Tracking towards the upper half of annual guidance range
(in U.S. dollars unless otherwise noted)
TORONTO, Aug. 11, 2026 /CNW/ -- Gold equivalent ounces sold in the quarter were 18% higher compared to the prior year period. Financial results benefited further from strong year-over-year precious metal and oil prices in the quarter. Production for the portfolio is expected to be weighted to the second half of the year, largely due to the expected production profiles at Candelaria, Tocantinzinho and Côté Gold, among others. During the quarter, the Government of Panama allowed the processing of stockpiles at Cobre Panamá to commence and established a ministerial commission to consider the future of the mine. The Company is tracking towards the upper half of its annual guidance range for 2026 due to elevated oil prices and anticipated deliveries from the processing of stockpiles at Cobre Panamá.
"Our portfolio is set to benefit from strong organic growth evidenced by resource increases, planned mine expansions and project advancements," stated Paul Brink, President & CEO. "With $4.3 billion in available capital, the Company is also well positioned to take advantage of a strong pipeline of deal opportunities."
Financial Highlights -- Q2 2026 compared to Q2 2025
-- $580.9 million in revenue, +57%. -- 132,405 GEOs1 sold, +18%. -- 122,205 Net GEOs1 sold, +20%. -- $482.5 million in operating cash flow, +12%. -- $529.7 million ($2.75/share) in Adjusted EBITDA2, +45%. -- $354.0 million ($1.84/share) in net income, +43%. -- $349.2 million ($1.81/share) in Adjusted Net Income2, +46%. -- $4.3 billion in Available Capital3 as at June 30, 2026.
Financial Highlights -- H1 2026 compared to H1 2025
-- $1,231.6 million in revenue, +67% -- new half-year record.
-- 268,758 GEOs sold, +13%.
-- 248,225 Net GEOs sold, +15%.
-- $1,002.9 million in operating cash flow, +39% -- new half-year record.
-- $1,121.6 million in Adjusted EBITDA or $5.82/share, +63% -- new half-year
records.
-- $822.6 million in net income or $4.27/share, +80% -- new half-year
records.
-- $807.5 million in Adjusted Net Income or $4.19/share, +82% -- new
half-year records.
GEOs Sold and Revenue
Quarterly GEOs sold and
revenue by commodity
Q2 2026 Q2 2025
GEOs Sold Revenue GEOs Sold Revenue
# (in millions) # (in millions)
PRECIOUS
METALS
Gold 91,224 $ 403.0 78,738 $ 258.4
Silver 19,695 83.5 11,520 38.1
PGM 3,192 12.2 2,191 7.5
114,111 $ 498.7 92,449 $ 304.0
DIVERSIFIED
Iron ore 2,037 $ 9.1 2,197 $ 7.2
Other mining
assets 573 2.7 900 3.0
Oil 10,057 45.3 10,337 30.6
Gas 4,398 19.8 4,243 16.9
NGL 1,229 5.3 1,967 5.0
18,294 $ 82.2 19,644 $ 62.7
GEOs and
revenue from
royalty,
stream and
working
interests 132,405 $ 580.9 112,093 $ 366.7
Interest
revenue and
other
interest
income -- $ -- -- $ 2.7
Total GEOs
and revenue 132,405 $ 580.9 112,093 $ 369.4
Year-to-date GEOs sold
and revenue by
commodity
H1 2026 H1 2025
GEOs Sold Revenue GEOs Sold Revenue
# (in millions) # (in millions)
PRECIOUS
METALS
Gold 182,382 $ 839.9 164,261 $ 504.2
Silver 43,313 197.0 24,011 75.2
PGM 6,396 29.9 4,800 15.3
232,091 $ 1,066.8 193,072 $ 594.7
DIVERSIFIED
Iron ore 5,831 $ 26.2 6,085 $ 19.6
Other mining
assets 1,976 8.8 2,457 7.4
Oil 17,463 78.8 23,830 65.5
Gas 8,977 40.4 8,742 34.3
NGL 2,420 10.6 4,492 10.7
36,667 $ 164.8 45,606 $ 137.5
GEOs and
revenue from
royalty,
stream and
working
interests 268,758 $ 1,231.6 238,678 $ 732.2
Interest
revenue and
other
interest
income -- $ -- -- $ 5.6
Total GEOs
and revenue 268,758 $ 1,231.6 238,678 $ 737.8
In Q2 2026, we recognized revenue of $580.9 million, an increase of 57% from Q2 2025, and sold 132,405 GEOs, an increase of 18% from Q2 2025. We benefited from higher precious metal and oil prices compared to Q2 2025, strong contributions from Antapaccay, Antamina, South Arturo, Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, all of which were acquired or commenced production approximately over the past year. We also benefited from an increase in revenue from our Diversified assets, particularly from our Weyburn and SCOOP/STACK interests.
Precious Metal assets accounted for 86% of our revenue in Q2 2026 (70% gold, 14% silver, and 2% PGM). Revenue was sourced 88% from the Americas (40% South America, 25% Canada, 16% U.S. and 7% Central America & Mexico).
Portfolio Additions
-- Acquisition of Royalty on the Comet Vale Gold Mine -- Australia:
Subsequent to quarter-end, on July 15, 2026, we acquired a 2.0% gross
royalty on all gold production from the majority of the mining leases of
Gorilla Gold Mines Ltd's Comet Vale gold project, including the Sovereign
and Cheer deposits, in the north Kalgoorlie region of Western Australia
for $8.4 million (A$12.0 million), plus a contingent payment of $2.1
million (A$3.0 million).
-- Acquisition of Royalties on the Greenstone Gold Mine -- Canada: On June
22, 2026, we acquired a 5.0% NPI and 2.0% NSR that cover part of Equinox
Gold Corp.'s broader Greenstone Gold Mine property for total cash
consideration of $2.0 million. The 5.0% NPI area overlaps with a portion
of our existing 3.0% NSR on Greenstone.
-- Acquisition of Royalty on Youanmi Gold Mine -- Australia: On May 29,
2026, we acquired a 1.0% NSR on all gold production from the mining
leases of Rox Resources Limited's Youanmi gold project in the Murchison
region of Western Australia for $32.9 million (A$47.0 million).
-- Acquisition of Royalty Portfolio from Victoria Gold Corp.-- Canada and
U.S.: On April 16, 2026, we closed the previously announced acquisition
of a portfolio of six royalties previously held by Victoria Gold Corp.
for total cash consideration of $40.0 million (C$55.0 million). The
portfolio includes a 6.0% NSR (subject to a 5.0% buy-back at the
operator's election) on Banyan Gold Corp.'s AurMac property and a 1.0%
NSR on Banyan Gold's Hyland property, both in the Yukon. The portfolio
also includes milestone payments on i-80 Gold Corp.'s Cove project in
Nevada and three additional royalties on earlier stage properties in
Nevada and the Yukon.
Cobre Panamá Update
Cobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted.
During the quarter, the integral audit, carried out by SGS Global, was completed and on June 19, 2026, Panama's Ministry of Environment, MiAmbiente, published SGS' final integral audit report, representing an overall compliance rate of 87.7%.
During the quarter, the Government of Panama (the "GOP") established a high-level ministerial commission comprising the Ministers of Commerce and Industries, Economy and Finance, and Environment to evaluate matters relating to the future of the Cobre Panamá mine, including consideration of the integral audit findings and associated economic, environmental, and legal implications.
On April 7, 2026, the GOP authorized the removal, processing, and export of stockpiled ore (the "Processing Program") currently stored on site at the Cobre Panamá mine as part of the P&SM plan. As a result, after two years of halted operations, Cobre Panamá transitioned to the execution of the approved Processing Program. Commissioning of the first processing train was completed during May 2026, followed by the commencement of stockpile processing and the production of the first copper concentrate. Production reflected the successful commissioning and restart of one of the three milling circuits while Cobre Panamá continued to execute the P&SM plan in accordance with regulatory requirements.
First Quantum estimates that Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with the remaining balance to be processed in 2027 for a total of approximately 70,000 tonnes. Based on these estimates, Cobre Panamá stream deliveries to Franco--Nevada are expected to total approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries of stream ounces to Franco-Nevada, which are determined based on the sale of copper concentrate by First Quantum under its offtake agreements, are expected to commence in Q3 2026, with one-third of deliveries anticipated in H2 2026.
Guidance