FNV

Franco-Nevada Corporation

research_scan theme='sovereign-fiscal-capacity'; value_chain_position='picks-and-shovels'; Royalty/streaming model tracks metal price without operator-cost leverage — the path-variance-resistant expression the mid-cycle gold drawdown newly surfaces. New candidate this scan; recommend watchlist tag under sovereign-fiscal-capacity. Business-model reservation-price analysis: substituting requires multi-decade royalty-book aggregation.