TSX:FNV 91.48 -0.27 -0.29%
Volume 441,599
January 18, 2019
NYSE:FNV 68.90 -0.22 -0.32%
Volume 646,283
January 18, 2019
Gold 1,281.71 -10.78 -0.83%
January 18, 2019
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The Stillwater complex is comprised of the Stillwater mine and East Boulder mine in Montana and is operated by Sibanye-Stillwater, following the acquisition of Stillwater Mining Company by Sibanye Gold Limited. Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine. Both are PGM mines with the majority of production being palladium.

Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 813 of the 995 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward processing” deductions, which have averaged 10-12% of revenue over the last several years.

Based on Franco-Nevada’s estimates, the NSR royalty currently covers over 90% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. In recent years, the percentage of Stillwater complex production subject to Franco-Nevada’s royalty has increased above 90% as mining moves away from the shaft area.

Sibanye-Stillwater gained control of the operation on May 4, 2017 and thus yearly production figures for 2017 are not available. For the eight months under Sibanye-Stillwater control, PGM production was 376,356 ounces which compares favourably to PGM production of approximately 364,000 ounces for the same time period in 2016. The East Boulder mine delivered record PGM production of approximately 148,000 ounces during the eight months while the Stillwater Mine contributed approximately 228,000 ounces. Production for 2018 is expected to range between 580,000-610,000 ounces.

The Blitz project, located east of the Stillwater mine and covered by the NSR, is progressing well with first production on September 29, 2017. Sibanye-Stillwater expects Blitz to add ~300,000 ounces by late 2021/early 2022 when the project reaches its full run rate. The addition of Blitz is expected to increase total PGM production from Stillwater by more than 50% to approximately 850,000 PGM ounces per year.


  • Sibanye acquisition completed in 2017
  • Steady PGM producer in Montana
  • Blitz expected to increase PGM production by 50% by late 2021/early 2022
  • Current Mineral Reserves supports a long mine life

2017 2016 2015
Revenue to FNV ($ million) $ 20.6 $ 14.6 $ 15.6