“Senior companies can achieve strong value by selling non-core assets, often maintaining exposure through equity in the acquiring juniors.”
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How would you describe Franco-Nevada’s growth over the past year?
We have had a very successful year with growth from assets already in our portfolio, from acquisitions, and from development progress on projects in which we hold interests. It has been rewarding to see our portfolio advance on multiple fronts, and the outcome reflects both the underlying quality of the assets and the strong partnerships we have in place.
What portfolio developments in Ontario stand out from the last 12 months?
Ontario has been very topical for us this year as we completed two meaningful acquisitions in the province. The first was our financing with Discovery, where we supported the acquisition of the Porcupine assets in Timmins and participated both in the royalty financing and as a lead order in their equity issue. The Discovery team has been one of the top performers in the junior gold space.
The second was the acquisition of a 7.5% gross margin royalty on Côté Gold, operated by IAMGOLD. Côté has the potential to become the third-largest gold mine in Canada, and the team has done an excellent job bringing it online. They are also advancing plans for a mill expansion to fully capitalize on the size of the orebody.
Alamos acquired Argonaut in 2024 and is combining the Magino and Island Gold operations. They have outlined plans to significantly expand the Magino milling capacity to 18,000-20,000 t/d and ultimately process ore from both operations through a single facility.
We have also seen the Greenstone mine advance through the ramp-up phase during the year. Greenstone has the potential to run for many decades, and we are excited to see the impact the mine is having on employment and economic development in Geraldton and the surrounding areas.
How has the rising focus on critical minerals in Ontario influenced your outlook?
We have seen significant momentum behind critical minerals from both the federal and Ontario governments, and that is a very positive development. We financed Canada Nickel at start-up and, as a result, have a royalty on the Crawford Nickel project. It was a huge step forward when the property was selected as a priority ‘nation-building’ project by the Federal Government in November 2025.
Are ownership transitions a signal of broader industry trends?
When Newmont began divesting assets a few years ago, the equity markets were not strong enough for junior companies to step in at scale. With stronger gold prices and improving capital markets, juniors now have access to capital to acquire and invest in these assets. Senior companies can achieve strong value by selling non-core assets, often maintaining exposure through equity in the acquiring juniors. In many cases, these assets require capital and operational focus to be revitalized, and the current environment allows that. I fully expect you will see more of these types of sales over the coming year.
What distinguishes the companies and teams that succeed in this market?
When we assess development assets, we pay close attention to the intent of the management team. Many groups focus on making a discovery, completing a study, and selling the asset. In contrast, we are attracted to teams that plan to build and operate the mine themselves. That intent brings a higher level of discipline to engineering, planning and execution. The G Mining Ventures and Discovery teams fit very much into this mold, and we are delighted to have been part of their success.
How has the role of streaming and royalty companies evolved, and what are the biggest growth catalysts in your portfolio?
15 to 20 years ago, gold funds were the primary allocators of capital in the sector. As gold fund assets declined, the scale of royalty and streaming companies grew, filling a critical funding role. Our rigorous technical due diligence has brought discipline to capital allocation and helped build confidence in the companies we support.
Looking ahead, one major driver will be Cascabel in Ecuador, where the operator is pursuing a phased strategy using open-pit material to accelerate production. Another important development is the New Prosperity deposit in BC, where a new agreement with First Nations creates the potential for progress after many years of challenges.
How would you describe Franco-Nevada’s growth over the past year?
We have had a very successful year with growth from assets already in our portfolio, from acquisitions, and from development progress on projects in which we hold interests. It has been rewarding to see our portfolio advance on multiple fronts, and the outcome reflects both the underlying quality of the assets and the strong partnerships we have in place.
What portfolio developments in Ontario stand out from the last 12 months?
Ontario has been very topical for us this year as we completed two meaningful acquisitions in the province. The first was our financing with Discovery, where we supported the acquisition of the Porcupine assets in Timmins and participated both in the royalty financing and as a lead order in their equity issue. The Discovery team has been one of the top performers in the junior gold space.
The second was the acquisition of a 7.5% gross margin royalty on Côté Gold, operated by IAMGOLD. Côté has the potential to become the third-largest gold mine in Canada, and the team has done an excellent job bringing it online. They are also advancing plans for a mill expansion to fully capitalize on the size of the orebody.
Alamos acquired Argonaut in 2024 and is combining the Magino and Island Gold operations. They have outlined plans to significantly expand the Magino milling capacity to 18,000-20,000 t/d and ultimately process ore from both operations through a single facility.
We have also seen the Greenstone mine advance through the ramp-up phase during the year. Greenstone has the potential to run for many decades, and we are excited to see the impact the mine is having on employment and economic development in Geraldton and the surrounding areas.
How has the rising focus on critical minerals in Ontario influenced your outlook?
We have seen significant momentum behind critical minerals from both the federal and Ontario governments, and that is a very positive development. We financed Canada Nickel at start-up and, as a result, have a royalty on the Crawford Nickel project. It was a huge step forward when the property was selected as a priority ‘nation-building’ project by the Federal Government in November 2025.
Are ownership transitions a signal of broader industry trends?
When Newmont began divesting assets a few years ago, the equity markets were not strong enough for junior companies to step in at scale. With stronger gold prices and improving capital markets, juniors now have access to capital to acquire and invest in these assets. Senior companies can achieve strong value by selling non-core assets, often maintaining exposure through equity in the acquiring juniors. In many cases, these assets require capital and operational focus to be revitalized, and the current environment allows that. I fully expect you will see more of these types of sales over the coming year.
What distinguishes the companies and teams that succeed in this market?
When we assess development assets, we pay close attention to the intent of the management team. Many groups focus on making a discovery, completing a study, and selling the asset. In contrast, we are attracted to teams that plan to build and operate the mine themselves. That intent brings a higher level of discipline to engineering, planning and execution. The G Mining Ventures and Discovery teams fit very much into this mold, and we are delighted to have been part of their success.
How has the role of streaming and royalty companies evolved, and what are the biggest growth catalysts in your portfolio?
15 to 20 years ago, gold funds were the primary allocators of capital in the sector. As gold fund assets declined, the scale of royalty and streaming companies grew, filling a critical funding role. Our rigorous technical due diligence has brought discipline to capital allocation and helped build confidence in the companies we support.
Looking ahead, one major driver will be Cascabel in Ecuador, where the operator is pursuing a phased strategy using open-pit material to accelerate production. Another important development is the New Prosperity deposit in BC, where a new agreement with First Nations creates the potential for progress after many years of challenges.
