Franco-Nevada is a Canada-based gold-focused streaming and royalty company. It has a diversified portfolio, with agreements tied to gold, silver, the platinum group metals (PGMs), iron ore, and oil and gas. In 2026, around 85% of its revenue will come from gold and other precious metals.

A major benefit of Franco-Nevada’s focus on royalties and streaming is that it reduces risk. It doesn’t face the capital and operating cost overruns that have historically plagued mining companies. At the same time, Franco-Nevada’s agreements position it to profit as its mining partners complete exploration and expansion projects. The company expects to grow its gold-equivalent ounces from a range of 510,000-570,000 in 2026 to 555,000-615,000 in 2030,…