Record Financial Performance: Franco-Nevada reported a record revenue of $369.4 million for Q2 2025, a 42% increase year-over-year (YOY) compared to $260.6 million in Q2 2024. Adjusted EBITDA rose by 65% YOY to $365.7 million, demonstrating strong operational performance and benefiting from high precious metal prices, particularly gold prices which increased by 40% compared to the previous year.

Copper and Gold Projects Outlook: The company has an optimistic outlook for its existing portfolio with expected growth from three projects moving ahead in the U.S. permitting process: Perpetua's Stibnite Gold, Hudbay's Copper World, and the Castle Mountain project now included in the FAST-41 permitting process. Additionally, the new management team at SolGold aims for potential first production from Cascabel as early as 2028, indicating significant long-term growth prospects.

Cobre Panama Situation: The approval of the preservation and maintenance plan for Cobre Panama and the shipment of remaining copper concentrate were noted as constructive developments. Franco-Nevada suspended arbitration proceedings to facilitate a positive resolution. If production resumes, it could provide a substantial boost, with approximately 10,000 gold equivalent ounces expected from the mine in Q3 2025.