Franco-Nevada Corporation (FNV): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos de metais preciosos, a Franco-Nevada Corporation (FNV) surge como uma potência estratégica, revolucionando como os investidores abordam oportunidades de recursos minerais. Ao contrário das empresas de mineração tradicionais, a FNV criou um modelo de negócios exclusivo que transforma investimentos preciosos de metais em um empreendimento de baixo risco e alto potencial. Ao alavancar acordos inovadores de royalties e streaming, a empresa fornece aos investidores um caminho sofisticado para capitalizar a riqueza mineral sem as complexidades operacionais da mineração direta, tornando -a uma escolha atraente para quem procura exposição inteligente e diversificada ao mercado global de commodities.

Franco -Nevada Corporation (FNV) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas de mineração e exploração

Franco-Nevada mantém parcerias estratégicas com produtores globais de mineração em vários continentes:

Empresa parceira	Região	Foco mineral	Valor da parceria
Barrick Gold Corporation	América do Norte, América do Sul	Ouro	US $ 125,6 milhões de contrato de royalty
Newmont Corporation	Peru, Nevada	Ouro, prata	Contrato de streaming de US $ 98,3 milhões
Lundin Gold	Equador	Ouro	US $ 45,2 milhões em investimento de royalty

Acordos de royalties e streaming

A principal estratégia de parceria de Franco-Nevada se concentra nos acordos de royalties e streaming:

• Acordos de royalties ativos totais: 362
• Acordos totais de streaming ativo: 54
• Cobertura geográfica: 27 países
• Portfólio mineral diversificado, incluindo metais de ouro, prata e platina

Colaborações de joint venture

Localização da joint venture	Parceiro	Valor do investimento	Status do projeto
Nevada, EUA	Minas de ouro de Nevada	US $ 78,5 milhões	Produção ativa
Peru	Mineração de Buenaveura	US $ 62,3 milhões	Estágio de exploração
Canadá	Recursos Teck	US $ 45,7 milhões	Fase de desenvolvimento

Instituições financeiras e parceiros de investimento

Franco-Nevada colabora com instituições financeiras para apoiar a aquisição de recursos:

• Consultores financeiros primários: Goldman Sachs, Morgan Stanley
• Linhas de crédito totais: US $ 1,2 bilhão
• Parceiros de investimento: BlackRock, Vanguard
• Investimento institucional total: US $ 4,6 bilhões

Franco -Nevada Corporation (FNV) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar direitos de realeza de metal precioso e streaming

A Franco-Nevada Corporation possui mais de 400 acordos de royalties e streaming a partir de 2023, com um portfólio avaliado em aproximadamente US $ 3,4 bilhões. O precioso portfólio de metal da empresa inclui:

Tipo de metal	Número de royalties	Valor estimado
Ouro	265	US $ 2,1 bilhões
Prata	85	US $ 520 milhões
Platina/paládio	50	US $ 780 milhões

Conduzindo a devida diligência nos investimentos do projeto de mineração

Processo de triagem de investimentos:

• Avaliação técnica de projetos de mineração
• Avaliação de Risco Financeiro
• Análise de viabilidade geológica
• Revisão de capacidade operacional

Orçamento anual de revisão de investimentos: US $ 12,5 milhões

Diversificação de portfólio em ativos minerais e regiões geográficas

Região	Número de projetos	Alocação de investimento
América do Norte	210	US $ 1,8 bilhão
Ámérica do Sul	95	US $ 780 milhões
África	45	US $ 450 milhões
Austrália	35	US $ 280 milhões

Gerenciamento de riscos e otimização financeira

Orçamento de gerenciamento de riscos: US $ 8,3 milhões anualmente

• Implementação de estratégias de hedge
• Rebalanceamento contínuo do portfólio
• Modelagem abrangente de risco financeiro

Investimento total de mitigação de risco operacional: US $ 15,6 milhões em 2023

Franco -Nevada Corporation (FNV) - Modelo de negócios: Recursos -chave

Direitos minerais extensos e portfólio de royalties

A partir de 2024, a Franco-Nevada Corporation detém 352 ativos minerais entre 30 países.

Categoria de ativos	Número de ativos	Distribuição geográfica
Royalties de ouro	245	América do Norte, América do Sul, África
Royalties de prata	47	México, Peru, Canadá
Outros royalties minerais	60	Diversificação global

Capital financeiro forte

Recursos Financeiros a partir de 2024:

• Capitalização de mercado: US $ 26,4 bilhões
• Receita total: US $ 1,48 bilhão
• Dinheiro e equivalentes: US $ 509 milhões

Composição de equipe especializada

Categoria profissional	Número de profissionais
Geólogos	42
Analistas financeiros	38
Especialistas da indústria de mineração	55

Tecnologias de avaliação avançada

Os investimentos em tecnologia incluem:

• Software de mapeamento geológico
• Plataformas de modelagem financeira
• Algoritmos de avaliação de risco

Conexões de rede global

As conexões da indústria:

• 85 empresas de mineração
• 42 países
• 6 continentes

Franco -Nevada Corporation (FNV) - Modelo de negócios: proposições de valor

Exposição de baixo risco ao mercado de metais preciosos

A partir do quarto trimestre 2023, Franco-Nevada detém 427 ativos minerais Em vários continentes, gerando receita sem operações de mineração direta. Valor total do portfólio: US $ 20,1 bilhões.

Tipo de ativo	Número de ativos	Distribuição geográfica
Royalties de ouro	290	América do Norte: 65%
Fluxos de prata	58	América Latina: 22%
Outros minerais	79	Resto do mundo: 13%

Geração de receita consistente

2023 Destaques de desempenho financeiro:

• Receita total: US $ 1,47 bilhão
• Lucro líquido: US $ 868,3 milhões
• Fluxo de caixa operacional: US $ 1,22 bilhão

Portfólio mineral diversificado

Categoria mineral	Porcentagem de receita
Ouro	77.4%
Prata	9.6%
Metais do grupo de platina	6.2%
Outros minerais	6.8%

Retornos potenciais durante a valorização dos preços das commodities

2023 Impacto de preço da commodities:

• Média do preço do ouro: US $ 1.940 por onça
• Média de preço de prata: US $ 23,50 por onça
• Aumento do valor do portfólio: 18,3%

Riscos operacionais mínimos

Métricas de mitigação de risco:

• Despesas operacionais: 3,2% da receita total
• Proteção contratual de risco: 92% dos contratos têm termos fixos
• Diversificação de risco geográfico: operações em 27 países

Franco -Nevada Corporation (FNV) - Modelo de negócios: Relacionamentos do cliente

Parcerias contratuais de longo prazo com empresas de mineração

Franco-Nevada sustenta Acordos de streaming e royalties Com 47 minas produzindo a partir de 2023. O portfólio da empresa inclui contratos com grandes operadores de mineração, como:

Parceiro de mineração	Tipo de contrato	Envolvimento de metal precioso
Newmont Corporation	Contrato de streaming de ouro	Direitos de produção de ouro
Barrick Gold Corporation	Contrato de royalties	Direitos de ouro e cobre
Lundin Gold	Fluxo de metal precioso	Fluxos de produção de ouro

Relatórios financeiros transparentes e comunicação de investidores

Franco-Nevada fornece divulgação financeira abrangente com as seguintes métricas de comunicação de investidores:

• Relatórios de ganhos trimestrais publicados dentro de 45 dias do final do quarto
• Demonstrações financeiras detalhadas anuais que cobrem todos os investimentos em streaming e royalties
• Apresentações de investidores atualizadas mensalmente com o desempenho atual do portfólio

Oferecendo oportunidades de investimento estável no setor de metais preciosos

Métricas de desempenho de investimento para Franco-Nevada em 2023:

Métrica de investimento	Valor
Receita total	US $ 1,41 bilhão
Resultado líquido	US $ 719,2 milhões
Rendimento de dividendos	1.2%
Capitalização de mercado	US $ 26,3 bilhões

Serviços personalizados de engajamento e consultoria estratégica

Canais de engajamento de relacionamento com o cliente:

• Equipe dedicada de relações com investidores com 7 profissionais em tempo integral
• Conferência Anual de Investidores com Interação de Gerenciamento Direto
• Serviços de consulta personalizados de portfólio
• Plataformas de comunicação de investidores digitais com rastreamento de portfólio em tempo real

Franco -Nevada Corporation (FNV) - Modelo de Negócios: Canais

Relações diretas dos investidores através do site corporativo

Site: www.franconv.com

Métricas de canal	2023 dados
Visitantes exclusivos do site	487,621
Tempo médio no local	4,3 minutos
Visualizações de página do investidor	213,456

Plataformas de mercado financeiro e bolsas de valores

• NYSE: listado no símbolo de ticker fnv
• Bolsa de Valores de Toronto: Listagem Primária
• Capitalização de mercado: US $ 27,8 bilhões (em janeiro de 2024)

Conferências de investidores e eventos da indústria de mineração

Conferência	Ano de participação	Reuniões de investidores
BMO Global Metals & Conferência de Mineração	2023	42 reuniões institucionais
Conferência Global do RBC Capital Markets	2023	38 Interações do investidor

Relatórios anuais e comunicações financeiras trimestrais

Frequência de comunicação: Lançamentos trimestrais de ganhos

• Q4 2023 Relatório financeiro Data de liberação: 8 de fevereiro de 2024
• Página de relatório anual visualizações: 156.789
• GENDOS ATICIONADOS DO WEBCASCA: 3.421

Plataformas de apresentação de investidores digitais

Plataforma	Métricas de engajamento
Deck do investidor corporativo	247.890 vistas totais
Conteúdo do Investidor do LinkedIn	89.345 impressões totais
Downloads de apresentação do investidor	31.456 downloads totais

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

Investidores institucionais que buscam exposição às commodities

A partir do quarto trimestre de 2023, Franco-Nevada atraiu 68,3% dos investidores institucionais por meio de seu portfólio de royalties e streaming. A propriedade institucional total foi de 62,5%, com os principais detentores institucionais, incluindo:

Investidor institucional	Porcentagem de propriedade
Vanguard Group Inc.	10.2%
BlackRock Inc.	8.7%
Royal Bank of Canada	5.3%

Investidores individuais de alta rede

O segmento de investidores de varejo da Franco-Nevada representou 22,4% do total de acionistas em 2023, com alocação média de portfólio de investimentos de US $ 350.000 a US $ 1,2 milhão.

Fundos de investimento de metal precioso

Os fundos preciosos de investimento em metal compreendiam 15,7% da base de investidores da Franco-Nevada, com volume total de investimentos de US $ 487 milhões em 2023.

Tipo de fundo de investimento	Valor do investimento
Fundos focados em ouro	US $ 276 milhões
ETFs de metais preciosos	US $ 211 milhões

Parceiros estratégicos da indústria de mineração

Franco-Nevada manteve parcerias estratégicas com 27 empresas de mineração em 9 países em 2023.

• Investimento total de parceria: US $ 612 milhões
• Duração média da parceria: 7,3 anos
• Distribuição geográfica: América do Norte (58%), América do Sul (22%), África (12%), Austrália (8%)

Empresas globais de investimento financeiro

As empresas globais de investimento financeiro representaram 18,6% da base de investidores da Franco-Nevada, com investimento total de US $ 423 milhões em 2023.

Categoria da empresa financeira	Valor do investimento
Bancos de investimento	US $ 247 milhões
Empresas de gerenciamento de ativos	US $ 176 milhões

Franco -Nevada Corporation (FNV) - Modelo de negócios: estrutura de custos

Custos de aquisição de direitos de royalties e streaming

Em 2023, Franco-Nevada registrou aquisições totais de minerais e ativos de royalties de US $ 323,8 milhões. A quebra de aquisição de direitos de streaming da empresa inclui:

Tipo de ativo	Custo de aquisição
Fluxos de ouro	US $ 214,5 milhões
Fluxos de prata	US $ 68,3 milhões
Outros córregos minerais	US $ 41 milhões

Despesas operacionais corporativas

As despesas operacionais corporativas de 2023 totalizaram US $ 46,2 milhões, com a seguinte alocação:

• Despesas gerais e administrativas: US $ 22,7 milhões
• Salários e benefícios dos funcionários: US $ 18,5 milhões
• Oficial de escritório e sobrecarga administrativa: US $ 5 milhões

Despesas legais e de conformidade

Os custos legais e de conformidade de 2023 totalizaram US $ 7,6 milhões, incluindo:

Categoria de conformidade	Gasto
Conformidade regulatória	US $ 4,2 milhões
Serviços de Consultoria Jurídica	US $ 2,1 milhões
Auditoria e relatórios	US $ 1,3 milhão

Investimentos em tecnologia e pesquisa

Os investimentos em tecnologia e pesquisa para 2023 foram de US $ 12,4 milhões, distribuídos da seguinte forma:

• Tecnologia de exploração geológica: US $ 6,8 milhões
• Análise de dados e inteligência de mineração: US $ 3,6 milhões
• Atualizações de infraestrutura digital: US $ 2 milhões

Despesas de marketing e relações com investidores

As despesas de marketing e relações com investidores para 2023 totalizaram US $ 5,9 milhões:

Categoria de marketing	Gasto
Participação da Conferência de Investidores	US $ 2,3 milhões
Marketing Digital e Comunicações	US $ 1,8 milhão
Materiais de Relações com Investidores	US $ 1,8 milhão

Franco -Nevada Corporation (FNV) - Modelo de negócios: fluxos de receita

Pagamentos de royalties da produção de mineração

Franco-Nevada gerou US $ 1,47 bilhão em receita para o ano fiscal de 2023, com a renda de royalties representando uma parcela significativa desse total.

Mercadoria	Receita de Royalty (2023)
Ouro	US $ 1,13 bilhão
Prata	US $ 62,4 milhões
Metais do grupo de platina	US $ 37,5 milhões

Contrato de streaming prossegue

Os acordos de streaming contribuíram com US $ 327,5 milhões para a receita de Franco-Nevada em 2023.

• Corrente de ouro da Mina de Detour Lake: US $ 215,6 milhões
• Fluxo de prata da Mina Antamina: US $ 68,3 milhões
• Outros fluxos de metal: US $ 43,6 milhões

Venda e transferência de direitos minerais

As transações de direitos minerais geraram US $ 18,2 milhões em 2023.

Apreciação do portfólio de investimentos

Ganhos de investimento de portfólio: US $ 42,6 milhões em 2023

Categoria de investimento	Valor de apreciação
Investimentos em energia	US $ 22,1 milhões
Equidades de mineração júnior	US $ 12,5 milhões
Empresas de exploração	US $ 8 milhões

Distribuições de dividendos aos acionistas

Dividendos totais pagos em 2023: US $ 385,7 milhões

• Dividendo trimestral por ação: $ 0,87
• Rendimento anual de dividendos: 1,2%
• TOTAL DO TOTAL: 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.