Slide 1: 2024 Results Presentation
2 0 2 4 R E S U L T S P R E S E N T A T I O N M A R C H 1 0 , 2 0 2 5
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: Speakers
SPEAKERS 3 Paul Brink Sandip Rana President & CEO CFO
Slide 4: Average Price Changes
AVERAGE PRICE CHANGES 4 1. Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver 2. Based on Bank of Canada daily rates.
Slide 5: 2024 Performance vs Guidance
2024 PERFORMANCE VS GUIDANCE 5 2024 2024 GUIDANCE1 ACTUAL Total Gold Equivalent 445K to 465K 463K Ounces Sold2 Total Gold Equivalent Ounces Sold 340K to 360K 355K from Precious Metals Total Gold Equivalent 108K Ounces Sold from Diversified 1. Prices used for 2024 Guidance updated on November 6, 2024
Slide 6: Financial Performance
FINANCIAL PERFORMANCE 6 160 $400 $400 144 128 $300 $300 112 96 $ (millions) $ (millions) 80 $200 $200 GEOs 64 48 $100 $100 32 16 - $- $- Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Precious Metals Diversified Cobre Panama Total Revenue Adjusted EBITDA Strong Performance Year over Year
Slide 7: Margins – Net GEOs
MARGINS – NET GEOs 7 180,000 140,000 160,000 Cobre 120,000 Panama 140,000 100,000 Cobre 120,000 $ (millions) Panama GEOs 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000 - - Stream Revenue COS Royalty Revenue COS 2024 Net GEOs 2023 Net GEOs Royalty GEOs are Higher Margin
Slide 8: Key Financial Metrics
KEY FINANCIAL METRICS 8 Q4 2024 Q4 2023 2024 2023 Average Gold Price ($/oz) $ 2,662 $ 1,976 $ 2,387 $ 1,943 Gold Equivalent Ounces (GEOs)1 120,063 152,351 463,334 627,045 Revenue $ 321.0 $ 303.3 $ 1,113.6 $ 1,219.0 Adjusted EBITDA1 (millions) $277.4 $254.6 $951.6 $1,014.7 Adjusted EBITDA1 per share
Slide 9: 2024 Revenue Diversification
2024 REVENUE DIVERSIFICATION 9 COMMODITY GEOGRAPHY ASSETS DEAL TYPE
Slide 10: Growing GEO Margin
GROWING GEO MARGIN 10 Annual Breakdown Quarterly Breakdown $3,000 $3,000 $2,500 $2,500 $2,375 $2,109 $2,000 $2,000 $1,657 $1,680 $1,528 $1,555 $1,559 US$ US$ $1,500 $1,500 $1,000 $1,000 $500 $500 $242 $245 $242 $286 $278 $296 $287 $- $- 2020 2021 2022 2023 2024 Q4 2023 Q4 2024 Cash cost per GEO¹ Mar
Slide 11: 2025 Guidance
GUIDANCE 11 2025 GUIDANCE1 T O TA L G E O s 465,000-525,000 P R E C I O U S M E TA L 385,000-425,000 GEOs + Full year Tocantinzinho, Greenstone, Salares Norte, Yanacocha + Western Limb Mining Operations, Porcupine additions + New mines Valentine Gold – MWS INTEREST REVENUE $10M - $12M not including
Slide 12: Long Term Outlook
LONG TERM OUTLOOK 12 Cobre Cobre Panama optionality 550 Panama 130koz to 150koz2 520 500 490,000 – 550,000 GEOs + New mines: 450 463K GEOs Stibnite 400 Copper World GEOs Eskay Creek 350 Taca Taca 300 + Expansions: Vale 250 Antapaccay/Coroccohuayco Candelaria 200 Magino 2024 Actuals¹ 2029 Outlook¹ 1.
Slide 13: Available Capital
AVAIL ABLE CAPITAL 13 Available Cash and cash Credit capital3 equivalents1 Facility1, 2 ≈$1.4B ≈$1B ≈$2.4B DEBT FREE 1. As at December 31, 2024 2. $1B Corporate Revolver 3. Funding commitments subsequent to December 31, 2024, include $500 million and approximately $450 million for the Sibanye-Stillw
Slide 14: franco-nevada.com
FRANCO-NEVADA.COM TSX/NYSE: FNV
Slide 15: GEOs and Non-GAAP Measures
GEOS AND NON-GAAP MEASURES 15 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 recovery and payability factors. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the paym