Franco-Nevada Corp (NYSE:FNV) stock fell 1.51% (As on November 4, 11:22:15 AM UTC-4, Source: Google Finance) though the company posted higher than expected results for the third quarter of FY25, driven by record gold prices and a robust performance across the portfolio. FNV further benefited from additional deliveries from Cobre Panama and initial contributions from the recently acquired Côté Gold royalty, both of which were not included in the original guidance. The company now expects to exceed the initial Precious Metal GEO sales guidance.

The company sold 138,772 GEOs, an increase of 26% from Q3 2024. The company benefited from record gold prices during the quarter, deliveries from Cobre Panama in connection with the sale of concentrate that had remained on site when production was suspended in November 2023, and contributions from Precious Metal assets which were acquired or commenced production over the past year. Revenue from the Diversified assets was higher than in Q3 2024, reflecting higher natural gas prices than in the prior year quarter. The outperformance of the gold price relative to the other commodities resulted in a reduction in GEOs reported from our Diversified assets. Precious Metal assets accounted for 85% of the revenue (72% gold, 11% silver, and 2% PGM). Revenue was sourced 88% from the Americas (40% South America, 18% Central America & Mexico, 18% Canada and 12% U.S.)

FNV in the third quarter of FY25 has reported the adjusted earnings per share of $1.43, beating the analysts’ estimates for the adjusted earnings per share of $1.37, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 77 percent to $487.7 million in the third quarter of FY25, beating the analysts’ estimates for revenue of $453.9 million.

For Total GEO sales, the company have narrowed the guidance range, toward the higher end of the original guidance. Total GEOs, which include GEOs from the non-gold assets, are impacted by the relative performance of commodity prices relative to gold. The 2025 updated guidance is based on the following assumed commodity prices for the remainder of 2025: $3,800/oz Au, $47.50/oz Ag, $1,450/oz Pt, $1,350/oz Pd, $100/tonne Fe 62% CFR China, $60/bbl WTI oil and $3.00/mcf Henry Hub natural gas

Additionally, the company has s has declared a quarterly dividend of US$0.38 per share. The dividend will be paid on December 18, 2025, to shareholders of record on December 4, 2025.

On the other hand, on September 11, 2025, the company reached a settlement with the Canada Revenue Agency (the “CRA Settlement”) which provided for a final resolution of the tax dispute in connection with the reassessments under transfer pricing rules of the 2013 to 2019 taxation years in relation to our Mexican and Barbadian subsidiaries.