10:52 AM EDT, 04/11/2024 (MT Newswires) -- National Bank of Canada said Wednesday that Franco-Nevada Corp.'s ( FNV ) Investor Day provided additional context on the company's previously released information. The bank said Franco-Nevada ( FNV ) provided no changes to its outlook based on the company's 2024 and long-term guidance, which remained unchanged.

Franco-Nevada ( FNV ) maintained a 2024 guidance of 480,000 to 540,000 ounces of gold equivalent. (incl. 360,000 to 400,000 GEOs from precious metal assets) including commencement from Tocantinzhinho, Greenstone, Posse (Mara Rosa) and Salares Norte. This compares to an NBF Estimate of 530,000 GEOs (at FNV budgeted commodity prices) including 400,850 GEOs from precious metals. The guidance assumes no contributions from Cobre Panama. FNV maintained long-term guidance of 540,000 to 600,000 GEOs by 2028 compared to NBF Estimates of 605,370 GEOs (excl. Cobre Panama) at FNV commodity price deck.

In a Cobre Panama update, FNV will continue with their arbitration proceedings. Panama national elections will be held in early May where a new government may ultimately be willing to negotiate First Quantum's contract for operating the mine.

The bank left Franco-Nevada ( FNV ) a sector perform rating and with a $190.00 price target.

"FNV remains a staple name in the gold sector, offers unparalleled portfolio diversification and maintains a strong financial position," the bank said.

Price: 165.01, Change: -1.32, Percent Change: -0.79