The Toronto-based royalty firm sold 132,405 gold equivalent ounces (GEOs) during the quarter, an 18% increase over the same period last year. Net income rose 43% to $354 million, reflecting a broader trend of record-breaking performance for the first half of the year. The company remains debt-free with $4.3 billion in available capital, which CEO Paul Brink intends to deploy into a pipeline of new deal opportunities.

A significant factor in the company’s outlook is the status of the Cobre Panamá mine. After two years of halted production, the Government of Panama authorized the processing of existing stockpiles. Commissioning of the first processing train occurred in May, and stream deliveries to Franco-Nevada are expected to begin in the third quarter of 2026. While the mine remains under a preservation and management plan, the processing program provides a clear revenue stream for the remainder of the year.

Portfolio activity remained aggressive throughout the quarter. The company finalized several strategic acquisitions, including a 1% net smelter return royalty on the Youanmi gold project in Australia and a portfolio of royalties from Victoria Gold Corp. in the Yukon and Nevada. These additions, combined with strong organic growth from assets like Côté Gold and Detour Lake, support the company’s confidence in its year-end targets. Despite localized challenges—such as minor production delays at Hemlo and severe weather impacting the Caserones mine—the company’s diversified approach continues to shield it from significant cost inflation.