Franco - Nevada / FNV (TOR / NYSE)

Panama weighs creation of state-owned miner to pave way for Cobre Panama re-opening

https://www.reuters.com/legal/litigation/panama-weighs-creation-state-owned-miner-pave-way-cobre-panama-re-opening-2026-07-22/

TORONTO, Aug. 11, 2026 /CNW/ -- Gold equivalent ounces sold in the quarter were 18% higher compared to the prior year period. Financial results benefited further from strong year-over-year precious metal and oil prices in the quarter. Production for the portfolio is expected to be weighted to the second half of the year, largely due to the expected production profiles at Candelaria, Tocantinzinho and Côté Gold, among others. During the quarter, the Government of Panama allowed the processing of stockpiles at Cobre Panamá to commence and established a ministerial commission to consider the future of the mine. The Company is tracking towards the upper half of its annual guidance range for 2026 due to elevated oil prices and anticipated deliveries from the processing of stockpiles at Cobre Panamá.

"Our portfolio is set to benefit from strong organic growth evidenced by resource increases, planned mine expansions and project advancements," stated Paul Brink, President & CEO. "With $4.3 billion in available capital, the Company is also well positioned to take advantage of a strong pipeline of deal opportunities."

Financial Highlights – Q2 2026 compared to Q2 2025

• $580.9 million in revenue, +57%.
• 132,405 GEOs¹ sold, +18%.
• 122,205 Net GEOs¹ sold, +20%.
• $482.5 million in operating cash flow, +12%.
• $529.7 million ($2.75/share) in Adjusted EBITDA², +45%.
• $354.0 million ($1.84/share) in net income, +43%.
• $349.2 million ($1.81/share) in Adjusted Net Income², +46%.
• $4.3 billion in Available Capital³ as at June 30, 2026.

Financial Highlights – H1 2026 compared to H1 2025

• $1,231.6 million in revenue, +67% – new half-year record.
• 268,758 GEOs sold, +13%.
• 248,225 Net GEOs sold, +15%.
• $1,002.9 million in operating cash flow, +39% – new half-year record.
• $1,121.6 million in Adjusted EBITDA or $5.82/share, +63% – new half-year records.
• $822.6 million in net income or $4.27/share, +80% – new half-year records.
• $807.5 million in Adjusted Net Income or $4.19/share, +82% – new half-year records.

GEOs Sold and Revenue

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