Pan African Resources Posts Record Year as Gold Output Jumps Nearly 40%

Franco-Nevada reported second-quarter revenue up 57% to $580.9 million and net income up 43% to $354 million, with gold equivalent ounces sold climbing 18% to 132,405, and said it is tracking toward the upper half of its 2026 guidance range. Adjusted EBITDA rose 45% to $529.7 million, or $2.75 a share, while operating cash flow climbed 12% to $482.5 million; for the first half, revenue hit a record $1.23 billion, up 67%, and adjusted net income reached $807.5 million, up 82%. With $4.3 billion in available capital as of June 30, the company closed four royalty deals, including a $40 million portfolio from Victoria Gold Corp. on April 16, a $32.9 million royalty on Rox Resources' Youanmi gold project on May 29, a $2.0 million royalty tied to Equinox Gold's Greenstone mine on June 22, and an $8.4 million royalty on Gorilla Gold Mines' Comet Vale project on July 15. The Cobre Panama stream restarted on April 7 under government approval to process and export stockpiled ore, though the mine remains in Preservation and Safe Management and its longer-term fate rests with a Panamanian ministerial commission weighing a June 19 audit that found 87.7% compliance. Operator First Quantum estimates 30,000 to 40,000 tonnes of copper from the stockpiles in 2026 out of about 70,000 tonnes total including 2027 processing, while Franco-Nevada's stream deliveries, expected near 23,100 gold ounces and 265,000 silver ounces, are set to begin only in the third quarter of 2026 and depend on First Quantum selling that concentrate under its offtake contracts.

Wheaton Precious Metals reported second-quarter net earnings of $543 million on $929 million of revenue on August 6, both records, with first-half net earnings up 106% to $1.1 billion. The company made net upfront cash payments of $4.5 billion relative to mineral stream interests during the quarter and now carries $2.0 billion of total debt against $100 million of cash on hand. Wheaton sold 14% more gold equivalent ounces than a year ago while the average realized gold equivalent price jumped 61%, lifting the cash operating margin per ounce 65% to $3,875, and operating cash flow reached $650 million in the quarter and $1.4 billion for the half. The company forecasts a rise of roughly 50% to 1,200,000 gold equivalent ounces by 2030, with Ivanhoe expecting commercial production at Platreef in the fourth quarter of 2026 and Montage Gold targeting first gold at Koné in late Q4. Wheaton drew $1.5 billion on a new two-year term loan on April 1 to help pay for Antamina, where it expanded its silver production share from 33.75% to 67.5%, and it paid $109 million of global minimum tax on June 24 with another Cdn$346 million due around March 31, 2027.