Franco-Nevada Corp (NYSE:FNV) stock rose 0.65% (As on November 9, 11:45:33 AM UTC-4, Source: Google Finance) after the company beats earning expectations for the third quarter of FY 23. As previously disclosed, on October 29, 2023, President Laurentino Cortizo announced the Panamanian government’s intention to hold a popular consultation regarding Law 406 on December 17, 2023. Law 406, which approved the revised mining concession contract for the Cobre Panama mine, was enacted into law in Panama on October 20, 2023. During the week commencing October 30, 2023, the National Assembly of Panama held sessions concerning two bills that included a popular consultation regarding Law 406, the repeal of Law 406 and a moratorium on the granting of new mining concession contracts in Panama. Bill 1110 provided for a moratorium on the granting of new concession contracts related to mining in Panama and was approved in the third debate on November 3, 2023. Production at the Cobre Panama mine remains uninterrupted at this time, however, protests, including blockades of key roads, have caused disruptions on site as well as shortages in certain supplies.

Further, subsequent to quarter-end, on November 2, 2023, the company has agreed to acquire an additional 1.0% NSR on Argonaut’s Magino gold mine in Ontario and a portfolio comprised of Argonaut’s existing royalty holdings in Canada and Mexico , for an aggregate purchase price of approximately $29.5 million , with closing of such transactions subject to satisfaction of closing conditions. Inclusive of our initial 2.0% NSR, we will hold an aggregate 3.0% NSR on Magino.

FNV in the third quarter of FY 23 has reported the adjusted earnings per share of 91 cents, beating the analysts’ estimates for the adjusted earnings per share of 88 cents, according to Zacks Investment Research. The company had reported 1.7 percent rise in the adjusted revenue to $309.5 million in the third quarter of FY 23. The company benefited from an increase in GEOs from the Precious Metal assets as well as higher gold prices. This more than offset the decrease in revenue from the Diversified assets, which reflect lower oil and gas prices when compared to the relative highs of the prior year quarter. Precious Metal revenue accounted for 77.8% of our revenue (64.5% gold, 10.2% silver, 3.1% PGM). Revenue was sourced 88.0% from the Americas (28.7% South America, 28.4% Central America & Mexico, 15.9% U.S. and 15.0% Canada).