Franco-Nevada is a gold-focused royalty and streaming company — it provides upfront capital to mining operators in exchange for the right to purchase a fixed percentage of future metal production at preset low prices (streams) or to receive a percentage of mine revenue or profit (royalties). Franco-Nevada does not own or operate any mines, which means it bears no exposure to operating cost inflation, capital overruns, or environmental liabilities at the underlying operations. Revenue scales directly with commodity prices and mine production volumes, while costs stay largely fixed, producing very high margins. Franco-Nevada manages a portfolio of 438 assets — spanning 52 producing mines and hundreds of development and exploration interests — with only 44 full-time employees, making the business highly scalable. Roughly 85-88% of revenue comes from precious metals (primarily gold), with the remainder from diversified assets including iron ore, oil and gas, and other minerals. Key producing assets include streams on Candelaria in Chile, Antapaccay and Antamina in Peru, and Guadalupe-Palmarejo in Mexico, plus royalties on Côté Gold and Detour Lake in Ontario. The single largest upside option is Cobre Panamá, a large copper mine in Panama that has been suspended since 2023; a restart could add 150,000-175,000 gold-equivalent ounces per year. Franco-Nevada also takes a "financial banker" approach, pairing royalty deals with equity investments to build long-term operator relationships and secure future deal flow.