11 Best Gold Mining Companies to Invest in Right Now

5. Franco-Nevada Corporation (NYSE:FNV)

Number of Hedge Fund Holders: 32

Franco-Nevada Corporation (NYSE:FNV) is a Canadian mining company that primarily focuses on gold royalties and streaming. The company’s business strategy is based on securing royalties and streams from mining activities, which generate consistent and predictable revenue.

The company’s latest revenue and earnings figures showed a range of results. Franco-Nevada’s sales of gold equivalent ounces decreased despite record gold prices driving up revenues, EBITDA, and profitability. This was mainly on account of the Cobre Panama mine stopping contributions. With a total of 445,000 to 465,000 GEOs expected to be sold, the company’s updated revenue projection for 2024 is now set between $1 billion and $1.1 billion.

Raymond James raised its price target for Franco-Nevada Corporation (NYSE:FNV) to $160 on January 27 from $158, while retaining an Outperform rating on the stock. The revision comes after Franco-Nevada Corporation (NYSE:FNV) signed a $300 million royalty deal to support Discovery Silver’s proposed acquisition of the Porcupine Complex. Raymond James emphasized the advantages of the royalties, which would provide immediate gold cash from the existing Porcupine Complex in Ontario.