 shares[33]. On the Q2 call, management said the pipeline covers all deal sizes, recent smaller deal volume is not indicative of the future, and large transactions are lumpier with longer timelines, with activity expected to pick up later this year and into 2027[34]. Without like-for-like peer financial data, the comparison here stays at the level of business model and asset mix.

Core Debates

After a softer first half, can Franco-Nevada's third quarter deliver the second-half volume step-up management has guided to?

This question decides whether Q3 revenue can keep growing, because the gold price's lift to year-over-year growth is fading. Precious metals produced 86% of Q2 revenue[13], and quarterly revenue is essentially the ounces operators deliver times the gold price; Q2 revenue rose 57% mainly on higher gold prices, but from Q3 onward the year-ago average gold price is already $3,456 per ounce[18]. Of the full-year 2026 guide of 510,000 to 570,000 GEOs, the first half delivered 268,758, and management says it is tracking toward the upper half[6][4].

Current evidence shows a soft quarterly delivery pattern, with the step-up resting on a few mines. Q2 GEOs were 132,405, below Q1's 136,353[7]; growth came mainly from Antapaccay, Antamina, South Arturo and Côté Gold, while Candelaria sold only 13,233 GEOs in Q2 against 16,648 a year earlier, because the prior year had higher-grade Phase 11 ore[35]. Management attributes the second-half step-up to the production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine[36], and Candelaria's operator also anticipates higher second-half output as more high-grade Phase 12 ore becomes available[37]; at the same time, the company flagged that Antamina deliveries will be lower in Q3 because of reduced concentrator throughput in Q2[38].

These volume changes travel to profit along a short chain. Higher operator grades and throughput bring more stream deliveries and royalty ounces, GEOs sold times the average gold price becomes revenue, and that flows almost one-for-one into adjusted EBITDA and adjusted EPS. The baselines for comparison are these: staying on an upper-half pace requires about 135,621 GEOs per quarter; reaching the midpoint of the 360,000 to 400,000-ounce gold guide requires about 98,809 ounces per quarter in the second half, after 182,382 ounces in the first[6]; Candelaria sold 13,233 GEOs in Q2 and 29,247 in the first half against full-year guidance of 57,500 to 67,500[35][37][39]; and Q3 2025 revenue was $487.7 million with adjusted EPS of $1.43[17][19].

What remains unresolved is whether the "upper half" call rests mainly on core-mine growth or mainly on Cobre Panamá stockpile deliveries and high oil prices. The company stated that the call explicitly includes anticipated Cobre Panamá deliveries[4], and on the Q1 call it said results after Q2 should stay at roughly the Q2 level for the rest of the year[11]. In Q3, the key checks are whether GEOs reach about 135,621, whether gold sales are at least 98,809 ounces, whether Candelaria exceeds Q2's 13,233 GEOs, and how adjusted EPS moves relative to Q2's $1.81. If Q3 GEOs fall below 120,621, holding even the bottom of the guide would require a heavy Q4; and if the Candelaria stream's step-down from 68% to 40% moves forward to late 2026, the basis for a second-half step-up weakens[40].

With Cobre Panamá processing its stockpiles after nearly three years offline, will Franco-Nevada's stream deliveries start on schedule in the third quarter, and where are restart talks heading?

Cobre Panamá is both the source of this year's extra deliveries and the largest uncertainty in long-term volume. The copper mine has been suspended since November 2023[16], and Franco-Nevada's 2026 guidance assumes no contribution from it[41]; if it fully restarts, the average of the next five years of the mine plan in place at suspension implies as much as 150,000 to 175,000 GEOs a year for the company[42]. The roughly 23,100 gold ounces and 265,000 silver ounces from stockpile processing are one basis for management's view that the year is tracking to the upper half[8][4].

Processing has started, but deliveries have not yet appeared. The Government of Panama formally approved processing about 38 million tonnes of stockpiled ore in April 2026, containing about 70,000 tonnes of recoverable copper[43]; the first processing train was commissioned in May and produced copper concentrate, and First Quantum estimates 30,000 to 40,000 tonnes of copper in 2026, with the remainder processed in 2027[8]. Franco-Nevada received only 783 gold ounces in the first half, all in Q1, and nothing in Q2[44], with first-half Cobre Panamá revenue of $4.7 million[45]. The company says deliveries should begin in Q3 with one-third arriving in the second half, and on the call cited about 9,000 to 10,000 GEOs[8][46].

Once deliveries begin, they will affect the financial statements through two channels. The first is direct revenue and GEOs: after First Quantum processes and sells copper concentrate, gold and silver are delivered under the stream contract and booked as Cobre Panamá revenue, which was $38.3 million for 2025 and zero in Q2[14][45]. The second is carrying value: the company says it will assess the recoverable amount of the Cobre Panamá cash-generating unit once deliveries begin[47], and when deliveries resumed in 2025 it reversed $4.8 million of impairment, $0.7 million of it in Q3[16].

The bigger unknown is the framework for restart talks. On September 30, the first of the Panamanian Ministerial Commission's 17 recommendations was to authorize formal negotiations with First Quantum, aiming for a project that operates toward an "orderly closure" with no possibility of extension[31]. On the Q2 call, Franco-Nevada said First Quantum leads all government engagement, that it has not taken part in any discussions, and that there are no discussions about changing the stream's economic terms[48]. An alternative reading is that "orderly closure" implies a limited restart life, so Cobre Panamá's long-term value to the company looks more like a finite cash stream than a return to the original mine plan. In Q3, watch for first gold and silver deliveries, whether Cobre Panamá revenue turns positive, whether the recoverable-amount assessment is carried out, and whether the government formally opens talks; zero Q3 deliveries, a slip of stockpile deliveries into 2027, or a negotiating framework that requires changes to stream terms or a shorter operating life would all force a revision of the current understanding.

Oil prices jumped after the Middle East conflict; can Franco-Nevada's energy royalty revenue hold up in the third quarter, and when will higher U.S. volumes show through?

Energy is the only segment guided in dollar revenue, and it is the most direct channel for oil-price moves. Diversified assets produced about 14% of Q2 revenue[13]; the company assumes WTI at $70 per barrel and estimates that each $10 above that raises oil revenue by about 12%[49], and after the late-February U.S. strike on Iran pushed oil higher, WTI was near $100 per barrel at the time of the Q1 call[11]. Q2 Diversified revenue was $82.2 million versus $62.7 million a year earlier[50], and the first-half total of $164.8 million already covers most of the full-year $245 million to $285 million guide[6].

Current evidence shows energy growth coming mainly from price. Q2 energy revenue was $70.4 million, up 34% from $52.5 million[9]; U.S. revenue was $46.2 million versus $38.5 million, lifted by a larger share of Continental production and higher oil and NGL prices[51]; Canadian revenue was $24.2 million versus $14.0 million, with the Weyburn net royalty interest (NRI) amplifying the oil-price gain[52]. First-half oil revenue was $78.8 million, up 20%[4]. Working back from the first-half revenue split by commodity, Q1 energy revenue was about $59.4 million.

Energy revenue moves through two channels, price and volume. WTI and NGL prices directly set revenue from U.S. royalties and the Weyburn NRI, and the NRI, as a profit share, is more price-sensitive; increased U.S. drilling and Franco-Nevada's growing share in the Continental venture set royalty volumes. Together they form energy revenue and Diversified revenue, which feed total revenue and adjusted EBITDA. On the Q2 call, management said higher U.S. drilling activity should translate into higher production volumes by late 2026 or early 2027[53].

What remains unresolved is how much of Q2's gain would survive an oil-price decline. An alternative reading is that volumes are roughly flat and that energy revenue would quickly fall back to its Q1 level if oil prices eased. In Q3, watch whether Diversified revenue is at least $82.2 million, how energy revenue moves against $70.4 million, whether Canadian energy revenue stays near $24.2 million, and whether volume starts to contribute to U.S. growth. If lower oil prices take energy revenue back to about $59.4 million, or the U.S. volume increase slips beyond 2027, the view that energy provides extra second-half support would weaken.

Risks and Falsifiers

The Karma stream dispute tests the company's ability to enforce contracts in higher-risk jurisdictions. A local court in Burkina Faso issued a decision purporting to nullify the Karma stream agreement; Franco-Nevada considers the judgment invalid and is seeking to have it vacated and pursuing other remedies under Ontario law, which governs the agreement[32]. The stream is already carried at zero, so the balance sheet is unaffected[30]; what is at stake is whether stream revenue can resume and whether operators in other jurisdictions might follow suit. If the judgment is overturned or the company obtains an effective ruling in Ontario, this risk would fall markedly.

Changes to Canadian transfer pricing law could affect income tax expense and the effective tax rate. On March 26, 2026, the Canadian federal government enacted transfer pricing changes that apply from 2026 onward, and the company is still assessing the impact; its 2025 settlement with the Canada Revenue Agency is not legally binding for years after 2019[54]. This bears on how profits of offshore stream subsidiaries are taxed in Canada and on the 20% to 23% effective tax rate guide[28]. If the company confirms in later quarterly reports that the new rules do not change the effective tax rate range, this risk can be ruled out.

The risk from idle capital is per-share dilution rather than the balance sheet itself. Available capital was $4.3 billion at the end of June[21], while recent deals have been small to mid-sized, such as the A$170 million follow-on Bullabulling royalty[33]; management said it will prioritize acquisitions before considering other returns such as special dividends[34]. If capital stays undeployed for long, idle cash dilutes earnings per share and shareholder returns rely mainly on the $0.44 quarterly dividend[23]. If acquisitions commensurate with available capital emerge over the next few quarters, or the capital return policy changes, this risk would be resolved.

An earlier Candelaria step-down would directly reduce the contribution of the largest single stream. Candelaria generated $232.5 million of revenue in 2025[14] and sold 68,273 GEOs[39], and the annual report states that the stream percentage will fall from 68% to 40%[55]; on the Q2 call management said the step-down is expected in the first half of 2027 but could come as early as late 2026, depending on this year's production[40]. After the step-down, deliveries at the same production level would fall by about four-tenths. If the company keeps the first-half-2027 timing in its Q3 report, this risk would not land in 2026 for now.

Panama's political and legal risk determines Cobre Panamá's long-term value. The Ministerial Commission's recommended framework is operation toward an orderly closure with no extension[31], restart terms are negotiated between the government and First Quantum, and Franco-Nevada is not at the table[48]. The exposure includes long-term potential of up to 150,000 to 175,000 GEOs a year[42], the stockpile deliveries of about 23,100 gold ounces and 265,000 silver ounces[8], and the stream's carrying value[47]. If a formal agreement is signed and the company confirms the stream terms are unchanged, this risk would ease substantially.

A fall in oil prices would quickly erase energy revenue growth. Year-over-year energy growth has come mainly from price, and the Weyburn NRI amplifies oil-price swings[52]; Q2 energy revenue was $70.4 million[9], and by the company's estimate each $10 move in WTI shifts oil revenue by about 12%[49]. If Q3 energy revenue is at least $70.4 million, that would indicate support beyond price, and this risk would not hold for now.

What to Watch Next

• Second-half delivery step-up: Q3 GEOs sold against Q2's 132,405, Q1's 136,353 and the first half's 268,758. Reaching about 135,621 supports the upper half of the guide; below 120,621 leaves the low end dependent on Q4.
• Second-half delivery step-up: Q3 gold sales against 182,382 ounces in the first half. At least 98,809 ounces keeps the gold guide midpoint in reach.
• Second-half delivery step-up: Candelaria GEOs against 13,233 in Q2 and 16,648 a year earlier. A rebound supports the Phase 12 ramp; a step-down pulled forward to late 2026 weakens it.
• Second-half delivery step-up: adjusted EPS against $1.81 in Q2 and $1.43 in Q3 2025, with delivered volume and gold price jointly setting the direction.
• Cobre Panamá: first gold and silver deliveries and revenue, after zero deliveries in Q2 and $4.7 million of first-half revenue. Zero deliveries or a slip into 2027 would falsify the current view.
• Cobre Panamá: the recoverable-amount assessment and restart talks, after a $4.8 million partial reversal in 2025 and the September 30 recommendation to open negotiations. A requirement to change stream terms or shorten operating life would falsify the current view.
• Energy royalties: Diversified revenue against $82.2 million and energy revenue against $70.4 million. A return to about $59.4 million would show the gain came only from price.
• Energy royalties: Canadian energy revenue against $24.2 million and U.S. energy revenue against $46.2 million. A U.S. volume increase pushed beyond 2027 would weaken the volume case.

Conclusion

Franco-Nevada's results are set by three variables: ounces delivered by operators, gold and silver prices, and a smaller but more price-sensitive energy royalty book. In 2025 the company generated $1,822.8 million of revenue and $1,493.7 million of operating cash flow; in the first half of 2026 it generated $1,231.6 million of revenue and $1,002.9 million of operating cash flow, and it held $4.3 billion of available capital at the end of June[15][3][21]. The central unresolved relationship is this: the gold price's lift to year-over-year growth fades from Q3, Q2 deliveries were still below Q1, and it is unclear how much of the "upper half" call comes from core-mine growth and how much depends on Cobre Panamá stockpile deliveries that have not yet arrived and on high oil prices[7][4].

After the August 11 Q2 report, no qualifying independent outside view was found. The public material located was mainly reposted company releases, earnings-calendar entries and model-driven pieces built around multiple comparisons; no named author offered an independent argument on delivery volumes, Cobre Panamá or energy revenue, so this article does not summarize outside opinion or infer which way the market leans. The only outside figures available are the Drillr earnings-calendar Q3 figures of $1.77 EPS and $568.4 million of revenue, and the same source overstated EPS for Q2[5].

After the Q3 report, a combination of observations would do most to change the picture. If Q3 GEOs reach about 135,621, Candelaria recovers above 13,233 GEOs, Cobre Panamá makes its first deliveries and energy revenue holds around $70.4 million, the case for a second-half step-up and an upper-half year would strengthen. Conversely, if GEOs fall below 120,621, Cobre Panamá deliveries slip into 2027, energy revenue returns to about $59.4 million, or the company brings forward the Candelaria step-down, the soft first-half deliveries would look more structural than seasonal.

Sources

[1] FNV 40-F filed 2026-03-19 · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[2] FNV 6-K filed 2026-10-13 · Q3 2026 results schedule · 2026-10-13 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926115442/fnv-ex99d1.htm

[3] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · Q2 2026 highlights · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[4] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · guidance tracking upper half · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[5] FNV earnings calendar updated 2026-11-09 · 2026-11-09 · Drillr 财报日历一致预期 · https://gateway.drillr.ai/mcp/private

[6] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · H1 actual versus 2026 guidance · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[7] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · quarterly GEOs sold · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[8] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · Cobre Panamá stockpile deliveries · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[9] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Energy revenue Q2 · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[10] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · portfolio asset count · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[11] FNV Q1 2026 earnings call 2026-05-13 · quarterly cadence · 2026-05-13 · earnings-call · https://gateway.drillr.ai/mcp/private

[12] FNV 40-F filed 2026-03-19 · royalty and stream revenue share · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[13] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · Q2 revenue mix · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[14] FNV 40-F filed 2026-03-19 · Cobre Panamá FY2025 revenue · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[15] FNV 40-F filed 2026-03-19 · FY2025 financial update · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[16] FNV 40-F filed 2026-03-19 · Cobre Panamá impairment reversal 2025 · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[17] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · quarterly revenue · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[18] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · quarterly average gold price · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[19] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · quarterly Adjusted Net Income per share · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[20] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · quarterly Adjusted EBITDA · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[21] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · available capital · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[22] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · GEO methodology comparability · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[23] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · dividend · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[24] FNV 40-F filed 2026-03-19 · 2026 guidance · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[25] FNV 40-F filed 2026-03-19 · fixed GEO conversion ratios · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[26] FNV 40-F filed 2026-03-19 · Diversified 2026 commodity mix · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[27] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · stream costs of sales · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[28] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · tax and depletion guidance · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[29] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Q2 operating cash flow · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[30] FNV Q2 2026 earnings call 2026-08-12 · Karma carrying value · 2026-08-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[31] FNV 6-K filed 2026-09-30 · Cobre Panamá ministerial commission report · 2026-09-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926112276/fnv-ex99d1.htm

[32] FNV 6-K filed 2026-06-17 · Karma stream dispute · 2026-06-17 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926074937/fnv-20260617xex99d1.htm

[33] FNV 6-K filed 2026-09-14 · Bullabulling follow-on financing · 2026-09-14 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926107272/fnv-20260914xex99d1.htm

[34] FNV Q2 2026 earnings call 2026-08-12 · acquisition pipeline Q&A · 2026-08-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[35] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Candelaria GEOs Q2 · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[36] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · H2 production weighting · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[37] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Candelaria GEOs H1 · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[38] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · Antamina Q3 delivery outlook · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[39] FNV 40-F filed 2026-03-19 · Candelaria 2026 guidance · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[40] FNV Q2 2026 earnings call 2026-08-12 · Candelaria step-down timing · 2026-08-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] FNV 40-F filed 2026-03-19 · Cobre Panamá excluded from 2026 guidance · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[42] FNV 40-F filed 2026-03-19 · five-year outlook and Cobre Panamá potential · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm

[43] FNV 6-K filed 2026-04-08 · Cobre Panamá stockpile processing approval · 2026-04-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926040505/fnv-20260407xex99d1.htm

[44] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Cobre Panamá gold ounces H1 · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[45] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Cobre Panamá revenue H1 · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[46] FNV Q2 2026 earnings call 2026-08-12 · guidance and Cobre Panamá GEOs · 2026-08-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[47] FNV 6-K filed 2026-08-12 (Q2 2026 financial statements) · Cobre Panamá recoverable amount · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d3.htm

[48] FNV Q2 2026 earnings call 2026-08-12 · Cobre Panamá stream terms Q&A · 2026-08-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[49] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · WTI sensitivity · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[50] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · Q2 Diversified revenue · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[51] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · U.S. Energy revenue Q2 · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[52] FNV 6-K filed 2026-08-12 (Q2 2026 results release) · Canadian Energy revenue · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm

[53] FNV Q2 2026 earnings call 2026-08-12 · U.S. drilling and energy volumes · 2026-08-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[54] FNV 6-K filed 2026-08-12 (Q2 2026 MD&A) · Canadian transfer pricing legislation · 2026-08-12 · 6-K · https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm

[55] FNV 40-F filed 2026-03-19 · Candelaria stream step-down · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d1.htm