Franco-Nevada Corporation (FNV): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las inversiones de metales preciosos, Franco-Nevada Corporation (FNV) surge como una potencia estratégica, revolucionando cómo los inversores abordan las oportunidades de recursos minerales. A diferencia de las compañías mineras tradicionales, FNV ha creado un modelo de negocio único que transforma las inversiones de metales preciosos en una empresa de bajo riesgo y de alto potencial. Al aprovechar los acuerdos innovadores de regalías y transmisión, la compañía ofrece a los inversores una vía sofisticada para capitalizar la riqueza mineral sin las complejidades operativas de la minería directa, por lo que es una elección convincente para aquellos que buscan una exposición inteligente y diversificada al mercado global de productos básicos.

Franco -Nevada Corporation (FNV) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas de minería y exploración

Franco-Nevada mantiene asociaciones estratégicas con productores mineros globales en múltiples continentes:

Empresa asociada	Región	Enfoque mineral	Valor de asociación
Barrick Gold Corporation	América del Norte, América del Sur	Oro	Acuerdo de regalías de $ 125.6 millones
NEWMONT CORPORACIÓN	Perú, Nevada	Oro, plata	$ 98.3 millones de contrato de transmisión
Oro lundin	Ecuador	Oro	$ 45.2 millones de inversión de regalías

Acuerdos de regalías y transmisión

La estrategia de asociación clave de Franco-Nevada se centra en los acuerdos de regalías y transmisión:

• Acuerdos de regalías activos totales: 362
• Acuerdos de transmisión activos totales: 54
• Cobertura geográfica: 27 países
• Cartera mineral diversificada que incluye metales de oro, plata, grupo de platino

Colaboraciones de empresas conjuntas

Ubicación de la empresa conjunta	Pareja	Monto de la inversión	Estado del proyecto
Nevada, EE. UU.	Minas de oro de Nevada	$ 78.5 millones	Producción activa
Perú	Minería de Buenaventura	$ 62.3 millones	Etapa de exploración
Canadá	Recursos de Teck	$ 45.7 millones	Fase de desarrollo

Instituciones financieras y socios de inversión

Franco-Nevada colabora con instituciones financieras para apoyar la adquisición de recursos:

• Asesores financieros principales: Goldman Sachs, Morgan Stanley
• Facilidades de crédito total: $ 1.2 mil millones
• Socios de inversión: BlackRock, Vanguard
• Inversión institucional total: $ 4.6 mil millones

Franco -Nevada Corporation (FNV) - Modelo de negocio: actividades clave

Adquirir y administrar derechos de regalías y transmisión de metales preciosos

Franco-Nevada Corporation posee más de 400 acuerdos de regalías y transmisión a partir de 2023, con una cartera valorada en aproximadamente $ 3.4 mil millones. La cartera de metales preciosos de la compañía incluye:

Tipo metálico	Número de regalías	Valor estimado
Oro	265	$ 2.1 mil millones
Plata	85	$ 520 millones
Platino/paladio	50	$ 780 millones

Realización de la debida diligencia en inversiones de proyectos mineros

Proceso de detección de inversiones:

• Evaluación técnica de proyectos mineros
• Evaluación de riesgos financieros
• Análisis de viabilidad geológica
• Revisión de capacidad operativa

Presupuesto anual de revisión de inversiones: $ 12.5 millones

Diversificación de cartera entre activos minerales y regiones geográficas

Región	Número de proyectos	Asignación de inversión
América del norte	210	$ 1.8 mil millones
Sudamerica	95	$ 780 millones
África	45	$ 450 millones
Australia	35	$ 280 millones

Gestión de riesgos y optimización financiera

Presupuesto de gestión de riesgos: $ 8.3 millones anuales

• Implementación de estrategias de cobertura
• Reequilibrio de cartera continua
• Modelado integral de riesgos financieros

Inversión total de mitigación de riesgos operativos: $ 15.6 millones en 2023

Franco -Nevada Corporation (FNV) - Modelo de negocios: recursos clave

Extensos derechos minerales y cartera de regalías

A partir de 2024, Franco-Nevada Corporation posee 352 activos minerales al otro lado de 30 países.

Categoría de activos	Número de activos	Distribución geográfica
Regalías de oro	245	América del Norte, América del Sur, África
Regalías de plata	47	México, Perú, Canadá
Otras regalías minerales	60	Diversificación global

Capital financiero fuerte

Recursos financieros a partir de 2024:

• Capitalización de mercado: $ 26.4 mil millones
• Ingresos totales: $ 1.48 mil millones
• Efectivo y equivalentes: $ 509 millones

Composición del equipo de expertos

Categoría profesional	Número de profesionales
Geólogos	42
Analistas financieros	38
Expertos en la industria minera	55

Tecnologías de evaluación avanzada

Las inversiones tecnológicas incluyen:

• Software de mapeo geológico
• Plataformas de modelado financiero
• Algoritmos de evaluación de riesgos

Conexiones de red globales

Las conexiones de la industria elengan:

• 85 compañías mineras
• 42 países
• 6 continentes

Franco -Nevada Corporation (FNV) - Modelo de negocio: propuestas de valor

Exposición de bajo riesgo al mercado de metales preciosos

A partir del cuarto trimestre de 2023, Franco-Nevada sostiene 427 activos minerales En múltiples continentes, generando ingresos sin operaciones mineras directas. Valor total de la cartera: $ 20.1 mil millones.

Tipo de activo	Número de activos	Distribución geográfica
Regalías de oro	290	América del Norte: 65%
Corrientes de plata	58	América Latina: 22%
Otros minerales	79	Resto del mundo: 13%

Generación de ingresos consistente

2023 Respalación de rendimiento financiero:

• Ingresos totales: $ 1.47 mil millones
• Ingresos netos: $ 868.3 millones
• Flujo de efectivo operativo: $ 1.22 mil millones

Cartera mineral diversificada

Categoría mineral	Porcentaje de ingresos
Oro	77.4%
Plata	9.6%
Metales grupales de platino	6.2%
Otros minerales	6.8%

Rendimientos potenciales durante las apreciaciones del precio de los productos básicos

2023 Impacto del precio de los productos básicos:

• Precio de oro Promedio: $ 1,940 por onza
• Precio de plata promedio: $ 23.50 por onza
• Aumento del valor de la cartera: 18.3%

Riesgos operativos mínimos

Métricas de mitigación de riesgos:

• Gastos operativos: 3.2% de los ingresos totales
• Protección de riesgos contractuales: el 92% de los acuerdos tienen términos fijos
• Diversificación de riesgos geográficos: operaciones en 27 países

Franco -Nevada Corporation (FNV) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo con compañías mineras

Franco-Nevada mantiene acuerdos de transmisión y regalías con 47 minas productoras a partir de 2023. La cartera de la compañía incluye contratos con importantes operadores mineros como:

Socio minero	Tipo de contrato	Participación de metales preciosos
NEWMONT CORPORACIÓN	Acuerdo de transmisión de oro	Derechos de producción de oro
Barrick Gold Corporation	Acuerdo de regalías	Derechos de oro y cobre
Oro lundin	Corriente de metal precioso	Transmisiones de producción de oro

Información financiera transparente y comunicación de inversores

Franco-Nevada proporciona una divulgación financiera integral con las siguientes métricas de comunicación de inversores:

• Informes de ganancias trimestrales publicados dentro de los 45 días posteriores al final
• Estados financieros detallados anuales que cubren todas las inversiones de transmisión y regalías
• Presentaciones de inversores actualizadas mensualmente con el rendimiento actual de la cartera

Proporcionar oportunidades de inversión estables en el sector de metales preciosos

Métricas de rendimiento de inversión para Franco-Nevada en 2023:

Métrico de inversión	Valor
Ingresos totales	$ 1.41 mil millones
Lngresos netos	$ 719.2 millones
Rendimiento de dividendos	1.2%
Capitalización de mercado	$ 26.3 mil millones

Participación personalizada de los inversores y servicios de asesoramiento estratégico

Canales de participación de la relación con el cliente:

• Equipo dedicado de relaciones con inversores con 7 profesionales a tiempo completo
• Conferencia anual de inversores con interacción de gestión directa
• Servicios de consulta de cartera personalizados
• Plataformas de comunicación de inversores digitales con seguimiento de cartera en tiempo real

Franco -Nevada Corporation (FNV) - Modelo de negocios: canales

Relaciones directas de inversores a través del sitio web corporativo

Sitio web: www.franconv.com

Métricas de canales	2023 datos
Visitantes únicos del sitio web	487,621
Tiempo promedio en el sitio	4.3 minutos
Vistas de la página del inversor	213,456

Plataformas de mercado financiero e intercambios de valores

• NYSE: Listado en el símbolo de Ticker FNV
• Bolsa de Toronto: Listado primario
• Capitalización de mercado: $ 27.8 mil millones (a partir de enero de 2024)

Conferencias de inversores y eventos de la industria minera

Conferencia	Año de participación	Reuniones de inversores
BMO Global Metals & Conferencia minera	2023	42 reuniones institucionales
Conferencia global de RBC Capital Markets	2023	38 interacciones de inversores

Informes anuales y comunicaciones financieras trimestrales

Frecuencia de comunicación: Lanzamientos de ganancias trimestrales

• Q4 2023 Fecha de liberación del informe financiero: 8 de febrero de 2024
• Vistas de la página de informe anual: 156,789
• Asistentes de transmisión por Internet de ganancias: 3,421

Plataformas de presentación de inversores digitales

Plataforma	Métricas de compromiso
Mazo de inversores corporativos	247,890 Vistas totales
Contenido del inversor de LinkedIn	89,345 impresiones totales
Descargas de presentación de inversores	31,456 descargas totales

Franco -Nevada Corporation (FNV) - Modelo de negocios: segmentos de clientes

Inversores institucionales que buscan exposición a productos básicos

A partir del cuarto trimestre de 2023, Franco-Nevada atrajo al 68.3% de los inversores institucionales a través de su cartera de regalías y transmisión. La propiedad institucional total fue del 62.5% con los titulares institucionales clave que incluyen:

Inversor institucional	Porcentaje de propiedad
Vanguard Group Inc.	10.2%
Blackrock Inc.	8.7%
Banco Real de Canadá	5.3%

Inversores individuales de alto nivel de red

El segmento de inversores minoristas de Franco-Nevada representó el 22.4% del total de accionistas en 2023, con una asignación promedio de cartera de inversiones de $ 350,000 a $ 1.2 millones.

Fondos de inversión de metales preciosos

Los fondos de inversión de metales preciosos comprendían el 15.7% de la base de inversores de Franco-Nevada, con un volumen de inversión total de $ 487 millones en 2023.

Tipo de fondo de inversión	Monto de la inversión
Fondos centrados en el oro	$ 276 millones
ETF de metales preciosos	$ 211 millones

Socios estratégicos de la industria minera

Franco-Nevada mantuvo asociaciones estratégicas con 27 compañías mineras en 9 países en 2023.

• Inversión total de asociación: $ 612 millones
• Duración promedio de la asociación: 7.3 años
• Distribución geográfica: América del Norte (58%), América del Sur (22%), África (12%), Australia (8%)

Empresas de inversión financiera global

Las empresas de inversión financiera global representaron el 18.6% de la base de inversores de Franco-Nevada con una inversión total de $ 423 millones en 2023.

Categoría de firma financiera	Monto de la inversión
Bancos de inversión	$ 247 millones
Empresas de gestión de activos	$ 176 millones

Franco -Nevada Corporation (FNV) - Modelo de negocio: Estructura de costos

Costos de adquisición de derechos de regalías y transmisión

En 2023, Franco-Nevada reportó adquisiciones totales de activos minerales y de regalías de $ 323.8 millones. El desglose de adquisición de derechos de transmisión de la compañía incluye:

Tipo de activo	Costo de adquisición
Corrientes de oro	$ 214.5 millones
Corrientes de plata	$ 68.3 millones
Otras corrientes minerales	$ 41 millones

Gastos operativos corporativos

Los gastos operativos corporativos para 2023 totalizaron $ 46.2 millones, con la siguiente asignación:

• Gastos generales y administrativos: $ 22.7 millones
• Salarios y beneficios de los empleados: $ 18.5 millones
• Oficina y gastos generales administrativos: $ 5 millones

Gastos legales y de cumplimiento

Los costos legales y de cumplimiento para 2023 ascendieron a $ 7.6 millones, incluidos:

Categoría de cumplimiento	Gasto
Cumplimiento regulatorio	$ 4.2 millones
Servicios de asesoramiento legal	$ 2.1 millones
Auditoría e informes	$ 1.3 millones

Inversiones de tecnología e investigación

Las inversiones de tecnología e investigación para 2023 fueron de $ 12.4 millones, distribuidas de la siguiente manera:

• Tecnología de exploración geológica: $ 6.8 millones
• Análisis de datos e inteligencia minera: $ 3.6 millones
• Actualizaciones de infraestructura digital: $ 2 millones

Gastos de marketing y relaciones con los inversores

Los gastos de marketing y relaciones con los inversores para 2023 totalizaron $ 5.9 millones:

Categoría de marketing	Gasto
Participación de la conferencia de inversores	$ 2.3 millones
Marketing digital y comunicaciones	$ 1.8 millones
Materiales de relaciones con los inversores	$ 1.8 millones

Franco -Nevada Corporation (FNV) - Modelo de negocios: flujos de ingresos

Pagos de regalías de la producción minera

Franco-Nevada generó $ 1.47 mil millones en ingresos para el año fiscal 2023, con ingresos por regalías que representan una porción significativa de este total.

Producto	Ingresos de regalías (2023)
Oro	$ 1.13 mil millones
Plata	$ 62.4 millones
Metales grupales de platino	$ 37.5 millones

Actas de acuerdo de transmisión

Los acuerdos de transmisión contribuyeron con $ 327.5 millones a los ingresos de Franco-Nevada en 2023.

• Stream de oro de Detour Lake Mine: $ 215.6 millones
• Mina de plata de la mina Antamina: $ 68.3 millones
• Otras corrientes de metal: $ 43.6 millones

Venta y transferencia de derechos minerales

Las transacciones de derechos minerales generaron $ 18.2 millones en 2023.

Apreciación de la cartera de inversiones

Ganancias de inversión de cartera: $ 42.6 millones en 2023

Categoría de inversión	Valor de apreciación
Inversiones energéticas	$ 22.1 millones
Equidades mineras junior	$ 12.5 millones
Compañías de exploración	$ 8 millones

Distribuciones de dividendos a los accionistas

Dividendos totales pagados en 2023: $ 385.7 millones

• Dividendo trimestral por acción: $ 0.87
• Rendimiento de dividendos anuales: 1.2%
• Total de accionistas: 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.