Franco-Nevada Corporation

Q2 2026 results were very strong, driven by higher precious metals and oil; GEO volume +18% YoY - GEOs sold: 132,405 in Q2 2026 (+18% YoY) vs ~112,000 in Q2 2025. - Precious metals GEOs: 114,111 (+23% YoY); 56% of total GEOs from mines where precious metals are the primary commodity. - Financial growth (Q2 YoY): Revenue +57%, Adjusted EBITDA +45%, Adjusted net income +46%. - Adjusted net income: $349.2M or $1.81/share (up 46% YoY). - Key contributors mentioned: Antamina (silver price + higher deliveries), Antapaccay (higher-grade ore), South Arturo (open-pit Phase 1), new contributions from Côté Gold and Casa Berardi, and start of production at Valentine Gold.

Full-year 2026 guidance: tracking toward the upper half; not assuming upside, but could exceed - Company guidance: 510,000–570,000 total GEOs for FY2026. - Through first 6 months: ~269,000 GEOs, with expected stronger 2H performance. - Management expects to be “tracking towards the upper half” of the range. - Specific 2H expectations: - Stronger from Candelaria, Côté, Valentine and others. - Cobre Panamá: expect ~9,000–10,000 GEOs in 2H 2026 as processing of stockpiles begins (benefiting also from stronger energy economics). - Energy revenue expected to stay strong in 2H due to oil prices. - Upside caveat: they said surpassing the range is possible but requires multiple things to go right.

Operational / regulatory developments are mostly positive (but with a timing risk at Candelaria) - Cobre Panamá environmental audit completed: no major findings, overall compliance rate 87.7%. - Government response: commission of senior ministers assessing both environmental and economic contribution for a potential restart; management said they haven’t seen formal negotiations yet tied to stream economics. - Mine/expansion & development “green shoots” across many assets (e.g., Côté, Detour, Magino, Valentine, Condestable, Caserones, Séguéla). - Negative/timing item: Candelaria stream economics—possible pit pushback / step-down—management estimate is first half of 2027 (could be later in 2026 depending on how production goes).