10 Best Gold Mining Stocks to Buy Now

4. Franco-Nevada Corp (NYSE:FNV)

Number of Hedge Fund Investors: 36

Canadian gold mining company Franco-Nevada Corp (NYSE:FNV) was trending recently after Franco-Nevada Corp (NYSE:FNV) posted upbeat Q1 results. Adjusted EPS in the quarter came in at $0.76, surpassing estimates by $0.05, while revenue fell 7.1% on a YoY basis to $256.8 million, surpassing estimates by $7.77 million.

Analysts believe Franco-Nevada Corp (NYSE:FNV) is less volatile than traditional gold miners since it’s a royalty and streaming company, providing upfront money to miners in exchange for discounted returns and rights to own gold production at lower costs. Franco-Nevada Corp (NYSE:FNV) is also diversifying its asset base. It has over 400 assets. In 2023, Franco-Nevada Corp (NYSE:FNV) added new royalty interests in Canada, Chile, Australia and the US. In 2024, Franco-Nevada Corp (NYSE:FNV) expects to produce 540,000 GEOs (gold equivalent ounces), which would represent a 10% organic growth.

Franco-Nevada Corp’s (NYSE:FNV) mean average analyst price estimate is $143, which presents a 15% upside from the current levels.

White Falcon Capital Management stated the following regarding Franco-Nevada Corporation (NYSE:FNV) in its first quarter 2024 investor letter:

“Due to the rally in gold, the weight of precious metal royalty companies is on the higher side of our typical 10-15% allocation to them. We recently wrote an article for the Globe & Mail on Franco-Nevada Corporation (NYSE:FNV), a portfolio company, that can be accessed on our blog. We believe that royalties are a better way to express an opinion on gold as they pay a dividend and have optionality on both the price of gold as well as additional discoveries by operating companies. With debt and deficits increasing by the minute and the central bank’s inability to control inflation, we believe that it is prudent to have an ‘outside the system’ asset in the portfolio that can protect our purchasing power over time.”