Franco-Nevada: The Golden 'Toll Booth'

Franco-Nevada had a record year in 2025, reporting 90%+ cash margins (nearly a 1,000 basis point improvement from 2019 levels), and enjoyed incredibly low cash costs of ~$325/oz. The company's record results were achieved despite minimal contribution from Cobre Panama and achieved with gold ($3,453/oz), silver (~$40/oz), and oil (~$64/barrel) prices well below current levels. In this update we'll dig into Franco-Nevada's full-year results, recent developments, and why it continues to be a premier way to add gold exposure to one's portfolio on sharp pullbacks.