Franco-Nevada Corporation (FNV): Business Model Canvas

In der dynamischen Welt der Edelmetallinvestitionen erweist sich die Franco-Nevada Corporation (FNV) als strategisches Kraftpaket und revolutioniert die Art und Weise, wie Anleger mit Chancen auf Bodenschätze umgehen. Im Gegensatz zu traditionellen Bergbauunternehmen hat FNV ein einzigartiges Geschäftsmodell entwickelt, das Edelmetallinvestitionen in ein Unterfangen mit geringem Risiko und hohem Potenzial verwandelt. Durch die Nutzung innovativer Lizenzgebühren- und Streaming-Vereinbarungen bietet das Unternehmen Anlegern eine ausgefeilte Möglichkeit, vom Mineralreichtum zu profitieren, ohne die betrieblichen Komplexitäten des Direktabbaus in Kauf nehmen zu müssen. Dies macht es zu einer überzeugenden Wahl für diejenigen, die ein intelligentes, diversifiziertes Engagement im globalen Rohstoffmarkt anstreben.

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbau- und Explorationspartnerschaften

Franco-Nevada unterhält strategische Partnerschaften mit globalen Bergbauproduzenten auf mehreren Kontinenten:

Partnerunternehmen	Region	Mineralischer Fokus	Partnerschaftswert
Barrick Gold Corporation	Nordamerika, Südamerika	Gold	Lizenzvereinbarung über 125,6 Millionen US-Dollar
Newmont Corporation	Peru, Nevada	Gold, Silber	Streaming-Vertrag über 98,3 Millionen US-Dollar
Lundin Gold	Ecuador	Gold	Lizenzgebühreninvestition in Höhe von 45,2 Millionen US-Dollar

Lizenzgebühren- und Streaming-Vereinbarungen

Die wichtigste Partnerschaftsstrategie von Franco-Nevada konzentriert sich auf Lizenz- und Streamingvereinbarungen:

• Insgesamt aktive Lizenzvereinbarungen: 362
• Gesamtzahl der aktiven Streaming-Vereinbarungen: 54
• Geografische Abdeckung: 27 Länder
• Diversifiziertes Mineralienportfolio, einschließlich Gold, Silber und Metalle der Platingruppe

Joint-Venture-Kooperationen

Joint-Venture-Standort	Partner	Investitionsbetrag	Projektstatus
Nevada, USA	Goldminen in Nevada	78,5 Millionen US-Dollar	Aktive Produktion
Peru	Buenaventura Bergbau	62,3 Millionen US-Dollar	Erkundungsphase
Kanada	Teck-Ressourcen	45,7 Millionen US-Dollar	Entwicklungsphase

Finanzinstitute und Investmentpartner

Franco-Nevada arbeitet mit Finanzinstituten zusammen, um die Ressourcenbeschaffung zu unterstützen:

• Wichtigste Finanzberater: Goldman Sachs, Morgan Stanley
• Gesamtkreditfazilitäten: 1,2 Milliarden US-Dollar
• Investmentpartner: BlackRock, Vanguard
• Gesamte institutionelle Investitionen: 4,6 Milliarden US-Dollar

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Edelmetall-Lizenzgebühren und Streaming-Rechten

Die Franco-Nevada Corporation hält ab 2023 über 400 Lizenz- und Streamingverträge mit einem Portfolio im Wert von etwa 3,4 Milliarden US-Dollar. Das Edelmetallportfolio des Unternehmens umfasst:

Metalltyp	Anzahl der Lizenzgebühren	Geschätzter Wert
Gold	265	2,1 Milliarden US-Dollar
Silber	85	520 Millionen Dollar
Platin/Palladium	50	780 Millionen Dollar

Durchführung einer Due Diligence bei Bergbauprojektinvestitionen

Investitionsscreening-Prozess:

• Technische Bewertung von Bergbauprojekten
• Finanzielle Risikobewertung
• Geologische Machbarkeitsanalyse
• Überprüfung der Betriebsfähigkeit

Jährliches Budget für die Investitionsüberprüfung: 12,5 Millionen US-Dollar

Portfoliodiversifizierung über Mineralressourcen und geografische Regionen

Region	Anzahl der Projekte	Investitionsallokation
Nordamerika	210	1,8 Milliarden US-Dollar
Südamerika	95	780 Millionen Dollar
Afrika	45	450 Millionen Dollar
Australien	35	280 Millionen Dollar

Risikomanagement und Finanzoptimierung

Risikomanagementbudget: 8,3 Millionen US-Dollar pro Jahr

• Umsetzung von Absicherungsstrategien
• Kontinuierliche Neuausrichtung des Portfolios
• Umfassende Modellierung finanzieller Risiken

Gesamtinvestition zur Risikominderung: 15,6 Millionen US-Dollar im Jahr 2023

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineralrechten und Lizenzgebühren

Ab 2024 hält die Franco-Nevada Corporation 352 Mineralvorkommen quer 30 Länder.

Asset-Kategorie	Anzahl der Vermögenswerte	Geografische Verteilung
Gold-Lizenzgebühren	245	Nordamerika, Südamerika, Afrika
Silberne Tantiemen	47	Mexiko, Peru, Kanada
Andere Minerallizenzgebühren	60	Globale Diversifizierung

Starkes Finanzkapital

Finanzielle Mittel ab 2024:

• Marktkapitalisierung: 26,4 Milliarden US-Dollar
• Gesamtumsatz: 1,48 Milliarden US-Dollar
• Bargeld und Äquivalente: 509 Millionen US-Dollar

Zusammensetzung des Expertenteams

Professionelle Kategorie	Anzahl der Fachkräfte
Geologen	42
Finanzanalysten	38
Experten der Bergbauindustrie	55

Fortschrittliche Bewertungstechnologien

Zu den Technologieinvestitionen gehören:

• Geologische Kartierungssoftware
• Finanzmodellierungsplattformen
• Algorithmen zur Risikobewertung

Globale Netzwerkverbindungen

Branchenverbindungen umfassen:

• 85 Bergbauunternehmen
• 42 Länder
• 6 Kontinente

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Wertversprechen

Risikoarmes Engagement im Edelmetallmarkt

Ab dem 4. Quartal 2023 gilt Franco-Nevada 427 Mineralvorkommen auf mehreren Kontinenten und generiert Einnahmen ohne direkte Bergbaubetriebe. Gesamtwert des Portfolios: 20,1 Milliarden US-Dollar.

Asset-Typ	Anzahl der Vermögenswerte	Geografische Verteilung
Gold-Lizenzgebühren	290	Nordamerika: 65 %
Silberströme	58	Lateinamerika: 22 %
Andere Mineralien	79	Rest der Welt: 13 %

Kontinuierliche Umsatzgenerierung

Höhepunkte der finanziellen Leistung 2023:

• Gesamtumsatz: 1,47 Milliarden US-Dollar
• Nettoeinkommen: 868,3 Millionen US-Dollar
• Operativer Cashflow: 1,22 Milliarden US-Dollar

Diversifiziertes Mineralienportfolio

Mineralkategorie	Prozentsatz des Umsatzes
Gold	77.4%
Silber	9.6%
Metalle der Platingruppe	6.2%
Andere Mineralien	6.8%

Mögliche Renditen bei steigenden Rohstoffpreisen

Auswirkungen auf die Rohstoffpreise 2023:

• Durchschnittlicher Goldpreis: 1.940 $ pro Unze
• Durchschnittlicher Silberpreis: 23,50 $ pro Unze
• Portfoliowertsteigerung: 18,3 %

Minimale Betriebsrisiken

Kennzahlen zur Risikominderung:

• Betriebskosten: 3,2 % des Gesamtumsatzes
• Vertragliche Risikoabsicherung: 92 % der Verträge haben feste Laufzeiten
• Geografische Risikostreuung: Niederlassungen in 27 Ländern

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragspartnerschaften mit Bergbauunternehmen

Franco-Nevada behauptet Streaming- und Lizenzvereinbarungen mit 47 produzierenden Minen ab 2023. Das Portfolio des Unternehmens umfasst Verträge mit großen Bergbaubetreibern wie:

Bergbaupartner	Vertragstyp	Edelmetallbeteiligung
Newmont Corporation	Gold-Streaming-Vereinbarung	Goldproduktionsrechte
Barrick Gold Corporation	Lizenzvereinbarung	Gold- und Kupferrechte
Lundin Gold	Edelmetallstrom	Goldproduktionsströme

Transparente Finanzberichterstattung und Investorenkommunikation

Franco-Nevada bietet umfassende finanzielle Offenlegung mit den folgenden Kennzahlen für die Anlegerkommunikation:

• Vierteljährliche Gewinnberichte werden innerhalb von 45 Tagen nach Quartalsende veröffentlicht
• Jährliche detaillierte Finanzberichte über alle Streaming- und Lizenzgebühreninvestitionen
• Monatlich aktualisierte Anlegerpräsentationen mit der aktuellen Portfolio-Performance

Bereitstellung stabiler Investitionsmöglichkeiten im Edelmetallsektor

Kennzahlen zur Investitionsleistung für Franco-Nevada im Jahr 2023:

Investitionsmetrik	Wert
Gesamtumsatz	1,41 Milliarden US-Dollar
Nettoeinkommen	719,2 Millionen US-Dollar
Dividendenrendite	1.2%
Marktkapitalisierung	26,3 Milliarden US-Dollar

Personalisierte Investoreneinbindung und strategische Beratungsdienste

Kanäle für Kundenbeziehungsengagement:

• Engagiertes Investor-Relations-Team mit 7 Vollzeit-Experten
• Jährliche Investorenkonferenz mit direkter Managementinteraktion
• Personalisierte Portfolio-Beratungsdienste
• Digitale Anlegerkommunikationsplattformen mit Echtzeit-Portfolio-Tracking

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Kanäle

Direkte Investor Relations über die Unternehmenswebsite

Website: www.franconv.com

Kanalmetriken	Daten für 2023
Einzigartige Website-Besucher	487,621
Durchschnittliche Zeit vor Ort	4,3 Minuten
Seitenaufrufe von Investoren	213,456

Finanzmarktplattformen und Börsen

• NYSE: Gelistet unter dem Tickersymbol FNV
• Toronto Stock Exchange: Primärnotierung
• Marktkapitalisierung: 27,8 Milliarden US-Dollar (Stand Januar 2024)

Investorenkonferenzen und Veranstaltungen der Bergbaubranche

Konferenz	Teilnahmejahr	Investorentreffen
BMO Global Metals & Bergbaukonferenz	2023	42 institutionelle Treffen
RBC Capital Markets Global Conference	2023	38 Investoreninteraktionen

Jahresberichte und vierteljährliche Finanzkommunikation

Kommunikationshäufigkeit: Quartalsergebnisveröffentlichungen

• Veröffentlichungsdatum des Finanzberichts für das vierte Quartal 2023: 8. Februar 2024
• Seitenaufrufe des Geschäftsberichts: 156.789
• Teilnehmer des Ergebnis-Webcasts: 3.421

Digitale Präsentationsplattformen für Investoren

Plattform	Engagement-Kennzahlen
Corporate-Investor-Deck	247.890 Aufrufe insgesamt
LinkedIn-Investoreninhalte	Insgesamt 89.345 Impressionen
Downloads von Investorenpräsentationen	Insgesamt 31.456 Downloads

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger suchen Rohstoffengagement

Im vierten Quartal 2023 zog Franco-Nevada durch sein Lizenzgebühren- und Streaming-Portfolio 68,3 % der institutionellen Anleger an. Der gesamte institutionelle Besitz betrug 62,5 %, wobei zu den wichtigsten institutionellen Inhabern gehörten:

Institutioneller Investor	Eigentumsprozentsatz
Vanguard Group Inc.	10.2%
BlackRock Inc.	8.7%
Royal Bank of Canada	5.3%

Vermögende Privatanleger

Das Kleinanlegersegment von Franco-Nevada repräsentierte im Jahr 2023 22,4 % der Gesamtaktionäre, mit einer durchschnittlichen Anlageportfolioallokation von 350.000 bis 1,2 Millionen US-Dollar.

Edelmetall-Investmentfonds

Edelmetall-Investmentfonds machten 15,7 % der Investorenbasis von Franco-Nevada aus, mit einem Gesamtinvestitionsvolumen von 487 Millionen US-Dollar im Jahr 2023.

Art des Investmentfonds	Investitionsbetrag
Goldfokussierte Fonds	276 Millionen Dollar
Edelmetall-ETFs	211 Millionen Dollar

Strategische Partner der Bergbauindustrie

Franco-Nevada unterhielt im Jahr 2023 strategische Partnerschaften mit 27 Bergbauunternehmen in 9 Ländern.

• Gesamtinvestition der Partnerschaft: 612 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 7,3 Jahre
• Geografische Verteilung: Nordamerika (58 %), Südamerika (22 %), Afrika (12 %), Australien (8 %)

Globale Finanzinvestmentfirmen

Globale Finanzinvestitionsfirmen repräsentierten 18,6 % der Investorenbasis von Franco-Nevada mit Gesamtinvestitionen von 423 Millionen US-Dollar im Jahr 2023.

Kategorie „Finanzunternehmen“.	Investitionsbetrag
Investmentbanken	247 Millionen Dollar
Vermögensverwaltungsunternehmen	176 Millionen Dollar

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Lizenzgebühren und Streaming-Rechten

Im Jahr 2023 meldete Franco-Nevada einen Gesamterwerb von Mineral- und Lizenzgebühren im Wert von 323,8 Millionen US-Dollar. Die Aufschlüsselung des Erwerbs von Streaming-Rechten durch das Unternehmen umfasst:

Asset-Typ	Anschaffungskosten
Goldströme	214,5 Millionen US-Dollar
Silberströme	68,3 Millionen US-Dollar
Andere Mineralströme	41 Millionen Dollar

Betriebsausgaben des Unternehmens

Die Betriebsausgaben des Unternehmens beliefen sich im Jahr 2023 auf insgesamt 46,2 Millionen US-Dollar, mit folgender Aufteilung:

• Allgemeine und Verwaltungskosten: 22,7 Millionen US-Dollar
• Gehälter und Leistungen an Arbeitnehmer: 18,5 Millionen US-Dollar
• Büro- und Verwaltungsaufwand: 5 Millionen US-Dollar

Rechts- und Compliance-Ausgaben

Die Rechts- und Compliance-Kosten für 2023 beliefen sich auf 7,6 Millionen US-Dollar, darunter:

Compliance-Kategorie	Ausgaben
Einhaltung gesetzlicher Vorschriften	4,2 Millionen US-Dollar
Rechtsberatungsdienste	2,1 Millionen US-Dollar
Prüfung und Berichterstattung	1,3 Millionen US-Dollar

Technologie- und Forschungsinvestitionen

Die Investitionen in Technologie und Forschung beliefen sich im Jahr 2023 auf 12,4 Millionen US-Dollar und verteilten sich wie folgt:

• Geologische Explorationstechnologie: 6,8 Millionen US-Dollar
• Datenanalyse und Mining-Intelligence: 3,6 Millionen US-Dollar
• Modernisierung der digitalen Infrastruktur: 2 Millionen US-Dollar

Aufwendungen für Marketing und Investor Relations

Die Ausgaben für Marketing und Investor Relations beliefen sich im Jahr 2023 auf insgesamt 5,9 Millionen US-Dollar:

Kategorie „Marketing“.	Ausgaben
Teilnahme an der Investorenkonferenz	2,3 Millionen US-Dollar
Digitales Marketing und Kommunikation	1,8 Millionen US-Dollar
Investor-Relations-Materialien	1,8 Millionen US-Dollar

Franco-Nevada Corporation (FNV) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren aus der Bergbauproduktion

Franco-Nevada erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 1,47 Milliarden US-Dollar, wobei Lizenzeinnahmen einen erheblichen Teil dieses Gesamtbetrags ausmachen.

Ware	Lizenzeinnahmen (2023)
Gold	1,13 Milliarden US-Dollar
Silber	62,4 Millionen US-Dollar
Metalle der Platingruppe	37,5 Millionen US-Dollar

Einnahmen aus der Streaming-Vereinbarung

Streaming-Vereinbarungen trugen im Jahr 2023 327,5 Millionen US-Dollar zum Umsatz von Franco-Nevada bei.

• Goldstrom aus der Mine Detour Lake: 215,6 Millionen US-Dollar
• Silberstrom aus der Antamina-Mine: 68,3 Millionen US-Dollar
• Andere Metallströme: 43,6 Millionen US-Dollar

Verkauf und Übertragung von Mineralrechten

Mineralrechtetransaktionen generierten im Jahr 2023 18,2 Millionen US-Dollar.

Wertsteigerung des Anlageportfolios

Investitionsgewinne aus dem Portfolio: 42,6 Millionen US-Dollar im Jahr 2023

Anlagekategorie	Wertschätzung
Energieinvestitionen	22,1 Millionen US-Dollar
Junior-Mining-Aktien	12,5 Millionen US-Dollar
Explorationsunternehmen	8 Millionen Dollar

Dividendenausschüttungen an Aktionäre

Im Jahr 2023 gezahlte Gesamtdividende: 385,7 Millionen US-Dollar

• Vierteljährliche Dividende pro Aktie: 0,87 USD
• Jährliche Dividendenrendite: 1,2 %
• Gesamtzahl der Aktionäre: 48.600

Franco-Nevada Corporation (FNV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Franco-Nevada Corporation's model stands out, especially now in late 2025. It's all about capturing upside without the downside of running the operation.

Low-risk exposure to commodity prices without operational costs

Franco-Nevada Corporation doesn't operate mines; it earns revenue from royalties and streams, which means you get commodity price exposure without the operational headaches like labor disputes or cost inflation. This is the fundamental risk mitigation. For instance, in the first quarter of 2025, the cash cost per Gold Equivalent Ounce (GEO) was $304 per GEO, which was only slightly up from $273 per GEO in Q1 2024. This low cost base, combined with high commodity prices, translated to a margin per GEO of over $2,500 in Q1 2025. The company's high net margin of approximately 58.82% reflects this efficiency.

High-margin, predictable cash flow from royalties and streams

The asset-light structure directly feeds into high profitability metrics. As of late 2025, the company shows a Return on Equity (ROE) of 21.63% and a Return on Assets (ROA) of 13.14%. The cash flow generation is evident in the Q3 2025 results, where revenue hit $487.7 million (a 77% year-over-year increase) and Adjusted EBITDA reached $427.3 million (an 81% increase year-over-year). For the trailing twelve months ending September 30, 2025, Franco-Nevada Corporation reported revenue of $1.55B.

Diversification across commodities, operators, and geographies

The sheer scale and spread of the portfolio are a key value driver. As of May 2025, Franco-Nevada Corporation's portfolio held 430 assets covering approximately 70,500 km² globally. Management specifically targets risk mitigation by ensuring no single asset is expected to contribute more than 15% of revenue in 2025. The revenue mix is heavily weighted toward precious metals, but includes other sources:

Revenue Component	Q1 2025 Percentage of Revenue	2025 Forecasted Percentage of Revenue
Gold (Precious Metals)	70% (of Precious Metals)	70%
Silver (Precious Metals)	10% (of Precious Metals)	11%
PGMs (Precious Metals)	2% (of Precious Metals)	2%
Oil and NGLs (Diversified)	Not specified	9%
Iron Ore (Diversified)	Not specified	3%

Geographically, Q1 2025 revenue was sourced 84% from the Americas, broken down as:

• South America: 41%
• Central America & Mexico: 10%
• Canada: 17%
• U.S.: 16%

Optionality for future exploration and production growth at no cost

Franco-Nevada Corporation captures upside from exploration and development success without spending the capital to drill or build. The 2025 guidance projected total GEO sales between 465,000 and 525,000 GEOs. By Q3 2025, the company sold 138,772 GEOs, a 26% increase year-over-year. This growth is fueled by recent capital deployment, such as the $1.05 billion royalty on the Côté Gold Mine and the $448.6 million financing package for the Porcupine Complex, both secured in 2025. The company maintains its ability to fund future growth, ending Q1 2025 debt-free with $2.1 billion in available capital.

Consistent, progressive dividend growth for shareholders

The commitment to returning capital is demonstrated by a long streak of increases. The quarterly dividend was raised in January 2025 to US$0.38 per share, up 5.56% from the prior US$0.36. This marked the 18th consecutive annual increase for shareholders. Looking at longer time frames as of September 2025, the 5-Year Average Dividend Growth Rate was 13.00%, and the 3-Year Average was 11.40%. The trailing twelve months dividend paid through September 2025 totaled $1.50 per share. For Canadian investors who participated in the December 2007 IPO, this consistent growth now represents an effective yield on their original cost base of 13.7%.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Customer Relationships

Franco-Nevada Corporation focuses on maintaining strong relationships with its financial customer base-investors and analysts-through rigorous transparency and a commitment to rewarding long-term holders.

Dedicated investor relations for transparency and reporting

Franco-Nevada Corporation supports its investor base with dedicated channels for information access. Shareholders can request copies of key filings, such as the Annual Information Form, Consolidated Annual Financial Statements, and Management's Discussion and Analysis for the year ended December 31, 2024, by contacting the Investor Relations Department at 199 Bay Street, Suite 2000, P.O. Box 285, Commerce Court Postal Station, Toronto, Ontario, Canada M5L 1G9, or by email to info@franco-nevada.com. Candida Hayden is listed as the Senior Analyst, Investor Relations. The company also made its Q3 2025 results available on November 3, 2025, and its Q2 2025 results on August 11, 2025.

The company provides several avenues for direct engagement and information dissemination:

• Filing of Form 40-F with the U.S. Securities and Exchange Commission.
• Making documents available via www.sedarplus.com and www.sec.gov.
• Reporting record quarterly results, such as the Q3 2025 announcement.

High board and management share ownership for alignment

Alignment with shareholders is demonstrated through insider ownership, though the percentage is relatively small compared to institutional holdings. Individual Insiders hold 0.598% of the company, totaling 1,153,295 shares. The total float is approximately 191,155,058 Company-owned shares out of a total of 192,492,761 shares.

Here are some specific reported holdings for key personnel as of early to mid-2025:

Insider Role	Name	Reported Shares (as of March 2025)	Reported Shares (as of August 2025)
Chief Executive Officer, President	Paul Brink	582	Not explicitly listed in the same filing snapshot
Chairman of the Board, Non-Executive Chair	David Harquail	8,000	Not explicitly listed in the same filing snapshot
Vice President of Tax	Adrian Wong	1,120	310

Institutions hold the vast majority of the company, with 82.9% ownership, representing 159,726,936 shares. The top 25 shareholders control 59.5% of the company.

Progressive dividend policy to reward long-term shareholders

Franco-Nevada Corporation maintains a policy of rewarding shareholders through consistent dividend increases. The company has achieved eighteen consecutive annual dividend increases. The average dividend increase over the last 5 years was 16.4%, and over the last 10 years, it was 7.15%. The payout ratio based on free cash flow is reported as 100%, while the payout based on adjusted earnings is 32.5%.

The most recent dividend actions in 2025 reflect this progressive approach:

Metric	Value	Context/Date
Latest Declared Quarterly Dividend (USD)	$0.3800	Declared November 3, 2025
Previous Quarterly Dividend (USD)	$0.36	Preceding rate, increased by 5.56% for full 2025 fiscal year
Dividend Payment Date (Latest)	December 18, 2025	For dividend declared November 3, 2025
Dividend Reinvestment Plan (DRIP) Treasury Discount	1%	Discount to Average Market Price for treasury acquisitions
Dividend Stability Metric	0.97 out of 1.0	Indicates very reliable payer historically

The Dividend Reinvestment Plan (DRIP) allows shareholders to reinvest dividends to purchase additional common shares at the Average Market Price, subject to a discount.

Regular financial and asset handbook updates for analysts

Analysts rely on timely and comprehensive updates to model Franco-Nevada Corporation's performance and asset value. The company published its 2025 Asset Handbook and 2025 Sustainability Report on May 2, 2025. This handbook details material assets, performance to date, outlook, and underlying Mineral Resources and Mineral Reserves.

Key reporting milestones in 2025 include:

• Filing of Year-End 2024 documents (AIF, Financial Statements, MD&A) on March 20, 2025.
• Release of First Quarter 2025 Results on May 8, 2025.
• Release of Third Quarter 2025 Results on November 3, 2025.

The 2025 Asset Handbook noted that 119 cash-flow producing assets generated approximately $1.0 billion in Adjusted EBITDA in 2024. Also, the portfolio has a long-life M&I Resource Royalty Ounce Mine Life of 38 years for its mining assets.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Channels

You're looking at how Franco-Nevada Corporation (FNV) gets its information and stock access out to the world. It's a mix of traditional exchange listings, direct corporate disclosures, and third-party financial commentary.

New York Stock Exchange (NYSE: FNV) and Toronto Stock Exchange (TSX: FNV)

Franco-Nevada Corporation maintains dual listings, which is key for liquidity and access across North American markets. The stock trades under the ticker FNV on both exchanges. You see the market's real-time reaction through these venues.

Here are some recent trading metrics around the late 2025 period:

Metric	Value	Context/Date
Market Capitalization	$39.13 billion	As of December 5, 2025
52-Week Low Price	$114.81	Based on 12-month range
52-Week High Price	$225.63	Based on 12-week range
Quarterly Dividend	$0.38 per share	Ex-dividend December 4, 2025
Annualized Dividend Yield	0.7%	Based on $0.38 quarterly dividend

The stock saw a decline of 1.38% in post-market trading following the Q3 2025 earnings release, even with results beating expectations. The average trading volume for the period leading up to the Q3 release was reported as 315,845.

Direct communication via quarterly earnings calls and reports

Franco-Nevada Corporation uses scheduled, formal releases to deliver its performance data directly to investors and analysts. This is the primary source for the company's own narrative on its royalty and stream performance.

Key data points from the Q3 2025 cycle illustrate this channel's output:

• Q3 2025 Revenue: $487.7 million, a 77% increase year-over-year.
• Q3 2025 Earnings Per Share (EPS): $1.43, surpassing the forecast of $1.38.
• Q3 2025 Adjusted EBITDA: $427.3 million, marking an 81% increase from Q3 2024.
• Year-to-Date (YTD) Revenue (as of Q3 2025): $1,225.5 million, up 55%.
• Narrowed 2025 Guidance for Total GEOs: 495k-525k.

The Q3 2025 results were released on November 3, 2025, after market close, followed by the conference call on November 4, 2025, at 11:00 AM ET. Investor contact details are listed as Phone: 416-306-6300 and Email: info@franco-nevada.com.

Financial news media and analyst coverage

Third-party analysis and media reporting translate the raw numbers into actionable investment signals. You see a range of opinions here, which is normal for a company with high valuation metrics.

Analyst sentiment as of early December 2025:

• Consensus Rating: Moderate Buy.
• Consensus Target Price: $224.86.
• Recent Rating Change: Wall Street Zen raised the rating to a 'buy' on November 24, 2025.
• TD Securities Price Target: Cut from $247.00 to $225.00 (Hold rating) on November 5, 2025.
• Older Rating (October 6, 2025): Hold with a C$215.00 price target.

The company's year-to-date price performance was reported at 83.17% as of October 6, 2025.

Corporate website and investor portal

The official digital hub for Franco-Nevada Corporation is www.franco-nevada.com, which is explicitly stated as the only website maintained by the company. The investor section is where you find the primary source documents.

Key investor materials released for the Q3 2025 cycle were made available on November 3, 2025:

• Q3 2025 Press Release
• Q3 2025 Financial Report
• Q3 2025 Results Presentation
• November Presentation (dated November 3, 2025).

The portal also archives past events, such as the Second Quarter 2025 Results Conference Call from August 11, 2025, and various Asset Updates presentations throughout 2025.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Customer Segments

You're looking at the core groups that fund Franco-Nevada Corporation's royalty and streaming business, based on their latest shareholder data and revenue profile as of late 2025. It's a mix of large money managers and individuals looking for exposure to precious metals without the operational headaches of mining.

The ownership structure itself gives us a clear view of the primary customer base:

Ownership Category	Approximate Percentage Holding (Late 2025)	Notes
Institutional Investors (Total)	43.20%	Includes Mutual Funds, ETFs, and Other Institutional Investors
Public Companies and Individual Investors (Retail)	56.18%	The largest single group of shareholders
Insiders	0.63%	Direct management/board ownership
Total Number of Institutional Owners	905	Firms filing 13F forms with the SEC

Generalist institutional investors seeking gold exposure are a massive part of the equation. These are the large asset managers who need broad commodity exposure to balance portfolios, often through ETFs or large-cap precious metals holdings. Franco-Nevada Corporation's revenue profile directly serves this need, as 85% of Q3 2025 revenue came from precious metals, with gold alone accounting for 72%.

Specialist precious metals and mining funds are drawn to the purity of the model. They want direct, leveraged exposure to metal prices without the capital expenditure (CAPEX) risk. The company's asset-light focus, which resulted in a debt-free balance sheet as of Q3 2025 after funding the Arthur Gold royalty acquisition, is a major draw for this group.

Retail investors focused on stable, dividend-paying growth form the majority of the public shareholder base. This segment values the predictable cash flow generated by the royalty and stream portfolio. Franco-Nevada Corporation has maintained a consistent policy, announcing a quarterly dividend of $0.38/share effective Q1 2025, representing a year-over-year increase of 5.6%.

Pension funds and endowments prioritizing low-risk, long-life assets look at the structural advantages. They are attracted to the portfolio's durability and geographic stability. Consider these key metrics:

• Mine Life for its mining assets is estimated at an impressive 38 years.
• The portfolio consists of 119 cash-flow producing assets.
• No single asset is expected to contribute more than 15% of total revenue in 2025.
• Revenue sourcing shows a strong concentration in stable jurisdictions, with 86% of Q2 2025 revenue coming from the Americas (South America, Central America & Mexico, Canada, and the U.S.).

The company's 2025 guidance narrowing toward the higher end, projecting total GEO sales between 495,000 GEO and 525,000 GEO, confirms the operational strength underpinning these investor segments' confidence.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Cost Structure

Franco-Nevada Corporation (FNV) cost structure is fundamentally low in direct operational expenditure because it does not operate mines, which avoids costs like labor management, equipment maintenance, and environmental liabilities. This structure allows for expanded margins when commodity prices appreciate, as seen in Q2 2025 when the company achieved a gross profit margin of 73.6%.

The primary recurring costs are the General and Administrative (G&A) expenses, often referred to as Selling and Administrative Expenses. For the twelve months ending September 30, 2025, these expenses were reported at $0.047B, or $47 million. This represents a significant year-over-year increase from the 2024 annual SG&A of $0.035B. For the quarter ending June 30, 2025, the SG&A expense was $8.5M.

Ongoing costs for stream agreements are fixed or low, which is a key differentiator. Franco-Nevada calculates Net Gold Equivalent Ounces (Net GEOs) by subtracting the associated ongoing cost per ounce for stream GEOs from the gross GEOs sold. For illustrative purposes, based on a gold price assumption of $2,800 per ounce, a stream agreement with a $400 cost per ounce results in the stream ounces being factored by 85.7% to make them economically equivalent to a Net Smelter Return (NSR) Royalty Ounce. In Q2 2025, the margin per Gold Equivalent Ounce (GEO) was just shy of $3,000.

A significant component of the cost structure involves the costs of capital for new royalty and stream acquisitions, which are large, discrete investments rather than recurring operational expenses. Franco-Nevada uses its free cash flow and available capital to expand its portfolio. The company had $1,600,000,000 in total available capital as of June 30, 2025, which included $160,300,000 in cash and cash equivalents and a $1,000,000,000 credit facility. The following table details major acquisition-related cash outlays during 2025:

Acquisition/Commitment	Date (2025)	Upfront Cash Cost
Royalty on Côté Gold Mine	June 24	$1,050.0 million
Royalty on Arthur Gold Project	July 23	$250.0 million (plus $25.0 million contingent)
Additional Royalty on Gold Quarry Mine	July 11	$10.5 million (plus $1.0 million contingent)
Q2 2025 Strategic Transactions Total	Q2 2025	$175 million (comprising $95M stream, $55M royalty portfolio, $25M early-stage royalty)

The nature of these non-operating costs means Franco-Nevada's expenses are heavily weighted toward corporate overhead and investment deployment, rather than the variable costs of production. The company's ability to maintain a lean cost structure is central to its valuation premium over operating miners.

• Primarily General and Administrative (G&A) expenses, totaling $47 million for the TTM ending September 30, 2025.
• Ongoing stream costs are low, exemplified by a $400 per ounce cost factor used in economic equivalence calculations.
• Capital deployment for growth included $1.3B in acquisitions and commitments in 2024.
• Major 2025 capital deployment included the $1,050.0 million Côté Gold royalty and the $250.0 million Arthur Gold royalty.
• The company maintains a substantial liquidity buffer, with $1.6 billion in total available capital as of June 30, 2025.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Franco-Nevada Corporation (FNV), which is its ability to generate cash flow without the heavy capital expenditure (CAPEX) of traditional mining. The revenue streams are overwhelmingly concentrated in high-margin precious metals, but the diversification into other commodities provides a solid floor.

The latest figures show a record-setting year. For the nine months ended September 30, 2025, Franco-Nevada Corporation achieved a record year-to-date revenue of $1,225.5 million. This performance was capped by a record third quarter, with Q3 2025 revenue hitting $487.7 million, a 77% increase year-over-year.

The primary source of this income is clear: Precious Metals Royalties and Streams. For Q3 2025, this segment accounted for 85% of total revenue. The largest single component within this is gold. While the prompt suggests gold streams and royalties accounted for approximately 70% of H1 2025 revenue, the Q3 results show gold revenue alone was $351.6 million out of the $487.7 million total, which is about 72.1% for that specific quarter.

Here's a quick look at the Q3 2025 revenue composition by commodity:

Revenue Source	Q3 2025 Revenue (Millions USD)	Approximate % of Total Revenue
Gold Streams and Royalties	$351.6	Approx. 72%
Silver Streams and Royalties	$55.4	Approx. 11%
PGM Streams and Royalties	$9.5	Approx. 2%
Total Precious Metals	$416.5	85%
Diversified Assets (Total)	$67.1	Approx. 14%

The diversification strategy is evident in the remaining revenue. Franco-Nevada Corporation's Diversified assets, which primarily include Energy and Iron Ore interests, generated $67.1 million in revenue for Q3 2025, up from $61.2 million in Q3 2024. This segment provides exposure to different commodity cycles, which is a key part of the business model's resilience.

You can see the detail in the diversified revenue for the quarter:

• Iron Ore royalties contributed $15.1 million, seeing an increase due to reaching a cumulative sales threshold on the Vale Royalty in Q2 2025.
• Natural Gas revenue was $14.3 million.
• Oil revenue was $30.4 million.
• NGL (Natural Gas Liquids) revenue was $4.7 million.

It's important to note that while the dollar amount from diversified assets increased year-over-year in Q3 2025, the volume, when converted to Gold Equivalent Ounces (GEOs), actually decreased by 24% to 19,663 GEOs compared to Q3 2024, largely due to the impact of higher gold prices on the conversion methodology. Still, the asset-light model allows Franco-Nevada Corporation to capture value across these different streams without taking on operational risk. Finance: draft 13-week cash view by Friday.