Franco-Nevada Corporation

Minerals 260 has secured commitments to raise $178.2m, or A$250m, before costs through a two-tranche share placement to fund the next stage of development at its Bullabulling Gold Project in Western Australia. The placement, priced at A$0.88 per share for 284,090,910 fully paid ordinary shares, includes a A$30m cornerstone investment from the Franco-Nevada Corporation and matches the company's closing share price on 11 September 2026, a 3.5% premium to the ten-day volume-weighted average price of A$0.85. Minerals 260 will also offer a share purchase plan to eligible shareholders to raise up to an additional A$30m at the same price. Combined with the placement proceeds, the expected share purchase plan outcome, A$170m in previously secured royalty funding from Franco-Nevada and a cash balance of approximately A$183m as of 14 September 2026, the company expects to have roughly A$633m available for development before transaction costs, against a total estimated pre-production capital requirement of A$855m. Final investment decisions are expected in the first quarter of 2027, and the Bullabulling project carries a mineral resource estimate of 190 million tonnes grading one gram per tonne gold for 6.2 million ounces on granted mining leases.

Franco-Nevada shares have risen about 12.5% in the month since its latest earnings report, outperforming the S&P 500. The company reported adjusted earnings of $1.81 per share for the second quarter of 2026, up 46% year over year but below the Zacks Consensus Estimate of $1.95, while revenues climbed 57.3% year over year to $581 million on stronger precious metal and oil prices. Precious Metal assets generated $498.7 million of that revenue, 86% of the quarterly total, as gold-equivalent ounces sold rose 18.1% to 132,405. Adjusted EBITDA advanced 44.8% to $529.7 million, though the adjusted EBITDA margin narrowed to 91.2% from 99% a year earlier. Franco-Nevada expects total GEO sales of 510,000-570,000 for 2026 and is tracking toward the upper half of that range, with stream deliveries from Cobre Panamá of 23,100 gold ounces and 265,000 silver ounces beginning in the third quarter.

Franco-Nevada Corp reported record second-quarter 2026 financial results, with revenue up 57% year over year and adjusted EBITDA up 45%. Adjusted net income rose 46% to $349.2 million, or $1.81 per share, while total gold equivalent ounces sold increased 18% to 132,405. The company said it is tracking toward the upper half of its 2026 annual guidance range of 510,000 to 570,000 GEOs, supported by strong performance from Candelaria, Tocantinzinho, Cote, and Valentine. Franco-Nevada maintained $4.3 billion in total available capital as of June 30, 2026, including $1 billion in cash and no debt, positioning it for future acquisitions. Management also noted positive news on the Cobre Panama environmental audit, with an 87.7% compliance rate and no major findings, though formal restart negotiations with the Panamanian government have not yet begun.

Franco-Nevada declared a quarterly dividend of $0.44 per share, in line with the previous payout. The dividend is payable on September 24 to shareholders of record as of September 10, with the ex-dividend date also on September 10. The forward yield is 0.73%. The company has now announced a dividend of $0.44 for three consecutive quarters.

JPMorgan Chase has issued a forecast that gold could rise to more than $5,000 an ounce by the fourth quarter of 2026, with potential for further gains thereafter. The prediction comes as CEO Jamie Dimon warned of elevated market risks, likening them to colliding tectonic plates. The bank suggests investors consider gold as a hedge, highlighting streaming and royalty companies like Franco-Nevada, Royal Gold, and Wheaton Precious Metals as attractive vehicles due to their diversification and dividend histories.

Sinda Ltd., a silver exploration company with mineral projects in Mexico, will begin trading today on the New York Stock Exchange under the ticker symbol SIND. The company is advancing a large-scale, high-grade silver-gold discovery in the historic Guanajuato district, with an estimated 369 million silver-equivalent ounces of Inferred Mineral Resources and 16 million silver-equivalent ounces of Indicated Mineral Resources at an average grade of 692 silver-equivalent grams per tonne. Coinciding with the initial public offering, Fresnillo plc is subscribing for up to 5% of Sinda's outstanding shares in a private placement, while Franco-Nevada is participating as an anchor investor with a $10 million order. Net proceeds from the offering will fund a multi-year exploration and infill drilling program, including construction of a 9-kilometer underground exploration decline at the Caracol deposit, with the objective of achieving initial production by 2031. Sinda will ring the NYSE Opening Bell on July 2, 2026 to celebrate its listing.

Bank of America published a note on June 22 arguing that the selloff in gold equities has opened an opportunity, as mining stocks are pricing in gold well below where it actually trades. Using a price-to-net asset value approach, the bank found that companies in its coverage universe are pricing gold at an average of $3,354 per ounce, a 19% discount to spot, while on an EV/EBITDA basis the implied average came in at $4,016 per ounce, a 3% discount. The bank acknowledged near-term headwinds from the Federal Reserve holding rates at 3.50% to 3.75% and signaling possible future hikes under Chairman Kevin Warsh, but pointed to persistent U.S. budget deficits, de-dollarization trends, and central bank buying as structural supports. A World Gold Council survey published June 16 found that 89% of 76 central bank respondents expect global official gold reserves to increase over the next 12 months, with a record 45% planning to add to their own holdings. Bank of America maintained its 12-month gold price target of $6,000 per ounce and raised its full-year 2026 average gold price forecast to $5,093 per ounce, implying roughly 46% upside from around $4,110 at the time of writing.