Franco-Nevada (NYSE: FNV) reported Q1 EPS of $2.43, $0.32 better than the analyst estimate of $2.11. Revenue for the quarter came in at $650.7 million versus the consensus estimate of $625.35 million.

Guidance

We remain on track to achieve our 2026 GEO sales guidance of 510,000 to 570,000 ounces, which does not include any potential contributions from Cobre Panamá.

While we expect to benefit from the recent approval of the processing of stockpiled ore at Cobre Panamá, GEO contributions for 2026 are expected to be relatively moderate, with the majority of deliveries anticipated in 2027. First Quantum estimates it will produce approximately 70,000 tonnes of copper from the processing of stockpiled ore. This would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces.

As a royalty and streaming company, our revenues are largely insulated from the sharp increase in oil prices. Our guidance continues to be based on the commodity price assumptions used at the beginning of the year. Should oil prices remain elevated, we would expect a positive impact on our Energy revenue. An increase of $10 relative to our assumed WTI price of $70 per barrel would be expected to increase oil revenue by approximately 12%. In Q1 2026, oil revenue amounted to $33.5 million. Natural gas liquids, which have seen similar price appreciation, contributed a further $5.3 million.

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