Franco-Nevada Corporation announced its third-quarter 2024 financial results, reporting revenue of $275.7 million. This figure represents a 10.9% decrease from Q3 2023, though it marks a 13.8% increase when excluding contributions from Cobre Panama, which remained on preservation and safe management.
The company sold 110,110 Gold Equivalent Ounces (GEOs) in Q3 2024, a 32.7% decrease from Q3 2023, or a 6.6% decrease excluding Cobre Panama. Precious metals accounted for 76.8% of the total revenue, with 81.2% sourced from the Americas.
Franco-Nevada revised its full-year 2024 GEO sales guidance to between 445,000 and 465,000 total GEOs, and precious metal GEOs to between 340,000 and 360,000. This adjustment reflects lower-than-expected gold production at Candelaria, slower ramp-ups at newly contributing mines, and the impact of record gold prices on the conversion of non-gold revenue into GEOs. The company also declared a quarterly dividend of US$0.36 per share.
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