Paul Brink

Paul Brink leads Franco-Nevada Corporation as President and CEO, overseeing the world's largest gold-focused royalty and streaming company. Franco-Nevada's business model is uniquely attractive: the company acquires royalties and streaming agreements on mining properties, receiving a percentage of production or the right to purchase metals at below-market prices, without bearing any of the capital costs, operating expenses, or environmental liabilities of mining. The portfolio spans over 400 assets globally, with gold as the primary exposure (~80% of revenue), supplemented by silver, platinum group metals, and energy royalties. Key assets include streams on First Quantum's Cobre Panama mine, Lundin's Candelaria mine, and royalties on numerous Barrick, Newmont, and other major miners' properties. The Cobre Panama impairment (mine closure due to government dispute) was a significant setback. Franco-Nevada's model provides optionality to exploration success (royalties on early-stage properties that may become mines), natural hedging against inflation (gold typically rises with inflation), and leveraged exposure to gold prices without operating risk. Key stock drivers include gold and silver prices, production volumes from royalty/stream properties, new deal flow and acquisition pipeline, Cobre Panama resolution, portfolio diversification, and the premium valuation that royalty companies command over traditional miners.