Franco-Nevada Corporation (FNV): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des investissements en métaux précieux, Franco-Nevada Corporation (FNV) apparaît comme une puissance stratégique, révolutionnant la façon dont les investisseurs abordent les opportunités de ressources minérales. Contrairement aux sociétés minières traditionnelles, FNV a conçu un modèle commercial unique qui transforme les investissements de métaux précieux en une entreprise à faible risque et à potentiel. En tirant parti des accords innovants de redevances et de streaming, la société fournit aux investisseurs une voie sophistiquée pour capitaliser sur la richesse minérale sans les complexités opérationnelles de l'exploitation directe, ce qui en fait un choix convaincant pour ceux qui recherchent une exposition intelligente et diversifiée au marché mondial des marchandises.

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: Partenariats clés

Partenariats stratégiques d'exploitation et d'exploration

Franco-Nevada maintient des partenariats stratégiques avec les producteurs de mines mondiaux sur plusieurs continents:

Entreprise partenaire	Région	Mise au point minéral	Valeur de partenariat
Barrick Gold Corporation	Amérique du Nord, Amérique du Sud	Or	Contrat de redevance de 125,6 millions de dollars
Newmont Corporation	Pérou, Nevada	Or, argent	Contrat de streaming de 98,3 millions de dollars
Lundin Gold	Equateur	Or	45,2 millions de dollars d'investissement de redevance

Accords de redevance et de streaming

La stratégie de partenariat clé de Franco-Nevada se concentre sur les accords de redevance et de streaming:

• Accords totaux de redevances actives: 362
• Accords totaux de streaming actif: 54
• Couverture géographique: 27 pays
• Portfolio minéral diversifié, y compris les métaux du groupe d'or, d'argent, de groupe Platinum

Collaborations de coentreprise

Emplacement de coentreprise	Partenaire	Montant d'investissement	État du projet
Nevada, États-Unis	Mines d'or du Nevada	78,5 millions de dollars	Production active
Pérou	Mine de Buenaventura	62,3 millions de dollars	Étape d'exploration
Canada	Teck Resources	45,7 millions de dollars	Phase de développement

Institutions financières et partenaires d'investissement

Franco-Nevada collabore avec les institutions financières pour soutenir l'acquisition de ressources:

• Conseillers financiers primaires: Goldman Sachs, Morgan Stanley
• CONCULTÉS TOTAL DE CRÉDIT: 1,2 milliard de dollars
• Partenaires d'investissement: BlackRock, Vanguard
• Investissement institutionnel total: 4,6 milliards de dollars

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: activités clés

Acquérir et gérer des droits de royauté en métal précieux et de streaming

Franco-Nevada Corporation détient plus de 400 accords de redevance et de streaming à partir de 2023, avec un portefeuille d'une valeur d'environ 3,4 milliards de dollars. Le précieux portefeuille métallique de la société comprend:

Type de métal	Nombre de redevances	Valeur estimée
Or	265	2,1 milliards de dollars
Argent	85	520 millions de dollars
Platine / palladium	50	780 millions de dollars

Effectuer une diligence raisonnable sur les investissements du projet minier

Processus de dépistage des investissements:

• Évaluation technique des projets miniers
• Évaluation des risques financiers
• Analyse de faisabilité géologique
• Examen des capacités opérationnelles

Budget annuel d'examen des investissements: 12,5 millions de dollars

Diversification du portefeuille entre les actifs minéraux et les régions géographiques

Région	Nombre de projets	Allocation des investissements
Amérique du Nord	210	1,8 milliard de dollars
Amérique du Sud	95	780 millions de dollars
Afrique	45	450 millions de dollars
Australie	35	280 millions de dollars

Gestion des risques et optimisation financière

Budget de gestion des risques: 8,3 millions de dollars par an

• Mise en œuvre des stratégies de couverture
• Rééquilibrage continu du portefeuille
• Modélisation complète des risques financiers

Investissement total d'atténuation des risques opérationnels: 15,6 millions de dollars en 2023

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: Ressources clés

Portefeuille étendu des droits minéraux et des redevances

En 2024, Franco-Nevada Corporation détient 352 actifs minéraux à travers 30 pays.

Catégorie d'actifs	Nombre d'actifs	Distribution géographique
Redevances d'or	245	Amérique du Nord, Amérique du Sud, Afrique
Redevances en argent	47	Mexique, Pérou, Canada
Autres redevances minérales	60	Diversification mondiale

Capital financier solide

Ressources financières à partir de 2024:

• Capitalisation boursière: 26,4 milliards de dollars
• Revenu total: 1,48 milliard de dollars
• Cash et équivalents: 509 millions de dollars

Composition d'équipe d'experts

Catégorie professionnelle	Nombre de professionnels
Géologues	42
Analystes financiers	38
Experts de l'industrie minière	55

Technologies d'évaluation avancées

Les investissements technologiques comprennent:

• Logiciel de cartographie géologique
• Plateformes de modélisation financière
• Algorithmes d'évaluation des risques

Connexions du réseau mondial

Connexions de l'industrie Span:

• 85 sociétés minières
• 42 pays
• 6 continents

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: propositions de valeur

Exposition à faible risque au marché des métaux précieux

Depuis le quatrième trimestre 2023, Franco-Nevada 427 actifs minéraux sur plusieurs continents, générer des revenus sans opérations minières directes. Valeur du portefeuille total: 20,1 milliards de dollars.

Type d'actif	Nombre d'actifs	Distribution géographique
Redevances d'or	290	Amérique du Nord: 65%
Silver Streams	58	Amérique latine: 22%
Autres minéraux	79	Reste du monde: 13%

Génération cohérente des revenus

2023 Faits saillants de performance financière:

• Revenu total: 1,47 milliard de dollars
• Revenu net: 868,3 millions de dollars
• Flux de trésorerie d'exploitation: 1,22 milliard de dollars

Portfolio minéral diversifié

Catégorie minérale	Pourcentage de revenus
Or	77.4%
Argent	9.6%
Métaux du groupe Platinum	6.2%
Autres minéraux	6.8%

Retours potentiels pendant les appréciations des prix des produits de base

2023 Impact du prix des produits de base:

• Moyenne du prix de l'or: 1 940 $ l'once
• Moyenne de prix en argent: 23,50 $ l'once
• Augmentation de la valeur du portefeuille: 18,3%

Risques opérationnels minimaux

Métriques d'atténuation des risques:

• Dépenses opérationnelles: 3,2% du total des revenus
• Protection contractuelle des risques: 92% des accords ont des conditions fixes
• Diversification des risques géographiques: opérations dans 27 pays

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels à long terme avec les sociétés minières

Franco-Nevada maintient accords de streaming et de redevance avec 47 mines de production en 2023. Le portefeuille de la société comprend des contrats avec des opérateurs minières majeurs tels que:

Partenaire minière	Type de contrat	Implication des métaux précieux
Newmont Corporation	Accord de streaming en or	Droits de production d'or
Barrick Gold Corporation	Accord de redevance	Droits d'or et de cuivre
Lundin Gold	Stream métallique précieux	Streams de production d'or

Rapports financiers transparents et communication des investisseurs

Franco-Nevada fournit une divulgation financière complète avec les mesures de communication des investisseurs suivantes:

• Rapports de résultats trimestriels publiés dans les 45 jours suivant le trimestre
• États financiers détaillés annuels couvrant tous les investissements en streaming et redevances
• Présentations des investisseurs mis à jour mensuellement avec les performances du portefeuille actuels

Fournir des opportunités d'investissement stables dans le secteur des métaux précieux

Mesures de performance d'investissement pour Franco-Nevada en 2023:

Métrique d'investissement	Valeur
Revenus totaux	1,41 milliard de dollars
Revenu net	719,2 millions de dollars
Rendement des dividendes	1.2%
Capitalisation boursière	26,3 milliards de dollars

Engagement des investisseurs personnalisés et services de conseil stratégique

Canaux de fiançailles de la relation client:

• Équipe de relations avec les investisseurs dévoués avec 7 professionnels à temps plein
• Conférence annuelle des investisseurs avec interaction directe de gestion
• Services de consultation de portefeuille personnalisés
• Plateformes de communication des investisseurs numériques avec suivi du portefeuille en temps réel

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: canaux

Relations des investisseurs directs via le site Web de l'entreprise

Site Web: www.franConv.com

Métriques de canal	2023 données
Visiteurs de site Web unique	487,621
Temps moyen sur place	4,3 minutes
Pages d'investisseurs View	213,456

Plateformes de marché financier et bourses

• NYSE: répertorié sous Symbole Ticker FNV
• Bourse de Toronto: Listing primaire
• Capitalisation boursière: 27,8 milliards de dollars (en janvier 2024)

Conférences des investisseurs et événements de l'industrie minière

Conférence	Année de participation	Réunions des investisseurs
Métaux mondiaux BMO & Conférence minière	2023	42 réunions institutionnelles
Conférence mondiale sur les marchés des capitaux RBC	2023	38 interactions des investisseurs

Rapports annuels et communications financières trimestrielles

Fréquence de communication: Délai de bénéfices trimestriels

• Q4 2023 Date de publication du rapport financier: 8 février 2024
• Rapport annuel Page Vues: 156 789
• Sous les participants à la webdiffusion: 3 421

Plateformes de présentation des investisseurs numériques

Plate-forme	Métriques d'engagement
Deck des investisseurs d'entreprise	247 890 vues totales
Contenu des investisseurs LinkedIn	89 345 impressions totales
Téléchargements de présentation des investisseurs	31 456 téléchargements totaux

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels recherchant une exposition aux matières premières

Au quatrième trimestre 2023, Franco-Nevada a attiré 68,3% des investisseurs institutionnels par le biais de son portefeuille de redevances et de streaming. La propriété institutionnelle totale était de 62,5% avec des détenteurs institutionnels clés, notamment:

Investisseur institutionnel	Pourcentage de propriété
Vanguard Group Inc.	10.2%
BlackRock Inc.	8.7%
Banque royale du Canada	5.3%

Investisseurs individuels à haute nette

Le segment des investisseurs de détail de Franco-Nevada représentait 22,4% du total des actionnaires en 2023, avec une allocation moyenne du portefeuille d'investissement de 350 000 $ à 1,2 million de dollars.

Fonds d'investissement en métal précieux

Les fonds d'investissement en métal précieux représentaient 15,7% de la base d'investisseurs de Franco-Nevada, avec un volume d'investissement total de 487 millions de dollars en 2023.

Type de fonds d'investissement	Montant d'investissement
Fonds axés sur l'or	276 millions de dollars
ETF des métaux précieux	211 millions de dollars

Industrie minière partenaires stratégiques

Franco-Nevada a maintenu des partenariats stratégiques avec 27 sociétés minières dans 9 pays en 2023.

• Investissement total de partenariat: 612 millions de dollars
• Durée du partenariat moyen: 7,3 ans
• Distribution géographique: Amérique du Nord (58%), Amérique du Sud (22%), Afrique (12%), Australie (8%)

Sociétés d'investissement financier mondial

Les sociétés d'investissement financier mondiales représentaient 18,6% de la base d'investisseurs de Franco-Nevada avec un investissement total de 423 millions de dollars en 2023.

Catégorie des entreprises financières	Montant d'investissement
Banques d'investissement	247 millions de dollars
Sociétés de gestion des actifs	176 millions de dollars

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition des droits et des droits de streaming

En 2023, Franco-Nevada a déclaré des acquisitions totales de minéraux et de redevances de 323,8 millions de dollars. La rupture de l'acquisition des droits de streaming de la société comprend:

Type d'actif	Coût d'acquisition
Ruisseaux en or	214,5 millions de dollars
Silver Streams	68,3 millions de dollars
Autres cours d'eau minéraux	41 millions de dollars

Frais opérationnels des entreprises

Les dépenses opérationnelles des entreprises pour 2023 ont totalisé 46,2 millions de dollars, avec la répartition suivante:

• Frais généraux et administratifs: 22,7 millions de dollars
• Salaires et avantages sociaux: 18,5 millions de dollars
• Office et frais généraux administratifs: 5 millions de dollars

Dépenses juridiques et de conformité

Les frais juridiques et de conformité pour 2023 s'élevaient à 7,6 millions de dollars, notamment:

Catégorie de conformité	Dépense
Conformité réglementaire	4,2 millions de dollars
Services de conseil juridique	2,1 millions de dollars
Audit et rapport	1,3 million de dollars

Investissements technologiques et de recherche

Les investissements technologiques et de recherche pour 2023 étaient de 12,4 millions de dollars, distribués comme suit:

• Technologie d'exploration géologique: 6,8 millions de dollars
• Analyse des données et intelligence minière: 3,6 millions de dollars
• Mises à niveau des infrastructures numériques: 2 millions de dollars

Dépenses de marketing et de relations avec les investisseurs

Les dépenses de marketing et de relations avec les investisseurs pour 2023 ont totalisé 5,9 millions de dollars:

Catégorie marketing	Dépense
Participation de la conférence des investisseurs	2,3 millions de dollars
Marketing et communications numériques	1,8 million de dollars
Matériel de relations avec les investisseurs	1,8 million de dollars

Franco-Nevada Corporation (FNV) - Modèle d'entreprise: Strots de revenus

Paiements de redevances de la production minière

Franco-Nevada a généré 1,47 milliard de dollars de revenus pour l'exercice 2023, les revenus de redevances représentant une partie importante de ce total.

Marchandise	Revenus des redevances (2023)
Or	1,13 milliard de dollars
Argent	62,4 millions de dollars
Métaux du groupe Platinum	37,5 millions de dollars

Particulades de streaming Procéd

Les accords de streaming ont contribué 327,5 millions de dollars aux revenus de Franco-Nevada en 2023.

• Gold Stream de Detour Lake Mine: 215,6 millions de dollars
• Silver Stream de la mine d'Antamina: 68,3 millions de dollars
• Autres flux métalliques: 43,6 millions de dollars

Vente et transfert des droits minéraux

Les transactions sur les droits minéraux ont généré 18,2 millions de dollars en 2023.

Appréciation du portefeuille d'investissement

Gains d'investissement du portefeuille: 42,6 millions de dollars en 2023

Catégorie d'investissement	Valeur d'appréciation
Investissements énergétiques	22,1 millions de dollars
Actions minières juniors	12,5 millions de dollars
Sociétés d'exploration	8 millions de dollars

Distributions de dividendes aux actionnaires

Total des dividendes versés en 2023: 385,7 millions de dollars

• Dividende trimestriel par action: 0,87 $
• Rendement annuel de dividendes: 1,2%
• Total des actionnaires: 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.