Kindsight Acquires Affinaquest to Transform the Future of Fundraising and Advancement
A shared vision for transformation
"These are unprecedented times for fundraising. There's more data at our fingertips than we could have imagined just a few years ago. And we're all navigating a landscape shaped by economic uncertainty, shifting policies, and evolving donor expectations," says Kindsight CEO Ross Beattie. "But through it all, one thing remains constant: our mission to inspire greater generosity and empower clients to uplift their causes. Affinaquest joining Kindsight is a testament to that mission."
The partnership strengthens Kindsight's ability to deliver innovative, adaptable solutions that meet the evolving needs of higher education, healthcare, enterprise nonprofits, and athletics organizations. Kindsight is now better equipped than ever to support complex fundraising organizations, including campaign management, gift processing, and powering intelligent donor journeys, all while maintaining configurability, speed, and the high level of support clients depend on.
"Unwavering focus on client success"
With this exciting new chapter, Kindsight's commitment to best-in-class client experience remains steadfast. Service, support, and relationships will continue seamlessly, with a visible focus on enhancement. Together, the combined organization is creating a stronger foundation to deliver greater value and make an even larger impact for those it serves.
"This acquisition reinforces Kindsight's commitment to placing clients at the center of every decision. It is a bold step forward in reimagining what's possible for the institutions we serve," says David Marr, CEO of Affinaquest. "Kindsight's unwavering focus on client success aligns seamlessly with our values. Together, we're not just enhancing capabilities, we are empowering our clients to transform how they engage, inspire, and grow in pursuit of their missions."
Better equipped for the future of fundraising
This partnership combines Affinaquest and Kindsight's deep expertise in advancement operations, data strategy, and constituent engagement, along with their shared native Salesforce flexibility.
"This new partnership further strengthens our belief and excitement in having Kindsight's fundraising platform power our advancement strategies and success. It represents a bold step forward in innovation and collaboration, empowering us to leverage even more advanced tools to deepen donor relationships, all in one place," says Chris Speier, Vice President and Chief Data Officer at Texas A&M Foundation. "The enhanced capabilities that come with Affinaquest joining forces with Kindsight will undoubtedly help us drive greater impact."
"This new chapter marks a powerful evolution for advancement technology," says Jill Baltz, Assistant Vice Chancellor for Advancement Services at Vanderbilt University. "Affinaquest's Advancement RM has already streamlined operations, improved data integrity, and driven meaningful engagement. Now, as part of the Kindsight community, we're excited to unlock deeper insights and accelerate outcomes." These deeper insights extend to collegiate athletics fans as well. "This new chapter couldn't be more timely," says Dan Stahl, Chief Revenue and Data Officer at the University of South Carolina. "Affinaquest's predictive analytics have already generated millions in added revenue for our department. With Kindsight's market-leading research tools, we're poised to take fan engagement and fundraising to the next level."
This announcement is an exciting new milestone that further adds to Kindsight's rapid growth and market leadership. In May, the company launched its groundbreaking Fundraising Intelligence platform, setting a new standard in donor qualification and engagement. Powered by the industry's most comprehensive live donor data, organizations can now identify top prospects, deliver personalized outreach, and raise more funds in support of their mission.
With a clear roadmap, strong leadership, and a culture of care, Kindsight and Affinaquest are positioned for shared success. This acquisition reflects a forward-thinking approach to creating lasting value for clients, teams, and the fundraising community as a whole.
For more information, please contact: [email protected]
About Kindsight
Kindsight builds technology that helps nonprofits make a difference. For decades, Kindsight has supported the education, healthcare, and nonprofit sectors with fundraising tools and the largest charitable giving database on the market. And as the giving sector evolves, so does Kindsight. As the leader in fundraising intelligence, Kindsight leverages real-time data and AI to help thousands of organizations around the world identify, manage, and engage with donors—at any scale. Kindsight is truly changing the game for donor fundraising. Connect your story to donors who care about your cause—at any scale, in real time—that's the power of Kindsight. Learn more at kindsight.io
About Affinaquest
Affinaquest powers colleges, universities, athletic departments, and academic medical centers to unlock their data potential. Offering innovative CRM software native to the Salesforce platform, a proprietary Customer Data Platform (CDP), and advanced analytics, Affinaquest equips clients to be the architects of their success—surfacing opportunities for increased and more personal engagement, resulting in meaningful revenue growth. The approach to innovation isn't about reinventing the wheel—it's about transforming it. This is the quest for affinity: driving lasting relationships that shape the future of advancement and athletics.
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Sudbury (gold and PGM stream) – Since acquiring McCreedy West, Levack and Podolsky in February 2025. Magna has undertaken initiatives aimed at improving operations at McCreedy West and initiated drilling programs at both McCreedy West and Levack. Magna expects to be developing into mining areas from the 700 Copper Zone at McCreedy West that have better grades starting in Q4 2025 and is upgrading mobile equipment and increasing planned underground development. Macassa (Kirkland Lake) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that gold production at Macassa was higher than planned as a result of a change in mining sequence and positive grade reconciliation. Agnico Eagle continues to focus on asset optimization, with construction of the new paste plant continuing in Q2 2025 with commissioning scheduled in Q3 2025. 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Canada (various royalty rates) – Revenue from our Canadian Energy interests was lower than in Q2 2024. The decrease is primarily attributable to our Weyburn NRI which is paid net of costs and therefore more heavily impacted by lower commodity prices. Dividend Declaration Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.38 per share. The dividend will be paid on September 25, 2025, to shareholders of record on September 11, 2025 (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 Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at 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 press 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 The complete unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis can be found on our website at on SEDAR+ at and on EDGAR at We will host a conference call to review our Q2 2025 quarterly results. Interested investors are invited to participate as follows: 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 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, 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 Panama 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, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, 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 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 the ongoing 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 Panama 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 and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on 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. 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. The price used in the computation of GEOs varies depending on the royalty or stream agreement of each particular asset, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. For Q2 2025, the average commodity prices were as follows: $3,279/oz gold (Q2 2024 - $2,338), $33.64/oz silver (Q2 2024 - $28.86), $1,073/oz platinum (Q2 2024 - $981) and $990/oz palladium (Q2 2024 - $972), $98/t Fe 62% CFR China (Q2 2024 - $110), $63.74/bbl WTI oil (Q2 2024 - $80.57) and $3.51/mcf Henry Hub natural gas (Q2 2024 - $2.34). For H1 2025, the average commodity prices were as follows: $3,071/oz gold (H1 2024 - $2,205), $32.77/oz silver (H1 2024 - $26.11), $1,021/oz platinum (2024 - $945) and $976/oz palladium (H1 2024 - $975), $101/t Fe 62% CFR China (H1 2024 - $118), $67.58/bbl WTI oil (H1 2024 - $78.77) and $3.69/mcf Henry Hub natural gas (H1 2024 - $2.22). 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: 2. NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and 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 and six months ended June 30, 2025 dated August 11, 2025 filed with the Canadian securities regulatory authorities on SEDAR+ available at and with the U.S. Securities and Exchange Commission available on EDGAR at 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 and investments; impairment losses and expected credit losses related to 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 charges and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to 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. For the three months ended For the six months ended June 30, June 30, (expressed in millions, except per share amounts) 2025 2024 2025 2024 Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Foreign exchange (gain) loss and other (income) expenses (4.1) 9.8 (9.8) 11.4 Tax effect of adjustments (0.4) (2.0) 1.0 (2.0) Other tax related adjustments Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate — 49.1 — 49.1 Q1 2024 retroactive impact of GMT — 9.9 — — Change in unrecognized deferred income tax assets — (1.4) — (1.4) Adjusted Net Income $ 238.5 $ 144.9 $ 444.0 $ 280.8 Basic weighted average shares outstanding 192.7 192.3 192.6 192.2 Adjusted Net Income per share $ 1.24 $ 0.75 $ 2.31 $ 1.46 For the three months ended For the six months ended June 30, June 30, (expressed in millions, except Adjusted Net Income Margin) 2025 2024 2025 2024 Adjusted Net Income $ 238.5 $ 144.9 $ 444.0 $ 280.8 Revenue 369.4 260.1 737.8 516.9 Adjusted Net Income Margin 64.6 % 55.7 % 60.2 % 54.3 % For the three months ended For the six months ended June 30, June 30, (expressed in millions, except per share amounts) 2025 2024 2025 2024 Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Income tax expense 68.6 95.3 128.4 122.8 Finance expenses 0.8 0.6 1.5 1.2 Finance income (6.6) (16.2) (17.7) (32.2) Depletion and depreciation 64.0 52.9 132.4 111.1 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Foreign exchange (gain) loss and other (income) expenses (4.1) 9.8 (9.8) 11.4 Adjusted EBITDA $ 365.7 $ 221.9 $ 687.6 $ 438.0 Basic weighted average shares outstanding 192.7 192.3 192.6 192.2 Adjusted EBITDA per share $ 1.90 $ 1.15 $ 3.57 $ 2.28 For the three months ended For the six months ended June 30, June 30, (expressed in millions, except Adjusted EBITDA Margin) 2025 2024 2025 2024 Adjusted EBITDA $ 365.7 $ 221.9 $ 687.6 $ 438.0 Revenue 369.4 260.1 737.8 516.9 Adjusted EBITDA Margin 99.0 % 85.3 % 93.2 % 84.7 % 3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents and the amount available to borrow under our $1.0 billion revolving credit facility. At June 30, At December 31, 2025 2024 ASSETS Cash and cash equivalents $ 160.3 $ 1,451.3 Receivables 146.7 151.8 Gold and silver bullion and stream inventory 7.0 96.8 Loans receivable 17.8 5.9 Other current assets 25.5 11.0 Current assets $ 357.3 $ 1,716.8 Royalty, stream and working interests, net $ 5,899.8 $ 4,098.8 Investments 597.8 325.5 Loans receivable 82.5 104.1 Deferred income tax assets 25.7 30.8 Other assets 57.5 54.4 Total assets $ 7,020.6 $ 6,330.4 LIABILITIES Accounts payable and accrued liabilities $ 33.6 $ 28.7 Income tax liabilities 50.4 38.8 Current liabilities $ 84.0 $ 67.5 Deferred income tax liabilities $ 311.6 $ 238.0 Income tax liabilities 13.0 19.8 Other liabilities 10.0 8.5 Total liabilities $ 418.6 $ 333.8 SHAREHOLDERS' EQUITY Share capital $ 5,789.2 $ 5,769.1 Contributed surplus 19.3 23.0 Retained earnings 806.6 486.5 Accumulated other comprehensive loss (13.1) (282.0) Total shareholders' equity $ 6,602.0 $ 5,996.6 Total liabilities and shareholders' equity $ 7,020.6 $ 6,330.4 The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website FRANCO-NEVADA CORPORATION (in millions of U.S. dollars and shares, except per share amounts) For the three months ended For the six months ended June 30, June 30, 2025 2024 2025 2024 Revenue Revenue from royalty, streams and working interests $ 366.7 $ 257.6 $ 732.2 $ 513.2 Interest revenue 2.7 2.2 5.6 3.1 Other interest income — 0.3 — 0.6 Total revenue $ 369.4 $ 260.1 $ 737.8 $ 516.9 Costs of sales Costs of sales $ 33.5 $ 29.1 $ 72.0 $ 62.7 Depletion and depreciation 64.0 52.9 132.4 111.1 Total costs of sales $ 97.5 $ 82.0 $ 204.4 $ 173.8 Gross profit $ 271.9 $ 178.1 $ 533.4 $ 343.1 Other operating expenses (income) General and administrative expenses $ 5.7 $ 7.6 $ 14.4 $ 11.8 Share-based compensation expenses 2.8 1.8 8.5 4.6 Cobre Panama arbitration expenses 3.9 0.8 4.6 2.3 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Gain on sale of gold and silver bullion (42.2) (1.1) (49.3) (2.5) Total other operating (income) expenses $ (33.9) $ 9.1 $ (25.9) $ 15.9 Operating income $ 305.8 $ 169.0 $ 559.3 $ 327.2 Foreign exchange gain (loss) and other income (expenses) $ 4.1 $ (9.8) $ 9.8 $ (11.4) Income before finance items and income taxes $ 309.9 $ 159.2 $ 569.1 $ 315.8 Finance items Finance income $ 6.6 $ 16.2 $ 17.7 $ 32.2 Finance expenses (0.8) (0.6) (1.5) (1.2) Net income before income taxes $ 315.7 $ 174.8 $ 585.3 $ 346.8 Income tax expense 68.6 95.3 128.4 122.8 Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Other comprehensive income (loss), net of taxes Items that may be reclassified subsequently to profit and loss: Currency translation adjustment $ 95.7 $ (12.3) $ 98.4 $ (51.5) 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 31.2 15.4 180.0 17.2 Other comprehensive income (loss), net of taxes $ 126.9 $ 3.1 $ 278.4 $ (34.3) Comprehensive income $ 374.0 $ 82.6 $ 735.3 $ 189.7 Earnings per share Basic $ 1.28 $ 0.41 $ 2.37 $ 1.17 Diluted $ 1.28 $ 0.41 $ 2.37 $ 1.16 Weighted average number of shares outstanding Basic 192.7 192.3 192.6 192.2 Diluted 193.0 192.5 192.9 192.4 The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website FRANCO-NEVADA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) For the three months ended For the six months ended June 30, June 30, 2025 2024 2025 2024 Cash flows from operating activities Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Adjustments to reconcile net income to net cash provided by operating activities: Depletion and depreciation 64.0 52.9 132.4 111.1 Share-based compensation expenses 1.0 1.5 3.1 2.9 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Unrealized foreign exchange (gain) loss (5.2) 6.7 (11.2) 7.8 Deferred income tax expense 37.2 50.9 46.3 56.3 Gain on sale of gold and silver bullion (42.2) (1.1) (49.3) (2.5) Other non-cash items (5.3) (0.9) (5.6) (1.5) Gold and silver bullion from royalties received in-kind (10.9) (16.5) (30.1) (32.4) Proceeds from sale of gold and silver bullion 147.1 5.9 177.3 16.6 Changes in other assets — — — (17.4) Operating cash flows before changes in non-cash working capital $ 428.7 $ 178.9 $ 715.7 $ 364.6 Changes in non-cash working capital: Decrease (increase) in receivables $ 13.5 $ 5.8 $ 5.1 $ (9.9) (Increase) decrease in other current assets (20.0) 1.8 (11.1) 2.5 Increase in accounts payable and accrued liabilities 8.1 7.8 9.5 15.7 Net cash provided by operating activities $ 430.3 $ 194.3 $ 719.2 $ 372.9 Cash flows used in investing activities Acquisition of royalty, stream and working interests $ (1,360.4) $ (16.2) $ (1,865.6) $ (163.1) Acquisition of investments (3.0) (4.3) (55.3) (11.0) Proceeds from sale of investments 15.8 1.1 25.5 1.1 Proceeds from repayment of loan receivable 10.0 18.9 10.0 18.9 Acquisition of property and equipment (0.1) — (2.1) (0.1) Acquisition of energy well equipment (0.4) (0.4) (1.6) (0.7) Advances of loans receivable — (42.3) — (83.5) Proceeds from disposal of royalty interests — 6.5 — 11.2 Net cash used in investing activities $ (1,338.1) $ (36.7) $ (1,889.1) $ (227.2) Cash flows used in financing activities Payment of dividends $ (67.0) $ (60.3) $ (137.2) $ (119.2) Proceeds from exercise of stock options 0.9 1.9 4.3 2.7 Revolving credit facility amendment costs — (0.8) — (0.8) Net cash used in financing activities $ (66.1) $ (59.2) $ (132.9) $ (117.3) Effect of exchange rate changes on cash and cash equivalents $ 6.1 $ (11.4) $ 11.8 $ (11.3) Net change in cash and cash equivalents $ (967.8) $ 87.0 $ (1,291.0) $ 17.1 Cash and cash equivalents at beginning of period $ 1,128.1 $ 1,352.0 $ 1,451.3 $ 1,421.9 Cash and cash equivalents at end of period $ 160.3 $ 1,439.0 $ 160.3 $ 1,439.0 Supplemental cash flow information: Income taxes paid $ 45.7 $ 35.1 $ 93.2 $ 42.5 Dividend income received $ 2.2 $ 2.1 $ 5.5 $ 4.2 Interest and standby fees paid $ 0.4 $ 0.6 $ 1.4 $ 1.0 The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website SOURCE Franco-Nevada Corporation
Cision Canada
30 minutes ago
- Cision Canada
Cango Inc. Acquires 50 MW Bitcoin Mining Facility in Georgia, Laying Groundwork for Future Energy Strategy
HONG KONG, Aug. 11, 2025 /CNW/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), today announced the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for a total cash consideration of US$19.5 million – a pivotal step marking the Company's transition into a diverse strategy that manages a robust portfolio of Bitcoin mining and energy infrastructure. This transaction represents Cango's first step to steadily increase its portfolio of owned and operated mining facilities. By selectively acquiring low-cost power operations, Cango aims to enhance operational efficiency, cost discipline, and long-term financial resilience—while establishing the foundation for a more advanced energy strategy in the future. The facility has hosted Cango's miners under a third-party hosting agreement. Following this acquisition, Cango will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. Fully equipped with essential mining infrastructure, accommodation, and support facilities, the facility enables a seamless transition for Cango. With this acquisition, Cango will begin developing in-house operational expertise required for managing self-owned mining sites, strengthening the Company's technical and managerial foundation. As this infrastructure is put in place, Cango is also laying the strategic groundwork for a gradual pivot towards supplying energy for high-performance computing (HPC) applications, further expanding the long-term potential of its sites beyond Bitcoin mining while leveraging operational and technical expertise developed in-house. Mr. Peng Yu, CEO of Cango, said, "This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and reinforcing our financial sustainability. This acquisition aligns with our long-term vision to become the leading mining and energy solutions provider."
