Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. It operates in two segments, Mining and Energy. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and energy comprising oil, gas, and natural gas liquids. The company was founded in 1983 and is headquartered in Toronto, Canada.
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Franco-Nevada Corporation
Sector
Precious Metal
Founded
December 7, 2007
Employees
38
Reporting Currency
USD
Contact Phone
14163066317
Website
www.franco-nevada.comHeadquarters Address
199 Bay Street , Toronto , ON M5L 1G9 , CA
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Brien Lundin argues rising yields triggered a gold dip, but the monetary-metals bull market remains intact and dips are buying opportunities. He sees miners undervalued relative to metals, with developers newly able to fund their own projects and explorers better funded than ever. He favors silver over gold for most of the bull market, using the gold-silver ratio for valuation rather than trade timing. He expects fiat-currency strain and bond-market stress to drive metals higher, with liquidity cushions letting investors buy crisis sell-offs. He runs through listener questions on Silver47, Sunpeak Metals, Amarc Resources, Elemental Royalty and other junior resource names.
Elemental Royalty buys five gold and silver streams and royalties for US$290 million, adding scale, producing assets, and North American and West African exposure. The Kouroussa stream sits over the mine's mill, so future ore from any new licenses Mansa consolidates automatically pays Elemental. Spinning the Generation exploration business into Carlin East trims staff from about 45 to 20 and cuts G&A (overhead costs) by over 25%. Gold-equivalent ounce (GEO — production stated in gold terms) revenue is guided from about 20,000 ounces this year toward 50,000 by 2031. Portfolio quality is compounding: the average value of Elemental's top eight assets climbed from roughly $35 million to about $170 million in 15 months.
Gold Royalty targets 28,000-34,000 gold equivalent ounces by 2030 — a six-fold rise — with 70% of that growth already permitted and built. The president projects about $100 million of free cash flow by 2030 at spot prices against flat G&A near $8 million and no debt. Growth is spread across Cote, REN, Vares, Borborema and Agnico's Odyssey, so no single asset carries the ramp and geopolitical risk stays low. The Vares copper stream reached commercial production under DPM Metals after a six-month mine-plan pause and could soon make copper a quarter of revenue. About $200 million of debt-free dry powder supports busy deal flow, while a sustainable, growable dividend is under internal discussion ahead of buybacks.
Emperor Metals paid for this interview, so every project figure here is the company's own promotional case, not independent verification. The guest says machine-learning grade models added 20% more gold through Detour Lake's mill at the same rock tonnage. Lac Pelletier sits at 227,000 ounces; the guest targets 400,000 and pushed production to late 2028 after a Quebec engineer strike. Duquesne West's 1.46 million ounces are all inferred; the guest's deeper vision shifts from three-to-five million ounces to two-to-three times, then three-to-ten. Treasury holds about $5 million, drilling restarts mid-October, and roughly 40% of the last program's assays remain outstanding.
Banyan Gold raised $58 million in concurrent financings, with Franco-Nevada subscribing $20 million at $2 a share — an endorsement carrying no warrants. The treasury funds operations through 2028 and an eight-drill 2027 program: 100,000 metres at AurMac plus 20,000-30,000 metres at Nitra. September step-out holes — drilling beyond the known resource boundary at Powerline — hit high-grade gold, which management says proves its targeting model. The Q4 PEA (Preliminary Economic Assessment — an early study of mine economics) rests on the 2025 drilling resource; 2026 holes feed the next update. Drilling the high-grade Gap zone — 14 metres of 13 g/t gold (grams per tonne) — needs frozen ground, so most results wait until winter.
Four junior explorers reported news; the host walks through drill core himself instead of trusting headline intersection numbers. A royalty company funding a junior's financing signals confidence, and nearby road access stretches the Yukon field season. A 60-metre gold intersection can shrink to three narrow veins underground, which is the episode's core geology lesson. He cautions that rushing into a resource estimate and PEA can trigger the development discount before a deposit's limits are known. Macro wrap: rising bond yields compete with non-yielding gold, and he sees precious metals oversold on that trade.
Guest Jonathan Wellum argues Western capitalism needs repair rather than replacement, warning that socialism carries a 100% historical failure rate. Canada's Saskatchewan holds vast potash (a key fertilizer mineral) and uranium, giving it bargaining power the guest says Trump's Belarus threat ignores. Slow permits, high financing costs, and carbon taxes drove capital out of Canadian resources, which the guest blames for the country's stagnant growth. The guest pairs growth stocks with gold, silver, copper, and uranium so portfolios survive both an AI boom and debt-fueled debasement. With US interest costs nearing a quarter of federal revenue, he urges staying invested and disciplined rather than hiding in cash.
Drew Clark argues Summit Royalties trades at 0.75x net asset value (NAV) against 1.2-1.6x for royalty peers, leaving room to re-rate. Four producing royalties are compounding as operators expand — Madsen, Bomboré, Zancudo and Keysbrook grow Summit's cash flow at no extra cost. Copperstone and Pitangu should reach production in 2027, with the guest's math valuing the 4% Copperstone gold stream at about US$6 million yearly. Banyan Gold's year-end AurMac PEA (preliminary economic assessment — an early-stage mine study) could re-rate Summit's unvalued royalty on the project. A US$50 million National Bank credit facility funds accretive royalty acquisitions without heavy dilution, and management owns 12% of the company.
Silver mining stocks offer a better risk-to-reward than the metal itself at today's prices; silver is no longer a contrarian play. The 1970s saw silver up roughly 50-fold and the gold-and-silver index up 49-fold; Rule frames current miners as comparably cheap if dollar debasement persists. The Fed's expected 25bp hike still pulls money into the USD short-term, but Rule expects the dollar to lose ~75% of purchasing power over the decade. Rick remains bullish on uranium: term-contract pricing and tight supply mean Cameco and peers can finance new mines even at $90 spot.
Scottie Resources plans 2028 production from a BC Golden Triangle gold project using DSO, shipping crushed ore directly to a Taiwan offtake buyer with no mill or tailings facility. A 2025 bulk sample pulled $9 million from 4,600 tons at ~14.5 g/t over nine days, validating the road-to-port shipping model ahead of a Q1 feasibility study. Management targets roughly $150 million in annual free cash flow at $2,600 gold, with average production near 65,000 ounces per year over a seven-year mine life. Eleven commentators split on the plan: a few endorsed the team, while others flagged the $225 million valuation and tight two-year timeline as key risks. Indicated-versus-inferred resource conversion, project financing, and a joint IBA with the Nisga'a are the milestones Thomas pointed to as the path from PEA to first pour.
Franco-Nevada's $4.3B cash pile likely points to an accretive royalty acquisition rather than more shareholder returns; Metalla is named as a candidate target. Golden Cariboo keeps posting Cariboo-style drill continuity at a $10M market cap, but no resource estimate yet — Osisko Development is the logical eventual buyer. Excellon's Peru pivot hinges on expansion around the past-producing Mallay mine; share count has quadrupled since 2023, highlighting real dilution risk. Bunker Hill's all-share merger with Silver47 (announced August 21) creates a vehicle that, given time, could absorb Blackrock Silver as the next consolidation step. Oroco's banker-CEO hire signals a transaction playbook: Santo Tomás is being groomed for sale to a major, not built into production.
U.S. utilities are only contracting 40-50% of their annual uranium needs, leaving uncovered requirements that grow every year they delay. The DOE just issued an RFI to buy 4 million pounds/year of U.S.-origin uranium starting in 2030, putting a price floor under domestic producers. Uranium demand is inelastic because reactors cannot switch fuels, and new-mine lead times run years, so even $200/lb would not unlock quick new supply. UEC's 12 million lbs/year of licensed in-situ recovery (ISR) capacity sits on 300 million lbs of nearby resources in Wyoming and Texas, far above its current output. Uranium Royalty's $1.1B Sweetwater Royalties deal turned it into Wyoming's largest public-company landowner, adding five soda ash mines generating ~$75M EBITDA.
Cassiar Gold's 2M+ oz Taurus needs a JV or sale of the southern ground to fund a real drill-out — hard-dollar runway sits at six months. Scottie Resources is targeting a mid-2026 feasibility study with eight rigs on a 50,000+ meter Blueberry program and deepwater port direct-ship ore (DSO) access. Premier Mill's care-and-maintenance status creates a clear consolidation path for Scottie, though Cambria's $5M/month burn stalls any near-term takeover scenario. Scottie carries insider backing from Franco-Nevada (2% NSR), Eric Sprott (5%), and Ross Beatty (5%); Cassiar trades on the optionality of a single JV decision. Cash burn, not geology, is the gate for both names: Cassiar needs a $25M JV, while Scottie plans a $25M insider-led raise to bridge into production.
White Gold's maiden PEA on 2 of its 3 million ounces delivers C$1.9B NPV at $3,600 gold, scaling to C$3B at $4,500. Sub-$1,500 AISC and 225,000 oz/year in the first 5 years make Golden Saddle Yukon's highest-grade development story. The company's largest-ever exploration program is drilling now, targeting district-scale growth across 750,000 acres. Agnico Eagle's 19% stake plus its position in neighboring Talamore/Coffee hints at district-scale consolidation in Yukon. Macro view: a seasonal September/October correction is likely before gold pushes to $5,000, with miners now outperforming the metal.
Day reads gold holding up against rising yields as a sign of underlying strength, and expects a stressed US bond market to eventually drag the Fed back in. Day calls Barrick's Fourmile-for-Nevada-Gold-Mines swap with Newmont an "awful deal," estimating Barrick effectively paid roughly $6-7B to clear its IPO path. Day expects Franco-Nevada to keep its $2B cash powder dry until a high-quality royalty deal surfaces, with Metalla Royalty floated as a possible fit. Over the next 1-2 years, Day prefers purer silver producers over gold producers, citing deeper pullbacks and stronger implied upside. Day flags many "silver" producers for actually mining more gold than silver, including Pan American Silver and First Majestic's Ermitaño deposit.
Today's market setup could inflict more damage than the dot-com bust, because nearly every sector now correlates with one AI trade. Two fragile pillars prop up growth: AI data center capex and an equity wealth effect that has pushed the personal savings rate sharply lower. Rising real interest rates will likely compress equity multiples well before any earnings disappointment, Rosenberg argues. Bond yields may fall on a November 4 Treasury refunding shift, despite the hawkish turn from new Fed chair Kevin Warsh. Rosenberg's new ROSY ETF launches September 9 on the TSX via Corton Capital, anchored in commodities, healthcare, and global equities.
Bull-market arrogance peaks with newcomers — Rick argues the least experienced participants are usually the most confident (mistaking luck for skill). Limit your portfolio to stocks you actually study — his 'Amalgamated Aardvark' anecdote shows why understanding each holding matters more than its count. Sentiment extremes mark turning points — he bought silver when social media dismissed it as 'Buggy Whips' and sold once the love returned. Junior mining mergers stall when management self-interest blocks deals — a clean process like G2/G Mining can align incentives and get them done. Skip speculative categories without precedent — deep sea mining fails his 'probabilistic NPV' (net present value) test, so he still prefers established Rio, Glencore, and BHP.
Gold Royalty CEO David Garofalo argues currency debasement will double gold within a year, citing M2 money supply correlation near $9,000 fair value. Mining reserves have fallen roughly 40% from the 2012 peak despite record prices, as junior underfunding starved the industry of new ounces. Royalty models capture gold price leverage at the top line, dodging the cost inflation and labor settlements squeezing producing miners. Tether has accumulated a passive 14% stake in GROY through public market buys, joining Versamet, Metalla, and Elemental among royalty peers. Garofalo says AI data mining of historic technical reports is the most promising near term efficiency gain in generative exploration.
Economic geologist Neil Adshead argues great exploration geologists follow and clearly communicate a disciplined exploration process. Adshead says junior miners need workflow 'hooks' in JV deals so the earn-in partner cannot warehouse the project. For billion-dollar copper capex projects, Adshead says payback period — not headline capex — drives acquirer and investor interest. Adshead flags useful external infrastructure (water, power, roads, town access) as disproportionately important for lower-grade base metals. On portfolio discipline, Adshead urges investors to pause new buying for a month after a big win so emotions can fade.
Reading offering documents and 10-Ks is essential; Rick Rule uses a condo contract story to illustrate capital stack diligence. Rick rates First Mining Gold's Spring Pole a 6, and Agnico Eagle's Radisson stake validates Abitibi infrastructure economics. Lotus Resources' Chialecra uranium deposit isn't buildable at $80/lb given East African political and economic challenges, Rick says. Inversion technique: avoiding Doug Casey's 'gotta hunch, bet a bunch' is the surest way to fail in natural resources. In deleveraging equity plays, Rick waits for net present value of assets to exceed enterprise value before buying.
Franco-Nevada posted record first-half results but deployed only $83 million on new deals while its cash pile grew to $4.3 billion. Management says larger transactions are coming later this year; analysts pressed three times and walked away with a vague timeline.
Franco-Nevada Has $4.3 Billion And Nowhere To Put It | Q2 2026 Earnings Read article On Palisades Gold Radio, Rick Rule said he has been actively adding to Franco-Nevada alongside other senior precious-metals names, arguing these stocks are cheaper at $4,000 gold than they were at half the price because margins have doubled.
Rick Rule: The Reason to Exit Silver, What Rick is Buying & Why Copper is Still a 'Coiled Spring' Read article A room for resource investors taking shape now — independent, spam-free, no hype.