Franco-Nevada's (FNV) fourth-quarter results increased annually with earnings topping market estimates amid higher gold prices, while the company expects equivalent ounce sales of the precious metal to be higher this year.

The Canadian miner reported adjusted earnings of $0.95 per share for the December quarter, up from $0.90 the year before, which was the consensus on FactSet. Revenue increased 6% to $321 million, compared with the $304.4 estimate of five analysts polled by FactSet.

Elevated gold prices drove higher quarterly revenue and adjusted earnings, despite the lack of a contribution from the Cobre Panama mine, Chief Executive Paul Brink said in a statement Monday. Production at the mine was reportedly shut down in November 2023 due to public unrest over its environmental impact and unconstitutional operating contract.

Franco-Nevada sold 120,063 gold equivalent ounces, or GEOs, in the fourth quarter, representing an annual decline of 21% largely due to the Cobre Panama halt, it said. "We are encouraged that (Panama President Jose Raul Mulino) has indicated a willingness to discuss Cobre Panama this year and that sentiment in Panama now appears more supportive of restarting the mine," according to Brink.

Gold futures prices have surged about 30% over the past year, with Wells Fargo Investment Institute linking the rally to central bank purchases and investors seeking a haven amid geopolitical uncertainty, according to a note last week. Franco-Nevada's stock is up more than 20% in the same period and was 1.1% higher pre-bell Monday.

For the current year, the company anticipates revenue to be "more than 25% higher" than the $1.11 billion recorded in 2024. The Street is looking for $1.38 billion. It also expects GEO sales to be in a range of 465,000 to 525,000 in 2025, assuming no contributions from the Cobre Panama mine, reflecting a yearly gain of 7%.

Higher precious metals GEOs are expected to partly offset lower ounces in diversified assets, the company said. The firm sees GEOs sold between 505,000 and 565,000 by 2028, a 15% increase from 2024.

For 2029, the group pegs the metric to come in at 490,000 to 550,000 ounces. Production resumption at the Cobre Panama mine could boost output as much as 130,000 to 150,000 GEOs annually, according to the company.