Franco-Nevada (FNV) Mining Forum Americas 2026 summary

Strategic positioning and business model

• Maintains a diversified portfolio of cash-flow producing royalty and streaming assets focused on gold, with exposure to other commodities for optionality.

• Prioritizes quality, long-life assets in stable jurisdictions and seeks high-margin operations insulated from cost inflation.

• Emphasizes shareholder alignment through high share ownership, low general and administrative costs, and progressive dividends.

• Adopts a flexible investment approach, providing creative capital and backing strong management teams.

• Focuses on thriving through commodity cycles by building resilience in both bull and bear markets.

Financial performance and capital deployment

• Achieved industry-leading return on invested capital (ROIC), with projected ROIC of 20.4% in 2026 and 20.5% in 2027, outperforming peers.

• Delivered compounded annual total returns that have outperformed major benchmarks since inception in 2007.

• Demonstrated strong financial backing with significant investments in development and acquisition projects, including $420M for Bullabulling and $671M for Candelaria.

• Maintains $4.3 billion in available capital as of June 30, 2026, supporting future growth and acquisitions.

Growth outlook and asset pipeline

• 2026 guidance projects 510K–570K gold equivalent ounces (GEOs), with a 2030 outlook of 555K–615K GEOs, excluding Cobre Panamá.

• Potential for an additional 150K–170K GEOs annually if Cobre Panamá restarts at full capacity.

• Holds a deep pipeline of development and exploration assets, with long-term options estimated at ~222K GEOs annually.

• Portfolio includes 447 assets across 72,000 km², with 121 producing and 279 in advanced exploration.