Franco-Nevada Corporation reported $580.9 million in revenue for the second quarter of 2026, marking a 57% increase compared to $369.4 million during the same period in 2025.

The financial performance was supported by stronger precious metal and oil prices. Gold equivalent ounces sold across the portfolio rose from 112,093 GEOs in Q2 2025 to 132,405 GEOs in Q2 2026. Net income climbed to $354.0 million, or $1.84 per share, compared to $247.1 million, or $1.28 per share, in the prior-year quarter.

Operating cash flow increased 12% to $482.5 million, while Adjusted EBITDA grew 45% to $529.7 million. Franco-Nevada ended the quarter with $4.3 billion in available capital, comprising $1,014.2 million in cash and cash equivalents, $1,041.2 million in equity investments excluding Labrador Iron Ore Royalty Corporation, and $2.25 billion in available borrowing capacity under credit facilities and accordions. Backed by elevated oil prices and anticipated deliveries from Cobre Panamá, Franco-Nevada is tracking toward the upper half of its annual total GEOs guidance range.

At the Cobre Panamá project, operations remain in a phase of preservation and safe management with production halted. The Government of Panama authorized the removal, processing, and export of stockpiled ore during the quarter following the completion of an integral audit by SGS Global, which recorded an 87.7% compliance rate. First Quantum completed commissioning of the first processing train in May 2026 and produced first copper concentrate. First Quantum estimates Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with stream deliveries to Franco-Nevada expected to total approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries of stream ounces are expected to commence in Q3 2026, with one-third anticipated in the second half of the year.

Franco-Nevada expanded its royalty portfolio through several transactions. Subsequent to the quarter-end on July 15, 2026, the company acquired a 2.0% gross royalty on gold production from the majority of the mining leases at Gorilla Gold Mines Ltd's Comet Vale project in Western Australia for $8.4 million plus a $2.1 million contingent payment. On May 29, 2026, Franco-Nevada acquired a 1.0% NSR on Rox Resources Limited's Youanmi gold project in Western Australia for $32.9 million. Additionally, on June 22, 2026, the company acquired a 5.0% net profits interest and a 2.0% net smelter return covering part of Equinox Gold Corp.'s Greenstone property for $2.0 million.

"Our portfolio is set to benefit from strong organic growth evidenced by resource increases, planned mine expansions and project advancements," stated Paul Brink, President & CEO. "With $4.3 billion in available capital, the Company is also well positioned to take advantage of a strong pipeline of deal opportunities."

— Paul Brink, President & CEO

Read the full announcement: Franco-Nevada Reports Q2 2026 Results