FRANCO NEVADA Corp (NYSE: FNV)

Franco-Nevada is a leading gold focused royalty and streaming company with a diversified portfolio of cash producing royalties and streams across commodities, geography, operators, revenue types and project stages.

The company does not operate mines, develop projects or conduct exploration, instead generating income from agreements such as net smelter return royalties, streams, net profits interests, net royalty interests and working interests.

Franco-Nevada generates revenue primarily through royalty and stream payments that are based on the production levels of underlying mining assets.

In 2024, 81.9% of revenue came from mining assets, of which 76.6% was from precious metals, and 92.7% of revenue was derived from royalty and stream interests that are not adjusted for operator operating costs.

The remaining revenue includes a small portion of working interest, net profits interest and net royalty interest arrangements tied to the profitability of the operations.

Franco-Nevada holds a leading position among gold focused royalty and streaming companies, benefiting from a highly diversified asset base that reduces reliance on any single mine, commodity or operator.

Its business model provides exposure to commodity price upside while limiting exposure to cost inflation and operating risks, giving it a competitive edge over traditional mining companies and peers that rely on operational execution.

The company’s customer base consists of mining operators that hold the underlying assets.

Specific customers mentioned in the filing include Lundin Mining Corporation for the Caserones copper molybdenum mine in Chile, Equinox Gold Corp. for the Castle Mountain project in California, G Mining Ventures Corp. for the Tocantinzinho gold project in Brazil and Wyloo Metals Pty Ltd. for properties in the Ring of Fire district of Ontario.

Franco-Nevada also receives by product gold and silver from operations such as the Antamina, Antapaccay, Candelaria, Cobre Panamá and Sudbury mines.