Franco-Nevada Corporation
Franco-Nevada is the largest gold-focused royalty and streaming company. It provides upfront capital to mining companies in exchange for royalty or streaming interests in future production, generating high-margin cash flow without direct operating, capex, or exploration risk. Its portfolio spans over 430 assets across 27 countries (121 cash-flow producing as of 2025), balanced across gold (~70%), silver, PGMs, and ~10% energy/base metals. Early 2026 deployed over $500M in fresh capital, including a $100M gold stream on Casa Berardi (Orezone Gold), a $250M NSR package on i-80 Gold's Nevada assets, a C$55M acquisition of six Victoria Gold royalties, and an A$170M royalty on Minerals 260's Bullabulling project. Because it has no operating mines, this record's operating fields (digSiteType, construction milestones, per-project economics) do not apply in the normal operator sense.
Your Rankings
Franco-Nevada Corporation does not operate mines, so it has no technical study of its own. What it holds instead is a book of royalty and stream interests in other companies' assets -- the portfolio below. Only figures the company has actually disclosed are shown; nothing here is estimated.
| Asset | Commodity | Interest | Rate / price |
|---|---|---|---|
Candelaria Lundin Mining · Chile Gold and silver stream (dominant commodity recorded as GOLD; silver also streamed) on Lundin Mining's Candelaria copper-gold mine. 12.8% of FNV's FY2025 revenue -- FNV's single largest asset by revenue contribution. Exact stream percentage/price not retrievable from the findings doc's sources (2026 Asset Handbook PDF not machine-readable) -- left null rather than guessed. | Gold | Stream | — |
Guadalupe-Palmarejo Coeur Mining, Inc. · Mexico 50% gold stream on Coeur Mining's Guadalupe underground mine (Palmarejo complex), Chihuahua, Mexico. 9.7% of FNV's FY2025 revenue. | Gold | Stream | 50%$800.00USD per oz gold delivered (lesser of $800/oz fixed price or spot London PM gold fix) |
Antapaccay Glencore plc (via Compañía Minera Antapaccay S.A.) · Peru Gold and silver stream (dominant commodity recorded as GOLD) on Glencore's Antapaccay copper mine, Cusco, Peru. 9.0% of FNV's FY2025 revenue. Exact stream percentage not found in either the findings doc or supplementary search -- left null. | Gold | Stream | — |
Cobre Panama First Quantum Minerals · Panama Gold/silver stream on First Quantum's Cobre Panama copper mine. NON-OPERATING since late 2023 (Panama government-ordered shutdown/care-and-maintenance following a constitutional-court ruling against the mine's contract) -- stage deliberately left null rather than PRODUCTION, since the mine is not currently producing and none of the other Stage enum values (which are all forward-looking build milestones) accurately describes a suspended, previously-producing asset. | Copper | Stream | — |
Antamina Compañía Minera Antamina S.A. (BHP/Glencore/Teck/Mitsubishi joint venture) · Peru 22.5% silver stream on the Antamina copper mine. Wheaton Precious Metals separately holds a 67.5% silver stream on the same mine (see WPM's Antamina row below) -- the two majors split Antamina's silver by-product stream between them. | Silver | Stream | 22.5% |
Tocantinzinho G Mining Ventures · Brazil 12.5% gold stream on G Mining Ventures' Tocantinzinho mine, Para state, Brazil. | Gold | Stream | 12.5% |
Salares Norte Gold Fields Limited · Chile 1-2% royalty (exact rate/structure not confirmed to a single figure) on Gold Fields' Salares Norte gold-silver mine, Atacama region, Chile; commercial production started 2024. | Gold | Royalty | — |
Stillwater Sibanye-Stillwater · United States Gold + platinum-group-metals (PGM) stream on Sibanye-Stillwater's Stillwater Mining Complex, Montana, USA. Commodity recorded as OTHER because the Commodity enum has no PLATINUM/PGM option and the deal is a multi-metal tiered structure, not gold-dominant: per Sibanye-Stillwater/FNV's Dec 2024 $500M streaming agreement, FNV receives 1.1% of 4E PGM ounces until 87,500oz gold-equivalent delivered, then 0.75% of 4E PGM until 237,000oz, then 80% of gold production thereafter; platinum delivered separately at 1% of ounces until 48,000oz, rising to 2.1% until 294,000oz. Too tiered/multi-metal to reduce to a single ratePct -- left null; full structure kept here instead of guessed at. | Other | Stream | — |
Management Team
President & Chief Executive Officer of Franco-Nevada Corporation, appointed CEO in May 2025 after serving as President & COO from 2018 and SVP Business Development since Franco-Nevada's 2007 IPO. Before Franco-Nevada, held roles in corporate development at Newmont Capital Ltd., investment banking at BMO Nesbitt Burns Inc., and project financing at UBS.
Chief Financial Officer of Franco-Nevada Corporation since Apr 2010. Before Franco-Nevada, held treasurer/controller roles at the original Franco-Nevada Mining Corporation until its 2002 acquisition by Newmont, briefly served as Newmont's international controller, then held finance roles at Four Seasons Hotels Limited (2003-2010), rising to Vice President, Corporate Finance.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Task #172 smartMoneyScore pilot (rubric: playbook §7.6). DELIBERATELY NOT SCORED -- above the US$5B applicability gate (marketCapUsd ~$43.82B). Franco-Nevada is a mega-cap royalty company and a core index constituent; smart-money positioning is not a meaningful axis for it, for the same reason set out on the RGLD row. Independently, this row also has no data to score from: institutionalOwnershipPct and managementOwnershipPct are both null, there are zero MinerHolder rows and zero InsiderTransaction rows. So even without the gate the correct outcome would be RESEARCHED_UNKNOWN rather than a low number -- the two justifications are independent and agree. Deliberately NOT treating the empty holder register as a low score: for a company of this size an empty register is unambiguously a coverage gap in our source, never a statement that nobody owns it. Source: Franco-Nevada corporate/IR site https://www.franco-nevada.com/ ; DB state check performed 2026-08-15 (no MinerHolder or InsiderTransaction rows). PILLARS: GATED: marketCapUsd ~$43.82B >= $5.0B applicability threshold
No notable insiders tracked for this miner yet.