Franco-Nevada (FNV) Mining Forum Americas 2026 summary

Strategic approach and business model

• Focus on profitable growth, prioritizing return on capital and maintaining a diversified portfolio of cash-flow producing royalty and streaming assets focused on gold, with exposure to other commodities for optionality.

• Flexibility in deal structuring and investment approach, not limited to traditional royalty and streaming models, and providing creative capital to back strong management teams.

• Strong alignment with shareholders through significant insider ownership, high share ownership, low general and administrative costs, and progressive dividends.

• Emphasis on supporting operators' success and thriving through commodity cycles by building resilience in both bull and bear markets.

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

Financial performance and capital position

• Achieved industry-leading return on invested capital (ROIC), with projected ROIC of 20.4% in 2026 and 20.5% in 2027, and a track record of outperforming major benchmarks with an 18% annualized return over 18 years.

• 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.

• Over $1 billion in cash and $4.5 billion in available capital support ongoing deal activity, with $4.3 billion in available capital as of June 30, 2026.

Growth avenues and portfolio evolution

• Growth has shifted from third-party gold royalties to streaming on large copper assets and financial backing of strong teams.

• Recent successes include investments in G Mining Resources and Discovery, both yielding significant returns.

• Expansion into Australia through partnership with Minerals 260, doubling its stock and gaining market recognition.

• Five-year growth outlook projects up to 45% growth, especially if Cobre Panama restarts.

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