Franco-nevada Corporation · TSX:FNV
Franco-nevada — Investor Presentation (August 2025)
43 slides from Franco-nevada's investor presentation, August 2025
Slide 1: Corporate Presentation August 2025
2 0 2 5 C O R P O R A T E P R E S E N T A T I O N A U G U S T
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 16% Compounded Return Since IPO1 Leading Track Record 18 Consecutive Dividend Increases Sustainability Focused Top Ranked by ESG Rating Agencies Diversified Portfolio 120 Cash Flowing Assets Growth and Optionality ~$1.3
Slide 4: Why Is Franco-Nevada Different?
WHY IS FRANCO-NEVADA DIFFERENT? 4 B U S I N E S S M O D E L Shareholder Alignment Committed to high share ownership and treating shareholder funds as our own (low G&A) Financial Flexibility Avoiding long-term debt and paying progressive and sustainable dividends ensuring capital availability at all
Slide 5: Top Level Sustainability Ratings & Recognition
TOP LEVEL SUSTAINABILITY RATINGS & RECOGNITION 5 S U S T A I N A B I L I T Y F O C U S E D 5 ESG Pillars Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Fostering Diversity, Inclusion & Well-Being Transparent Sustainability Disclosure The use by Franco-
Slide 6: Shareholder Returns
SHAREHOLDER RETURNS 6 L E A D I N G T R A C K R E C O R D Franco-Nevada (FNV) - US$ basis NASDAQ S&P 500 Gold Bullion ETF Barclays US Aggregate Bond GDX (index of mostly gold miners) -4% 0% 4% 8% 12% 16% Lower-risk gold investment to hedge against market volatility 1. FNV Inception – December 20, 20
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 18 CONSECUTIVE INCREASES $300 $2,550 US$0.38 /share1 $2,400 Quarterly Dividend $2,250 Dividends Paid US $ (Millions) per annum $250 $2,100 >$2.6B2 $1,950 Average Gold Price US $ $1,800 Dividends paid since IPO3 $200 $1,650 $27
Slide 8: Leading Track Record
LEADING TRACK RECORD 8 B U S I N E S S M O D E L 6 . 4 x REVENUE 6 . 5 x ADJUSTED EBITDA 6.5x 1 Increase 6 . 6 x O P E R AT I N G C A S H F L O W 6 . 6 x ADJUSTED NET INCOME PER SHARE since IPO 1 Leading Performance since IPO Calculations based on change from December 31, 2008 to December 31, 2024 1
Slide 9: High Margin – Low-Cost Model
H IG H MARG IN – LOW - COS T MODEL 9 $3,500 $3,000 $2,769 $2,500 $2,109 $2,000 $ (millions) $1,657 $1,528 $1,555 $1,559 $1,500 $1,126 $1,045 $992 $1,030 $1,000 $935 $500 $225 $203 $265 $239 $266 $242 $245 $242 $286 $278 $302 $- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Cash cost per
Slide 10: Margins – Net GEOs
MARGINS – NET GEOs 10 450,000 220,000 400,000 200,000 180,000 350,000 160,000 300,000 140,000 $ (millions) Net GEOs 250,000 120,000 200,000 100,000 80,000 150,000 60,000 100,000 40,000 50,000 20,000 0 0 H1 2025 Stream Revenue COS H1 2025 Royalty Revenue COS H1 2025 Net GEOs H1 2024 Net GEOs Royalty
Slide 11: Highly Profitable
HIGHLY PROFITABLE 11 B U S I N E S S M O D E L 56% 2024 Adjusted Net Income Margin1,2 2024 $0 US $ (Millions) $200 $400 $600 $800 $1,000 $1,200 86% 2024 Adjusted EBITDA Margin1,2 G&A Cost of Sales Depletion Taxes/Other Adjusted Net Income 1. Please see notes on appendix slides – GEOs and Non-GAAP Me
Slide 12: Q2 2025 GEOs Diversification
Q2 2025 GEOs DIVERSIFICATION 12 D I V E R S I F I E D P O R T F O L I O COMMODITY GEOGRAPHY ASSETS 82% from 86% from Americas No individual asset Precious Metals 14 Countries >15%
Slide 13: Our Portfolio Assets
432 ASSETS Covering OUR Approximately PORTFOLIO ~70,000 km2 432 TOTAL 120 Precious Metals Diversified PRODUCING 39 Precious Metals Diversified ADVANCED 273 EXPLORATION Not all assets shown on map, including exploration assets Asset count as of July 31, 2025 Details on assets provided in the Asset Ha
Slide 14: Unique Portfolio Mix
UNIQUE PORTFOLIO MIX 14 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 418 E.g.: Detour, Goldstrike, Greenstone 14 Streams • Purchase and
Slide 15: 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 15 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 >$1B Return2 >$600M Return2 Goldstrike Stillwater $2M Investment1 $2M Investment1 >$500M Return2 >$100M Return2 Duketon Det
Slide 16: Embedded Royalty Optionality
EMBEDDED ROYALT Y OPTIONALITY 16 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 17: Stream Assets – Return on Investment
STREAM ASSETS – RETURN ON INVESTMENT 17 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 $200 $400 $600 $80
Slide 18: Recent Large Acquisitions
RECENT L ARGE ACQUISITIONS 18 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 Limb Mining $500M ~20 45 yrs 18% Operations3 Por
Slide 19: Adaptable Investment Style
ADAPTABLE INVESTMENT STYLE 19 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 20: Strong Financial Backer
STRONG FINANCIAL BACKER 20 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 21: Arthur Gold Project Royalty Acquisition
A RT H U R G OLD P ROJ E C T ROYA LT Y ACQU IS IT I O N 21 T R A N S A C T I O N H I G H L I G H T S • Franco-Nevada has acquired an existing 1.0% NSR on AngloGold’s Arthur Gold Project (formerly the Expanded Silicon Project) from Altius Minerals • Transaction structured as an asset purchase, and Fr
Slide 22: Arthur Gold Project – District Growth Potential
A RT H U R G OLD P ROJ E C T ROYA LT Y ACQU IS IT I O N 22 D I S T R I C T G R O W T H P O T E N T I A L Arthur Mineral Resource Growth Nevada Gold District Comparison (Moz Au) Cortez (Since 1997) Cumulative Production and Goldstrike Total Resource1 (Moz Au) (Since 1987) Arthur Years Rapidly growing
Slide 23: Arthur Gold Project – Growth and Optionality
A RT H U R G OLD P ROJ E C T ROYA LT Y ACQU IS IT I O N 23 G R O W T H A N D O P T I O N A L I T Y • The Arthur gold project has experienced rapid resource growth while still at an early stage of resource definition. Franco-Nevada believes there is potential to more than double the existing resource
Slide 24: Côté Gold Mine Royalty Acquisition
CÔTÉ GOLD MINE ROYALT Y ACQUISITION 24 Immediate Gold Cash • Gold revenues from Gross Margin Royalty will commence immediately upon Flow from Major closing of the acquisition on June 23, 2025 • One of Canada’s largest operating gold mines at start of operations with Canadian Mine extensive Resources
Slide 25: Transaction Details
TRANSACTION DETAILS 25 Key Details Description Purchase Price • US$1,050 million • 7.5% Gross Margin Royalty on core Côté and Gosselin Deposits; 4.5%-7.5% on peripheral properties, Royalty including near mine exploration targets Deductible Costs • Cash operating costs (i.e. mining costs, milling cos
Slide 26: Discovery Silver – Porcupine Financing
DISCOVERY SILVER – PORCUPINE FINANCING 26 Immediate Gold • Gold revenues from royalty immediate upon close of Discovery Silver acquisition on April 15, 2025 Revenues from • Established Porcupine operating complex in Timmins that has produced over 70 Moz Au over the course of 100+ years with extensiv
Slide 27: Cobre Panama
COBRE PANAMA 27 GEOs Sold 160 130K – 150K 140 120 100 80 Growth/ 60 Optionality 40 20 - 2019 2020 2021 2022 2023 2026 + Significant Embedded Growth if Mine Restarts 2023 Actions International Arbitration Potential for Mine Restart • Law 4061 found unconstitutional • Value of claim >$5B • President M
Slide 28: Guidance
GUIDANCE 28 G R O W T H A N D O P T I O N A L I T Y 2 0 2 5 G U I DA N C E 1,2 T O TA L G E O s 465,000-525,000 40% Increase P R E C I O U S M E TA L 385,000-425,000 in Revenue3 GEOs + Full year Tocantinzinho, Greenstone, Salares Norte, Yanacocha over 2024 + Additions: Western Limb Mining Operations
Slide 29: Growth Outlook
GROWTH OUTLOOK 29 Growth / Optionality Available Capital ➢ Potential: ~$1.3B Available Capital to deploy Cobre Panama ➢ Potential: Cobre Panama 130koz to 150koz Cascabel ➢ Update: Cascabel Production Côté ➢ Update: Additional +25koz from Côté Royalty2 + New mines: 490K – 550K Stibnite GEOs Copper Wo
Slide 30: 5-Year Growth Pipeline
5-YEAR GROWTH PIPELINE 30 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 Valentine Gold 2025 Magino to 2026 Eskay Creek 2027 Vale to 2026 Detour Lake to 2028 Financing2 Candelaria to 2028 Stibnite Gold 2029 Antapaccay/Coroccohuayco to 20
Slide 31: Long-Term Optionality
LONG-TERM OPTIONALITY 31 G R O W T H A N D O P T I O N A L I T Y Assets in 5-year Outlook1 490,000 – 550,000 GEOs LONG-TERM ASSETS Large Scale Defined Resources Cobre Panama 130,000 – 150,000 GEOs Côté +25,000 GEOs Long-Term Assets 7.6 Million M&I Royalty Ounces2 12 Smaller Advanced and Additional P
Slide 32: Available Capital
AVAIL ABLE CAPITAL 32 Available Capital1, 2 (June 30, 2025) ~$1,610.0M - Arthur Gold Project ($250.0M) Available Capital Net of Arthur Acquisition ~$1,360.0M3 + Cash Generated by Operations $275M-$325M per quarter 1. As at June 30, 2025 2. Includes $1B Corporate Revolver and $450M Marketable Securit
Slide 33: Franco-Nevada.com
FRANCO-NEVADA.COM TSX/NYSE: FNV
Slide 34: GEOs and Net GEOs
GEOS AND NET GEOs 34 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 35: Non-GAAP Measures
NON-GAAP MEASURES 35 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 36: Board and Management
BOARD AND MANAGEMENT 36 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 37: CRA Audit (2013-2021)
CRA AUDIT (2013-2021) 37 A P P E N D I X With respect to the transfer pricing reassessments in relation to the Company’s Mexican and Barbadian subsidiaries, the Company continues to believe that these reassessments are not supported by Canadian tax law and jurisprudence and intends to vigorously def
Slide 38: Producing Asset News
PRODUCING ASSET NEWS 38 A P P E N D I X S T R E A M S D I V E R S I F I E D Cobre Panama Panama Antamina Peru Vale Royalty Brazil The mine is currently on preservation and safe Medium term production growth from crushing and Southeastern System contributions to the Royalty will start management. Gov
Slide 39: Producing Asset News (cont.)
PRODUCING ASSET NEWS (cont.) 39 A P P E N D I X 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 Q4 2024 restructuring due to lower palladium price environment $25M exploration budget for 2025 to infill 1km down pl
Slide 40: Advanced and Exploration News
ADVANCED AND EXPLORATION NEWS 40 A P P E N D I X R A M P - U P S C O N S T R U C T I O N Posse (Mara Rosa)1 Brazil Salares Norte1 Chile Valentine Gold Newfoundland Commercial production achieved in May 2024. Brownfield First gold poured in March 2024. Commercial levels of Construction progressing on
Slide 41: Advanced and Exploration News (cont.)
ADVANCED AND EXPLORATION NEWS 41 (cont.) A P P E N D I X D E V E L O P M E N T E X P L O R A T I O N U P D A T E S U P D A T E S Cascabel Ecuador New Prosperity British Columbia Crawford Ontario Recent drilling confirms high-grade resource core at Long-standing dispute settled with Taseko contributi
Slide 42: Long-Term Assets Resource Details
LONG-TERM ASSETS RESOURCE DETAILS 42 A P P E N D I X P R E C I O U S M E T A L S D I V E R S I F I E D Cascabel (14%/8.4% Gold Stream) Ecuador Conga (1.8% NSR) Peru Crawford (2% NSR) Ontario PFS Resource DFS Alpala 2P Reserves of 7.1 Blbs Cu and 9.4 Moz Au. 14.6 Moz Au and 4.0 Blbs Cu of M&I Resourc
Slide 43: Mineral Reserves & Mineral Resources
MINERAL RESERVES & MINERAL RESOURCES 43 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