Franco-Nevada Q1 2026 beat expectations, with surging commodity prices and asset acquisitions driving record results. Revenue $650.7M (+77%), adjusted net income $458.3M (+123%). Operational developments: completed four new acquisitions (Casa Berardi stream, i-80 Gold, etc.), Cobre Panama received approval to process inventory and restart the power plant, South Arturo GEOs surged 322% (concentrated in H1), Antamina silver revenue doubled to $82.3M, Cote/Porcupine contributed approximately 6,500 GEOs. Management raised guidance, with Q2 expected to be even stronger driven by oil prices (every $10 increase in WTI adds 12% to revenue), with continued strength in the second half of the year. Highlights: MSCI ESG upgrade to AAA, 19 consecutive years of dividend increases, available capital of $3.4B; risks: Candelaria royalty drops to 40% in mid-2027, South Arturo's high growth is unsustainable.