Q: What are your thoughts on FNV moving forward? Is there a chance that the Cobre Panama mine reopens?
5i Research Answer:
We like the sector and FNV's prospects. The stock is acting well, up 20% YTD already. It has $1.3B net cash. There has been small insider buying in the last six months. Cobre may have a small chance of re-birth if Trump remains anti-China and tries to influence Panama more. But we would consider it an 'option' and would assume it is a no go (it has been shuttered since late 2023). If it opens, it would simply be a bonus to FM and FNV shareholders.