Franco-Nevada Acquires Bullabulling Gold Royalty for $120 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 22 2026
0mins
Should l Buy FNV?
Source: PRnewswire
- Royalty Acquisition: Franco-Nevada has entered into an agreement to acquire a gross royalty from Minerals 260 for A$170 million (approximately $120 million), effectively increasing its total royalty interest in the Bullabulling Gold Project from 1.00% to 2.45%, significantly enhancing its market position in Australia.
- Equity Investment: The company has also agreed to subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, demonstrating confidence in the team's ability to develop the Bullabulling project and create long-term value for shareholders.
- Funding Support: The A$220 million funding package secured by Minerals 260 from Franco-Nevada will accelerate the development of the Bullabulling project while substantially de-risking the funding pathway, thereby enhancing the project's production potential and market appeal.
- Strategic Importance: This acquisition marks Franco-Nevada's largest royalty acquisition in Australia, further solidifying its position as a leading gold-focused royalty and streaming company globally, while providing robust support for future expansion and investment opportunities.
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Analyst Views on FNV
Wall Street analysts forecast FNV stock price to fall
10 Analyst Rating
6 Buy
4 Hold
0 Sell
Moderate Buy
Current: 280.610
Low
210.00
Averages
236.43
High
270.00
Current: 280.610
Low
210.00
Averages
236.43
High
270.00
About FNV
Franco-Nevada Corporation is a Canada-based gold-focused royalty and streaming company. The Company’s segments include precious metals, other mining and energy. The Company’s portfolio is diversified by commodity, geography and asset. Its assets include Candelaria, Antapaccay, Antamina, Condestable, Tocantinzinho, Cerro Moro, Salares Norte, Cascabel (Alpala), Posse (Mara Rosa), CentroGold (Gurupi), Calcatreu, and San Jorge. Its other mining assets include NuevaUnion, Taca Taca, Caserones, Copper World Project, Ring of Fire, Mt Keith, Crawford, Robinson, EaglePicher, Copper World Project, and Milpillas. Its United States assets include Stillwater, Goldstrike, Gold Quarry, Marigold, Bald Mountain, South Arturo, Mesquite, Castle Mountain, Stibnite Gold, Sterling, Granite Creek (Pinson) and Arthur Gold Project. Its Canadian assets include Detour Lake, Sudbury, Hemlo, Brucejack, Macassa (Kirkland Lake), Dublin Gulch (Eagle), Musselwhite, and Timmins West.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Franco-Nevada Secures A$220M Funding Deal with Minerals 260 for Bullabulling Gold Project
- Funding Agreement: Franco-Nevada has entered into a A$220M funding agreement with Minerals 260 to accelerate the development of the Bullabulling gold project in Western Australia, marking the company's largest royalty investment in Australia.
- Royalty Acquisition: Under the terms of the deal, Franco-Nevada will acquire a A$170M gross royalty to support the development of Bullabulling and has agreed to subscribe for A$50M of Minerals 260's ordinary shares, further enhancing its investment in the project.
- Royalty Rate Increase: This transaction will raise Franco-Nevada's existing 1% gross royalty on the Bullabulling project to an effective 2.45%, covering a broader land package of mineral resources and areas of interest, significantly strengthening its market position in the region.
- Resource Potential: The Bullabulling project boasts an existing resource of 3M oz in the indicated category (93M metric tons at 1.0 g/t) and 1.5M oz inferred (42M metric tons at 1.1 g/t), highlighting its potential as one of Australia's larger near-term gold projects.
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FRANCO-NEVADA CORP: TD COWEN INCREASES TARGET PRICE FROM $281 TO $290
Target Price Increase: Franco-Nevada Corporation has raised its target price to $290 from $281.
Market Impact: This adjustment reflects a positive outlook on the company's performance and potential growth in the market.
See More
Franco-Nevada Acquires Royalty from Minerals 260 for $120 Million
- Royalty Acquisition: Franco-Nevada has reached an agreement to acquire a gross royalty from Minerals 260 for A$170 million (approximately $120 million) through its wholly-owned Australian subsidiary, which will support the development of the Bullabulling Gold Project in Western Australia, thereby enhancing its resource control in the region.
- Share Subscription: Additionally, Franco-Nevada has agreed to subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, a move that not only strengthens its investment portfolio in the mining sector but also has the potential for future capital appreciation.
- Increased Royalty Rate: This acquisition will increase Franco-Nevada's total royalty rate over the Bullabulling project from 1.00% to 2.45%, covering all mineral resources and areas of interest, significantly enhancing its revenue potential from the project.
- Funding Strategy: Franco-Nevada intends to finance the transactions using cash on hand, with $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025, ensuring financial stability to support future expansion plans.
See More
Franco-Nevada Acquires Bullabulling Gold Royalty for $120 Million
- Royalty Acquisition: Franco-Nevada has entered into an agreement to acquire a gross royalty from Minerals 260 for A$170 million (approximately $120 million), effectively increasing its total royalty interest in the Bullabulling Gold Project from 1.00% to 2.45%, significantly enhancing its market position in Australia.
- Equity Investment: The company has also agreed to subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, demonstrating confidence in the team's ability to develop the Bullabulling project and create long-term value for shareholders.
- Funding Support: The A$220 million funding package secured by Minerals 260 from Franco-Nevada will accelerate the development of the Bullabulling project while substantially de-risking the funding pathway, thereby enhancing the project's production potential and market appeal.
- Strategic Importance: This acquisition marks Franco-Nevada's largest royalty acquisition in Australia, further solidifying its position as a leading gold-focused royalty and streaming company globally, while providing robust support for future expansion and investment opportunities.
See More
Franco-Nevada Acquires Royalty for Bullabulling Gold Project
- Royalty Acquisition: Franco-Nevada has entered into an agreement to acquire a gross royalty of A$170 million (approximately $120 million) from Minerals 260, increasing its stake in the Bullabulling Gold Project from 1.00% to 2.45%, reflecting strong confidence in the project's potential.
- Financial Backing: In addition to the royalty, Franco-Nevada will subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, which is expected to accelerate the development of Bullabulling and facilitate first gold production as early as H2 2028.
- Resource Potential: The Bullabulling project boasts existing resources of 3.0 million ounces of indicated resources and 1.5 million ounces of inferred resources, with recent drilling nearly doubling the mineral resources, indicating significant growth potential that will drive project development.
- Experienced Management Team: Led by Tim Goyder, who has over 40 years of experience in the resource sector, the Minerals 260 management team, combined with Franco-Nevada's financial support, is expected to effectively mitigate development risks and expedite project progress.
See More
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Company Announcement: Franco-Nevada Corp has raised its target price for shares of Jefferies to $268.
Previous Target Price: The previous target price for Jefferies was set at $226.
See More
Franco-Nevada Secures A$220M Funding Deal with Minerals 260 for Bullabulling Gold Project
- Funding Agreement: Franco-Nevada has entered into a A$220M funding agreement with Minerals 260 to accelerate the development of the Bullabulling gold project in Western Australia, marking the company's largest royalty investment in Australia.
- Royalty Acquisition: Under the terms of the deal, Franco-Nevada will acquire a A$170M gross royalty to support the development of Bullabulling and has agreed to subscribe for A$50M of Minerals 260's ordinary shares, further enhancing its investment in the project.
- Royalty Rate Increase: This transaction will raise Franco-Nevada's existing 1% gross royalty on the Bullabulling project to an effective 2.45%, covering a broader land package of mineral resources and areas of interest, significantly strengthening its market position in the region.
- Resource Potential: The Bullabulling project boasts an existing resource of 3M oz in the indicated category (93M metric tons at 1.0 g/t) and 1.5M oz inferred (42M metric tons at 1.1 g/t), highlighting its potential as one of Australia's larger near-term gold projects.
See More
FRANCO-NEVADA CORP: TD COWEN INCREASES TARGET PRICE FROM $281 TO $290
Target Price Increase: Franco-Nevada Corporation has raised its target price to $290 from $281.
Market Impact: This adjustment reflects a positive outlook on the company's performance and potential growth in the market.
See More
Franco-Nevada Acquires Royalty from Minerals 260 for $120 Million
- Royalty Acquisition: Franco-Nevada has reached an agreement to acquire a gross royalty from Minerals 260 for A$170 million (approximately $120 million) through its wholly-owned Australian subsidiary, which will support the development of the Bullabulling Gold Project in Western Australia, thereby enhancing its resource control in the region.
- Share Subscription: Additionally, Franco-Nevada has agreed to subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, a move that not only strengthens its investment portfolio in the mining sector but also has the potential for future capital appreciation.
- Increased Royalty Rate: This acquisition will increase Franco-Nevada's total royalty rate over the Bullabulling project from 1.00% to 2.45%, covering all mineral resources and areas of interest, significantly enhancing its revenue potential from the project.
- Funding Strategy: Franco-Nevada intends to finance the transactions using cash on hand, with $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025, ensuring financial stability to support future expansion plans.
See More
Franco-Nevada Acquires Bullabulling Gold Royalty for $120 Million
- Royalty Acquisition: Franco-Nevada has entered into an agreement to acquire a gross royalty from Minerals 260 for A$170 million (approximately $120 million), effectively increasing its total royalty interest in the Bullabulling Gold Project from 1.00% to 2.45%, significantly enhancing its market position in Australia.
- Equity Investment: The company has also agreed to subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, demonstrating confidence in the team's ability to develop the Bullabulling project and create long-term value for shareholders.
- Funding Support: The A$220 million funding package secured by Minerals 260 from Franco-Nevada will accelerate the development of the Bullabulling project while substantially de-risking the funding pathway, thereby enhancing the project's production potential and market appeal.
- Strategic Importance: This acquisition marks Franco-Nevada's largest royalty acquisition in Australia, further solidifying its position as a leading gold-focused royalty and streaming company globally, while providing robust support for future expansion and investment opportunities.
See More
Franco-Nevada Acquires Royalty for Bullabulling Gold Project
- Royalty Acquisition: Franco-Nevada has entered into an agreement to acquire a gross royalty of A$170 million (approximately $120 million) from Minerals 260, increasing its stake in the Bullabulling Gold Project from 1.00% to 2.45%, reflecting strong confidence in the project's potential.
- Financial Backing: In addition to the royalty, Franco-Nevada will subscribe for A$50 million (approximately $35 million) of Minerals 260's ordinary shares, which is expected to accelerate the development of Bullabulling and facilitate first gold production as early as H2 2028.
- Resource Potential: The Bullabulling project boasts existing resources of 3.0 million ounces of indicated resources and 1.5 million ounces of inferred resources, with recent drilling nearly doubling the mineral resources, indicating significant growth potential that will drive project development.
- Experienced Management Team: Led by Tim Goyder, who has over 40 years of experience in the resource sector, the Minerals 260 management team, combined with Franco-Nevada's financial support, is expected to effectively mitigate development risks and expedite project progress.
See More
FRANCO-NEVADA CORP: JEFFERIES INCREASES TARGET PRICE FROM $226 TO $268
Company Announcement: Franco-Nevada Corp has raised its target price for shares of Jefferies to $268.
Previous Target Price: The previous target price for Jefferies was set at $226.
See More
