$FNV

The TSX Composite Index fell 1% to 35,973 on Thursday, driven by rising oil prices and expectations of higher interest rates. Banks and miners declined, with Scotiabank down 0.9% and Agnico Eagle losing 6.2%. Tech stocks weakened, with Celestica down 12% and Shopify shedding 3.5%. Waste Connections rose 9.5% after beating earnings estimates.

Franco-Nevada Corporation (TSX: FNV, NYSE: FNV) announced it will release its third quarter 2026 financial results. The company also recently provided updates on Cobre Panamá and appointed Paul Brink as Chair of the World Gold Council.

UBS highlights preferred gold mining stocks amid sector volatility. Gold prices peaked at $5,400/oz in early 2026, correcting to $4,170/oz by September. UBS expects cost pressures in 2027 but sees attractive margins if prices stay above $4,000/oz. Top picks include Newmont, Barrick, Endeavour, SSR Mining, Skeena Resources, and Franco-Nevada, citing operational improvements and strategic developments.

Canadian mining stocks fell sharply as silver and gold prices dropped over 5% and 3%, respectively. Barrick Gold, Wheaton Precious Metals, and others declined 2-4%, with First Quantum Minerals falling the most. The selloff was driven by commodity-market volatility and concerns over inflation and interest rates, impacting both producers and streaming/royalty companies.

Franco-Nevada (TSX:FNV, NYSE:FNV) acquired 12.42% of Kenorland Minerals (TSXV:KLD) for $22.2M, buying 10M shares at $2.22 each from insiders. Franco-Nevada plans no further action but may adjust holdings based on market conditions. Kenorland explores mineral projects in North America, including a gold royalty in Quebec.

Gold prices remain above $4,000/oz despite recent volatility. Key US-listed gold mining and royalty stocks include Newmont (NEM), Agnico Eagle (AEM), Barrick (B), Franco-Nevada (FNV), and Wheaton Precious Metals (WPM). Newmont reported Q2 2026 gold production of 1.3M oz and $2.2B free cash flow. Agnico produced 855,816 oz with Q2 free cash flow of $1.335B. Franco-Nevada and Wheaton use royalty/streaming models to reduce operating risks.

A Panama ministerial committee recommended negotiating a restart of First Quantum Minerals' Cobre Panama mine to fund its eventual closure. The mine's shares plunged 36% before trading was halted. Analysts see the sell-off as a buying opportunity, with First Quantum's shares having a floor value of about $30. The mine produced 1.5% of global copper and was a major private investment in Panama. The Supreme Court ruled the mining contract unconstitutional in 2023.

Franco-Nevada (TSX: FNV, NYSE: FNV) reported that its partner, First Quantum, received a recommendation from the Panamanian Ministerial Commission regarding Cobre Panamá. The commission suggests negotiating a new agreement to end pending arbitrations and establish conditions for an orderly closure of the project, prioritizing Panama's interests. The recommendation is part of a 17-point report.

Franco-Nevada Corporation (FNV) announced that its CEO, Paul Brink, has been appointed as Chair of the World Gold Council. Brink expressed his honor in representing global gold producers and highlighted the Council's initiatives, including gold's role as a strategic reserve asset and its digitalization program. World Gold Council CEO David Tait welcomed Brink and outlined the Council's focus on responsible mining, industry standards, and gold's role in the modern financial system.

Franco-Nevada (FNV) reported record revenue of $580.9M in Q2 FY2026, up 57.3% YoY, with 132,405 gold equivalent ounces sold. Adjusted net income rose 46% to $349.2M. Shares are up 27% YTD, supported by institutional demand and strong fundamentals, including 63.6% sales growth over one year and an 11.3% EPS increase expected this year.