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Can Franco-Nevada's Portfolio Expansion Drive Future Growth?
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Key Takeaways
Franco-Nevada added royalties and streams across gold and other assets through several 2026 deals.
The acquisitions broaden FNV's exposure across producing, development and exploration-stage assets.
Franco-Nevada expects gold equivalent ounces to reach 555,000-615,000 in 2030.
Franco-Nevada Corporation (FNV - Free Report) continues to deploy capital into new royalties and streams that can add long-duration optionality without adding operating complexity. The company has been active with this strategy in the first half of 2026.
On Feb. 12, 2026, Franco-Nevada agreed to acquire a $250-million Net Smelter Return (“NSR”) from i-80 Gold. The company also inked a deal to acquire a $100-million gold stream from Orezone Gold through a Canadian subsidiary. On April 16, 2026, Franco-Nevada acquired a portfolio of six royalties previously held by Victoria Gold Corp. for $40 million in cash. The portfolio includes a milestone payment royalty on i-80 Gold Corp.'s Cove project in Nevada, along with three royalties on early-stage properties in Nevada and Yukon.
It also acquired a 1.0% NSR on Youanmi for $32.9 million and purchased additional Greenstone royalties for $2 million. In July 2026, it acquired a 2% gross royalty on Comet Vale for $8.4 million plus a contingent payment of $2.1 million.
Recently, the company inked a deal with Minerals 260 Limited, the owner and developer of the Bullabulling project, to acquire a A$170-million ($122 million) gross royalty to fund the project’s development. Adding to FNV’s existing 2.45% gross royalty, this move increases the company’s total project stake to 3.90%.
These acquisitions expand the portfolio across producing, development and exploration-stage assets. The additions strengthen long-term revenue diversity, while enabling disciplined capital recycling as projects mature.
The company expects its gold equivalent ounces to reach 555,000-615,000 in 2030, marking an increase of 13% at the midpoint from 2025’s actuals. Backed by a strong balance sheet, steady production of existing assets, and the addition of royalties and streams, the company remains well-positioned for future upside.
Growth Drivers of Other Miners
B2Gold Corp. (BTG - Free Report) received the Menankoto exploitation permit from the State of Mali in August 2026, following productive dialogue that commenced in late July 2025. This allows pre-stripping to commence at Fekola Regional, a major near-term production growth driver for B2Gold consisting of the Menankoto exploitation permit and the Dandoko exploration permit. Post the permit, B2Gold expects Fekola Regional to ramp through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. The company expects an updated life of mine plan by 2026-end.
The company increased the mine’s 2026 growth capital guidance from $48 million to $65 million as it plans to boost longer-term growth. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, as well as Seabee and Puna, Marigold showcases significant potential upside.
FNV’s Price Performance, Valuations & Estimates
Franco-Nevada’s stock has gained 24.2% in a year compared with the Zacks Mining – Gold industry’s 26.2% growth. During this time, the Basic Materials sector has risen 18.9% and the S&P 500 has gained 15.2%.
Image Source: Zacks Investment Research
FNV is trading at a forward 12-month earnings multiple of 32.17X, at a premium to the industry average of 13.30X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Franco-Nevada’s 2026 sales is $2.28 billion, indicating 25.2% year-over-year growth. The consensus mark for the year’s earnings is $7.54 per share, suggesting growth of 35%.
The Zacks Consensus Estimate for 2027 sales implies 2.6% year-over-year growth. The same for earnings indicates growth of 13.4%.
EPS estimates for 2026 have been trending north over the past 60 days, while estimates for 2027 are trending south as seen in the chart below.
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Image: Bigstock
Can Franco-Nevada's Portfolio Expansion Drive Future Growth?
Key Takeaways
Franco-Nevada Corporation (FNV - Free Report) continues to deploy capital into new royalties and streams that can add long-duration optionality without adding operating complexity. The company has been active with this strategy in the first half of 2026.
On Feb. 12, 2026, Franco-Nevada agreed to acquire a $250-million Net Smelter Return (“NSR”) from i-80 Gold. The company also inked a deal to acquire a $100-million gold stream from Orezone Gold through a Canadian subsidiary. On April 16, 2026, Franco-Nevada acquired a portfolio of six royalties previously held by Victoria Gold Corp. for $40 million in cash. The portfolio includes a milestone payment royalty on i-80 Gold Corp.'s Cove project in Nevada, along with three royalties on early-stage properties in Nevada and Yukon.
It also acquired a 1.0% NSR on Youanmi for $32.9 million and purchased additional Greenstone royalties for $2 million. In July 2026, it acquired a 2% gross royalty on Comet Vale for $8.4 million plus a contingent payment of $2.1 million.
Recently, the company inked a deal with Minerals 260 Limited, the owner and developer of the Bullabulling project, to acquire a A$170-million ($122 million) gross royalty to fund the project’s development. Adding to FNV’s existing 2.45% gross royalty, this move increases the company’s total project stake to 3.90%.
These acquisitions expand the portfolio across producing, development and exploration-stage assets. The additions strengthen long-term revenue diversity, while enabling disciplined capital recycling as projects mature.
The company expects its gold equivalent ounces to reach 555,000-615,000 in 2030, marking an increase of 13% at the midpoint from 2025’s actuals. Backed by a strong balance sheet, steady production of existing assets, and the addition of royalties and streams, the company remains well-positioned for future upside.
Growth Drivers of Other Miners
B2Gold Corp. (BTG - Free Report) received the Menankoto exploitation permit from the State of Mali in August 2026, following productive dialogue that commenced in late July 2025. This allows pre-stripping to commence at Fekola Regional, a major near-term production growth driver for B2Gold consisting of the Menankoto exploitation permit and the Dandoko exploration permit. Post the permit, B2Gold expects Fekola Regional to ramp through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. The company expects an updated life of mine plan by 2026-end.
The company increased the mine’s 2026 growth capital guidance from $48 million to $65 million as it plans to boost longer-term growth. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, as well as Seabee and Puna, Marigold showcases significant potential upside.
FNV’s Price Performance, Valuations & Estimates
Franco-Nevada’s stock has gained 24.2% in a year compared with the Zacks Mining – Gold industry’s 26.2% growth. During this time, the Basic Materials sector has risen 18.9% and the S&P 500 has gained 15.2%.
FNV is trading at a forward 12-month earnings multiple of 32.17X, at a premium to the industry average of 13.30X.
The Zacks Consensus Estimate for Franco-Nevada’s 2026 sales is $2.28 billion, indicating 25.2% year-over-year growth. The consensus mark for the year’s earnings is $7.54 per share, suggesting growth of 35%.
The Zacks Consensus Estimate for 2027 sales implies 2.6% year-over-year growth. The same for earnings indicates growth of 13.4%.
EPS estimates for 2026 have been trending north over the past 60 days, while estimates for 2027 are trending south as seen in the chart below.
FNV currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.