Franco-Nevada Corporation (FNV): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine behind Franco-Nevada Corporation's incredible performance, especially after they posted record year-to-date revenue of $1,225.5 million through the first nine months of 2025. The real story here, which I've seen play out over my career, is their disciplined, low-risk royalty model-it's pure margin, letting them avoid mine site drama while sitting on about $1.7 billion in available capital. To see precisely how they structure this capital-light machine, from their key partnerships with major miners to their high-margin revenue streams, check out the full Business Model Canvas breakdown we put together below.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Franco-Nevada Corporation's royalty and stream engine. These aren't just casual acquaintances; these are deep, capital-intensive arrangements with the miners who dig the metal.

Global mining operators like Barrick Gold and Newmont Corporation

Franco-Nevada Corporation's revenue is heavily dependent on the operators of the underlying assets. A prime example is the Gold Quarry mine in Nevada, operated by Nevada Gold Mines LLC, which is a joint venture between Barrick Gold (61.5%) and Newmont Corporation (38.5%). Franco-Nevada Corporation now holds a combined 8.91% Net Smelter Return (NSR) royalty on Gold Quarry following a July 11, 2025 acquisition. For the period leading up to the second half of 2025, Franco-Nevada Corporation expected to receive 1,350 GEOs per annum from Gold Quarry due to minimum payment obligations tied to reserves.

Another key operator relationship is with Newmont Corporation at the Yanacocha mine, where Franco-Nevada Corporation holds a 1.8% royalty, contributing 2,412 GEOs in Q2 2025. Furthermore, Franco-Nevada Corporation expects approximately 10,000 GEOs from Cobre Panama in the second half of 2025 related to prior concentrate sales.

Strategic partners for large-scale royalty acquisitions, e.g., IAMGOLD

The acquisition strategy hinges on securing interests from major producers and developers. On June 24, 2025, Franco-Nevada Corporation acquired a 7.5% gross margin royalty on IAMGOLD Corporation's Côté Gold Mine for a total cash consideration of $1,050.0 million. IAMGOLD operates this mine through an unincorporated joint venture, owning 70%, with Sumitomo Metal Mining Co. Ltd. holding the remaining 30%.

Franco-Nevada Corporation also made significant moves with AngloGold Ashanti plc and Altius Minerals Corporation. On July 23, 2025, Franco-Nevada Corporation acquired a 1.0% NSR on AngloGold Ashanti plc's Arthur Gold Project from Altius Minerals Corporation for $250.0 million in cash, plus a contingent payment of $25.0 million. In Q2 2025, Franco-Nevada Corporation also completed a deal for a $55 million royalty portfolio acquisition covering five producing assets in Australia.

Franco-Nevada Corporation maintains a partnership with Gold Royalties Corporation (GROY), where Franco-Nevada Corporation has the right to acquire a 50% ownership position in future royalty transactions by GROY where total consideration is up to CDN$15,000,000.

Financial institutions providing capital for stream and royalty deals

Financing these large transactions requires access to substantial credit facilities. Franco-Nevada Corporation utilized its credit lines to fund recent acquisitions. For the July 23, 2025 acquisition of the Arthur Gold Project royalty, Franco-Nevada Corporation drew $175.0 million from its $1.0 billion revolving credit facility.

For the April 15, 2025 financing package with Discovery Silver Corp. on the Porcupine Complex, which totaled $448.6 million, Franco-Nevada Corporation committed to a $100.0 million senior secured term loan.

Here's a quick look at the scale of recent capital deployment:

Joint ventures with operators like Nevada Gold Mines

The relationship with Nevada Gold Mines LLC is critical, as it covers the Gold Quarry mine. Franco-Nevada Corporation's 8.91% NSR on Gold Quarry is backstopped by minimum payment obligations. The operator's investment in infrastructure is a direct benefit; the formation of Nevada Gold Mines resulted in additional milling and roasting infrastructure, which supports Franco-Nevada Corporation's royalty income potential.

The Côté Gold Mine partnership with IAMGOLD Corporation is structured as an unincorporated joint venture, where IAMGOLD and Sumitomo Metal Mining Co. Ltd. hold an option to buy down up to 50% of Franco-Nevada Corporation's royalty interest.

Local communities for ESG and social license to operate

Franco-Nevada Corporation emphasizes partnering with operators on community and environmental initiatives near its assets, which helps strengthen the industry's reputation in those regions. The company made record investments of over US$1.3 billion in 2024 while strengthening its ESG commitments.

Specific community support actions include:

• Supported G Mining Ventures' socio-environmental programs near the Tocantinzinho mine in Brazil, including revegetation activities.
• Supported Perpetua Resources' workforce development and student scholarships in Idaho.
• Partnered with Nevada Gold Mines to support the construction of a 5,000 square foot oncology infusion center in Elko, Nevada.

The company's commitment to ESG is reflected in its external ratings; Franco-Nevada Corporation was rated "AA" by MSCI in 2025 and was Top Rated by Sustainalytics in 2025.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Key Activities

Identifying and acquiring high-quality royalty and stream assets is the core engine for Franco-Nevada Corporation (FNV). This involves rigorous due diligence on large-scale development and producing assets. For instance, in 2025, Franco-Nevada executed a major transaction to acquire a royalty package on the Côté Gold Mine in Ontario for total cash consideration of $1.05 billion. This specific deal secured a 7.5% gross margin royalty covering all mineral reserves and over 99.9% of current mineral resources at the Côté mine. This acquisition was part of a busy period, which also included securing a $448.6 million financing package on the Porcupine Complex, which included a 4.25% NSR royalty.

Disciplined capital allocation and portfolio risk management guide these investment decisions. Franco-Nevada Corporation prioritizes maintaining a strong financial footing to ensure it can act decisively when opportunities arise. The company's strategy is to use its free cash flow to expand the portfolio and support its progressively growing dividend. The dividend declared in August 2025 was US$0.38 per share.

Monitoring operator performance across the portfolio is crucial, as revenue is directly tied to production from underlying mines. As of the latest portfolio overview, Franco-Nevada Corporation manages a diversified portfolio consisting of 430 assets covering approximately 70,500 km2. For the second quarter of fiscal year 2025, the company sold 112,093 GEOs (Gold Equivalent Ounces). Management updated the full-year 2025 guidance for Precious Metal GEO sales to be in the range of 385,000 GEO to 425,000 GEO.

Securing large-scale deals like the $1.05 billion Côté Gold royalty is a direct result of this activity focus. The expected revenue from this single asset, based on Iamgold's mid-point guidance and a $3,200/oz gold price, was projected to be $67-million for the full year 2025. The company also secured a royalty on AngloGold's Arthur Project, one of the largest gold discoveries in Nevada, and a $10.5 million royalty on the Gold Quarry Gold Mine post-quarter end.

Maintaining a strong, debt-free balance sheet and liquidity underpins the entire operation. Franco-Nevada Corporation showcased its financial resilience through 2025. As of the quarter ending September 30, 2025, the company reported total assets of $7.517B. Critically, the total debt stood at $0.0, resulting in a debt-to-equity ratio of 0%. Available capital was reported at $2.1 billion in Q1 2025, positioning the company well for future strategic expansions without debt burden.

Here's a quick look at some key 2025 financial and operational metrics:

The company's operational success is reflected in its earnings; for example, Q2 2025 saw record Adjusted EBITDA of $365.7 million. The focus on high-quality assets means that even with a lower GEO sale count in Q2 2025 at 112,093 GEOs, record revenue was achieved due to elevated commodity prices.

The key activities are supported by the following operational structure:

• Identifying and acquiring high-quality royalty and stream assets.
• Executing large deals like the $1.05 billion Côté royalty.
• Managing a portfolio of 430 assets globally.
• Maintaining a debt-free balance sheet with $0.0 debt.
• Generating record operating cash flow, such as $430.3 million in Q2 2025.

You can see the clear link between acquiring assets and financial performance; the $1.05 billion Côté royalty is expected to contribute $33.5-million in royalty revenue in the second half of 2025 alone. Finance: review the impact of the Côté royalty cash flow on the Q3 2025 liquidity forecast by October 15th.

Franco-Nevada Corporation (FNV) - Canvas Business Model: Key Resources

You're looking at the core assets that power Franco-Nevada Corporation's royalty and streaming engine as of late 2025. These aren't mines; they are the rights to the metal, which is a fundamentally different, asset-light way to play the commodity cycle.

Diversified portfolio of 119 cash-flow producing assets

The sheer breadth of the portfolio is a primary resource. As of early 2025, Franco-Nevada Corporation held 119 cash-flow producing assets. This diversification limits single-point failure risk. For context, these assets generated approximately $1.0 billion in Adjusted EBITDA in 2024. Furthermore, the company structured its portfolio so that no single asset was expected to contribute more than 15% of revenue in 2025, showing intentional balance across its holdings.

Here's a quick look at the portfolio composition based on recent performance:

Long-life asset profile with a 38-year Mine Life Index

This longevity is crucial because it smooths out the cyclical nature of mining investments. Franco-Nevada Corporation's mining assets boast an M&I (Measured and Indicated) Resource Royalty Ounce Mine Life Index of 38 years. This long runway means a steady stream of potential cash flow long into the future, which is a key input for any valuation model you might be running.

Strong balance sheet with approximately $1.7 billion in available capital

You want to see a company that can act when opportunities arise, not one that needs to raise equity at a bad price. Franco-Nevada Corporation is debt-free as of September 30, 2025, following the funding of the Arthur Gold royalty acquisition in July 2025. At the end of Q1 2025, available capital stood at $2.1 billion. More recently, at September 30, 2025, total available capital, including cash and the undrawn credit facility, was an excess of $1.8 billion. The cash on hand at that date was $236.7 million. This financial strength allows for opportunistic deployment of capital, such as the $250.0 million cash payment for the Arthur Gold royalty on July 23, 2025, and the $1,050.0 million acquisition for the Côté Gold Mine royalty on June 24, 2025.

Intellectual capital in technical and financial due diligence

The value isn't just in the contracts; it's in the team that vets them. While specific dollar amounts for the due diligence team aren't public, the quality of the portfolio reflects this expertise. Franco-Nevada Corporation has maintained high external validation for its governance and operational standards, which speaks to the rigor of its internal processes.

Key external validation points include:

• #1 Ranked by Sustainalytics (as of May 2025).
• Rated AA by MSCI.
• Rated Prime by ISS ESG.

Extensive global network of mining contacts and operators

This network is what feeds the deal pipeline and ensures smooth operation across jurisdictions. The portfolio is explicitly described as being well diversified by operator and geography. The company's ability to execute large transactions with major operators highlights this network strength:

• Acquired a royalty on the Côté Gold Mine from a private third party in June 2025.
• Acquired a royalty on the Arthur Gold Project from Altius Minerals Corporation in July 2025.
• Received stream deliveries from Cobre Panama in Q3 2025 following coordination with Panamanian authorities.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.