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If you're looking for a lower-risk AI name that offers reliable dividend income while the underlying company is catching a major secular growth tailwind, put Digital Realty Trust (DLR +0.74%) on your radar -- if not in your portfolio -- while you can plug into it at a forward-looking dividend yield of 2.5%. Here's what you need to know.

What's Digital Realty Trust? In simplest terms, Digital Realty Trust rents remote, cloud-based access to its artificial intelligence data centers to companies that can't or don't want to build one of their own.

That's not the crux of the bullish argument, though. While industry observer Precedence Research expects the global AI data center market to grow at an average yearly rate of 27.5% through 2034, what makes Digital Realty so unique is its structure, and how that makes it such a fantastic (and somewhat rare) dividend-paying name within the technology sector.

Image source: Getty Images.

See, Digital Realty Trust is a real estate investment trust, or REIT, for short. That just means it collects recurring rental income, passing most of its profits to shareholders in the form of a dividend before they're taxed at the corporate level.

Although this business structure is usually used by owners of apartment complexes, malls, office buildings, and other real estate, data centers that rent or lease remote access to their servers can also use this corporate structure that's ideally suited to turning recurring income into recurring dividend payments.

And the company has done just that. Since 2005, following its 2004 founding, it's paid a quarterly dividend like clockwork, passing along a piece of its quarterly profits.

Not the red flag it seems to be There seems to be something of a "catch" with its recent cadence of payments. That is, after 17 consecutive years of annual increases, the company stopped raising its dividend payments in 2023. That's when the artificial intelligence revolution really took off, requiring heavy investments in infrastructure to ensure a prominent presence in the industry's future. Digital Realty opted to retain some of its profits at that time to invest in its own growth, holding its annual dividend payout at $4.88 per share ever since.

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Just don't lose sight of the bigger picture. Digital Realty Trust's added infrastructure has allowed it to grow at a time when expanding a physical footprint is arguably more important than raising dividends. Last year's top line improved 10% to $6.1 billion, and the company's off to a similarly paced start this year, with analysts calling for comparable growth all the way through next year.

Although the company has not committed to it, Digital Realty's 2026 guidance for funds from operations (a REIT's equivalent to operating income) of $7.95 to $8.05 per share vs. last year's FFO of $6.96 certainly gives it plenty of room to improve its current yearly payout of $4.88.

Besides, it's not like the company must raise its dividend to improve the stock's market value. Even if Digital Realty Trust doesn't capture its fair share of this market's future growth, the dividend remains a fantastic tailwind that rewards its investors for their patience in the meantime.

Key Takeaways Digital Realty launched BCN1 in Barcelona with plans for 14 MW of total capacity.DLR said BCN1 enables low-latency links across Europe, Africa, the Middle East and Asia.PlatformDIGITAL expansion helps Digital Realty scale AI deployments and data localization needs. Digital Realty (DLR - Free Report) opened its first data center in Barcelona, BCN1, located in the Sant Adrià de Besòs area. This data center reflects the company’s commitment to support the development of the Mediterranean into a global digital infrastructure hub for next generation technologies such as AI and cloud computing. It also strengthens Barcelona’s position as an important interconnection point alongside Madrid, Marseille, Athens, Heraklion, Rome and Lisbon.

The new data center, planned to deliver 14 MW of total capacity, is built to interconnect with a wide array of network providers and is positioned near the intersection of major global connectivity routes. BCN1 facilitates low-latency connections between the Americas, Europe, North Africa, the Middle East and Asia. Located in Barcelona, it complements Digital Realty’s existing Marseille campus, enhancing network diversity and resilience throughout the region.

BCN1 supports the digital transformation of Catalonia’s economy by joining Digital Realty’s existing data center offerings on the Iberian Peninsula. This includes the recently announced data center in Lisbon and four operating facilities in Madrid. Together, Barcelona, Madrid and Lisbon form the peninsula’s most interconnected regional platform, strengthening Digital Realty’s leading presence across EMEA.

The opening of BCN1 expands PlatformDIGITAL, Digital Realty’s global data-center platform, allowing both international and local companies to quickly scale AI deployments and meet data localization needs while maintaining sustainability. As a signatory of the Climate Neutral Data Centre Pact, Digital Realty designed BCN1 to surpass industry energy-efficiency standards. It employs advanced power and cooling systems, procures renewable energy and uses backup generators powered by HVO100 — a renewable-origin biodiesel. This underscores its commitment to decarbonization across operations while meeting strong demand for AI-ready facilities.

With the growth in cloud computing, the Internet of Things and Big Data, along with increasing number of companies opting for third-party IT infrastructure, data-center REITs are experiencing a booming market. The company has a global presence, with 310 data centers in more than 55 metros with decent occupancy as of Dec. 31, 2025. The company is poised for growth, with more than 5,500 global customers.

In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 7.3% compared with the industry's growth of 1.4%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Gladstone Land (LAND - Free Report) and American Tower (AMT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for LAND’s 2026 FFO per share is pinned at 45 cents. This indicates year-over-year growth of 15.37% for 2026.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share is pegged at $10.95. This implies year-over-year growth of 1.77% for 2026.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Achieves 93% Global Renewable Energy Coverage in 2025, up 18% Over Prior Year May 27, 2026 16:05 ET  | Source: Digital Realty Trust, L.P.

AUSTIN, Texas, May 27, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, today announced the release of its 2025 Impact Report, showcasing the company's commitment to sustainability, including a comprehensive overview of its climate action, resource management and other sustainable business practices.

“At Digital Realty, we design advanced data centers to minimize environmental impact, with 205 sites matched with 100% renewable energy and 75% of sites operating without evaporative cooling,” said Andy Power, President and Chief Executive Officer of Digital Realty. “This demonstrates our commitment to building, powering, and operating sustainable data centers trusted by more than 5,500 customers.”

Digital Realty was also recognized as a Leader in the IDC MarketScape: Worldwide Datacenter Services Sustainability 2025–2026 Vendor Assessment for its continued progress in sustainable operations, renewable energy leadership, and responsible growth.

2025 Impact Report Highlights

Clean Energy: Digital Realty achieved 93% global renewable energy coverage in 2025, an 18% increase from the prior year. The company's renewable energy procurement program includes:1.7 GW of large-scale renewable energy capacity contracted205 sites matched with 100% renewable and emissions-free energy18% of data centers use low-carbon HVO diesel fuel10+ waste-heat projects, increased the heat our facilities supply to district energy programs by 46% since 2023Carbon neutral certification received for Denmark, France, Netherlands, Sweden, covering 42% of our European portfolio by IT capacity.
Energy Efficient Operations: In 2025, Digital Realty certified 53% of its U.S. portfolio by managed IT-capacity under the Energy Star certification program. The company also published Power Usage Effectiveness (PUE) metrics, achieving a 1.38 PUE globally, including a 1.31 PUE across its EMEA portfolio.
Water Stewardship: We are committed to water stewardship practices that increase water efficiency across our global portfolio. The company’s water sustainability achievements in 2025 include:An increase in water usage of only 3% from 2023 to 2025, while portfolio grew by 34% within that same period.
Water usage effectiveness (WUE) of 0.59 across the global portfolio, a 15.7% improvement from the prior year45% total water supplied by non-potable resources, a 3% improvement from the prior year. Sustainable Design and Construction: In 2025, six data centers totaling 1.8 million square feet and 196 MW-IT achieved certifications in accordance with sustainable building standards. The six data centers delivered in 2025 achieved an average design PUE of 1.20 across diverse markets, climate zones, and customer configurations, highlighting Digital Realty’s commitment to sustainable, high-performance infrastructure. In total, the company has achieved 17.8 million square feet and 1.5 GW-IT under sustainable building certifications.
Community Engagement: Digital Realty is committed to developing the next generation of data center talent. Early career initiatives across Europe and Africa, including apprenticeships, internships, and Digital Academy, have combined formal training with hands-on experience, leading to more than 40 participants securing permanent roles. Through our partnership with Northern Virginia Community College’s (NVCC) Datacenter Operations program, we have converted 53 NVCC interns into full time roles since 2022.
“As we respond to increasing data center demand to support the growth of AI and the digital economy, we remain focused on delivering sustainable data centers that prioritize the responsible use of energy and water,” said Aaron Binkley, Vice President of Sustainability, Digital Realty. “Our 8th annual Impact Report demonstrates our commitment to build, power and operate better, more sustainable data centers while remaining focused on innovation and deeper collaborations to ensure responsible growth in the years ahead.”

About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

For Additional Information

Media Contacts
Helen Bleasdale
Digital Realty
+1 (737) 267-6822
[email protected]

Investor Relations
Jordan Sadler / Jim Huseby
Digital Realty
+1 (737) 281-0101
[email protected]

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to our sustainability goals, certifications and strategy and potential impact from sustainability initiatives. For a list and description of such risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

On June 03, 2026, we present a DCF analysis for Digital Realty Trust Inc DLR, a company that has seen varied price performance recently. The stock has experienced a 1-week decline of 3.3%, a 1-month drop of 6.7%, but has shown a year-to-date increase of 21.9% and a 1-year growth of 11.6%. Here are some key points from our analysis:

DCF Earnings-based intrinsic value is $13.46 compared to the current price of $187.26, indicating a margin of safety of -937.5%. DCF FCF-based intrinsic value is $83.98, providing a second opinion that also suggests overvaluation. GF Score™ of 87/100 indicates a strong reliability of the DCF inputs. What Is DLR Worth? DCF Earnings-Based Model The DCF earnings-based model for Digital Realty Trust Inc DLR utilizes a two-stage approach to estimate the intrinsic value of the stock. In the first stage, we assume a modest growth rate for the earnings per share (EPS) over the next ten years, followed by a terminal growth phase. The assumptions used in this model are as follows:

Parameter Value Current EPS (TTM, excl. non-recurring) $1.56 10-Year Growth Rate 0.4% 10-Year Treasury Rate 4.48% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the first stage, we project the EPS to grow at 0.4% per year for ten years, which is then discounted at a rate of 11%. The second stage reflects a terminal growth rate of 4% for the following ten years, also discounted at 11%. The calculation summary is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 0.4%, discounted at 11% $9.38 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $4.08 Intrinsic Value Growth + Terminal $13.46 When comparing the current price of $187.26 to the intrinsic value of $18.05, we find that DLR is significantly overvalued, with a margin of safety of -937.5%. It is important to note that GuruFocus uses EPS without non-recurring items because research shows stock prices correlate more closely with earnings than free cash flow. For further details, you can visit the DLR DCF Calculator.

What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for Digital Realty Trust Inc DLR is calculated to be $83.98. When we compare this with the earnings-based intrinsic value of $13.46, both models indicate a consensus that the stock is significantly overvalued, with a margin of safety of -123.0%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Digital Realty Trust Inc is calculated at $165.92, providing a third perspective on the valuation. GF Value™ is GuruFocus' proprietary measure, derived from historical trading multiples, past business growth, and future performance estimates. All three models (DCF earnings, DCF FCF, and GF Value™) agree that DLR is overvalued, reinforcing the caution for potential investors. For more information, visit the GF Value™ page.

What Does DLR's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021). The GF Score™ for DLR is 87/100, indicating strong performance across these metrics. Below is the breakdown of DLR's GF Score™:

Metric Rating GF Score™ 87/100 Financial Strength 5/10 Profitability 7/10 Growth 9/10 Valuation 7/10 Momentum 10/10 DLR's predictability rating is 1/5 stars, indicating that the DCF model may be less reliable for this stock. For more details, visit the DLR stock page.

Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to growth rate and discount rate assumptions. Stocks with low predictability ratings, such as DLR, produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not accurately reflect future conditions.

What This Means for Investors In summary, all three valuation models (DCF earnings, DCF FCF, and GF Value™) indicate that Digital Realty Trust Inc DLR is significantly overvalued. Investors should exercise caution when considering this stock based on the current valuations. For the full DCF analysis, visit the DLR DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is DLR's intrinsic value based on DCF?

[Answer: earnings-based $18.05, FCF-based $83.98]

Is DLR overvalued or undervalued?

[Answer using DCF + GF Value™ consensus]

How reliable is the DCF model for DLR?

[Answer using predictability rank 1/5]

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

(From left to right) En. Wan Murdani, Senior Vice President, Malaysia Digital Economy Corporation (MDEC); Ms. Zuaida Abdullah, Deputy Chief Executive Officer, Investment Development, Malaysian Investment Development Authority (MIDA); YB Gobind Singh Deo, Minister of Digital; Serene Nah, Managing Director and Head of Asia Pacific, Digital Realty; Billy Lee, Chairman, CSF Advisers Sdn Bhd and Advisor for Malaysia, Digital Realty; and Govind Choudhary, General Manager, Southeast Asia and India, Digital Realty, at the inauguration of Digital Realty's Malaysia operations in Cyberjaya. 

KUALA LUMPUR, Malaysia, June 08, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, today announced the establishment of its Malaysia platform, marking a key milestone in its Asia Pacific expansion. The company has planned to develop and scale its data center capacity in Malaysia to approximately 32 megawatts (MW), integrating Malaysia into its global platform designed for interconnection, resilience and scale.

The milestone was commemorated at an inauguration ceremony officiated by YB Gobind Singh Deo, Minister of Digital for Malaysia, Ms. Zuaida Abdullah, Deputy Chief Executive Officer, Investment Development, Malaysian Investment Development Authority (MIDA), En. Wan Murdani, Senior Vice President, Malaysia Digital Economy Corporation (MDEC), alongside Digital Realty leadership including Serene Nah, Managing Director and Head of Asia Pacific, Govind Choudhary, General Manager, Southeast Asia and India, and Billy Lee, Chairman, CSF Advisers Sdn Bhd & Advisor for Digital Realty in Malaysia.

The event signals Digital Realty’s commitment to supporting Malaysia’s ambition to become a leading digital infrastructure and AI hub in Southeast Asia. Anchored in Cyberjaya, the campus is purpose-built to support Malaysian enterprises of all sizes as they evolve from traditional IT environments to hybrid architectures and AI-driven use cases. Planned as a multi-site deployment, the campus will span three facilities, all connected via dedicated fiber.

KUL10 (formerly TelcoHub 1) – An operational, carrier-dense facility with 1.5MW of IT capacity and *one of the most connected data center ecosystems in Malaysia. Digital Realty plans to upgrade the facility to its global standards, expecting to nearly double capacity by Q4 2027.KUL11 – Located approximately 500 meters from KUL10, this is a newly acquired, purpose-built data center with 15MW of IT capacity, designed to support AI and high-performance computing workloads. The facility incorporates energy- and water-efficient design principles to support sustainable digital infrastructure growth.Future expansion site – An adjacent 1.6-acre land parcel located approximately 200 meters from KUL10, where, Digital Realty plans to develop a new 14MW data center. Targeted for completion in mid-2028, the facility is planned to be built to Digital Realty’s global standards and designed to support hybrid colocation and AI-ready deployments.
Together, these assets will form a highly connected platform, to be supported by more than 40 network service providers, alongside a robust ecosystem of cloud and connectivity partners.

Since announcing our planned entry into the Malaysian market in January, Digital Realty has established a multi-site presence in Cyberjaya. This rapid build-out underscores the company’s strong conviction in Malaysia’s long-term role as a regional digital hub and reflects a disciplined strategy of scaling both capacity and connectivity.

These developments establish the foundation of Digital Realty’s growing platform in Malaysia, which will enable enterprises, including cloud and digital businesses to deploy and scale infrastructure within a globally connected data community. By integrating its Cyberjaya facilities into PlatformDIGITAL® and enabling interconnection through ServiceFabric®, Digital Realty will support distributed, AI and data-intensive workloads requiring low-latency, high-performance connectivity across markets.

Customers in Malaysia can gradually connect to Digital Realty’s global ecosystem of more than 300 data centers across 30+ countries, enabling low-latency connectivity and seamless workload deployment across key regional hubs including Singapore and Jakarta.

YB Gobind Singh Deo, Minister of Digital for Malaysia, said, “Digital Realty’s investment marks an important step in strengthening Malaysia’s position as a sovereign, interconnected and sustainable digital infrastructure hub. As demand for cloud, AI and data-driven services continues to accelerate, the development of high-quality, globally connected data center infrastructure will be critical in supporting innovation, attracting investment, and enabling Malaysia’s digital economy to grow with resilience and scale. Investments in advanced digital infrastructure such as this are essential to supporting Malaysia’s AI ambitions and strengthening our position as a regional innovation hub.”

“As demand for AI and data-driven services grows, investments in globally connected digital infrastructure are becoming increasingly important in driving innovation, strengthening regional connectivity and raising Malaysia’s visibility in the global digital economy. Beyond infrastructure, these investments support a wider digital ecosystem that enables businesses to innovate, scale and participate more effectively in regional and global digital value chains. Through the Malaysia Digital (MD) national strategic initiative, MDEC remains focused on attracting catalytic digital investments that strengthen the ecosystem, create high-value opportunities and advance Malaysia’s aspiration of becoming an AI Nation by 2030,” said Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer, Anuar Fariz Fadzil.

Serene Nah, Managing Director and Head of Asia Pacific, Digital Realty, said, “The establishment of our Malaysia presence marks an important milestone in Digital Realty’s Southeast Asia expansion. As digital adoption accelerates and AI-driven workloads become more distributed and latency-sensitive, customers require infrastructure that is scalable and deeply interconnected.

“Malaysia plays a key role as an interconnection hub within our regional footprint, enabling customers to seamlessly deploy and manage workloads across markets. By integrating our Cyberjaya facilities into PlatformDIGITAL, we will extend a connected data community that spans key hubs such as Singapore and Jakarta. The speed at which we have established a multi-site presence reflects strong customer demand and our long-term commitment to supporting Malaysia’s digital growth.”

Billy Lee, Chairman of CSF Advisers Sdn Bhd and Advisor for Malaysia, Digital Realty, said, “TelcoHub 1 was built to be one of Malaysia’s most connected data center facilities, trusted by a diverse ecosystem of enterprises, carriers and cloud providers. Becoming part of Digital Realty enables us to take this foundation further by integrating into a global interconnection platform that spans more than 300 data centers worldwide.

“This evolution delivers immediate value to our customers, who will be able to access a broader interconnection ecosystem and scale their infrastructure beyond Malaysia with greater flexibility. At the same time, our local team remains at the core of this journey, now strengthened by Digital Realty’s global expertise, operational discipline and long-term investment approach.”

Digital Realty’s presence in Malaysia supports a diverse ecosystem of cloud providers, enterprises and network service providers, enabling them to expand and interconnect across the region. The company also plans to grow its local team to support continued operational scale and ecosystem development.

All facilities are designed with a focus on energy-efficient and scalable operations, supporting responsible data center growth in line with Malaysia’s sustainability priorities. This expansion strengthens Malaysia’s role in enabling cross-border data flows and supporting next-generation digital services, while reinforcing Digital Realty’s broader Asia Pacific footprint across key markets including Singapore and Jakarta.

About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

For Additional Information

Media Contacts
Joyce Ng
Digital Realty
[email protected]

Investor Relations
Jordan Sadler / Jim Huseby
Digital Realty
+1 (737) 281-0101
[email protected]

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to PlatformDIGITAL®, the company’s strategy, expected completion dates, customer demand and expectations for the Asia Pacific region and sustainability goals. For a list and description of risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

________________
*Source: PeeringDB, 2026

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09e784ca-ab6e-4c2b-b352-a5b6a021c72b

Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Is American Tower (AMT - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.

American Tower is one of 833 companies in the Finance group. The Finance group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. American Tower is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for AMT's full-year earnings has moved 0% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Our latest available data shows that AMT has returned about 4.7% since the start of the calendar year. In comparison, Finance companies have returned an average of 0.3%. This shows that American Tower is outperforming its peers so far this year.

One other Finance stock that has outperformed the sector so far this year is ANZ Group Holdings Limited - Sponsored ADR (ANZGY - Free Report) . The stock is up 5.2% year-to-date.

Over the past three months, ANZ Group Holdings Limited - Sponsored ADR's consensus EPS estimate for the current year has increased 12.1%. The stock currently has a Zacks Rank #2 (Buy).

Breaking things down more, American Tower is a member of the REIT and Equity Trust - Other industry, which includes 90 individual companies and currently sits at #91 in the Zacks Industry Rank. On average, stocks in this group have gained 12.6% this year, meaning that AMT is slightly underperforming its industry in terms of year-to-date returns.

On the other hand, ANZ Group Holdings Limited - Sponsored ADR belongs to the Financial - Miscellaneous Services industry. This 107-stock industry is currently ranked #100. The industry has moved -7.9% year to date.

American Tower and ANZ Group Holdings Limited - Sponsored ADR could continue their solid performance, so investors interested in Finance stocks should continue to pay close attention to these stocks.

TORONTO, ON / ACCESS Newswire / May 27, 2026 / AmeriTrust Financial Technologies Inc. (TSXV:AMT)(OTCQB:AMTFF)(Frankfurt:1ZVA) ("AmeriTrust", "AMT" or the "Company"), a fintech platform focused on automotive finance, announces that it has filed its interim Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2026. These documents are available under the Company's profile on SEDAR+.

Cash on hand at March 31, 2026, was $35,852,002 compared to $36,968,923 at December 31, 2025. At March 31, 2026, the Company reported working capital of $29,355,544 compared to $30,417,979 at December 31, 2025.

Revenue for the first quarter of 2026 increased 36% compared to Q4 2025 and increased 19% compared to Q1 2025. Adjusted EBITDA loss for the first quarter of 2026 increased compared to Q1 2025, primarily due to operating expenses associated with the restart of lease originations.

Jeff Morgan, Chief Executive Officer of AmeriTrust, commented:

"I am pleased to report that AmeriTrust commenced both lease originations in late January and the initial testing of AmeriTrust Auto remarketing operations in the first quarter. The results to date have outperformed internal expectations and conform to our strategic long-term plan to become one of the largest new and used-vehicle leasing platforms in the U.S."

During the first quarter, with a focused group of active dealers, AmeriTrust's proprietary portal received 1,430 applications representing approximately $56 million in potential funding opportunities, approved or conditionally approved 191 consumer applications, and funded 16 lease contracts.

With a focus on testing, systems and processes following the launch, AmeriTrust was extremely selective in initial approvals and funded deals. The Company applied a disciplined underwriting strategy to build a prime+ portfolio of high-quality initial lease contracts. During the first quarter, the weighted average credit score of funded customers was 752, the weighted average contract rate was 8.71%, and the weighted average net capitalized cost (amount financed) of the lease contracts was $88,059. Over time the Company anticipates a materially higher look to book ratio (funded deals/applications), resulting in better closing ratios and significantly stronger originations.

Total funded contracts increased sequentially each month during the quarter and generated $101,985 in lease origination income, while the total contracted cash flows associated with those contracts is $1,783,472 over the terms of the respective leases.

Shareholders reviewing the Company's financial statements should note that the accounting treatment for lease contracts has changed from the prior ‘off-balance-sheet' accounting used prior to Q4 2025 to an ‘on-balance-sheet' treatment until contracts are sold into the market. A more detailed description of effects of the accounting treatment change can be found on page 5 of the Company's MD&A in the section titled "Financing Model: Transition from Flow Model to Warehouse Model."

Momentum continued into the second quarter. In April alone, lease originations nearly matched the total number of funded deals and aggregate funding volume generated during the entire first quarter.

AmeriTrust is now licensed in 41 states and Washington, D.C. As part of a methodical, nationwide ramp in the first quarter, the Company added more than 151 new dealers to its platform, collectively representing 348 store fronts including franchise dealer and used car locations. Additionally, the Company has hired five experienced dealer representatives to support the Company's geographic expansion and accelerate lease origination activity across new territories.

In addition, the Company completed initial testing of its AmeriTrust Auto remarketing operations for off-lease vehicles. Early results exceeded internal expectations, including an approximate 83% increase in gross revenue per transaction. The Company is evaluating a strategy to expand its first AmeriTrust Auto location in the coming months and is also pursuing ancillary product sales initiatives to further increase revenue generation. Those product contracts are currently under third party negotiation.

About AmeriTrust Financial Technologies Inc.

AmeriTrust Financial Technologies Inc., listed on the TSX Venture Exchange, OTCQB, and Frankfurt markets, is a finance solution and fintech provider disrupting the automotive industry. AmeriTrust's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. AmeriTrust's platform is being made available across the United States.

For further information, please visit the AmeriTrust website or contact:

Shibu Abraham
Chief Financial Officer and Director
E: [email protected]
P: 1-800-600-6872

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Non-IFRS Measures:

This news release makes reference to "EBITDA" and "Adjusted EBIDTA" which are non-IFRS financial measures. The Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance withIFRS. Moreover, presentation of certain of these measures is provided for period-over-period comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.

"EBITDA" is defined as Earnings before Interest, Taxation, Depreciation and Amortization. Management believes this is a useful metric in evaluating the ongoing operating performance of the Company.

"Adjusted EBITDA" is defined as Earnings before Interest, Taxation, Depreciation, Amortization, Share Based Compensation expense, Provision for expected credit loss on lease contracts and revision to the provision, foreign exchange loss, and other one-time costs is an additional measure used by management to evaluate cash flows and the Company's ability to service debt. Adjusted EBITDA is a non-IFRS measure and should not be considered an alternative to operating income or net income (loss) in measuring the Company's performance.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, the intention to grow the business, operations, and existing and potential activities of the Company, future prospects of the Company, the ability of the Company to execute on its business plan and the anticipated benefits of the Company's business plan, negotiations with potential funding partners and the ability of the Company to secure additional funding, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE: AmeriTrust Financial Technologies Inc.

Cellares and TScan Therapeutics Announce Agreement to Evaluate Automated Manufacturing of TSC-101 for Patients with Hematologic Malignancies Cellares, the first Integrated Development and Manufacturing Organization (IDMO), and TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, today announced an agreement to evaluate automated clinical manufacturing of TSC-101, TScan's lead TCR-T therapy candidate for patients with acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS), through a comprehensive technical and operational assessment of Cellares' automated manufacturing and testing platforms.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260603703141/en/

Cellares and TScan Therapeutics Announce Agreement to Evaluate Automated Manufacturing of TSC-101

TSC-101 is designed to treat residual disease and prevent relapse in patients with AML and MDS undergoing allogeneic hematopoietic cell transplantation (allo-HCT). The therapy candidate uses a gene modification approach to engineer T cells from a healthy donor into a patient-specific cell therapy product. As TScan advances TSC-101 towards a pivotal trial, which is expected to begin in the second quarter of 2026, the Company is evaluating Cellares’ automated manufacturing platform as a scalable and economical path to future commercial demand.

Under the agreement, Cellares will automate the TSC-101 manufacturing and testing processes on the Cell Shuttle, its end-to-end manufacturing platform, and the Cell Q, its automated quality control and release testing system. These closed-system, fully automated workflows are designed to reduce process variability, minimize labor intensity, and enable consistent execution across runs and geographies, delivering the manufacturing economics and reliability that large-scale commercial production requires.

“As we prepare for the initiation of our pivotal study of TSC-101 this quarter, we are increasing our efforts for commercial readiness. Establishing a scalable and cost-efficient manufacturing strategy is a critical component. Cellares’ fully automated Cell Shuttle platform represents a promising approach to automating and scaling cell therapy production, with the potential to reduce manual processes and eliminate capacity constraints,” said Ray Lockard, M.B.A., Chief Manufacturing and Quality Officer of TScan Therapeutics. “Through this evaluation, we aim to determine how this technology could strengthen our long-term manufacturing network and support broader patient access, supporting our goal of delivering transformative therapies to patients as efficiently and reliably as possible.”

"Patients with AML or MDS who remain at risk of relapse following transplant represent exactly the kind of underserved population that automated manufacturing was designed to reach,” said Fabian Gerlinghaus, Co-founder and Chief Executive Officer of Cellares. "Bringing automation to a late-stage program like TSC-101, with its healthy donor-derived but patient-specific manufacturing model, is the kind of challenge the Cell Shuttle and Cell Q were built for, and we believe it represents the manufacturing economics any developer will need to reach a population of this scale."

The agreement adds TCR-engineered T cell therapies to Cellares’ growing portfolio of automated cell therapy modalities, which includes CAR-T cell therapies, hematopoietic stem cell programs, and autologous progenitor T cell therapies.

About TScan Therapeutics, Inc.

TScan is a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. The Company’s lead TCR-T therapy candidate is in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation (the ALLOHA™ Phase 1 heme trial). The Company is also in early stages of developing methods for in vivo engineering to treat solid tumors. In addition, the Company is applying its target discovery platform to discover novel targets in various T cell-mediated autoimmune disorders.

About Cellares

Cellares is the first Integrated Development and Manufacturing Organization (IDMO), providing global cell therapy development and manufacturing services through an Industry 4.0 approach to the mass manufacture of the living drugs of the 21st century. The company enables drug sponsors to develop, scale, and commercialize cell therapies with the capacity, reliability, and economics required to meet total patient demand.

Cellares' fully automated platforms — Cell ShuttleⓇ for end-to-end cell therapy manufacturing and Cell Q™ for automated in-process and release quality control — are deployed across its network of IDMO Smart Factories worldwide. These technologies deliver industry-leading manufacturing economics, higher process success rates, and the ability to produce up to 10× more cell therapy batches than conventional CDMOs with comparable footprint and headcount, resulting in the lowest cost of manufacturing in the industry. The Cell Shuttle is the first cell therapy manufacturing platform to receive the FDA's Advanced Manufacturing Technology (AMT) designation, and has demonstrated a 100% automation success rate across more than a dozen automated processes.

Cellares has achieved key clinical validation milestones, including a successful IND Amendment enabling active clinical manufacturing on the Cell Shuttle platform, and the successful dosing of first patients in a partner clinical trial — marking the platform's transition from development-stage technology to clinically validated manufacturing infrastructure. These milestones span multiple therapeutic areas and cell therapy modalities, including both oncology and autoimmune indications.

Headquartered in South San Francisco, California, Cellares operates its first commercial-scale IDMO Smart Factory in Bridgewater, New Jersey, with additional facilities under construction in Europe and Japan. Through its global manufacturing network, Cellares is purpose-built to support both clinical and commercial programs and to expand access to life-saving cell therapies worldwide. For more information, visit www.cellares.com and follow Cellares on LinkedIn.

TScan Therapeutics Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding the structure, timing, economics, reliability, and overall success of TScan Therapeutics, Inc.'s ("TScan") agreement with Cellares; TScan’s plans, progress, and timing related to TScan’s hematologic malignancies program, including initiation of a pivotal trial for TSC-101; TScan’s planned preclinical development and clinical trials for any of its programs; the potential benefits of any of TScan’s proprietary platforms or current or future product candidates in treating patients; and TScan’s goals and strategy. TScan intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan,” “on track,” or similar expressions or the negative of those terms. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. The express or implied forward-looking statements included in this release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation: the beneficial characteristics, safety, efficacy, therapeutic effects and potential advantages of TScan’s TCR-T therapy product candidates; TScan’s expectations regarding its preclinical studies being predictive of clinical trial results; TScan’s cleared INDs being indicative or predictive of bringing TScan closer to its goal of providing customized TCR-T therapies to treat patients with cancer; the timing of the launch, initiation, progress, expected results and announcements of TScan’s preclinical studies, clinical trials and its research and development programs; TScan’s ability to enroll patients for its clinical trials within its expected timelines; TScan’s plans relating to developing and commercializing its TCR-T therapy product candidates, if approved, including sales strategy; estimates of the size of the addressable market for TScan’s TCR-T therapy product candidates; TScan’s manufacturing capabilities and the scalable nature of its manufacturing process; TScan’s estimates regarding expenses, future milestone payments and revenue, capital requirements and needs for additional financing; TScan’s expectations regarding competition; TScan’s anticipated growth strategies; TScan’s ability to attract or retain key personnel; TScan’s ability to establish and maintain development partnerships and collaborations; TScan’s expectations regarding federal, state and foreign regulatory requirements; TScan’s ability to obtain and maintain intellectual property protection for its proprietary platform technology and our product candidates; the sufficiency of TScan’s existing capital resources to fund its future operating expenses and capital expenditure requirements; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TScan’s most recent Annual Report on Form 10-K and any other filings that TScan has made or may make with the SEC in the future. Any forward-looking statements contained in this release represent TScan’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, TScan explicitly disclaims any obligation to update any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260603703141/en/

Key Takeaways AMT gained 10.5% YTD, supported by 5G expansion, rising mobile data use and new site growth.American Tower targets about 12.5% data center revenue growth in 2026 amid AI and cloud demand.AMT held about $10.4B in liquidity and $50.4B in future lease receipts as of March 31, 2026. American Tower (AMT - Free Report) shares have risen 10.5% in the year-to-date period compared with the industry’s 9.0% growth.

This Zacks Rank #3 (Hold) company is well-positioned to benefit from long-term growth in wireless connectivity and digital infrastructure. Expanding 5G deployments, rising mobile data usage, growing data center demand, and a stable leasing model support consistent revenue growth. Strong liquidity, predictable cash flows, and ongoing investments provide flexibility to capitalize on future opportunities.

Image Source: Zacks Investment Research

Factors Behind AMT Stock’s Price Surge: Will This Continue?American Tower continues to benefit from the ongoing expansion of 5G networks and rising global mobile data consumption. The majority of its U.S. tower portfolio has already been upgraded with 5G equipment, leaving significant room for additional carrier deployments, as operators focus on improving network quality and capacity. Growing wireless data usage, fixed wireless access, cloud adoption and AI-driven workloads are expected to support long-term demand for digital infrastructure. To strengthen its platform, the company acquired 27 communication sites during the first quarter of 2026 and plans to build 1,700–2,300 new sites globally this year.

American Tower’s recurring leasing model continues to provide steady growth despite industry headwinds. In the first quarter of 2026, organic tenant billings growth reached 1.7% or roughly 4% when excluding DISH-related churn. Management expects similar performance for the full year, projecting consolidated organic tenant billings growth of approximately 1% or about 4% excluding DISH churn. This outlook highlights the resilience of the company’s global tower portfolio and its ability to generate dependable cash flow growth over time.

Beyond towers, American Tower is expanding its data-center business to capitalize on growing demand for cloud computing, AI applications and enterprise connectivity. As of March 31, 2026, the company operated 30 data-center facilities across 11 U.S. markets. First-quarter data center property revenues increased to $289 million, reflecting strong demand for hybrid and multicloud deployments as well as greater interconnection activity. For 2026, management expects data center revenues to grow roughly 12.5% year over year.

A key strength of American Tower is its long-term leasing structure. Most revenues come from non-cancellable leases with major wireless carriers, typically lasting five to 10 years and including annual rent escalators. As of March 31, 2026, the company had approximately $50.4 billion in future minimum rental receipts under existing lease agreements, providing exceptional visibility into future revenues and cash flow generation.

American Tower maintains a solid financial position supported by its scale and recurring revenue streams. At the end of the first quarter, total liquidity stood at approximately $10.4 billion, including $1.6 billion in cash. The company also continues to actively manage its debt profile through repayments and refinancing, with 94% of debt fixed-rate. This financial flexibility positions American Tower to fund future growth while maintaining stability in a changing market environment.

Key Risks for AMT StockCustomer concentration and carrier consolidation can curb leasing. Elevated churn and high interest expenses could weigh on American Tower’s growth and cash flow.

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Prologis (PLD - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for PLD’s 2026 FFO per share is pegged at $6.18, which indicates year-over-year growth of 6.37%.

The Zacks Consensus Estimate for LAMR’s full-year FFO per share is pinned at $8.81, which suggests an increase of 6.66% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

TORONTO, ON / ACCESS Newswire / June 11, 2026 / AmeriTrust Financial Technologies Inc. (TSXV:AMT)(OTCQB:AMTFF)(Frankfurt:1ZVA) ("AmeriTrust", "AMT" or the "Company"), at the request of CIRO, wishes to confirm that the Company's management is unaware of any material change in the Company's operations that would account for the recent increase in market activity.

About AmeriTrust Financial Technologies Inc.

AmeriTrust Financial Technologies Inc., listed on the TSXV, OTCQB, and Frankfurt markets, is a finance solution and fintech provider disrupting the automotive industry. AmeriTrust's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. AmeriTrust's platform is being made available across the United States.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.

For further information, please visit the AmeriTrust website or contact:

Shibu Abraham
Chief Financial Officer and Director
E: [email protected]
P: 1-800-600-6872

SOURCE: AmeriTrust Financial Technologies Inc.

Key Takeaways POSCO develops methane-based graphite via Molten's technology to produce battery-grade anode materials. The process cuts reliance on coal and petroleum, lowering emissions in graphite production. PKX aims to boost scalability and cost efficiency while strengthening the raw material supply chain. POSCO Holdings Inc. (PKX - Free Report) is advancing its battery materials strategy through its subsidiary POSCO Future M. The company is developing natural graphite anode materials using methane gas as an alternative carbon source.  

POSCO Future M recently signed a memorandum of understanding (MOU) with U.S.-based Molten for jointly developing key raw materials for natural graphite anode material. The company is specifically leveraging Molten’s methane-based graphite production technology, where methane is thermally decomposed at high temperatures into hydrogen and solid carbon. This solid carbon can then be engineered into high-purity graphite suitable for lithium-ion battery anodes. 

This initiative aims to replace conventional coal and petroleum-based feedstocks with methane, enabling a cleaner and potentially more cost-efficient production process for lithium-ion battery anodes. The process reduces reliance on carbon-intensive inputs and avoids many of the emissions associated with traditional graphite production methods. 

The use of methane is expected to significantly lower the carbon intensity of graphite production while improving scalability, aligning with the rising demand for sustainable EV battery supply chains. The approach could also enhance cost competitiveness given methane’s relative abundance and stable supply compared with traditional raw materials. It supports efforts to diversify supply chains away from China-dominated graphite markets. 

The project aligns with POSCO’s ambition to build a fully integrated battery materials ecosystem spanning raw material sourcing, refining and advanced material manufacturing. Innovations such as methane-based graphite production position POSCO Future M to strengthen its role in next-generation anode technology.  

Shares of PKX are up 12.5% over the past year against the industry’s 4.1% fall. 

Image Source: Zacks Investment Research

PKX Zacks Rank & Key PicksPKX currently carries a Zacks Rank of #3 (Hold).

Some better-ranked stocks in the Basic Materials space are DuPont de Nemours, Inc. (DD - Free Report) , Compass Minerals International, Inc. (CMP - Free Report)  and Carpenter Technology Corporation (CRS - Free Report) . DD and CMP sport a Zacks Rank of #1 (Strong Buy), while CRS carries a Zacks Rank of #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DD’s current fiscal-year earnings stands at $2.28 per share, reflecting a 36% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average earnings surprise being 6.5%. 

The Zacks Consensus Estimate for CMP’s current fiscal-year earnings is pegged at 89 cents per share, indicating a 285.42% year-over-year rise. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average earnings surprise being 35%. 

The Zacks Consensus Estimate for CRS’s current fiscal-year earnings is pegged at $10.28 per share, indicating a 37.43% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average earnings surprise being 9.23%. 

Shares of POSCO (NYSE: PKX - Get Free Report) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $55.84 and traded as high as $57.51. POSCO shares last traded at $56.5210, with a volume of 156,645 shares traded. Analyst Upgrades and Downgrades Separately, Weiss Ratings reissued

Trade uncertainty with the U.S. and the push to diversify away from China make India and South Korea natural partners — but their relationship has yet to translate from intent into meaningful execution.

On Monday, the Indian Prime Minister Narendra Modi and South Korean President Lee Jae Myung reaffirmed plans to increase bilateral trade to $50 billion by 2030, a goal that was first announced in 2018.

Modi, in a joint press statement, said that the two countries were moving from a "trusted partnership" to a "futuristic" one where areas of collaboration spanned "chips to ships, talent to technology, and environment to energy."

Jae Myung, the first South Korean president to visit India in eight years, added that in "an era of hyper uncertainty," the two countries can be "the most ideal partners for comprehensive cooperation to promote mutual growth and Innovation."

But despite the big targets and talk, trade between the two countries grew at a compounded annual rate of just 3% from 2018 to 2025. In the financial year ending March 2025, total trade between India and Korea was $26.89 billion — a little over half the goal set for 2030, as per Indian commerce ministry data.

"I would just say unrealized potential is tremendous," Ashok Malik, partner at public policy think tank The Asia Group, told CNBC, adding that both countries are looking to diversify from the U.S. market and explore sourcing options other than China.

Korea is a great fit for India as it offers advanced technology in EVs, electronics, semiconductors, and AI. India wants to diversify its sourcing away from China in these sectors, Malik said, adding that shipbuilding and automotive steel are further areas of interest to India.

But experts, including Malik, said that regulatory delays are a key deterrent for South Korean companies looking to invest in India.

Practical challengesThe biggest concern is policy unpredictability, said Reema Bhattacharya, head of Asia research at Verisk Maplecroft, adding that land acquisition, infrastructure delays, and regulatory complexity "remain practical operational challenges" for Korean companies investing in India.

Take the case of Korean steel giant POSCO, which announced a $12 billion investment in India almost two decades ago. This project encountered several delays, and POSCO dropped it a few years ago due to difficulties in acquiring land, according to a Reuters report.

In 2024, POSCO renewed its plans to invest in India by setting up a steel plant capable of producing 6 million tons per annum, this time in a joint venture with India's JSW Steel. After two years of planning, the project has secured land and will be operational by 2031.

Meanwhile, in shipbuilding, the progress has been slow. HD Korea Shipbuilding & Offshore Engineering in July last year announced plans to explore shipbuilding operations with the Indian state-owned company Cochin Shipyard.

So far, there has been no formal commitment from either side about the scale of investment or on setting up a joint venture. Shipbuilding is a "driving passion of the Modi government" since its early days and is showing some promise now, but it still has a long way to go, said Malik.

South Korean businesses have been prominent in India since the 1990s, with some dominating key sectors, such as Hyundai India in automobiles, LG Electronics in consumer goods, and Samsung in electronics. Yet, South Korea ranks as only the 13th largest FDI investor in India with cumulative flows from April 2000 to March 2025 standing at just $6.69 billion, according to data from the India Brand Equity Foundation.

By comparison, Singapore ranks second with a cumulative FDI inflow of $174.89 billion, while the U.S. ranks third with $70.65 billion.

Arpit Chaturvedi, South Asia advisor at Teneo, pointed out that despite "enormous strategic interest," Korean M&A in India has remained relatively modest at around $200–$300 million annually in recent years. This is "a small share of Korea's total outbound M&A," he told CNBC in an email.

Meanwhile, over the last two years, Korean companies have successfully repatriated part of their early investments in India. Hyundai India sold shares worth $3.3 billion in 2024 via an IPO, while LG Electronics' listing fetched the Korean major $1.3 billion. Both these IPOs were structured as an offer for sale — a route that enables existing investors to sell shares.

SEOUL, South Korea, April 29, 2026 /PRNewswire/ -- On April 29, 2026, POSCO HOLDINGS INC. (NYSE: PKX) filed its Annual Report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The 2025 Annual Report on Form 20-F can be downloaded from www.posco-inc.com, as well as from the website of the U.S. Securities and Exchange Commission at www.sec.gov. Investors may request a hard copy of the 2025 Annual Report on Form 20-F, free of charge, by contacting [email protected].

SOURCE POSCO Holdings

POSCO Holdings Inc. is upgraded to 'Buy' following robust Q1 earnings and resilient performance amid geopolitical headwinds. PKX's Q1 net profit surged, driven by strong infrastructure and Rechargeable Battery Materials, with POSCO Argentina achieving its first monthly KRW profit. Long-term and intermediate technical indicators signal sustained bullish momentum, with potential resistance near $130 per share.

Anson Resources and POSCO Holdings have received board approval for a binding agreement to develop POSCO's Direct Lithium Extraction ("DLE") Demonstration Plant at the Green River Lithium Project in Utah.

POSCO to lead the project at its own expense including the design, construction and operation of its proprietary Direct Lithium Extraction ("DLE") Demonstration Plant

POSCO to pay ~AUD $7.2 million (USD $5.2 million) non-dilutive facilitation fee to Anson.

The collaboration positions Green River as a potential cornerstone asset in the emerging U.S. critical minerals and battery supply chain.

During operation of the demonstration plant, the parties will evaluate broader commercial opportunities, including potential future joint investment and strategic cooperation.

NEWPORT BEACH, CA / ACCESS Newswire / May 12, 2026 / Anson Resources Limited (ASX:ASN) ("Anson" or the "Company") is pleased to announce that both POSCO Holdings Inc. ("POSCO")'s board and the Company's board have approved the terms for a definitive Demonstration Plant Agreement ("Agreement") relating to the construction and operation of a Direct Lithium Extraction ("DLE") demonstration facility at the Green River Lithium Project in the Paradox Basin, Utah, USA.

The board approvals mark a significant progression from the previously announced Memorandum of Understanding (see ASX Announcement 30 June 2025), establishing a framework under which POSCO will operate its own non-commercial DLE demonstration plant designed to validate lithium extraction at continuous industrial scale.

Under the agreement POSCO committed to setting up its DLE demo-plant to extract lithium from brines produced from the Bosydaba #1 well owned by Anson at the Green River Lithium Project. POSCO will be responsible for engineering, construction, operation and maintenance of the facility, while Anson will provide access to property, infrastructure and brine supply. POSCO will pay Anson a non-dilutive facilitation fee of AUD ~$7.2 million (USD $5.2 million).

The definitive agreement is expected to be signed before the end of Q2 2026. POSCO is expected to commence operation of the demonstration plant in 2027 and complete the work in 2028.

The two companies will continue to explore potential business cooperation opportunities, including joint investment in the Project, during the operation of the demonstration plant, as outlined in the MoU Agreement, see ASX Announcement 30 June 2025.

Strategic Importance

Demonstrates strong industry validation of Green River's low-cost lithium potential.

Accelerates technical de-risking through continuous demonstration-scale testing.

Positions Green River as a key participant in the emerging U.S. domestic battery materials supply chain.

Executive Commentary

Executive Chairman & CEO, Mr. Bruce Richardson commented:

"Securing a definitive agreement with POSCO represents a transformational step forward for the Green River Lithium Project.

Moving from a non-binding MoU to a fully executed agreement underscores the strong technical confidence POSCO has in our asset and highlights the increasing strategic importance of domestic U.S. lithium supply."

POSCO Holdings commented:

"With the approval of the terms for a binding agreement, POSCO Holdings will advance validation of DLE technology in the United States and evaluate commercialisation pathways for future lithium production.

We believe collaboration with Anson Resources at Green River will contribute to strengthening the North American lithium supply chain."

Key Elements of the Definitive Agreement

Item

Key Terms

Project

Non-commercial DLE Demonstration Plant - Green River Lithium Project

Responsibility

POSCO to bear cost for the design, construction, operations and maintenance for Demonstration Plant

Facilitation Fee

USD $5.2M

Term

To December 2028

Brine Supply

Provided from Bosydaba #1 well with defined performance targets

About POSCO Holdings

POSCO Holdings Inc. is a leading South Korean industrial group with strategic investments across steel, energy, and battery materials. POSCO Group is developing a global supply chain to support the transition EV and has invested in a total of 93,000 tonnes of lithium production annually in Argentina and South Korea. The company has made significant investments in both brine and hard-rock lithium resources across South America and Australia and is advancing proprietary Direct Lithium Extraction (DLE) technologies to accelerate low-carbon lithium production.

This announcement has been authorized for release by the Executive Chairman and POSCO Holdings.

For further information please contact:

Bruce Richardson Will Maze
Executive Chairman and CEO Head of Investor Relations
E: [email protected] E: [email protected]
Ph: +61 7 3132 7990 Ph: +61 7 3132 7990

www.Ansonresources.com Follow us on Twitter @Anson_ir

SOURCE: Anson Resources

$200 Million Joint Venture Establishes End-to-End Rare Earth Supply Chain from Feedstock to Magnet Manufacturing

Strategic U.S.-South Korea Partnership Advancing a Secure, Resilient, and Diversified Allied Supply Chain for Defense, Energy, and Advanced Technologies

JV expands on Existing Strategic Partnership and Long-Term Offtake Agreement Between ReElement and POSCO International

FISHERS, IN / ACCESS Newswire / May 22, 2026 / American Resources Corporation (NASDAQ:AREC) ("American Resources") through its affiliated minority holding in ReElement Technologies Corporation ("ReElement"), a leading U.S.-based innovator in rare earth and critical mineral refining, today announced that ReElement has formed a joint venture with POSCO International Corporation ("POSCO International"), a global leader in materials trading and industrial development, to develop integrated rare earth element and permanent magnet production in the United States.

A formal signing ceremony took place on May 21, 2026 in Washington, D.C., with ReElement CEO Mark Jensen and POSCO International President and CEO Kye-In Lee executing the agreement.

The joint venture represents a major milestone in advancing the long-term partnership previously established between ReElement and POSCO International, including their commercial offtake agreement announced in September. The collaboration further strengthens U.S.-South Korea cooperation in building a resilient and sustainable supply chain for critical minerals essential to national security, clean energy, and advanced technologies.

Establishing a Fully Integrated, Allied Rare Earth Supply Chain

The joint venture is designed to establish a closed-loop, end-to-end rare earth supply chain, spanning feedstock sourcing, separation, purification and refining, and permanent magnet manufacturing within the United States.

The partnership combines:

ReElement's advanced chromatographic separation and purification refining platform, enabling high-purity rare earth oxide (REO) production across both light and heavy rare earth elements; and

POSCO International's global industrial capabilities and deep relationships across automotive and industrial markets, along with its expertise in large-scale industrial deployment and materials science.

Together, the companies are building a scalable platform to support high-growth sectors including electric vehicles, artificial intelligence, advanced semiconductors, defense systems, and clean energy technologies.

Project Scope and Development Timeline

The joint venture brings a $200 million investment to develop a U.S.-based rare earth refining and magnet manufacturing complex. Final site selection is currently underway.

Initial development phases include:

Phase 1 (2028): ~3,000 metric tons per annum (MTPA) of separated rare earth oxides (SREO)

Phase 2 (2030): Expansion to ~6,000 MTPA of SREO

In addition to oxide production, the project will incorporate:

Light and heavy rare earth metalization capabilities

Permanent magnet manufacturing capacity

Integrated feedstock sourcing through a joint taskforce focused on both domestic and international primary and recycled resources

Strengthening Allied Supply Chains Through Strategic Collaboration

The joint venture directly addresses critical gaps in U.S. and allied supply chains by enabling domestic production of high-purity rare earth materials and magnets-historically dominated by foreign supply.

By combining complementary strengths, ReElement and POSCO International are advancing a capital-efficient, scalable, and environmentally responsible model for rare earth development -one that reduces reliance on legacy, capital-intensive and single-source systems that have proven unsustainable, while supporting long-term supply chain resilience.

Mark Jensen, Chief Executive Officer of ReElement Technologies, commented:

"This joint venture represents a defining moment in the evolution of the rare earth supply chain in the United States. By combining ReElement's refining-first platform with POSCO International's global capabilities and industrial scale, we are creating a fully integrated, end-to-end solution that addresses one of the most critical gaps in the market.

This is not just about building capacity - it's about building a new model. One that is modular, scalable, and capable of aligning with the rapidly evolving needs of domestic and allied markets. Together, we are establishing a secure, non-China supply chain that supports national security, clean energy, and the next generation of advanced technologies."

Kye-In Lee, President and CEO of POSCO International, added:

"Today's signing is more than just a contract - it is a reflection of the trust and shared vision between our two companies. POSCO International's global supply chain capabilities and ReElement's innovative refining technology are highly complementary and bring out the best in each other.

Building a heavy rare earth separation and refining value chain in the United States will not be easy, but that is precisely why this partnership matters. Together, we believe we can achieve something meaningful and strategically important for the future."

About ReElement Technologies Corporation

ReElement Technologies Corporation, a minority holding of American Resources Corporation (NASDAQ: AREC), is a leading provider of high-performance refining capacity for rare earth elements and critical minerals. Its refining-first, multi-mineral, multi-feedstock platform is designed to process a wide range of inputs - including recycled materials from permanent magnets, lithium-ion batteries, and industrial, defense, and technology waste streams, as well as mined ores, brines, and coal-based byproducts - into high-purity products that support a cost-effective, environmentally responsible, and circular supply chain.

ReElement's innovative and scalable "Powered by ReElement" process leverages its exclusively licensed and internally developed intellectual property, integrating directly into partners' material processing flowsheets to enhance efficiency and adaptability across the global critical mineral supply chain. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.

About POSCO International Corporation

POSCO International, a core member of the POSCO Group, continues to solidify its position as a leading trading and investment company with a diverse business portfolio spanning energy, materials, and agro business. Leveraging an extensive global network, the company is actively engaged in steel trading, the development and operation of the Myanmar Gas Field, as well as sourcing key resources for its overseas agribusiness operations.

In line with its commitment to sustainable growth, POSCO International is also exploring future growth engines such as renewable energy and eco-friendly mobility components. By prioritizing innovation and sustainability, the company aims to stay ahead in a rapidly changing global business landscape.

Supported by a stable business foundation and robust global capabilities, POSCO International is well-positioned to achieve sustainable growth and create long-term value. For more information, please visit www.poscointl.com.

About American Resources Corporation (NASDAQ:AREC)

American Resources Corporation has established a comprehensive solution platform across the rare earth and critical mineral supply chain, leveraging its affiliation with, and former parent relationship to, ReElement Technologies Corporation - a leading provider of high-performance refining capacity for rare earth and critical battery elements. The Company is advancing efficient upstream and downstream critical mineral operations.

These operations span conventional and unconventional resource sourcing and development, as well as recycling and manufacturing, enabling American Resources to aggregate and process diverse feedstocks while efficiently aligning supply with end-market demand.

American Resources has established a nimble, low-cost business model focused on scalable growth. Its streamlined approach enables the Company to expand its asset portfolio and meet increasing global demand across infrastructure, defense, technology, and electrification markets - while maximizing margins and maintaining cost discipline. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.

Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

Media Inquiries:
Marjorie Weisskohl
703-587-1532
[email protected]

Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
[email protected]

SOURCE: American Resources Corporation

Key Takeaways PKX and Molten signed an MOU to develop graphite anode feedstock from methane gas. POSCO will process methane-based graphite into anode materials at its Sejong plant. POSCO said the partnership may lower costs and strengthen battery material supply chains. POSCO Holdings, Inc. (PKX - Free Report) , through its battery materials subsidiary POSCO Future M, is advancing the development of natural graphite anode materials using non-mined raw materials in partnership with U.S.-based Molten. The companies recently signed a memorandum of understanding (MOU) at COEX in Seoul to jointly develop graphite anode feedstock produced from methane gas. 

Molten will use its methane pyrolysis process to produce graphite, which POSCO will process into spherical graphite through its subsidiary FutureGraph before manufacturing natural graphite anode materials at its Sejong plant. Graphite produced from methane contains fewer metallic impurities than conventionally mined graphite, reducing purification requirements and lowering production costs. 

The partnership could also create broader synergies for the POSCO Group, as methane pyrolysis generates hydrogen alongside graphite. The hydrogen may potentially be used in power generation and POSCO’s hydrogen-based direct reduction steelmaking operations. 

Per PKX, the partnership will help diversify its supply chain and strengthen cost competitiveness in the global battery materials market. 

Separately, POSCO continues to build a vertically integrated anode-material supply chain. For natural graphite anodes, the company plans to source graphite ore from Africa and other regions through the POSCO Group and process it into spherical graphite at FutureGraph. For artificial graphite anodes, the company utilizes coal- and petroleum-based coke derived from coal tar generated during POSCO’s steelmaking operations. 

Shares of PKX have gained 65.5% in the past year against the industry’s 3.6% decline. 

Image Source: Zacks Investment Research

PKX Zacks Rank & Key PicksPKX currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the Conglomerates space are ITT Inc. (ITT - Free Report) , Mitsui & Co., Ltd. (MITSY - Free Report)  and Griffon Corporation (GFF - Free Report) . ITT, MITSY and GFF carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for ITT’s current-year earnings is pegged at $7.91 per share, indicating a 17.7% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, with the average earnings surprise being 5.8%.

The Zacks Consensus Estimate for MITSY’s current-year earnings is pegged at $47.08 per share, indicating a 21.84% year-over-year decrease. Shares of MITSY have gained 63.4% over the past year.

The Zacks Consensus Estimate for GFF’s current fiscal-year earnings is pegged at $5.17 per share. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average earnings surprise being 3.3%.

Key Takeaways POSCO DX and NC AI signed an MOU to develop a Physical AI-based industrial robot foundation model. POSCO will provide robotics, control and digital twin testing tools to train and validate robots. NC AI will build VLA models that turn visual data and human instructions into robot actions. POSCO Holdings Inc.’s (PKX - Free Report)  subsidiary, POSCO DX, has partnered with NC AI to develop a Physical AI-based industrial robot foundation model jointly. 

The collaboration aims to create next-generation autonomous industrial robots capable of understanding their environments, making decisions independently and performing complex tasks in dynamic manufacturing settings. 

The companies signed a memorandum of understanding (MOU) on May 29, 2026, to combine their respective expertise in robotics and artificial intelligence. 

The centerpiece of the collaboration is the development of a robot foundation model, a general-purpose AI system that functions as the “brain” of industrial robots. The new model aims to enable robots to understand their surroundings, make decisions independently and adapt to changing workplace conditions. 

POSCO will contribute its expertise in robot motion planning, control systems and simulation technologies. The company will also build a digital twin-based virtual testing environment, allowing robots to be trained and validated in a realistic digital replica of industrial facilities before deployment. This approach is expected to improve reliability, safety and operational efficiency. 

NC AI will develop the core AI models for the robot foundation model, leveraging large volumes of industrial data to build advanced Vision-Language-Action (VLA) models. These models will enable robots to understand visual information, interpret human instructions and convert them into physical actions. The companies will also work together on VLA optimization, robot intelligence validation and safety technologies. 

The Physical AI technology is designed to help robots operate autonomously in dynamic industrial environments. Robots powered by the foundation model will be able to adapt to changing conditions, respond to unexpected situations and perform complex tasks that are difficult for traditional automation systems. 

The project supports POSCO Group’s strategy to expand AI-driven automation and improve workplace safety. By combining robotics, digital twins and Physical AI, POSCO DX and NC AI aim to develop a scalable robot intelligence platform for deployment across various industries. 

Shares of PKX have gained 39.8% in the past year against the industry’s 5.3% decline. 

Image Source: Zacks Investment Research

PKX Zacks Rank & Key PicksPKX currently carries a Zacks Rank #5 (Strong Sell). 

Some better-ranked stocks in the Conglomerates space are ITT Inc. (ITT - Free Report) , Marubeni Corporation (MARUY - Free Report)  and Griffon Corporation (GFF - Free Report) . At present, ITT, MARUY and GFF carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

The Zacks Consensus Estimate for ITT’s current-year earnings is pegged at $7.9 per share, indicating a 17.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in all the trailing four quarters, with the average earnings surprise of 5.8%.  

The Zacks Consensus Estimate for MARUY’s current-year earnings is pegged at $23.86 per share, indicating an 8.8% year-over-year decrease. Shares of MARUY have gained 58.1% over the past year. 

The Zacks Consensus Estimate for GFF’s current fiscal-year earnings is pegged at $5.17 per share. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average earnings surprise of 3.3%. 

Binding Demonstration Plant Agreement executed with POSCO Holdings for the Green River Lithium Project, Utah, USA

POSCO to lead the project at its own expense including the design, construction and operation of its proprietary Direct Lithium Extraction ("DLE") Demonstration Plant.

POSCO to pay ~AUD $7.2 million (USD $5.2 million) facilitation fee to Anson.

Demonstration plant designed to validate commercialisation of POSCO's proprietary DLE technology for Green River Brines.

During the operation of the demonstration plant operation, the parties will discuss further commercial collaboration.

NEWPORT BEACH, CA / ACCESS Newswire / June 11, 2026 / Anson Resources Limited (ASX:ASN) ("Anson" or the "Company") is pleased to announce that it has executed a definitive Demonstration Plant Agreement ("Agreement") with POSCO Holdings Inc. ("POSCO") relating to the construction and operation of a Direct Lithium Extraction ("DLE") demonstration facility at the Green River Lithium Project in the Paradox Basin, Utah, USA.

L to R: POSCO Holding Head of the DLE Demonstration Plant Taekyun Lee; Vice President Mr. Song Won Lee; Chief Executive Officer Mr. Lee Ju-Tae; Anson Resources Executive Chairman & Chief Executive Officer Bruce Richardson; Executive Director Tim Murray; and Chief Financial Officer Matthew Beattie signing the definitive agreement at POSCO Holdings Inc. headquarters in Seoul, South Korea.

Anson Resources Executive Chairman & Chief Executive Officer Bruce Richardson and POSCO Holdings Inc. Chief Executive Officer Mr. Lee Ju-Tae signed the definitive agreement at POSCO Holdings Inc. headquarters in Seoul, South Korea.

Following the signing ceremony, Anson CEO Bruce Richardson toured POSCO's secondary battery complex in Gwangyang.

The signing of the Agreement establishing a framework under which POSCO will operate its own non-commercial DLE demonstration plant designed to validate lithium extraction at continuous industrial scale.

Under the Agreement, POSCO committed to setting up its DLE demo-plant to extract lithium from brines produced from the Bosydaba #1 well owned by Anson at the Green River Lithium Project. POSCO will be responsible for engineering, construction, operation and maintenance of the facility, while Anson will provide access to property, infrastructure and brine supply. POSCO will pay Anson a facilitation fee of AUD ~$7.2 million (USD $5.2 million).

POSCO is expected to commence operation of the demonstration plant in 2027 and complete the work in 2028.

The two companies will continue to explore potential business cooperation opportunities, including joint investment in the Project, during the operation of the demonstration plant, as outlined in the MoU Agreement, see ASX Announcement 30 June 2025.

Strategic Importance

Demonstrates strong industry validation of Green River's low-cost lithium potential.

Accelerates technical de-risking through continuous demonstration-scale testing.

Positions Green River as a key participant in the emerging U.S. domestic battery materials supply chain.

Executive Commentary

Executive Chairman & CEO Mr. Bruce Richardson commented:

"Securing a definitive agreement with POSCO represents a transformational step forward for the Green River Lithium Project.

"Moving from a non-binding MoU to a fully executed agreement underscores the strong technical confidence POSCO has in our asset and highlights the increasing strategic importance of domestic U.S. lithium supply."

POSCO Holdings commented:

"With the approval of the terms for a binding agreement, POSCO Holdings will advance validation of DLE technology in the United States and evaluate commercialisation pathways for future lithium production.

"We believe collaboration with Anson Resources at Green River will contribute to strengthening the North American lithium supply chain."

Key Elements of the Definitive Agreement

Item

Key Terms

Project

Non-commercial DLE Demonstration Plant - Green River Lithium Project

Responsibility

POSCO to bear cost for the design, construction, operations and maintenance for Demonstration Plant

Facilitation Fee

USD $5.2M

Term

To December 2028

Brine Supply

Provided from Bosydaba #1 well with defined performance targets

About POSCO Holdings

POSCO Holdings Inc. is a leading South Korean industrial group with strategic investments across steel, energy, and battery materials. POSCO Group is developing a global supply chain to support the transition EV and has invested in a total of 93,000 tonnes of lithium production annually in Argentina and South Korea. The company has made significant investments in both brine and hard-rock lithium resources across South America and Australia and is advancing proprietary Direct Lithium Extraction (DLE) technologies to accelerate low-carbon lithium production.

This announcement has been authorized for release by the Executive Chairman of Anson Resources Limited and POSCO Holdings.

For further information please contact:

Bruce Richardson
Executive Chairman and CEO
E: [email protected]
Ph: +61 7 3132 7990

Will Maze
Head of Investor Relations
E: [email protected]
Ph: +61 7 3132 7990

SOURCE: Anson Resources Limited

Posted by Defense World Staff on Apr 21st, 2026

Autumn Glory Partners LLC reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 3.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,000 shares of the basic materials company’s stock after selling 2,000 shares during the period. Franco-Nevada makes up about 3.8% of Autumn Glory Partners LLC’s holdings, making the stock its 2nd largest position. Autumn Glory Partners LLC’s holdings in Franco-Nevada were worth $11,193,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. GAMMA Investing LLC increased its position in shares of Franco-Nevada by 112.3% in the fourth quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after buying an additional 64 shares in the last quarter. Burkett Financial Services LLC purchased a new stake in shares of Franco-Nevada in the 3rd quarter worth about $28,000. Private Trust Co. NA purchased a new stake in shares of Franco-Nevada in the 4th quarter worth about $29,000. Smartleaf Asset Management LLC grew its stake in Franco-Nevada by 600.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the last quarter. Finally, Stephens Consulting LLC acquired a new stake in Franco-Nevada in the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analyst Upgrades and Downgrades A number of brokerages have recently weighed in on FNV. HC Wainwright raised their price objective on shares of Franco-Nevada from $285.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Zacks Research cut Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Canaccord Genuity Group downgraded Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Finally, UBS Group restated a “buy” rating and issued a $310.00 price objective on shares of Franco-Nevada in a research report on Friday, January 30th. Seven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $257.25.

Get Our Latest Research Report on Franco-Nevada

Franco-Nevada Trading Down 1.7% Shares of Franco-Nevada stock opened at $257.98 on Tuesday. The business’s fifty day moving average price is $254.90 and its 200 day moving average price is $228.02. Franco-Nevada Corporation has a twelve month low of $152.89 and a twelve month high of $285.67. The stock has a market capitalization of $49.74 billion, a P/E ratio of 44.79, a PEG ratio of 2.80 and a beta of 0.47.

Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last announced its quarterly earnings results on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.18. The firm had revenue of $597.30 million for the quarter, compared to analysts’ expectations of $542.02 million. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. Franco-Nevada’s revenue was up 86.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. As a group, sell-side analysts predict that Franco-Nevada Corporation will post 7.81 EPS for the current year.

Franco-Nevada Company Profile (Free Report)

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.

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, /PRNewswire/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV) (NYSE: FNV) announces the publication of its 2026 Asset Handbook and 2026 Sustainability Report. "Our Asset Handbook provides detailed descriptions of all of our material assets.  We believe it is an essential tool for investors and analysts to evaluate the true potential of our portfolio and to appreciate the extent of the exposure we have to the resource optionality of many of the world's best mineral trends," said Paul Brink, President & CEO. "Our Sustainability Report shows how sustainability considerations are embedded into our decision-making and portfolio oversight, outlines our programs and commitments, and provides a focused view of portfolio–level performance, including key factors at our top producing assets and operators."

Asset Handbook

The 2026 Asset Handbook provides an overview of the portfolio. It describes each of our material assets including their performance to date and outlook. It also provides the underlying Mineral Resources and Mineral Reserves associated with those assets.

Leading gold-focused royalty and streaming company:

Since our 2007 IPO we have achieved a compounded annual growth rate of 17% in total shareholder returns Growth in annual GEOs of 3x and revenue of 12x since 2008 Nineteen consecutive years of dividend increases with approximately $2.8 billion paid Largest and most diversified portfolio of cash-flow producing assets:

121 cash-flow producing assets generated ~$1.66 billion in Adjusted EBITDA1 in 2025 Portfolio well diversified by asset, operator, geography and commodity, no more than 12% of revenue will come from any one asset for 2026 Long-life portfolio with M&I Royalty Ounce Mine Life2 of 34 years and a further 12-year Inferred Royalty Ounce Mine Life2 for our mining assets Strong growth outlook:

Growth driven by recent acquisitions, mine expansions and new mine starts, with the added potential of a restart of Cobre Panama, long-term optionality with interests in a suite of large-scale development projects that would provide added gold, copper and nickel interest and exposure to the exploration success on approximately 72,000km2 on some of the world's great mineral trends No debt, $3.1 billion in available capital and a strong pipeline of opportunities Sustainability Report

Our 2026 Sustainability Report outlines our accomplishments in 2025 and our commitments to further our sustainability-related leadership. Highlights of the report include:

Responsible Capital Allocation:

Ongoing monitoring of sustainability performance across our major assets, with a focus on health and safety, tailings management, communities and Indigenous Peoples, water management and risk, carbon footprint, and biodiversity Community and Industry Contributions:

Continued year–over–year growth in community contributions, made in partnership with operators across multiple jurisdictions and continued support for mining industry organizations and diversity initiatives Good Governance and Shareholder Alignment:

Recognized for the first time as one of Corporate Knights' 2026 Global 100 Most Sustainable Corporations and once again named as one of Corporate Knights' Canada's Best 50 Corporate Citizens for 2025 along with being ranked the number one mining company in The Globe and Mail's 2025 Board Games High level of Board and management share ownership Diversity, Inclusion and Well-Being:

44% diversity among Board members by reason of gender or ethnicity following the 2026 annual meeting Continued expansion of the Franco–Nevada Mining Industry Scholarship program, supporting the development of a more diverse future workforce Climate Action:

Second year of measuring progress against our corporate emissions reduction targets Ongoing focus on emissions reduction initiatives across our global corporate operations, including the successful implementation of a solar panel project at our Barbados office Transparency and Recognition:

Alignment of sustainability-related disclosure with leading reporting standards and frameworks, including SASB, GRI and continued transition to reporting in alignment with IFRS Sustainability Disclosure Standards Recognition from rating agencies, including an improved "AAA" MSCI ESG rating, Global ESG Leader designation from Sustainalytics, and a "Prime" rating from ISS ESG Corporate Summary

Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

__________________________

1 Adjusted EBITDA is a non-GAAP financial measure with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. Further information relating to this non-GAAP financial measure is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three months and year ended December 31, 2025 and filed on March 10, 2026 with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov.

2 As defined in the 2026 Asset Handbook

SOURCE Franco-Nevada Corporation

Tom Albanese appointed Chair

(in U.S. dollars unless otherwise noted)

, /PRNewswire/ - Franco-Nevada realized record financial results in the first quarter of 2026, driven by higher commodity prices, contributions from newly acquired assets, a partial buy-back and a refund from the Canada Revenue Agency. "The sharp rise in oil prices is expected to positively impact our Q2 revenues, while our royalty and streaming model is largely insulated from the impact of energy prices on cost inflation. Franco-Nevada is unique as a mining equity that benefits from rising oil prices. We look forward to further growth from new assets, additional contributions from Cobre Panamá and the potential for a full resumption of the mine", stated Paul Brink, President & CEO.

At today's AGM, David Harquail gave his last address as Chair before taking on the title of Chair Emeritus. The Board thanked David for leading the IPO of Franco-Nevada and for the tremendous shareholder value he created over the ensuing 18 years.

"After almost 40 years of being in the gold royalty business, I would like to thank all of the shareholders, portfolio managers, the analysts and brokers who believed in us and helped make this latest version of Franco-Nevada "the GOLD Investment that WORKS"", commented David Harquail. "In a world confronted by political volatility and financial market instability, having Franco-Nevada as a lower-risk gold investment that is insulated from inflation and with a strong balance sheet is the right business model. I am proud of the wealth that this strategy has generated for our shareholders and that Franco-Nevada today is a financial powerhouse. I am also proud of the strong management team and Board that is in place to continue to deliver decades more of dividends to shareholders."

Following the meeting, Tom Albanese was appointed as the independent non-executive Chair of its board of directors. Tom has most recently served as the Lead Independent Director of Franco-Nevada. He is a seasoned mining executive including prior CEO roles at both Rio Tinto plc and Vedanta Resources plc and many corporate director positions.

Financial Highlights – Q1 2026 compared to Q1 2025

$650.7 million in revenue, +77% – new record. 136,353 GEOs1 sold, +8%. 126,020 Net GEOs1 sold, +11%. $520.4 million in operating cash flow, +80% – new record. Operating cash flow included a $49.5 million refund from the CRA as a result of the settlement reached in September 2025.   $591.9 million ($3.07/share) in Adjusted EBITDA2, +84% – new records. $468.6 million ($2.43/share) in net income, +123% – new records. $458.3 million ($2.38/share) in Adjusted Net Income2, +123% – new records. Adjusted Net Income included $55.1 million, or $0.28 per share, from the Cascabel buy-backs (net of tax).  $3.4 billion in Available Capital3 as at March 31, 2026. GEOs Sold and Revenue

 Quarterly GEOs sold and revenue by commodity

Q1 2026

Q1 2025

GEOs Sold

Revenue

GEOs Sold

Revenue

#

(in millions)

#

(in millions)

PRECIOUS METALS

Gold

91,158

$

436.9

85,523

$

245.9

Silver

23,618

113.5

12,490

37.0

PGM

3,204

17.7

2,610

7.8

117,980

$

568.1

100,623

$

290.7

DIVERSIFIED

Iron ore

3,794

$

17.1

3,888

$

12.4

Other mining assets

1,403

6.1

1,557

4.4

Oil

7,406

33.5

13,494

34.9

Gas

4,579

20.6

4,499

17.3

NGL

1,191

5.3

2,524

5.8

18,373

$

82.6

25,962

$

74.8

GEOs and revenue from royalty, stream and working interests

136,353

$

650.7

126,585

$

365.5

Interest revenue and other interest income

—

$

—

—

$

2.9

Total GEOs and revenue

136,353

$

650.7

126,585

$

368.4

In Q1 2026, we recognized revenue of $650.7 million, an increase of 77% from Q1 2025, and sold 136,353 GEOs, an increase of 8% from Q1 2025. We benefited from record gold and silver prices achieved during the quarter, strong contributions from Antamina, South Arturo, Hemlo, Musselwhite, and incremental contributions from Côté Gold, Porcupine and Valentine, all of which were acquired or commenced production over the past year. We also benefited from an increase in revenue from our Diversified assets, particularly from our Vale iron ore interest, and our Haynesville and Marcellus gas assets.

Precious Metal assets accounted for 87% of our revenue in Q1 2026 (67% gold, 17% silver, and 3% PGM). Revenue was sourced 87% from the Americas (42% South America, 21% Canada, 15% U.S. and 9% Central America & Mexico).

Portfolio Additions

Acquisition of Royalty Portfolio from Victoria Gold Corp.– Canada and U.S.: Subsequent to quarter-end, 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 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 a milestone payment royalty on i-80 Gold Corp.'s Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Partial Buy-Backs of Cascabel Stream and NSR – Ecuador: In March 2026, following the acquisition of SolGold plc ("SolGold") by Jiangxi Copper (Hong Kong) Investment Company Limited, for and on behalf of Jiangxi Copper Company Limited ("JCC"), SolGold and JCC exercised their option to buy back 50% of the Cascabel stream and NSR. As a result, Franco-Nevada received the equivalent of $40.7 million (net of the ongoing payment of 20% of spot price per ounce delivered) as a one-time delivery of gold ounces for the buy-back of 50% of the Cascabel stream, and $97.5 million in cash for the buy-back of 50% of the Cascabel NSR. Our acquisition cost (on a proportionate 50% basis) was $23.3 million for the stream and $50.0 million for the NSR. These buy-backs resulted in a gain of $63.8 million recognized in net income and Adjusted Net Income for Q1 2026, but excluded from Adjusted EBITDA. Acquisition of Stream on Casa Berardi Gold Mine – Quebec, Canada: On March 24, 2026, we closed the previously announced acquisition of a $100 million gold stream from Orezone Gold Corporation to support their acquisition of Hecla Mining's producing Casa Berardi gold mine and other Quebec assets, including the Heva-Hosco gold project. Stream deliveries to Franco-Nevada consist of fixed deliveries of 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years, with the first delivery received subsequent to quarter-end, on April 15, 2026, followed by variable deliveries of 5.0% of gold produced from Casa Berardi and other Quebec assets, and 2.5% of gold produced from Heva-Hosco. Gold ounces delivered will be subject to an ongoing payment of 20% of spot price. Acquisition of Royalty with i-80 Gold Corp – Nevada, U.S.: On March 16, 2026, we closed the previously announced acquisition of a $250 million NSR from i-80 Gold. The royalty consists of a 1.5% NSR increasing to 3.0% in 2031 on all minerals produced from Granite Creek, the Ruby Hill Property (including Archimedes and Mineral Point), Cove and Lone Tree. Funding of the upfront payment of $225 million was made upon closing, with a further $25 million payable contingent on the incurrence, before the end of 2026, by i-80 Gold of an initial $25 million of budgeted expenditures to advance Mineral Point. Acquisition of Royalty on Bullabulling Gold Project with Minerals 260 Limited – Australia: On February 26, 2026, we closed the previously announced acquisition of a $120 million (A$170 million) gross royalty from Minerals 260 Limited to support its development of the Bullabulling gold project located in Western Australia. The royalty consists of a 1.45% gross royalty over certain tenements on which Franco-Nevada already held a 1.00% royalty and a new 2.45% gross royalty over tenements where Franco-Nevada did not already hold an existing royalty. Upon production of an aggregate 4.0 Moz Au from royalty lands, the royalties, in aggregate, will step down from 2.45% to 1.63%. Additionally, Franco-Nevada subscribed for $35 million (A$50 million) of Minerals 260's ordinary shares at a price of A$0.45 per share. Cobre Panamá Update

Cobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted. As part of the P&SM plan approved by the government of Panama (the "GOP"), import of energy supplies commenced and Cobre Panamá's power plant was restarted. As of the end of Q1 2026, Units 1 and 2 have been commissioned and synchronized to the national grid, and three coal vessels have been successfully received. Both units of the power plant have demonstrated reliable operation, meeting the power demands of the site and excess energy being sold to the national grid.

The integral audit, carried out by SGS Global, is ongoing, with five interim reports having been published, and the sixth report is expected to be published shortly. The integral audit and final seventh consolidated report are expected to be completed and published in Q2 2026.

Subsequent to quarter-end, on April 7, 2026, the GOP authorized the removal, processing, and export of stockpiled ore currently stored on site at the Cobre Panamá mine pursuant to the P&SM Plan. As a result, First Quantum estimates that Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with the balance to be processed in 2027 for a total of approximately 70,000 tonnes. Based on these estimates, 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 the majority of deliveries anticipated in 2027.

Sustainability Updates

During the quarter, we collaborated with the Young Mining Professionals Scholarship Fund to roll-out a dedicated Franco-Nevada Mining Industry Scholarship and, beginning with the 2026/27 academic year, will fund up to C$30,000 annually in renewable, merit-based scholarships for students enrolled in mining related university, college or trade school programs in Canada. During the period, we renewed Franco-Nevada's commitment to Enseña Perú for the 2026/27 campaign in support of educational and community development initiatives in Peru. Subsequent to quarter end, we funded a contribution in partnership with i-80 Gold to support the Boys & Girls Club Early Learning Center in Eureka, Nevada. We continue to rank highly with leading ESG rating agencies, and improved our MSCI ESG rating to "AAA" during the quarter, placing us in the top rating tier.

Available Capital

We had $3.4 billion in Available Capital as at March 31, 2026. This was comprised of $714.7 million in cash and cash equivalents, $1,142.4 million in equity investments and $1.0 billion in unused credit facility with a $500.0 million accordion available directly to Franco-Nevada Corporation. Available credit was further bolstered subsequent to quarter-end by the addition of a second revolving credit facility of $500.0 million with a $250.0 million accordion, entered into by Franco-Nevada International Corporation, our wholly owned subsidiary.

Guidance

The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the "Cautionary Statement on Forward-Looking Information" section at the end of this news release and the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov. Our 2026 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.

We remain on track to achieve our 2026 GEO sales guidance of 510,000 to 570,000 ounces, which does not include any potential contributions from Cobre Panamá.

While we expect to benefit from the recent approval of the processing of stockpiled ore at Cobre Panamá, GEO contributions for 2026 are expected to be relatively moderate, with the majority of deliveries anticipated in 2027. First Quantum estimates it will produce approximately 70,000 tonnes of copper from the processing of stockpiled ore. This would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces.

As a royalty and streaming company, our revenues are largely insulated from the sharp increase in oil prices. Our guidance continues to be based on the commodity price assumptions used at the beginning of the year. Should oil prices remain elevated, we would expect a positive impact on our Energy revenue. An increase of $10 relative to our assumed WTI price of $70 per barrel would be expected to increase oil revenue by approximately 12%. In Q1 2026, oil revenue amounted to $33.5 million. Natural gas liquids, which have seen similar price appreciation, contributed a further $5.3 million.

The following table presents our Q1 2026 actual performance compared to our 2026 guidance.

2026 Guidance (1) (2)

Q1 2026 Actual

Commodity

Gold ounces sold (oz)

360,000 to 400,000

91,158

Silver ounces sold (oz)

4,700,000 to 5,500,000

1,417,077

PGMs ounces sold (oz)

32,000 to 37,000

7,834

Diversified revenue (millions)

$245 to $285

$82.6

GEOs Sold (oz)

510,000 to 570,000

136,353

1

Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.

2

Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance does not reflect any buy-backs which may be elected at the discretion of our operators with the exception of the buy-back of the Cascabel royalty and stream, which occurred in March 2026.

Q1 2026 Portfolio Updates

Precious Metal assets: GEOs sold from our Precious Metal assets amounted to 117,980 GEOs for Q1 2026, an increase of 17% from 100,623 GEOs in Q1 2025. This was primarily due to robust production at Antamina and South Arturo, and contributions from Porcupine and Côté Gold which royalties were acquired in April and June 2025, respectively.

South America:

Candelaria (gold and silver stream) – GEOs sold in Q1 2026 were lower than those sold in Q1 2025, as the prior period quarter included the sale of 3,333 GEOs from inventory held at December 31, 2024. In addition, production at the mine was lower compared to last year, which had the benefit of higher-grade ore from Phase 11. Lundin Mining expects production to be weighted towards H2 2026 when it expects to access higher grade ore from Phase 12. Antapaccay (gold and silver stream) – GEOs sold in Q1 2026 were higher than those sold in Q1 2025, primarily due to mine sequencing and timing of shipments. Antamina (22.5% silver stream) – Silver ounces sold in Q1 2026 were higher than in Q1 2025. The increase in deliveries is attributable to higher silver grades in the current period and timing of shipments. Tocantinzinho (gold stream) – GEOs sold in Q1 2026 were relatively consistent with those sold in Q1 2025. Gold production was lower in the quarter than in previous quarters due to planned processing of lower grade ore. G Mining Ventures expects production to be weighted towards H2 2026 as higher-grade mineralization becomes available in accordance with the mine plan. GEOs sold in the prior year quarter also included the sale of 667 GEOs from inventory held at December 31, 2024. Condestable (gold and silver stream) – There were no GEO deliveries from Condestable during the quarter as the stream transitioned from fixed deliveries to variable deliveries. Variable deliveries for the Condestable stream are due 15 days following the end of each quarter. 3,146 GEOs attributable to the mine's Q1 2026 production period were received in April 2026. This compares to 2,994 GEOs sold in Q1 2025. Yanacocha (1.8% royalty) – GEOs from our Yanacocha royalty were higher in Q1 2026 than in Q1 2025, with strong contributions from the mine which produced 144,000 gold ounces in the current period. Newmont anticipates total production for 2026 of approximately 460,000 gold ounces. Central America & Mexico:

Guadalupe-Palmarejo (50% gold stream) – GEOs sold in Q1 2026 were slightly lower than in Q1 2025, as the prior period quarter included the sale of 2,216 GEOs from inventory held at December 31, 2024. In February 2026, Coeur Mining announced an increase in gold mineral reserves of 40%, extending the mine life by approximately five years. Cobre Panamá (gold and silver stream) – During the quarter, we sold 935 GEOs in connection with the sale of concentrate that had remained on site when production was suspended in November 2023. As a result of the approval of the processing of stockpiled ore at Cobre Panamá, we expect additional stream deliveries of approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries for 2026 are expected to be relatively moderate, with the majority of deliveries anticipated in 2027. Canada:

Côté Gold (7.5% GMR) – GEOs from Côté were lower in Q1 2026 than in Q4 2025, as the mine produced 74,700 gold ounces (100% basis) compared to 87,200 ounces in Q4 2025. Throughput in the quarter was limited by unplanned conveyor downtime. Performance improved in April 2026. In addition, gold production is expected to be more heavily weighted towards H2 2026 based on expected higher grades as determined by the scheduled mine sequence. An updated mineral resource estimate for Côté is planned for Q2 2026, followed by a technical report that is on track by year-end and is expected to outline a larger-scale mine incorporating both the Côté and Gosselin zones. Detour Lake (2% royalty) – Agnico Eagle reported strong production from Detour during the quarter driven by higher availability and productivity of the hauling fleet. Development activities for the underground project continued, with the exploration ramp reaching a depth of 147 metres and overburden removal commencing for the conveyor‑ramp portal. Exploration drilling, which totalled 39,052 metres during the quarter, continued to expand and infill the mineralization below and to the west of the mineral resource pit. Hemlo (50% NPI and 3% NSR) – We earned 5,841 GEOs in Q1 2026, a decrease compared to 6,347 GEOs in Q1 2025. GEOs recognized in the current period included 2,100 GEOs related to Q4 2025. Hemlo Mining Corporation continued to advance several optimization initiatives during the quarter, including transitioning to an owner-operated model, launching a 130,000-metre drill program, and advancing an updated mineral resource estimate and mine plan. Porcupine (4.25% royalty) – In April 2026, Discovery Silver reported strong exploration results at all operations, including multiple high-grade intersections from resource conversion and extension drilling at Hoyle Pond and Borden, favourable drill results within and along strike of current resources at Pamour, and encouraging results from district exploration drilling at Owl Creek. In March 2026, Discovery announced the acquisition of Glencore's Kidd Operations which will provide Discovery with the ability to potentially double production from their Timmins complex. Greenstone (3% royalty) – Equinox Gold reported operational improvements in Q1 2026, with winter mining rates averaging 180 ktpd, consistent with expectations. Mill throughput exceeded nameplate capacity of 27 ktpd for 51% of days in Q1 2026 compared to 36% in Q4 2025. Valentine (3% royalty) – Equinox Gold reported that the ramp-up is progressing well, with the mine averaging 90% of nameplate capacity for Q1 2026. Once operating at design capacity, Valentine Gold is expected to produce between 175,000 and 200,000 ounces of gold annually. Equinox is also continuing to advance the Phase 2 expansion which would increase average annual production to approximately 223,000 ounces for ten years. Musselwhite (5% NPI) – In April 2026, Orla Mining continued to report exploration success at Musselwhite, with stacked extension zones expanding the mine trend by more than two kilometers and providing for significant mine life extension. Surface drilling within 10km of the mill identified multiple targets for potential open-pit satellite deposits, including at Camp Bay which is covered by our NPI. Sudbury (gold and PGM stream) – GEOs sold from our Sudbury stream were higher in Q1 2026 than in Q1 2025. Production relates to the McCreedy West Mine operated by Magna Mining. Since acquiring the assets in January 2025, Magna continues to evaluate production opportunities at McCreedy West as it continues to receive new diamond drilling information and optimizes its plan to increase production and profitability. Eskay Creek (2.5% royalty) – Skeena Resources reported that construction was 49% complete as of February 28, 2026 and that the project remains on schedule, with initial production targeted for Q2 2027 and commercial production for Q3 2027. In April 2026, Skeena raised $750 million through the issuance of senior secured notes. Canadian Malartic (1.5% royalty) – At Odyssey, production from the East Gouldie ramp commenced in March 2026, three months ahead of schedule. Gold production was in line with plan at approximately 27,400 ounces, with Odyssey expected to contribute approximately 120,000 ounces of gold in 2026. It is estimated that Franco-Nevada's East Gouldie claims cover approximately 28% of the East Gouldie reserve, with drilling continuing to extend East Gouldie to the east in both the upper and lower portions of the deposit. For 2026, Franco-Nevada estimates 600-700 GEOs will be received from our royalty interest at Canadian Malartic. U.S.:

Stillwater (5% royalty) – Sibanye-Stillwater reported that its US PGM Operations were converting its stoping technique to allow increased volumes mined. The phased implementation is expected to be completed by H2 2028. Sibanye-Stillwater expects steady-state production of approximately 410,000 ounces by 2029, with Stillwater West providing future optionality and upside. South Arturo (4-9% royalties) – GEOs sold in Q1 2026 were higher than in Q1 2025, as Nevada Gold Mines continues to mine the South Arturo pit in 2026, in line with the Carlin mine plan. Bald Mountain (1-5% royalties) – Kinross reported that the Redbird project advanced across several key areas during the quarter, including mining, construction of processing infrastructure, and earthworks for the heap leach pad extension. The Redbird project, along with five additional satellite pits, is expected to incrementally produce a total of 640,000 gold ounces and extends the mine life to 2032. i-80 (1.5% royalty) – In March 2026, i-80 completed a recapitalization plan which is expected to fully fund its development plan through Phase 1 and Phase 2, with a path to funding Phase 3. In April, i-80 announced positive assay results from its drilling campaign at the Archimedes project. i-80 commenced construction of Archimedes in Q3 2025. Rest of World:

Western Limb (gold and platinum stream) – GEOs sold in Q1 2026 were lower than in the prior year quarter. Deliveries received in Q1 2025 related to four months of production, commencing from the effective date of the agreement (September 1, 2024) through December 31, 2024. Tasiast (2% royalty) – GEOs from our Tasiast royalty were higher than in Q1 2025, due to higher production supported by higher grades. Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were lower in Q1 2026 than in Q1 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Production on royalty ground continues at the Subika Underground, where Newmont plans to increase its investment in exploration and advanced projects. Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $82.6 million in revenue, compared to $74.8 million in Q1 2025. When converted to GEOs, our Diversified assets contributed 18,373 GEOs, compared to 25,962 GEOs in Q1 2025. The lower GEOs are due to using a higher gold price for conversion ($4,500 per ounce for the current period).

Other Mining: 

Vale (iron ore royalty) – Revenue from the Vale royalty increased when compared to Q1 2025, largely driven by the inclusion of sales from the Southeastern System following the achievement of the cumulative sales threshold of 1.7 billion tonnes of iron ore in April 2025. LIORC – Revenue from our attributable interest on the Carol Lake mine in Q1 2026 was lower than in Q1 2025. LIORC declared a cash dividend of C$0.30 per common share in the current period, compared to C$0.50 in Q1 2025. Production at IOC in Q1 2026 was lower due to adverse weather and ongoing challenges including mine equipment reliability. Ring of Fire – In March 2026, the government of Ontario released an accelerated plan for all‑season road construction into the Ring of Fire, with construction scheduled to commence in mid-2026. The Ontario government has also signed new economic partnerships with Marten Falls First Nation and Webequie First Nation. In December 2025, the Ontario and Canadian federal governments signed a cooperation agreement aimed at eliminating duplicative environmental and impact assessment processes through the "One Project, One Process" framework. Energy:

U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased to $43.0 million in Q1 2026, compared to $41.8 million in Q1 2025. The increase was driven by higher production at our Haynesville interests, and higher realized gas prices at Marcellus due to weather-related seasonality. Canada (various royalty rates) – Revenue from our Canadian Energy interests was $16.4 million in Q1 2026, compared to $16.2 million in Q1 2025 due to higher realized oil prices. Our Weyburn NRI benefited from stronger pricing and lower expenses compared to Q1 2025. Dividend Declaration

Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.44 per share. The dividend will be paid on June 25, 2026, to shareholders of record on June 11, 2026 (the "Record Date"). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.

The Company has a Dividend Reinvestment Plan (the "DRIP") which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com. Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at www.investorcentre.com/franco-nevada. Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP.

This news release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at www.sec.gov.

Shareholder Information and Details for Q1 2026 Conference Call

The complete Consolidated Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

We will host a conference call to review our Q1 2026 quarterly results. Interested investors are invited to participate as follows:

Conference Call and Webcast:

May 13th 8:00 am ET

Dial‑in Numbers:

Toll‑Free: 1-888-510-2154

International: 437-900-0527

Conference Call URL (This allows participants to join the conference call by
phone without operator assistance. Participants will receive an automated
call back after entering their name and phone number):

emportal.ink/4eu8kF3

Webcast:

www.franco-nevada.com

Replay (available until May 20th):

Toll‑Free: 1-888-660-6345

International: 289-819-1450

Pass code: 31601#

Corporate Summary

Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.

Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. 

For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

ENDNOTES:

1. Gold Equivalent Ounces ("GEOs") and Net Gold Equivalent Ounces ("Net GEOs"):

GEOs include Franco-Nevada's attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. Beginning in 2026, the Company adopted fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance. This methodology replaces our previous methodology which was based on variable GEO conversion ratios using prevailing market prices. Our 2026 guidance, as disclosed in our 2025 MD&A filed on March 10, 2026, assumed the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance. Net GEOs are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce. Calculation of Net Gold Equivalent Ounces:

For the three months ended

March 31, 

(expressed in millions, excepts GEOs and Gold Price)

2026

2025

GEOs

136,353

126,585

Less:

Cash Costs

$

46.5

$

38.5

Divided by: Gold price per ounce

$

4,500

$

2,863

10,333

13,447

Net GEOs

126,020

113,138

2. NON-GAAP FINANCIAL MEASURES: 

Adjusted Net Income, Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three months ended March 31, 2026 dated May 12, 2026 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov. Change in Composition of Adjusted Net Income – Gains on buy-backs of royalty and stream interests: Effective Q1 2026, the Company updated the composition of its Adjusted Net Income (and related per share and margin amounts) to no longer adjust for gains on contractual buy-backs of royalty and stream interests. Previously, gains on buy-backs were an adjusting item when calculating Adjusted Net Income (and related per share and margin amounts). Management continues to adjust for gains or losses on sales on discretionary sales of mineral interests when calculating these non-GAAP measures. Management believes that this change more appropriately reflects the Company's operating performance as contractual buy-backs are embedded in the terms of many of the Company's royalty and stream interest agreements, such that they occur in the ordinary course and are an integral part of Franco Nevada's royalty and stream business. Unlike less common discretionary sales of mineral interests, these transactions are evaluated by management when assessing overall returns from our royalty and stream interests, and accordingly, we believe such gains should not be eliminated for purposes of calculating Adjusted Net Income and related per share amounts, when evaluating performance for investors. This change is reflected on a full retrospective basis. Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests (excluding gains on buy-backs of royalty and stream interests) and investments; impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; the impact of income taxes on these items; income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates. Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue. Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment losses and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; gains on buy-backs of royalty and stream interests, impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses. Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue. Reconciliation of Non-GAAP Financial Measures:

For the three months ended

March 31, 

(expressed in millions, except per share amounts)

2026

2025

Net income

$

468.6

$

209.8

Foreign exchange gain and other income

(12.4)

(5.7)

Tax effect of adjustments

2.1

1.5

Adjusted Net Income

$

458.3

$

205.6

Basic weighted average shares outstanding

192.8

192.6

Adjusted Net Income per share

$

2.38

$

1.07

For the three months ended

March 31, 

(expressed in millions, except Adjusted Net Income Margin)

2026

2025

Adjusted Net Income

$

458.3

$

205.6

Divided by: Revenue

650.7

368.4

Adjusted Net Income Margin

70.4

%

55.8

%

For the three months ended

March 31, 

(expressed in millions, except per share amounts)

2026

2025

Net income

$

468.6

$

209.8

Income tax expense

126.3

59.8

Finance income

(5.5)

(11.1)

Finance expenses

0.8

0.7

Depletion and depreciation

77.9

68.4

Gain on buy-back of royalty and stream interests

(63.8)

—

Foreign exchange gain and other income

(12.4)

(5.7)

Adjusted EBITDA

$

591.9

$

321.9

Basic weighted average shares outstanding

192.8

192.6

Adjusted EBITDA per share

$

3.07

$

1.67

For the three months ended

March 31, 

(expressed in millions, except Adjusted EBITDA Margin)

2026

2025

Adjusted EBITDA

$

591.9

$

321.9

Divided by: Revenue

650.7

368.4

Adjusted EBITDA Margin

91.0

%

87.4

%

3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $714.7 million as at March 31, 2026, our equity investments (excluding our long-term investment in Labrador Iron Ore Company of Canada) of $1,142.4 million and the amount available to borrow under our $1.0 billion corporate revolving credit facility and its accordion of $500.0 million as at March 31, 2026. Subsequent to quarter-end, on May 8, 2026, FNIC entered into a revolving credit facility of $500.0 million with a $250.0 million accordion.

FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(in millions of U.S. dollars)

At March 31, 

At December 31, 

2026

2025

ASSETS

Cash and cash equivalents

$

714.7

$

670.9

Receivables

267.5

241.9

Gold and silver bullion and stream inventory

123.3

40.1

Other current assets

22.1

68.5

Current assets

$

1,127.6

$

1,021.4

Royalty, stream and working interests, net

$

6,307.2

$

6,043.1

Investments

1,322.0

1,141.3

Deferred income tax assets

19.8

23.2

Other assets

21.0

12.4

Total assets

$

8,797.6

$

8,241.4

LIABILITIES

Accounts payable and accrued liabilities

$

49.7

$

44.9

Income tax liabilities

133.5

78.1

Current liabilities

$

183.2

$

123.0

Deferred income tax liabilities

$

487.0

$

440.7

Income tax liabilities

12.4

33.8

Other liabilities

8.3

8.6

Total liabilities

$

690.9

$

606.1

SHAREHOLDERS' EQUITY

Share capital

$

5,813.9

$

5,803.4

Contributed surplus

16.5

21.6

Retained earnings

1,771.6

1,379.8

Accumulated other comprehensive income

504.7

430.5

Total shareholders' equity

$

8,106.7

$

7,635.3

Total liabilities and shareholders' equity

$

8,797.6

$

8,241.4

The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website

FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 
(in millions of U.S. dollars and shares, except per share amounts)

For the three months ended

March 31, 

2026

2025

Revenue

Revenue from royalty, streams and working interests

$

650.7

$

365.5

Interest revenue

—

2.9

Total revenue

$

650.7

$

368.4

Costs of sales

Costs of sales

$

46.5

$

38.5

Depletion and depreciation

77.9

68.4

Total costs of sales

$

124.4

$

106.9

Gross profit

$

526.3

$

261.5

Other operating (income) expenses

General and administrative expenses

$

9.2

$

9.4

Share-based compensation expenses

6.2

5.7

Gain on buy-back of royalty and stream interests

(63.8)

—

Gain on sale of gold and silver bullion

(3.1)

(7.1)

Total other operating (income) expenses

$

(51.5)

$

8.0

Operating income

$

577.8

$

253.5

Foreign exchange gain and other income

$

12.4

$

5.7

Income before finance items and income taxes

$

590.2

$

259.2

Finance items

Finance income

$

5.5

$

11.1

Finance expenses

(0.8)

(0.7)

Net income before income taxes

$

594.9

$

269.6

Income tax expense

126.3

59.8

Net income

$

468.6

$

209.8

Other comprehensive income, net of taxes

Items that may be reclassified subsequently to profit and loss:

Currency translation adjustment

$

(51.9)

$

2.7

Items that will not be reclassified subsequently to profit and loss:

Gain on changes in the fair value of equity investments

at fair value through other comprehensive income ("FVTOCI"),

net of income tax

133.7

148.8

Other comprehensive income, net of taxes

$

81.8

$

151.5

Comprehensive income

$

550.4

$

361.3

Earnings per share

Basic

$

2.43

$

1.09

Diluted

$

2.43

$

1.09

Weighted average number of shares outstanding

Basic

192.8

192.6

Diluted

193.2

192.9

The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website

FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)

For the three months ended

March 31, 

2026

2025

Cash flows from operating activities

Net income

$

468.6

$

209.8

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion and depreciation

77.9

68.4

Share-based compensation expenses

1.1

2.1

Gain on buy-back of royalty and stream interests

(63.8)

—

Unrealized foreign exchange gain

(1.3)

(6.0)

Deferred income tax expense

33.7

9.1

Gain on sale of gold and silver bullion

(3.1)

(7.1)

Gain on derivative financial instruments

(11.0)

(0.1)

Other non-cash items

(0.2)

(0.2)

Gold and silver bullion from royalties received in-kind

(47.4)

(19.2)

Proceeds from sale of gold and silver bullion

15.1

30.2

Receipt of deposits and interest from Canada Revenue Agency

49.5

—

Increase in other assets

(8.2)

—

Operating cash flows before changes in non-cash working capital

$

510.9

$

287.0

Changes in non-cash working capital:

Increase in receivables

$

(25.6)

$

(8.4)

(Increase) decrease in other current assets

(3.2)

8.9

Increase in accounts payable and accrued liabilities

38.3

1.4

Net cash provided by operating activities

$

520.4

$

288.9

Cash flows used in investing activities

Acquisition of royalty, stream and working interests

$

(449.4)

$

(505.2)

Acquisition of investments

(35.3)

(52.3)

Proceeds from buy-back of royalty interest

97.5

—

Acquisition of gold bullion from buy-back of stream interest

(10.2)

—

Acquisition of energy well equipment

(0.3)

(1.2)

Acquisition of property and equipment

(0.2)

(2.0)

Proceeds from sale of investments

—

9.7

Net cash used in investing activities

$

(397.9)

$

(551.0)

Cash flows used in financing activities

Payment of dividends

$

(80.5)

$

(70.2)

Capitalized debt issue costs

(0.7)

—

Proceeds from exercise of stock options

0.4

3.4

Net cash used in financing activities

$

(80.8)

$

(66.8)

Effect of exchange rate changes on cash and cash equivalents

$

2.1

$

5.7

Net change in cash and cash equivalents

$

43.8

$

(323.2)

Cash and cash equivalents at beginning of period

$

670.9

$

1,451.3

Cash and cash equivalents at end of period

$

714.7

$

1,128.1

Supplemental cash flow information:

Income taxes paid

$

58.1

$

47.5

Dividend income received

$

1.6

$

3.3

Interest and standby fees paid

$

0.8

$

1.0

The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website

SOURCE Franco-Nevada Corporation

Franco-Nevada (FNV) remains a fundamentally strong, asset-light gold royalty business with no debt and high margins, but valuation is currently unattractive. Despite gold's surge and FNV's 90%+ EBITDA margins, the stock underperformed physical gold and broader indices due to high P/E and investor preference for higher-beta miners. FNV's diversified exposure, including oil and gas, and its premium multiple limit upside; annualized RoR since 2020 is under 8%.

Franco-Nevada Corporation (FNV:CA) Q1 2026 Earnings Call Transcript