By Adriano Marchese

Franco-Nevada reported a fourth-quarter profit thanks to higher gold prices that drove up revenue above expectations, even though the Cobre Panama mine remains shut down.

The Canadian gold-focused royalty-and-streaming company on Monday posted net income of $175.4 million, or 91 cents a share, compared with a loss of $982.5 million, or $5.11 a share, in the comparable quarter a year earlier

Adjusted earnings were 95 cents a share. According to FactSet, analysts were expecting 90 cents a share.

Revenue rose to $321 million from $303.3 million. Analysts were expecting a virtually flat revenue of $304.4 million.

The company sold 120,063 gold equivalent ounces, a decline of 21% largely due to the Cobre Panama mine in Panama, owned by First Quantum Minerals, which has been shut down due to public unrest over its environmental impact and unconstitutional operating contract.

Looking ahead to 2028, Franco-Nevada expects total gold equivalent ounces to be between 505,000 and 565,000, a 15% increase from 2024. For 2029, the company expects this to fall to about 490,000 to 550,000 ounces.

The new outlook doesn't include contribution from Cobre Panama, but Franco-Nevada says the asset could increase the outlook by as much as 130,000 to 150,000 gold equivalent ounces a year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 10, 2025 06:52 ET (10:52 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.