Shares were trading 13% higher at C$8.79 at 11:57 a.m. in Toronto, after rising to as high as $9.44, the highest intraday price since September 3.
Deliveries of silver under the agreement will begin in the fourth quarter, with Franco-Nevada paying 5% of the spot silver price for each ounce of silver delivered to it, Vancouver, British Columbia-based Teck said in a statement on Wednesday.
In so-called "streaming" deals, a streaming company such as Franco-Nevada provides a miner with funds upfront in exchange for a portion of future production at a set price.
Franco-Nevada expects 900,000 ounces to 1.1mln ounces of silver from the Antamina mine in the fourth quarter.
Teck owns 22.5% of Antamina, which last year produced 344,900 tons of copper, 211,000 tons of zinc, 3.1mln pounds of molybdenum and 12mln ounces of silver,
The deal is expected to close in the first half of this month.