Franco-nevada Corporation · TSX:FNV
Franco-nevada — Investor Presentation (February 2026)
39 slides from Franco-nevada's investor presentation, February 2026
Slide 1: Corporate Presentation February 2026
2 0 2 6 C O R P O R A T E P R E S E N T A T I O N F E B R U A R Y
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT 2 F O R WA R D - LO O K I N G S TAT E M E N T S This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectivel
Slide 3: The Gold Investment That Works
THE GOLD INVESTMENT THAT WORKS 3 B U S I N E S S M O D E L Proven Business Model 18% Compounded Return Since IPO1 Leading Track Record 19 Consecutive Dividend Increases Diversified Portfolio 120 Cash Flowing Assets Growth and Optionality > 50% Growth by 20292 Sustainability Focused Top Ranked by ESG
Slide 4: Why Is Franco-Nevada Different?
WHY IS FRANCO-NEVADA DIFFERENT? 4 B U S I N E S S M O D E L Shareholder Alignment Committed to high share ownership and treating shareholder funds as our own (low G&A) Financial Flexibility Avoiding long-term debt and paying progressive and sustainable dividends ensuring capital availability at all
Slide 5: Top Level Sustainability Ratings & Recognition
TO P L E V E L S U S TA I N A B I L I T Y R AT I N G S & R E C O G N I T I O N 5 S U S T A I N A B I L I T Y F O C U S E D 5 ESG Pillars Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Fostering Diversity, Inclusion & Well-Being Transparent Sustainabili
Slide 6: Shareholder Returns
SHAREHOLDER RETURNS 6 L E A D I N G T R A C K R E C O R D Lower-risk gold investment to hedge against market volatility 1. FNV Inception – December 20, 2007 2. Compounded annual total returns to January 31, 2026 3. Source: TD Securities; Bloomberg
Slide 7: Progressive & Sustainable Dividends
PROGRESSIVE & SUSTAINABLE DIVIDENDS 7 L E A D I N G T R A C K R E C O R D 19 CONSECUTIVE INCREASES US$0.44/share1 Quarterly Dividend >$2.7B2 Dividends paid since IPO3 $294M 2025 dividends paid 11.6% yield (U.S.)2 15.9% yield (CDN)2 IPO shareholder realizing 13% Dividend CAGR (2008-2026) 1. Quarterly
Slide 8: Leading Track Record
LEADING TRACK RECORD 8 B U S I N E S S M O D E L 8 . 1 x REVENUE 8 . 7 x ADJUSTED EBITDA 8-9x 1 Increase 9 . 8 x O P E R AT I N G C A S H F L O W 7 . 8 x ADJUSTED NET INCOME PER SHARE since IPO 1 Leading Performance since IPO Calculations based on change from December 31, 2008 to September 30, 2025
Slide 9: High Margin – Low-Cost Model
H IG H MARG IN – LOW - COS T MODEL 9 $3,500 $3,000 $2,883 $2,500 Cash Cost Per GEO US$ $2,109 $2,000 $1,657 $1,528 $1,555 $1,559 $1,500 $1,126 $1,000 $1,045 $992 $1,029 $935 $500 $225 $203 $265 $239 $266 $242 $245 $242 $286 $278 $316 $- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2025 Cash
Slide 10: Highly Profitable
HIGHLY PROFITABLE 10 B U S I N E S S M O D E L 59% 9M 2025 Adjusted Net Income Margin1,2 YTD 2025 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 US $ (Millions) 91% 9M 2025 Adjusted EBITDA Margin1,2 G&A Cost of Sales Depletion Taxes/Other Adjusted Net Income 1. Please refer to the appendix at the end o
Slide 11: 9M 2025 GEOs Diversification
9M 2025 GEOs DIVERSIFICATION 11 D I V E R S I F I E D P O R T F O L I O ASSETS COMMODITY GEOGRAPHY No individual asset 83% from 86% from Americas >15% Precious Metals 15 Countries
Slide 12: Our Asset Portfolio
434 ASSETS Covering OUR Approximately PORTFOLIO ~70,000 km2 434 TOTAL 120 Precious Metals Diversified PRODUCING 38 Precious Metals Diversified ADVANCED 276 EXPLORATION Not all assets shown on map, including exploration assets Asset count as of January 31, 2026 Details on assets provided in the Asset
Slide 13: Unique Portfolio Mix
UNIQUE PORTFOLIO MIX 13 Royalties • Acquired from operator/developer or third party • Typically, gold assets which have higher optionality • Revenue based NSRs are high margin • Secured title. Interest in land in certain jurisdictions E.g.: Detour, Goldstrike, Greenstone 14 Streams • Purchase and sa
Slide 14: Royalty Assets – Return on Investment
R OYA LT Y A S S E T S – R E T U R N O N I N V E S T M E N T 14 D I V E R S I F I E D P O R T F O L I O / G R O W T H A N D O P T I O N A L T Y $2M Investment1 $36M Investment1 >$1.5B Return2 >$750M Return2 Goldstrike Stillwater $2M Investment1 $2M Investment1 >$750M Return2 >$150M Return2 Duketon D
Slide 15: Embedded Royalty Optionality
EMBEDDED ROYALT Y OPTIONALITY 15 G R O W T H A N D O P T I O N A L I T Y Power of Optionality 1. Calculation includes depletion 2. Total gold reserves associated with the top 37 assets at the time of IPO (not adjusted for FNV royalty ownership). All Mineral Reserves have been calculated in accordanc
Slide 16: Stream Assets – Return on Investment
STREAM ASSETS – RETURN ON INVESTMENT 16 D I V E R S I F I E D P O R T F O L I O / G R O W T H A N D O P T I O N A L I T Y Candelaria (2014) Investment Return Antapaccay (2016) Investment Return Antamina (2015) Investment Return Guadalupe-Palmarejo (2009, 2015) Investment Return $0 $500 $1,000 $1,500
Slide 17: Recent Large Acquisitions
RECENT L ARGE ACQUISITIONS 17 G R O W T H A N D O P T I O N A L I T Y Estimated 1st 10-year avg. Estimated Mine Plan as % Asset Investment GEOs (Koz) Mine Life of Total Resources Yanacocha1 $225M ~9 +25 yrs 26%7 Cascabel2 $525M ~50 28 yrs 12%7 Western Limb3 $500M ~20 45 yrs 18% Porcupine4 $449M ~12
Slide 18: Adaptable Investment Style
ADAPTABLE INVESTMENT STYLE 18 B U S I N E S S M O D E L M&A Debt Reduction Emerging Projects Project Development Exploration Alignment with Partners for a Win-Win Solution
Slide 19: Strong Financial Backer
STRONG FINANCIAL BACKER 19 B U S I N E S S M O D E L Financing for Candelaria $353M Project Finance for $449M Financing for Acquisition Construction of Porcupine Complex Tocantinzinho Acquisition & Development $648M Stream $250M Stream $300M Royalty $23M Equity Raise $75M Loan $100M Loan of $600M $2
Slide 20: Antapaccay / Coroccohuayco Expansion
A N TA PA C C AY / C O R O C C O H U AY C O E X PA N S I O N 20 P O T E N T I A L F O R S I G N I F I C A N T M I N E L I F E E X T E N S I O N S Likely Coroccohuayco expansion to offset step down in Antapaccay stream Stream deliveries expected to transition from a copper link to 30% Au/Ag productio
Slide 21: Orezone Gold – Casa Berardi Financing
OREZONE GOLD - CASA BERARDI FINANCING 21 Immediate Gold Revenues from the Established Stream Area Casa Berardi Mine • Gold deliveries of 6.5 koz per year for first five years, thereafter 5% of gold produced, deliveries subject to 20% ongoing payment • Extensive production history, producing over 3.2
Slide 22: Cobre Panama
COBRE PANAMA 22 GEOs Sold 160 130K – 150K Potential for Mine Restart 140 120 July 2024 | President Mulino took office 100 Growth/ May 2025 | Gov approved P&SM 80 60 Optionality June 2025 | Gov announced intent to decide 40 on the future of the Cobre Panama mine 20 Jan 2026 | Gov authorization for pr
Slide 23: Detour Lake
DETOUR LAKE 23 C A N A D A ’ S L A R G E S T G O L D M I N E W I T H R O O M T O G R O W Current Outlook: • 2024 LOM plan and UG PEA released in June 2024 outline average production of 1 Mozpa from 2030 to 2043 Further Exploration Success: • Ten drill rigs have been active, focused on conversion dri
Slide 24: Guidance
GUIDANCE 24 G R O W T H A N D O P T I O N A L I T Y 2025 INITIAL GUIDANCE 1, 2 2025 UPDATED GUIDANCE 1 TOTAL GEOs 4 6 5 , 0 0 0 - 5 2 5 , 0 0 0 495,000-525,000 PRECIOUS METAL GEOs 3 8 5 , 0 0 0 - 4 2 5 , 0 0 0 420,000-440,000 + Full year Tocantinzinho, Greenstone, Salares Norte, Yanacocha + New acqu
Slide 25: Growth Outlook
GROWTH OUTLOOK 25 Long-Term Options 800 ~225k GEOs Annually5 725 700 Available Capital2 Potential Growth 600 of 175k GEOs with Cobre Panama3 Côté and if Cobre 545 Panama Restarts 520 Côté4 at Full Capacity 500 463 GEOs + New mines 495K – 525K Stibnite | Copper World GEOs Eskay Creek | Taca Taca 463K
Slide 26: 5-Year Growth Pipeline
5-YEAR GROWTH PIPELINE 26 P R O J E C T S I N C L U D E D I N 2 0 2 9 O U T L O O K Expansions1 Under Construction2 Island Gold to 2026 Eskay Creek 2027 Magino to 2026 Stibnite Gold 2029 Vale to 2026 Detour Lake to 2028 Financing2 Candelaria to 2028 Copper World Project 2029 Antapaccay/Coroccohuayco
Slide 27: Long-Term Optionality
LONG-TERM OPTIONALITY 27 G R O W T H A N D O P T I O N A L I T Y Volcan (Au) Holt (Au) Vizcachitas (Cu) Other Other Porcupine (Dome) (Au) Volcan (Au) New Holt (Au) Rogozna (Au, Ag, Zn) Prosperity New Vizcachitas (Cu) Arthur Gold (Au) (Au) Prosperity³ Porcupine (Dome) (Au) over Conga (Cu, Au) (Au) ~2
Slide 28: Available Capital
AVAIL ABLE CAPITAL 28 AS AT SEPTEMBER 30, 2025 Cash $236.7M Marketable Securities ~$625.0M Corporate Revolver/Credit Facility ~$1,000.0M Available Capital1 ~$1,850.0M Debt Free + Cash Generated by Operations $350M-$400M per quarter 1. Other funding commitments will be funded with cash flow from oper
Slide 29: Gold at a Discount
GOLD AT A DISCOUNT 29 Royalty Ounces1: 24.2 Moz ★ Measures ounces of only top 95 projects ★ Assumes no production from 200+ exploration projects ★ Assumes no future discoveries/resource additions ★ Ongoing G&A + Cash taxes more than covered by cash flows from Energy Assets 24.2 Moz @ $4,980 gold2: $
Slide 30: Franco-Nevada.com
FRANCO-NEVADA.COM TSX/NYSE: FNV
Slide 31: GEOs and Net GEOs
GEOS AND NET GEOs 31 A P P E N D I X 1. GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable 2. Net GEOs are GEOs sold, net of direct operating costs, including, for our stream GEOs, the associated ongoing cost recovery and payability fact
Slide 32: Non-GAAP Measures
NON-GAAP MEASURES 32 A P P E N D I X 1. Non-GAAP Financial Measures: Cash Costs, Cash Costs per GEO sold, Adjusted Net Income, Adjusted Net Income per Share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no sta
Slide 33: Board and Management
BOARD AND MANAGEMENT 33 A P P E N D I X B O A R D Tom Albanese Hugo Dryland Derek Evans David Harquail Paul Brink Former CEO Global Partner Former CEO Chair of the Board President & CEO Rio Tinto Rothschild & Co MEG Energy Dr. Catharine Maureen Jensen Daniel Malchuk Jacques Perron Farrow Former CEO
Slide 34: Producing Asset News – Streams
PRODUCING ASSET NEWS 34 S T R E A M S Cobre Panama Panama Antamina Peru Condestable Peru The mine is currently on preservation and safe Medium term production growth from crushing and Rio2 closed the acquisition of the mine from Southern management. Processing of stockpiled material is conveying pro
Slide 35: Producing Asset News (cont.) – Royalties
PRODUCING ASSET NEWS (cont.) 35 R O Y A L T I E S Detour Lake Ontario Stillwater Montana Musselwhite Ontario 2024 LOM plan and UG PEA released in June 2024 reflecting Sibanye indicated in January 2026 it expects to meet 2025 Mine trend extension confirmed 1.6km along strike from current average prod
Slide 36: Producing and Advanced News
PRODUCING AND ADVANCED NEWS 36 R A M P - U P C O N S T R U C T I O N Valentine Gold1 Newfoundland Salares Norte1 Chile Eskay Creek British Columbia Commercial production achieved. 23.8 koz poured in First gold poured in March 2024. Steady state production Skeena completed the permitting process in F
Slide 37: Advanced and Exploration News (cont.)
ADVANCED AND EXPLORATION NEWS 37 (cont.) D E V E L O P M E N T U P D A T E S Cascabel Ecuador New Prosperity British Columbia Copper World Project Arizona Drilling confirms high-grade resource at Tandayama- Long-standing dispute settled with Taseko contributing Mitsubishi Corporation acquires 30% JV
Slide 38: Mineral Reserves & Mineral Resources
MINERAL RESERVES & MINERAL RESOURCES 38 A P P E N D I X Gold Mineral Resources - Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Gold Inferred Mineral Resources Notes and Sources: Notes • All Mineral Resources and Mineral Reserves have been calculated in accordance with CIM or Accep
Slide 39: CRA Audit (2013-2021)
CRA AUDIT (2013-2021) 39 A P P E N D I X On September 11, 2025, the Company announced that it has reached a settlement with the Canada Revenue Agency (“CRA”) which provides for a final resolution of its tax dispute in connection with the transfer pricing reassessments for 2013 to 2019 related to inc
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