Franco-Nevada Corporation reported strong fourth-quarter and full-year 2024 financial results. For Q4 2024, revenue reached $321.0 million, an increase of 6% from Q4 2023, or 30% excluding Cobre Panama. The company sold 120,063 Gold Equivalent Ounces (GEOs) in Q4 2024, with precious metal revenue accounting for 79.2% of the total.
For the full year 2024, Franco-Nevada's total revenue was $1,113.6 million, with 463,334 total GEOs sold. The company's CEO, Paul Brink, highlighted that GEO sales for the year were near the top end of the revised guidance range, driven by elevated gold prices and contributions from newly acquired assets.
Franco-Nevada provided optimistic guidance for 2025, projecting revenue to be more than 25% higher than in 2024, based on a budgeted gold price of $2,800 per ounce. The company anticipates a 14% increase in Precious Metal GEOs, ranging from 385,000 to 425,000, and a 7% increase in Total GEOs, projected between 465,000 and 525,000, excluding any contributions from Cobre Panama.
The long-term outlook for 2028 forecasts Precious Metal GEOs to increase to between 400,000 and 440,000, and Total GEOs to between 505,000 and 565,000. By 2029, the company expects 375,000 to 415,000 Precious Metal GEOs and 490,000 to 550,000 Total GEOs, representing approximately 12% built-in organic growth from 2024 to 2029, excluding new acquisitions or a Cobre Panama restart.
The company noted that President Mulino of Panama has indicated a willingness to discuss the future of Cobre Panama, which could potentially contribute an additional 130,000 to 150,000 GEOs annually if it restarts. Franco-Nevada also confirmed that it achieved its board diversity target with the appointment of Daniel Malchuk and increased its dividend for the 18th consecutive year.
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