Core Viewpoint - Franco-Nevada has shown strong performance with a 10.3% increase in shares since the last earnings report, outperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Financial Performance - Franco-Nevada reported adjusted earnings of $1.24 per share for Q2 2025, exceeding the Zacks Consensus Estimate of $1.10, marking a 65% year-over-year increase [2] - The company achieved record revenues of $369 million in Q2 2025, a 42% increase year-over-year, driven by high gold prices and contributions from Precious Metal assets [3] - Adjusted EBITDA surged 64.8% year-over-year to a record $366 million, with an adjusted EBITDA margin of 99%, up from 85.3% in the prior year [4] Sales and Production - Franco-Nevada sold 92,449 Gold Equivalent Ounces (GEOs) in Q2 2025, an increase from 82,350 GEOs in the same quarter last year [4] - The company expects total GEO sales for 2025 to range between 465,000 and 525,000 GEOs, supported by increased deliveries from various projects [6] Financial Position - At the end of Q2 2025, Franco-Nevada had $0.16 billion in cash, down from $1.45 billion at the end of 2024, but recorded an operating cash flow of $719 million in the first half of 2025, up from $373 million year-over-year [5] Market Sentiment and Estimates - Since the earnings release, there has been an upward trend in estimates, with the consensus estimate shifting by 10.78% [7] - Franco-Nevada holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [9] Industry Comparison - Franco-Nevada is part of the Zacks Mining - Gold industry, where another player, Royal Gold, reported revenues of $209.64 million, a year-over-year increase of 20.4% [10]

Core Insights - Franco-Nevada Corporation (FNV) shares reached a new 52-week high of $186.12, closing at $185.10, driven by rising gold prices and strong Q2 2025 results [1][6] - The company has a market capitalization of $35.7 billion and holds a Zacks Rank 2 (Buy) [1] - FNV shares have increased by 50.8% over the past year, slightly below the industry's growth of 52.3% [1] Gold Price Drivers - The increase in gold prices in 2025 is attributed to geopolitical tensions, a depreciating U.S. dollar, potential monetary policy easing, central bank purchases, and tariff conditions [3] - Gold prices surpassed $3,500 per ounce in April 2025 and are currently around $3,360, which is expected to positively impact Franco-Nevada's results in upcoming quarters [4] Q2 2025 Financial Performance - Franco-Nevada reported adjusted earnings of $1.24 per share for Q2 2025, exceeding the Zacks Consensus Estimate of $1.10, marking a 65% year-over-year increase [4][6] - The company achieved record revenues of $369 million in Q2 2025, a 42% increase year-over-year, driven by high gold prices and contributions from Precious Metal assets [5][6] - Adjusted EBITDA surged 64.8% year-over-year to a record $366 million, with an adjusted EBITDA margin of 99% compared to 85.3% in the prior year [7] Future Guidance - Franco-Nevada projects total Gold Equivalent Ounces (GEOs) for 2025 to be between 465,000 and 525,000, indicating a 7% increase at the midpoint from 2024 [10] - The company expects revenues in 2025 to be 25% higher than the 2024 actual figures [10] Acquisition Strategy - The company is diversifying its portfolio through acquisitions, including a $500 million precious metals stream from Sibanye-Stillwater's South African mines, expected to deliver over 45 years [11] - Recent acquisitions include a 0.625% royalty on the Urasar gold-copper project for $0.55 million and a 4.25% NSR royalty in Discovery Silver's Porcupine Complex for $300 million [12] - Franco-Nevada acquired a 1.0% net smelter return royalty on AngloGold Ashanti's Arthur Gold Project for $250 million, funded through cash and a $175 million draw from its credit facility [13] Financial Position - The company is debt-free, utilizing free cash flow for portfolio expansion and dividends [13] - As of Q2 2025, Franco-Nevada had available capital of $1.6 billion and $0.16 billion in cash [14]

Core Insights - Franco-Nevada Corporation (FNV) reported adjusted earnings of $1.24 per share for Q2 2025, exceeding the Zacks Consensus Estimate of $1.10, marking a 65% year-over-year increase [1][7] - The company achieved record revenues of $369 million in the quarter, a 42% increase year-over-year, driven by high gold prices and contributions from Precious Metal assets [2][7] - Adjusted EBITDA surged 64.8% year-over-year to a record $366 million, with an EBITDA margin of 99%, up from 85.3% in the prior-year quarter [3][7] Financial Performance - Franco-Nevada sold 92,449 Gold Equivalent Ounces (GEOs) in the reported quarter, an increase from 82,350 GEOs in the same quarter last year [3] - The company had $0.16 billion in cash at the end of Q2 2025, down from $1.45 billion at the end of 2024, but recorded an operating cash flow of $719 million in the first half of 2025, up from $373 million in the prior-year period [4] - FNV has available capital of $1.1 billion [4] Future Outlook - The company anticipates an increase in GEO sales for the second half of 2025, expecting total GEO sales to range between 465,000 to 525,000 GEOs [5] Stock Performance - Franco-Nevada's shares have increased by 43.8% over the past year, compared to the industry's growth of 53% [6]

Core Insights - OR Royalties Inc. reported a 1.8% year-over-year decline in attributable gold equivalent ounces (GEOs) for Q2 2025, with revenues from royalties and streams reaching a record $60.4 million [1][6] - The cash margin for the quarter was $57.8 million, representing a record cash margin of 95.8% [2][6] - As of June 30, 2025, OR's cash position was $49.6 million, with $614.3 million available for drawdown on its revolving credit facility [3][6] Financial Performance - In Q1 2025, OR reported adjusted earnings per share (EPS) of 16 cents, exceeding the Zacks Consensus Estimate of 13 cents, and showing a 33% year-over-year improvement [4] - Revenues for Q1 2025 were $55 million, reflecting a 22% increase year-over-year [4] - The Zacks Consensus Estimate for Q2 2025 earnings is set at 19 cents, compared to 13 cents reported in Q2 2024 [4] Stock Performance - Over the past year, OR Royalties' shares have increased by 72.8%, significantly outperforming the industry average growth of 4.1% [5]

Core Insights - OR Royalties Inc. reported a record preliminary revenue of $60.4 million for Q2 2025, with a cash margin of approximately $57.8 million, representing 95.8% of revenues [2][12]. - The company earned 19,700 attributable gold equivalent ounces (GEOs) during the same quarter [2]. - As of June 30, 2025, OR Royalties had a cash position of approximately $49.6 million and a drawn balance of $35.7 million on its revolving credit facility [3][4]. Financial Performance - Q2 2025 revenues reached $60.4 million, up from $47.4 million in Q2 2024, marking a significant increase [12]. - The cost of sales (excluding depletion) for Q2 2025 was $2.6 million, compared to $1.6 million in Q2 2024 [12]. - The cash margin in dollars for Q2 2025 was $57.8 million, an increase from $45.8 million in Q2 2024, while the cash margin percentage slightly decreased from 96.6% to 95.8% [12]. Debt and Cash Position - The company repaid $40.0 million on its revolving credit facility during Q2 2025, reducing the outstanding balance to $25.7 million post-quarter [3][4]. - OR Royalties has an additional $614.3 million available to be drawn from its revolving credit facility, along with an uncommitted accordion of $200.0 million [3]. Upcoming Events - OR Royalties will release its detailed Q2 2025 results on August 5, 2025, after market close, followed by a conference call on August 6, 2025 [5][6].