Sheryar Siddiq
1 min read
In This Article:
H.C. Wainwright analyst Heiko Ihle raised the price target for Franco-Nevada Corporation (NYSE:FNV) from $180 to $195, while maintaining a Buy rating on the company's shares on May 28. The adjustment comes after Franco-Nevada announced that it had reached a deal to purchase a royalty package on the Côté Gold Mine in Ontario.
The recently purchased royalty package covers the Chester 1, 2, and 3 claims and contains a 7.5% gross margin royalty on the Côté Gold Mine. This covers more than 99.9% of the present mineral resources found at the Côté Gold Mine as well as all mineral reserves.
Additionally, industry rivals IAMGOLD and Sumitomo, who also operate the site, have the opportunity to acquire up to half of Franco-Nevada's royalties under the terms of the arrangement. Franco-Nevada Corporation (NYSE:FNV) anticipates that the deal will close by the end of the second quarter of 2025 and that the royalty's economic benefits will start on the date of the deal's closing or July 1st.
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Read More: 10 Best Stocks to Buy According to the Bill & Melinda Gates Foundation Trust and 15 Best Stocks to Buy According to Jim Simons’ Renaissance Technologies.
Disclosure: None.
