FRANCO NEVADA Corp (FNV): Financial results for Q3 2026
FRANCO NEVADA Corp (FNV) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 NEWS RELEASE NEWS RELEASE Toronto, November 11, 2026 (in U.S. dollars unless otherwise noted) Franco-Nevada Reports Q3 2026 Results Tracking towards the mid-range of annual guidance Franco-Nevada generated strong Q3 financial results. Revenue, cash flow and
How this was made
The 30-second read
Why it matters
The Q3 earnings release provides fresh guidance and performance metrics that were not publicly available before this filing.
Market read
The earnings beat and reaffirmed guidance may trigger buying pressure in the royalty sector and influence related mining stocks.
What to watch
The decline in GEOs sold and the ongoing halt at Cobre Panamá may dampen future cash flow if not resolved quickly.
Franco-Nevada Q3 2026 revenue up 13% to $549.3 million and net income up 38%, with GEO sales down 6%; company now tracking toward the mid-range of annual guidance
Revenue, operating cash flow, Adjusted EBITDA, net income and Adjusted Net Income all rose versus Q3 2025, and the company reports $4.8 billion of available capital and no debt. Offsetting this, GEOs sold fell 6% in the quarter, the company says precious metal GEO deliveries were slightly below expectations, and YTD gold ounces sold of 272,465 sit in a revised 2026 range of 355,000 to 385,000 ounces.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026 (IFRS)other | $549.3M | – | +13% |
| Revenue from royalty, streams and working interests, Q3 2026 (IFRS)other | $549M | – | – |
| Interest revenue, Q3 2026 (IFRS)other | $300K | – | – |
| GEOs sold, Q3 2026other | 130,435 | – | -6% |
| Net GEOs sold, Q3 2026other | 120,857 | – | -3% |
| Costs of sales (cash costs), Q3 2026 (IFRS)other | $43.1M | – | – |
| Depletion and depreciation, Q3 2026 (IFRS)other | $78.6M | – | – |
| Total costs of sales, Q3 2026 (IFRS)other | $121.7M | – | – |
| Gross profit, Q3 2026 (IFRS)other | $427.6M | – | – |
| General and administrative expenses, Q3 2026 (IFRS)other | $7M | – | – |
| Share-based compensation expenses, Q3 2026 (IFRS)other | $5.3M | – | – |
| Total other operating expenses (income), Q3 2026 (IFRS)other | $2M | – | – |
| Operating income, Q3 2026 (IFRS)other | $425.6M | – | – |
| Foreign exchange gain and other income, Q3 2026 (IFRS)other | $22.1M | – | – |
| Net income before income taxes, Q3 2026 (IFRS)other | $454.7M | – | – |
| Income tax expense, Q3 2026 (IFRS)other | $59.2M | – | – |
| Net income, Q3 2026 (IFRS)other | $395.5M | – | +38% |
| Basic EPS, Q3 2026 (IFRS)other | $2.05 | – | – |
| Diluted EPS, Q3 2026 (IFRS)other | $2.05 | – | – |
| Net cash provided by operating activities, Q3 2026 (IFRS)other | $429.2M | – | +23% |
| Adjusted EBITDA, Q3 2026non-GAAP | $493.9M | – | +15% |
| Adjusted EBITDA per share, Q3 2026non-GAAP | $2.56 | – | – |
| Adjusted EBITDA margin, Q3 2026non-GAAP | 89.9% | – | – |
| Adjusted Net Income, Q3 2026non-GAAP | $364.5M | – | +33% |
| Adjusted Net Income per share, Q3 2026non-GAAP | $1.89 | – | – |
| Adjusted Net Income margin, Q3 2026non-GAAP | 66.4% | – | – |
| Available Capital, as at September 30, 2026other | $4.8B | – | – |
| Total revenue, YTD 2026 (nine months, IFRS)other | $1.78B | – | +45% |
| Revenue from royalty, streams and working interests, YTD 2026 (nine months, IFRS)other | $1.78B | – | – |
| Interest revenue, YTD 2026 (nine months, IFRS)other | $300K | – | – |
| GEOs sold, YTD 2026 (nine months)other | 399,193 | – | +6% |
| Net GEOs sold, YTD 2026 (nine months)other | 369,082 | – | +9% |
| Costs of sales (cash costs), YTD 2026 (nine months, IFRS)other | $135.5M | – | – |
| Depletion and depreciation, YTD 2026 (nine months, IFRS)other | $240.5M | – | – |
| Total costs of sales, YTD 2026 (nine months, IFRS)other | $376M | – | – |
| Gross profit, YTD 2026 (nine months, IFRS)other | $1.40B | – | – |
| General and administrative expenses, YTD 2026 (nine months, IFRS)other | $24M | – | – |
| Share-based compensation expenses, YTD 2026 (nine months, IFRS)other | $8M | – | – |
| Gain on buy-back of royalty and stream interests, YTD 2026 (nine months, IFRS)other | $63.8M | – | – |
| Gain on sale of gold and silver bullion, YTD 2026 (nine months, IFRS)other | $2.1M | – | – |
| Total other operating expenses (income), YTD 2026 (nine months, IFRS)other | −$44.2M | – | – |
| Operating income, YTD 2026 (nine months, IFRS)other | $1.45B | – | – |
| Foreign exchange gain and other income, YTD 2026 (nine months, IFRS)other | $41.6M | – | – |
| Net income before income taxes, YTD 2026 (nine months, IFRS)other | $1.51B | – | – |
| Income tax expense, YTD 2026 (nine months, IFRS)other | $290.4M | – | – |
| Net income, YTD 2026 (nine months, IFRS)other | $1.22B | – | +64% |
| Basic EPS, YTD 2026 (nine months, IFRS)other | $6.32 | – | – |
| Diluted EPS, YTD 2026 (nine months, IFRS)other | $6.30 | – | – |
| Net cash provided by operating activities, YTD 2026 (nine months, IFRS)other | $1.43B | – | +34% |
| Adjusted EBITDA, YTD 2026 (nine months)non-GAAP | $1.62B | – | +45% |
| Adjusted EBITDA per share, YTD 2026 (nine months)non-GAAP | $8.38 | – | – |
| Adjusted EBITDA margin, YTD 2026 (nine months)non-GAAP | 90.7% | – | – |
| Adjusted Net Income, YTD 2026 (nine months)non-GAAP | $1.17B | – | +63% |
| Adjusted Net Income per share, YTD 2026 (nine months)non-GAAP | $6.08 | – | – |
| Adjusted Net Income margin, YTD 2026 (nine months)non-GAAP | 65.8% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Precious Metals (Q3 2026)GEOs sold 110,904 vs 119,109 in Q3 2025 (-7% as printed). Q3 2025 revenue printed as $416.5 million. Company attributes the decline to lower deliveries from Cobre Panamá, Guadalupe-Palmarejo, Antapaccay, Subika and Candelaria, partly offset by South Arturo and Hemlo, and by incremental contributions from Casa Berardi and Valentine. | $462.2M | – | – |
| Gold (Q3 2026)90,083 GEOs sold vs 101,068 in Q3 2025, when revenue was $351.6 million. | $383.1M | – | – |
| Silver (Q3 2026)17,591 GEOs sold vs 15,407 in Q3 2025, when revenue was $55.4 million. Company notes the more favorable silver to gold conversion ratio based on its assumed 2026 prices. | $68.3M | – | – |
| PGM (Q3 2026)3,230 GEOs sold vs 2,634 in Q3 2025, when revenue was $9.5 million. Company cites higher contributions from PGM assets. | $10.8M | – | – |
| Diversified (Q3 2026)Q3 2025 revenue printed as $67.1 million. Company cites higher energy contributions, partly offset by lower iron ore assets; 19,531 GEOs vs 19,663 in Q3 2025. | $86.8M | – | – |
| Iron ore (Q3 2026)2,665 GEOs sold vs 4,451 in Q3 2025, when revenue was $15.1 million. Company says Vale royalty revenue fell on lower realized iron ore prices and higher transportation costs, and LIORC revenue was lower. | $12M | – | – |
| Other mining assets (Q3 2026)454 GEOs sold vs 758 in Q3 2025, when revenue was $2.6 million. | $2.4M | – | – |
| Oil (Q3 2026)11,243 GEOs sold vs 9,580 in Q3 2025, when revenue was $30.4 million. Company cites strong oil prices and higher energy contributions. | $48.9M | – | – |
| Gas (Q3 2026)3,580 GEOs sold vs 3,336 in Q3 2025, when revenue was $14.3 million. | $16.1M | – | – |
| NGL (Q3 2026)1,589 GEOs sold vs 1,538 in Q3 2025, when revenue was $4.7 million. | $7.4M | – | – |
| Energy, U.S. (Q3 2026)Compared with $33.8 million in Q3 2025. Company attributes the increase to higher production from new well activity at Permian interests, an increased share of production from interests with Continental Resources, and stronger realized commodity prices. | $50.8M | – | – |
| Energy, Canada (Q3 2026)Compared with $15.6 million in Q3 2025. Company attributes the increase to stronger realized commodity prices, particularly at Weyburn, and stronger production at Orion. | $21.6M | – | – |
| Interest revenue and other interest income (Q3 2026)Compared with $4.1 million in Q3 2025. | $300K | – | – |
| Geography: South America (share of Q3 2026 revenue)Company disclosure of revenue sourcing. Revenue was 89% from the Americas in total. | 39% of Q3 2026 revenue | – | – |
| Geography: Canada (share of Q3 2026 revenue)Company disclosure of revenue sourcing. | 23% of Q3 2026 revenue | – | – |
| Geography: U.S. (share of Q3 2026 revenue)Company disclosure of revenue sourcing. | 17% of Q3 2026 revenue | – | – |
| Geography: Central America & Mexico (share of Q3 2026 revenue)Company disclosure of revenue sourcing. Precious metal assets were 84% of Q3 2026 revenue (70% gold, 12% silver, 2% PGM). | 10% of Q3 2026 revenue | – | – |
FY2026 revised guidance (company table, with initial 2026 guidance shown alongside) outlook
- NoteGold ounces sold: revised 355,000 to 385,000 oz (initial 360,000 to 400,000 oz); YTD 2026 actual 272,465 oz
- NoteSilver ounces sold: revised 4,700,000 to 5,000,000 oz (initial 4,700,000 to 5,500,000 oz); YTD 2026 actual 3,654,183 oz
- NotePGM ounces sold: revised 30,000 to 34,000 oz (initial 32,000 to 37,000 oz); YTD 2026 actual 23,623 oz
- NoteDiversified revenue: revised $300 to $330 million (initial $245 to $285 million); YTD 2026 actual $251.6 million
- NoteTotal GEOs sold: revised 525,000 to 555,000 (initial 510,000 to 570,000); YTD 2026 actual 399,193. Company states it has narrowed the total GEO range toward the midpoint of the original guidance.
- NoteGuidance assumes $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas.
- NoteGuidance does not reflect incremental revenue from additional contributions to the Royalty Acquisition Venture with Continental.
- NoteCompany statement: tracking towards the mid-range of annual guidance.
Capital returns
- Quarterly dividend declared of US$0.44 per share, payable December 17, 2026 to shareholders of record on December 3, 2026.
- Dividends paid in Q3 2026: $(80.2) million vs $(67.3) million in Q3 2025. YTD 2026: $(241.3) million vs $(204.5) million in YTD 2025.
- DRIP shares issued through treasury at a 1% discount to the Average Market Price, as stated in the release.
- No share repurchase amount is reported in the release.
- Available Capital of $4.8 billion as at September 30, 2026, comprising cash of $1,232.2 million, equity investments (excluding LIORC) of $1,337.1 million, and $1.5 billion of corporate revolving credit facilities plus $750.0 million of accordions available to borrow.
What drove it
- Company states that revenue, cash flow and earnings were higher than the prior-year period, driven by stronger gold and oil prices.
- Company states it benefited from higher commodity prices and increased contributions from its PGM and energy assets versus Q3 2025.
- Company states the revenue increase was partially offset by lower contributions from Guadalupe-Palmarejo, Antapaccay and Cobre Panamá.
- Company states the decrease in GEOs sold was driven by lower GEO contributions from its gold stream segment and iron ore assets, partially offset by higher energy contributions and the more favorable silver to gold conversion ratio.
- Company states that strong oil and natural gas liquids prices in the first nine months of 2026 gave diversified revenue above its initial expectations.
- Company states lower than expected production at Guadalupe-Palmarejo and Candelaria resulted in fewer Precious Metals GEOs YTD 2026.
- Company recorded a partial impairment reversal of $10.3 million on Cobre Panamá in Q3 2026, in relation to gold and silver ounces it expects as a result of the Government of Panama authorization. Company notes the reversal is excluded from Adjusted Net Income and Adjusted EBITDA.
- Foreign exchange gain and other income of $22.1 million in Q3 2026 (vs $14.2 million in Q3 2025) is excluded from Adjusted Net Income.
- Income tax expense fell to $59.2 million in Q3 2026 from $74.9 million in Q3 2025 while net income before income taxes rose to $454.7 million from $362.4 million.
Concerns
- Total GEOs sold fell 6% year over year to 130,435 in Q3 2026, and Precious Metal GEOs fell 7%.
- Company states precious metal GEO deliveries were slightly below expectations in the period.
- Cobre Panamá remains in Preservation and Safe Management with production halted. Stockpile processing was temporarily suspended after the October 9, 2026 earthquake and resumed October 10, 2026. Future status depends on a government decision that is still under review.
- Cobre Panamá deliveries to Franco-Nevada commenced in Q3 2026 for 3,716 GEOs; the company expects approximately 23,100 gold ounces and 265,000 silver ounces in total, with one-third of deliveries anticipated in H2 2026.
- Côté Gold production on a 100% basis was 92,000 gold ounces in Q3 2026 vs 106,000 in Q3 2025. IAMGOLD expects 2026 production at the lower end of its guidance range.
- Subsequent to quarter-end, IAMGOLD exercised its right to buy back 50% of the Côté Gold GMR. The royalty rate will fall from 7.5% to 3.75% effective January 1, 2027, and the company expects cash consideration of at least its initial attributable purchase price of $525.0 million.
- Stillwater 2026 2E PGM production guidance was revised to 245,000 to 255,000 ounces from 280,000 to 300,000 ounces, reflecting a strike of approximately five weeks.
- Caserones: Lundin Mining revised its 2026 copper production guidance to 105,000 to 115,000 tonnes from 120,000 to 130,000 tonnes.
- Iron ore GEOs fell to 2,665 from 4,451 and iron ore revenue to $12.0 million from $15.1 million in Q3 2025.
- Antamina reported a fatal accident after quarter-end, with an investigation underway.
What to watch
- Government of Panama decision on negotiations with First Quantum regarding Cobre Panamá, and the pace of stockpile processing and deliveries to Franco-Nevada.
- Full-year GEO sales against the revised guidance range of 525,000 to 555,000 GEOs, given YTD 2026 GEOs of 399,193.
- Closing of the Côté Gold GMR buy-back, expected December 2026, and the step-down in royalty rate to 3.75% from January 1, 2027.
- Q4 2026 production at Côté Gold, Candelaria, Guadalupe-Palmarejo and Tocantinzinho, where the company notes expected increases.
- Gold ounces sold YTD 2026 of 272,465 against a revised range of 355,000 to 385,000 ounces.
- Bullabulling development: Minerals 260 reports A$410.0 million of committed debt facilities and the company states the project is fully funded through to first production.
- Deployment of $4.8 billion in Available Capital, which the CEO describes as a strong pipeline of deal opportunities.
- Stillwater restart and rebuild of operational performance in Q4 2026.
Balance sheet and cash flow
- Cash and cash equivalents: $1,232.2 million at September 30, 2026 vs $670.9 million at December 31, 2025.
- Total assets: $9,546.5 million at September 30, 2026 vs $8,241.4 million at December 31, 2025.
- Total liabilities: $747.3 million at September 30, 2026 vs $606.1 million at December 31, 2025.
- Total shareholders' equity: $8,799.2 million at September 30, 2026 vs $7,635.3 million at December 31, 2025.
- Royalty, stream and working interests, net: $6,331.1 million at September 30, 2026 vs $6,043.1 million at December 31, 2025.
- Investments: $1,517.7 million at September 30, 2026 vs $1,141.3 million at December 31, 2025.
- Company states it is debt-free. Corporate revolver draw and repayment were nil in Q3 2026 and nil YTD 2026, versus $175.0 million drawn and repaid in Q3 2025 and YTD 2025.
- Acquisition of royalty, stream and working interests: $(133.9) million in Q3 2026 vs $(291.8) million in Q3 2025; YTD 2026 $(663.6) million vs $(2,157.4) million in YTD 2025.
- Net cash used in investing activities: $(131.7) million in Q3 2026 vs $(208.0) million in Q3 2025; YTD 2026 $(631.0) million vs $(2,097.1) million in YTD 2025.
- Net cash used in financing activities: $(78.2) million in Q3 2026 vs $(64.2) million in Q3 2025; YTD 2026 $(240.2) million vs $(197.1) million in YTD 2025.
- Gold and silver bullion from royalties received in-kind: $(52.6) million in Q3 2026 vs $(31.5) million in Q3 2025 (cash flow adjustment line); YTD 2026 $(150.3) million vs $(61.6) million.
- Receipt of deposits and interest from Canada Revenue Agency: $49.5 million YTD 2026, nil in Q3 2026 and YTD 2025.
- Net change in cash and cash equivalents: $218.0 million in Q3 2026 vs $76.4 million in Q3 2025; YTD 2026 $561.3 million vs $(1,214.6) million in YTD 2025.
- Income taxes paid: $39.6 million in Q3 2026 vs $46.8 million in Q3 2025; YTD 2026 $187.0 million vs $140.0 million.
- Comprehensive income: $635.4 million in Q3 2026 vs $459.7 million in Q3 2025; YTD 2026 $1,399.0 million vs $1,195.0 million in YTD 2025.
- Currency translation adjustment: $(111.5) million YTD 2026 vs $45.8 million YTD 2025 (other comprehensive income line).
Analysis
Franco-Nevada reported Q3 2026 revenue of $549.3 million, up 13% from $487.7 million in Q3 2025, with net income of $395.5 million (up 38%), operating cash flow of $429.2 million (up 23%) and Adjusted EBITDA of $493.9 million (up 15%). Revenue from royalty, streams and working interests was $549.0 million against $483.6 million. The company attributes the revenue increase to higher commodity prices and higher contributions from its PGM and energy assets. Volume moved the other way: GEOs sold fell 6% to 130,435 and Net GEOs fell 3% to 120,857. Precious Metal GEOs were 110,904 against 119,109, and the company's CEO describes precious metal deliveries as slightly below expectations. Gold revenue rose to $383.1 million from $351.6 million and silver revenue rose to $68.3 million from $55.4 million, while gold GEOs fell to 90,083 from 101,068.
The mix shifted toward energy and away from iron ore. Oil revenue reached $48.9 million (Q3 2025: $30.4 million) and U.S. energy revenue reached $50.8 million (Q3 2025: $33.8 million). Iron ore revenue fell to $12.0 million from $15.1 million, and the company attributes the Vale royalty decline to lower realized iron ore prices and higher transportation costs. Precious metals were 84% of Q3 2026 revenue (70% gold, 12% silver, 2% PGM), and 89% of revenue was sourced from the Americas.
Margins were high. Adjusted EBITDA margin was 89.9% (Q3 2025: 87.6%) and Adjusted Net Income margin was 66.4% (Q3 2025: 56.4%). Reported net income was supported by a $10.3 million impairment reversal on Cobre Panamá and a $22.1 million foreign exchange gain and other income, both of which the company excludes from Adjusted Net Income. Cost of sales including depletion was $121.7 million (Q3 2025: $134.2 million). The filing does not state a single cause for the net income increase beyond the revenue discussion above. Adjusted Net Income of $364.5 million was up 33% and Adjusted Net Income per share was $1.89 against $1.43. The company changed its Adjusted Net Income definition in Q1 2026 to stop excluding contractual buy-back gains; the prior-period comparatives are restated on that basis, as the release states.
YTD 2026 revenue was $1,780.9 million, up 45%, and the company calls it a new YTD record, as it does for operating cash flow ($1,432.1 million, up 34%), Adjusted EBITDA ($1,615.5 million, up 45%), net income ($1,218.1 million, up 64%) and Adjusted Net Income ($1,172.0 million, up 63%). YTD GEOs sold rose 6% to 399,193, with gold ounces at 272,465 against 265,329 in the prior year. The company's revised 2026 guidance narrows the total GEO range to 525,000 to 555,000 from 510,000 to 570,000, and the company says it is tracking toward the mid-range. Diversified revenue guidance was raised to $300 to $330 million from $245 to $285 million, which the company links to strong oil and NGL prices, while gold, silver and PGM ounce ranges were lowered or narrowed, which the company links to lower production at Guadalupe-Palmarejo and Candelaria.
Capital allocation remains conservative. The company reports $1,232.2 million of cash, $4.8 billion of Available Capital, total assets of $9,546.5 million and shareholders' equity of $8,799.2 million, and states it is debt-free. Q3 dividends paid were $80.2 million, and the Board declared US$0.44 per share for payment on December 17, 2026. Q3 acquisitions of royalty and stream interests totaled $133.9 million, and YTD acquisitions totaled $663.6 million, including the Bullabulling financing. The Côté Gold GMR buy-back, expected to close in December 2026, will return at least $525.0 million and step the royalty rate down to 3.75% from January 1, 2027. Figures to weigh are the GEO decline, the Cobre Panamá uncertainty, and the scale of the pending Côté buy-back relative to the royalty rate reduction that follows it.
Management, verbatim
Precious metal GEO deliveries were slightly below expectations in the period, although strong oil prices boosted our diversified revenue, and we are now tracking towards the mid-range of our annual guidance
Paul Brink, President & CEO
With $4.8 billion in available capital and no debt, the Company has ample firepower to take advantage of a strong pipeline of deal opportunities.
Paul Brink, President & CEO
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) figures are not printed in the release, so all prior_quarter and qoq_change fields are null.
- Year-over-year percentage changes are not printed for most line items (for example cost of sales, operating income, gross profit, EPS and segment revenues), so those yoy_change fields are null.
- Q3 2025 and YTD 2025 Adjusted Net Income and Adjusted EBITDA are printed, but no change percentage is printed for their per-share values or margins.
- Segment revenue changes are not printed as percentages for individual commodities; the release gives only the prior-year revenue amounts in the table and narrative.
- Gross margin is not printed as a percentage for the period.
- Dividend per share prior-year value is not printed.
- No outlook for total revenue, gross margin, operating expenses or tax rate is given; guidance covers GEO volumes and diversified revenue only.
- No previous-release outlook was supplied, so vs_prior_guidance is empty.
- Available Capital prior-period figure is not printed.
- Share repurchase amounts are not printed.
- Share count and per-share figures for balance sheet items are not applicable.
- The consensus or analyst expectation for Q3 2026 is not in the documents.
- Share-price reaction is not in the documents.
- Income statement figures are IFRS as stated by the company; the release does not present them as GAAP.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Franco‑Nevada is a royalty and streaming company with a diversified portfolio of precious‑metal and energy assets.
Ticker impact
Franco-Nevada reported Q3 2026 revenue of $549.3M (+13%) and adjusted EBITDA of $493.9M, stating it is tracking toward the mid‑range of its annual guidance.
likely upward pressure as the market prices in the stronger revenue and cash flow.
The company posted double‑digit revenue growth, higher cash flow and confirmed it remains on target for its annual guidance, which should encourage buying interest.
Market effects
Strengthens the precious‑metal royalty and streaming sector, highlighting demand for gold and silver exposure.
Positive for mining‑focused markets in the Americas, especially Canada and South America.
Reinforces bullish sentiment for commodity‑linked royalty companies worldwide.
Counterpoint
If oil and gold prices reverse, the company's diversified revenue could face pressure, limiting upside.
Key entities
- companyFranco‑Nevada Corp
US‑listed royalty and streaming firm (ticker FNV).
- companyFirst Quantum
Operator of Cobre Panamá, referenced in the update on mine status.
