Franco-nevada Corporation · TSX:FNV
Franco-nevada — Investor Day (April 2022)
80 slides from Franco-nevada's investor day presentation, Apr 14, 2022
Slide 1: Investor Day
ps Franco(*)Nevada INVESTOR DAY — oes APRIL 14, 2022
Slide 2: Cautionary Statement
C A U T I O N A R Y S TAT E M E N T Forward Looking Statements 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, respectively, whi
Slide 3: Agenda
A G E N D A Presenter Company Introduction Paul Brink Franco-Nevada President & CEO Environmental, Social and Governance Lloyd Hong Franco-Nevada Chief Legal Officer & Corporate Secretary Nalinie Mahon Franco-Nevada Barbados Vice President, Finance & Operations Portfolio Overview and Guidance Sandip
Slide 4: Agenda (Continued)
A G E N D A (Continued) Presenter Company Core Assets John Blanchette Franco-Nevada Barbados President Bonavie Tek Franco-Nevada Vice President, Finance Growth Assets Eaun Gray Franco-Nevada Senior Vice President, Business Development NPI Interests Sandip Rana Franco-Nevada CFO Iron Ore Assets Matth
Slide 5: The Gold Investment That Works
T H E G O L D I N V E S T M E N T T H AT W O R K S Leading track record Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash flow producing assets. Low-risk business model Diversified portfolio Leading Low-risk Diversified Gr
Slide 6: Management and Board
M A N A G E M E N T A N D B O A R D Management Board Paul Brink Sandip Rana Lloyd Hong David Harquail Paul Brink Tom Albanese Derek Evans Dr. Catharine Farrow President & CEO CFO CLO Chair President & CEO Former CEO CEO Former CEO Rio Tinto MEG Energy TMAC Resources Eaun Gray Jason O’Connell Louis G
Slide 7: Why We Are Different
W H Y W E A R E D I F F E R E N T Shareholder Alignment Financial Flexibility Committed to high share ownership Avoiding long-term debt and and low G&A – treating shareholder paying progressive and funds as our own sustainable dividends ensures capital availability at all times Cyclical Investing As
Slide 8: Environmental, Social and Governance
Environmental, Social and Governance Lloyd Hong and Nalinie Mahon A N T A P A C C A Y
Slide 9: Our ESG Focus
E S G L E A D E R S H I P Our ESG Focus Responsible Capital Allocation Fostering Diversity and Inclusion Good Governance & Shareholder Alignment Transparent ESG Disclosure Community Contributions FNV: TSX | NYSE | 9
Slide 10: Responsible Capital Allocation
E S G L E A D E R S H I P Responsible Our ESG Focus Capital Allocation Responsible Capital Allocation Commitment to responsible mining and energy extraction as demonstrated Committed to WGC Responsible through investments in Gold Mining Principles operators and operations with proven track records U
Slide 11: Fostering Diversity and Inclusion
E S G L E A D E R S H I P Fostering Diversity Our ESG Focus and Inclusion Fostering Diversity and Inclusion 3 promotions of diverse staff to senior Independent Directors management since 2021 BOARD Women Directors Committed to furthering 38% 4 Diversity Scholarships being offered diversity and inclu
Slide 12: Good Governance & Shareholder Alignment
E S G L E A D E R S H I P Good Governance & Top ESG Our ESG Focus Shareholder Alignment Rankings Good Governance & Shareholder Alignment Established board and management team aligned with shareholders with 4th ranked Canadian mining substantial ownership of company in 2021 company and having low G&A
Slide 13: Transparent ESG Disclosure
E S G L E A D E R S H I P Transparent Our ESG Focus ESG Disclosure Transparent ESG Disclosure Our annual ESG Report is available on our website and is aligned with leading sustainability frameworks, including TCFD and SASB Annual ESG Report FNV: TSX | NYSE | 13
Slide 14: Enseña Perú
E S G L E A D E R S H I P Our ESG Focus Enseña Perú Partnered Community Contributions Contributing to our Partnered with Compañia Miñera communities and engaging Antamina S.A. with our operators to partner in community initiatives Aim is to improve education at existing where our royalty and schools
Slide 15: Community Contributions: Water and Mental Health Projects
E S G L E A D E R S H I P Coeur Mining Water Lundin Mining Mental Our ESG Focus Project (2021) Health Project (2020) Partnered Community Contributions Ongoing Commitments Partnered with Glencore on a community potable water project in Peru. Partnership with Southern Peaks Mining to fund community pr
Slide 16: Portfolio Overview and Guidance
Portfolio Overview and Guidance Sandip Rana C O B R E P A N A M A
Slide 17: Asset Handbook
A S S E T H A N D B O O K Asset Handbook: Provides an overview of performance over the last 14+ years Illustrates how the portfolio has grown and become more diverse over this period as well as the increase in reserves and resources on our royalty and stream interests Provides a summary of where the
Slide 18: Guidance
G U I D A N C E 2021 Actual 2022 Guidance1 2026 Outlook1 728,237 680,000-740,000 765,000-825,000 GEOs Total + Record GEOs in 2021 • Assumes $85/bbl WTI oil prices and $3.75/mcf + Growth from Precious Metal assets + Energy revenue guidance exceeded Henry Hub gas + New mines – Rosemont/Copper World +
Slide 19: Progressive & Sustainable Dividends
P R O G R E S S I V E & S U S TA I N A B L E D I V I D E N D S Quarterly Dividend $260 $1,950 Increased to US$0.32 per $240 $1,800 Share as of Q1 2022 Dividend Payment Dividends Paid US $ (Millions) per annum $220 $1,650 $200 $1,500 Average Gold Price US $ $180 $1,350 15 years of increasing dividend
Slide 20: Available Capital
AVA I L A B L E C A P I TA L Available capital3 Cash and cash equivalents1 Credit Facilities1, 2 $1.6B ≈$1.1B DEBT FREE $539.3M 1. As at December 31, 2021 2. Facilities include $1B Corporate, $100M Barbados 3. Funding commitments subsequent to December 31, 2021 will be funded with cash flow from ope
Slide 21: Mineral Reserves and Royalty Ounces
Mineral Reserves and Royalty Ounces David Milstead D U B L I N G U L C H
Slide 22: Growth in Associated Gold and Silver Reserves and Resources
G R O W T H I N A S S O C I AT E D G O L D A N D S I LV E R R E S E R V E S A N D R E S O U R C E S Material year-on-year growth 300,000 from the underlying assets in the portfolio 250,000 Over 57M oz AuEq produced 200,000 from the portfolio mines since acquisition '000 oz AuEq 150,000 Good indicati
Slide 23: Growth in Reserves and Resources by Region
G R O W T H I N A S S O C I AT E D G O L D A N D S I LV E R R E S E R V E S A N D R E S O U R C E S B Y R E G I O N Mineral Reserves Only Select Growth Drivers (AuEq 100% Basis, 2007-2021) Since IPO: Detour +15.0Moz Au Cobre Panama +7.1Moz Au / 133Moz Ag Hardrock +5.5Moz Au Stibnite +4.8Moz Au Tasia
Slide 24: Royalty Ounces
R O YA LT Y O U N C E S Rationale Reflects the equivalent gold ounces due to Franco-Nevada under its royalty and streaming agreements Better representation of value for royalty and streaming company Addresses relative economics between NSRs, NPIs and Streams Overcomes the shortcomings of a simple ou
Slide 25: Royalty Ounces Growth
R O YA LT Y O U N C E S Material year-on-year growth in Royalty Ounces 20,000 As of the end of 2021: 18,000 • 11.9 million P&P Royalty 16,000 Ounces – a 3.3x increase over 14,000 the last 11 years Royalty Ounces (000s) 12,000 • 6.6 million M&I Royalty 10,000 Ounces – a 3.2x increase over 8,000 the l
Slide 26: Condestable
PA R T N E R P R E S E N TAT I O N S Condestable Adolfo Vera, Southern Peaks Mining FNV: TSX | NYSE | 26
Slide 27: Candelaria
PA R T N E R P R E S E N TAT I O N S Candelaria Mark Turner, Lundin Mining FNV: TSX | NYSE | 27
Slide 28: Eskay Creek
PA R T N E R P R E S E N TAT I O N S Eskay Creek Kelly Earle, Skeena Resources FNV: TSX | NYSE | 28
Slide 29: Q & A Session
Q & A S E S S I O N 1 FRANCO-NEVADA VIRTUAL INVESTOR DAY Please submit your written questions Via Webcast or Dial: Toll-Free (North America): 1-888-390-0546 Local and International: 1-416-764-8688 FNV: TSX | NYSE | 29
Slide 30: Core Assets
Core Assets John Blanchette and Bonavie Tek A N T A M I N A
Slide 31: Revenue by Asset
C O R E A S S E T S Cobre Panama Top 4 assets represent ~43% of 18% 2021 revenue Precious metals streams on world class copper assets Antapaccay Other 46% 2021 9% Cobre Panama is our largest contributor at 18% of 2021 Revenue revenue Guadalupe 6% Candelaria 9% No other single asset represents greate
Slide 32: Cobre Panama Precious Metals Stream
C O B R E PA N A M A P R E C I O U S M E TA L S S T R E A M Panama, Central America & Mexico Stream: Gold and Silver Operator: First Quantum Precious Metals Minerals Ltd. ($ millions) 2021 2020 2019 Revenue $235.0 $135.4 $64.7 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 4,743 4,973 769 Investment:
Slide 33: Cobre Panama Expansion
C O B R E PA N A M A G R O W T H O U T L O O K Cobre Panama Expansion 450 180,000 400 160,000 Mill throughput expected to ramp up over the course of 2022 to 350 140,000 achieve between 85 and 90 Mtpa 300 120,000 Updated 43-101 expected in 250 100,000 H2-2022 200 80,000 FNV 2022 guidance of 120,000 -
Slide 34: Candelaria Precious Metals Stream
C A N D E L A R I A P R E C I O U S M E TA L S S T R E A M Chile, South America Stream: Gold and Silver Operator: Lundin Mining Precious Metals Corporation ($ millions) 2021 2020 2019 Revenue $116.5 $106.8 $103.1 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 851 1,586 125 Investment: $655M Mine Life
Slide 35: Candelaria Growth Outlook
C A N D E L A R I A G R O W T H O U T L O O K Historical Stream Contribution and Guidance Production forecast to increase, Candelaria Copper and Gold Production Outlook primarily on improved copper 200 grades and debottlenecking of 180 pebble crushing circuit 160 140 Underground expansion expected t
Slide 36: Antapaccay Precious Metals Stream
A N TA PA C C AY P R E C I O U S M E TA L S S T R E A M Peru, South America Stream: Gold and Silver Operator: Glencore plc Precious Metals ($ millions) 2021 2020 2019 Revenue $111.6 $118.5 $100.4 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 440 868 72 Investment: $500M Mine Life Potential1: 30+ year
Slide 37: Antapaccay Growth Outlook
A N TA PA C C AY G R O W T H O U T L O O K Historical Stream Contribution & 2022 Guidance Proven history of recent reserve replacement 90 80 Coroccohuayco now in PFS stage 70 with potential to extended mine life 60 643Mt M&I1 resource at Coro with 50 ~50% higher grades than 40 Antapaccay reserves 30
Slide 38: Antamina Silver Stream
A N TA M I N A S I LV E R S T R E A M Peru, South America Stream: Gold and Silver Operator: Teck Resources Precious Metals Limited (owns 22.50%) ($ millions) 2021 2020 2019 Revenue $94.1 $57.0 $44.9 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 201 585 560 Investment: $610M Mine Life Potential1: 30+
Slide 39: Antamina Growth Outlook
A N TA M I N A G R O W T H O U T L O O K Guidance range at the time of acquisition of 2.8 – 3.2Moz Ag per year Silver production has exceeded expectations from at the time of acquisition Franco-Nevada’s 2022 guidance expected to be at the upper end of our acquisition guidance Silver grade can vary b
Slide 40: Growth Assets
Growth Assets Eaun Gray S A L A R E S N O R T E
Slide 41: Organic Growth Drivers
O R G A N I C G R O W T H D R I V E R S 2022 2023 2024 2025 2026 Expansions1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cobre Panama Panama Stillwater Montana Detour Lake Ontario Tasiast Mauritania Vale Brazil Subika Ghana Macassa Ontario Island Gold Ontario New Mines Est. Start2 Q1
Slide 42: Stillwater Royalty
S T I L LW AT E R R O YA LT Y Montana, United States Royalty: NSR: 5% 5% NSR royalty on +90% of resources in the Stillwater complex Operator: Sibanye-Stillwater Precious Metals (see map) ($ millions) 2021 2020 2019 Major North American PGM producer with underground production Revenue $57.8 $50.9 $39
Slide 43: Stillwater Royalty
S T I L LW AT E R R O YA LT Y FNV: TSX | NYSE | 43
Slide 44: Stillwater 2E Production
S T I L LW AT E R R O YA LT Y 2021 production (~570 koz 2E) Stillwater Complex declined due to non-recurring events (bridge, power supply, supply chain Production Outlook1 etc.) 1,000 900 Optimization study expected by mid- 2022 800 Blitz (Stillwater East) production 700 2E Production (000's Ounces)
Slide 45: Detour Lake Royalty
D E T O U R L A K E R O YA LT Y Ontario, Canada Royalty: NSR: 2% Operator: Agnico Eagle Mines Limited Precious Metals ($ millions) 2021 2020 2019 Revenue $25.3 $20.4 $16.8 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 301 595 24 2% NSR royalty that covers an area of 140 km2 on the Abitibi Belt M&I re
Slide 46: Detour Production Profile
D E T O U R L A K E R O YA LT Y Detour Production Profile1 Plant throughput increases and growing resource base will underpin growth 2022 – 2024E production of 715 koz (mid-point) with significant expansion potential Updated technical report expected in Q2-2022 Large 234,000 m drill program planned
Slide 47: Subika (Ahafo) Royalty
S U B I K A ( A H A F O ) R O YA LT Y Ghana, Rest of World Royalty: NSR: 2% Operator: Newmont Corporation Precious Metals ($ millions) 2021 2020 2019 Revenue $11.6 $10.4 $17.4 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 83 80 15 Ahafo South has two active open pits: Subika and Awonsu and an undergr
Slide 48: Historical Deliveries and 2022 Guidance
S U B I K A ( A H A F O ) R O YA LT Y Historical Deliveries and 2022 Guidance Ahafo South produced 481,000 ounces in 2021 and it is estimated that 67% of this production was from the Subika royalty ground 2022 production guidance of 650koz from Ahafo, of which 70 – 80% is expected to be from the roy
Slide 49: Ahafo South Production Profile
S U B I K A ( A H A F O ) R O YA LT Y Ahafo South Production Profile1 Production expected to increase through 2024 due to higher grade at the Subika open pit and increased underground tonnes mined due to the change in mining method at Subika underground – this should be primarily on our royalty grou
Slide 50: Salares Norte
S A L A R E S N O R T E Royalty Area (18 km2) Chile, South America Royalty: NSR: 2% Operator: Gold Fields Limited Precious Metals (‘000s) P&P M&I Inferred 2021 Royalty Ounces 40 44 1 Project on track (~63% complete1), with first production expected in Q1-2023 2% NSR covers 100% of the Salares Norte
Slide 51: Salares Norte Production Profile
S A L A R E S N O R T E Salares Norte Production Profile1 11.5 year mine life producing 600 ~450 koz AuEq per year for first seven years (~355 koz AuEq per 500 year over LOM) Production (000's ounces AuEq) Reserve grade of 5.19g/t Au and 400 58g/t Ag 300 Reduction in royalty rate to 1% estimated in
Slide 52: Greenstone (Hardrock)
G R E E N S T O N E ( H A R D R O C K ) Royalty Area (38 km2) Ontario, Canada Royalty: NSR: 3% Operator: Equinox Gold Corp. / Precious Metals Orion Mine Finance (‘000s) P&P M&I Inferred 2021 Royalty Ounces 166 213 93 3% NSR covering +5 Moz reserves in a favourable mining jurisdiction Commenced const
Slide 53: Greenstone Production Profile
G R E E N S T O N E ( H A R D R O C K ) Greenstone (Hardrock) Production Profile1 2 year construction period and 6 months of commissioning First gold pour expected in H1- 20242 14 year mine life with ~358 koz Au per year Resource growth and mine life extension potential from additional underground a
Slide 54: Valentine Lake
VA L E N T I N E L A K E Royalty Area (240 km2) Newfoundland, Canada Royalty: NSR: 2% Operator: Marathon Gold Corporation Precious Metals (‘000s) P&P M&I Inferred 2021 Royalty Ounces 32 47 25 Completed provincial EA process, federal draft EA in progress with approval expected later in 2022 Groundbre
Slide 55: Valentine Lake Production Profile
VA L E N T I N E L A K E Valentine Lake Production Profile1 13 year mine life2 173 koz Au per year (first ten years) Additional upside from drill program / resource growth, acceleration of Phase 2 mill expansion and future underground mining New technical report and production profile expected in Q4
Slide 56: Rosemont/Copper World Royalty Area
R O S E M O N T / C O P P E R W O R L D A R I Z O N A , U N I T E D S TAT E S R O S E M O N T / C O P P E R W O R L D R O Y A L T Y A R E A Rosemont: Large porphyry Cu-Mo-Ag deposit with a 19-year mine life. Construction suspended in 2019 US District Court ruling. Ore Reserve: 537 Mt at 0.45% Cu (Pr
Slide 57: NPI Interests
NPI Interests Sandip Rana C O B R E P A N A M A
Slide 58: Net Profit Interests (NPIs)
N E T P R O F I T I N T E R E S T S ( N P I s ) 90.0 80.5 80.0 70.0 60.0 Net Profit Interest 6 NPIs in portfolio US$ (Millions) 50.0 46.0 40.0 Definition of profit varies based on agreement 30.0 28.1 21.4 Provides leverage to rising 20.0 16.5 commodity prices 10.0 - 2017 2018 2019 2020 2021 FNV: TSX
Slide 59: Goldstrike
G O L D S T R I K E Nevada, United States Royalty: NSR: 2-4% / NPI: 2.4-6% Operator: Nevada Gold Mines LLC Precious Metals ($ millions) 2021 2020 2019 Goldstrike Revenue $25.3 $20.7 $21.2 (‘000s) P&P M&I Inferred Carlin Trend (Includes Goldstrike, Gold Quarry and South Arturo) 2021 Royalty Ounces 18
Slide 60: Hemlo
H E M L O Ontario, Canada Royalty: NSR: 3% / NPI: 50% Operator: Barrick Gold Corporation Precious Metals ($ millions) 2021 2020 2019 Revenue $27.6 $69.9 $18.2 (‘000s) P&P M&I Inferred 2021 Royalty Ounces 54 127 40 Barrick’s only Canadian operation Focused on operational efficiencies and improved ann
Slide 61: Musselwhite
M U S S E LW H I T E Ontario, Canada Royalty: NSR: 5% / NPI: 2% Operator: Newmont Corporation Precious Metals (‘000s) P&P M&I Inferred 2021 Royalty Ounces 38 47 9 Has been paying since 2011 with disruption from 2019-2021 Expect payments resuming second half of 2022 Covers 100% of land package FNV: T
Slide 62: Other Net Profit Interests (NPIs)
O T H E R N E T P R O F I T I N T E R E S T S ( N P I s ) Operator Royalty Key Points Cover 50% of Mineral Reserves Goldstrike (Au) Nevada Gold Mines 2.4% - 6% World class gold operator 50% on the Lower C Cover 20% of Reserves Hemlo (Au) Barrick Zone Highest grade ore is on royalty ground Musselwhit
Slide 63: Iron Ore Assets
Iron Ore Assets Matthew Begeman S 1V1ADL E S 1 1 D
Slide 64: Vale Royalty Key Asset Coverage
VA L E R O YA LT Y Key Asset Coverage Diversified, World Class Iron Ore Assets with Very Long Mine Lives Covered assets primarily produce high quality iron ore for greener steel Low-cost Northern System represents 98% of 2021 cash flow with growth from projects and Southeastern System contribution C
Slide 65: Low Cost, World-Class Operations
VA L E R O YA LT Y – N O R T H E R N S Y S T E M Low Cost, World-Class Operations Integrated from mine to port High-grade products Current capacity of 203 Mtpa ramping up to 240-260 Mtpa long- term1 V A L E S 1 1 D N O R T H E R N S Y S T E M P O R T Modern operations with significant Top tier minin
Slide 66: Integrated Production of Pellet Feed and High-Grade Fines
VA L E R O YA LT Y – S O U T H E A S T E R N S Y S T E M Integrated Production of Pellet Feed and High-Grade Fines Integrated from mine to port Current capacity (on 100% basis) of 70 Mtpa ramping to 110-120 Mtpa by long term2 Produce DR pellets integral to shift I T A B I R A - C O N C E I C A O to
Slide 67: Royalty Exposure to Premium Canadian Iron Ore Operation
L A B R A D O R I R O N O R E R O YA LT Y ( “ L I O R C ” ) Royalty Exposure to Premium Canadian Iron Ore Operation Carol Lake Operations: Fully integrated from mine to port, operated by Rio Tinto 2021 attributable sales of 16.8 Mt and of which 40% was high grade C A R O L L A K E M I N E P O R T co
Slide 68: Dividend Payment History (C$/share)
L A B R A D O R I R O N O R E R O YA LT Y ( “ L I O R C ” ) Dividend Payment History (C$/share) +40% Cash yield on acquisition price in 2021 demonstrates excellent leverage to iron price FNV: TSX | NYSE | 68
Slide 69: Energy Assets
Energy Assets Jason O’Connell H A Y N E S V I L L E
Slide 70: Energy Summary
ENERGY SUMMARY Key Attributes Leading track record 2021 Revenue of $209.5M 51.6% oil, 38.1% gas & 10.3% NGLs 16% of Revenue in 2021 55 Producing & 27 Exploration Assets Diverse Asset Portfolio Secure Title - Strong tenure in Canada & U.S. Long Life - Expect decades of future development Low Risk - D
Slide 71: Major Asset Contributions
MAJOR ASSET CONTRIBUTIONS Orion: Oil-weighted Low Decline SAGD 2021 Revenue: $10.8M Weyburn: Oil-weighted Low Decline CO2 Flood 2021 Revenue: $43.8M Marcellus: Gas/NGL-weighted 2021 Revenue: $36.1M SCOOP/STACK: Oil/Gas/NGL 2021 Revenue: $36.4M Haynesville: Gas-weighted Permian: 2021 Revenue: $38.5M
Slide 72: Activity Levels
ACTIVITY LEVELS Rig Activity Levels Leading track record 800 700 Drilling activity for U.S. assets 600 affects royalty volumes 500 Oil basins currently at ~65% of 2019 Rig Count 400 levels 300 Gas basins currently at ~100% of 2019 200 levels 100 0 2015-Jan 2015-May 2016-Jan 2016-May 2017-Jan 2017-Ma
Slide 73: Energy History
ENERGY HISTORY Energy as a % of Total Revenue Balancing Corporate Growth and Diversification FNV: TSX | NYSE | 73
Slide 74: Revenue Composition
REVENUE COMPOSITION Revenue Geography Commodity Basin/Asset Other NGL 9% Weyburn 10% 21% CDN Permian 30% 17% $209.5M Oil 2021 Gas 52% Haynesville 38% 18% Marcellus US 17% 70% SCOOP/ STACK 17% NGL Other US Gas 3% 19% 3% 3% SCOOP/ 2016 $30.1M STACK 3% Weyburn CDN Oil 78% 97% 94% Increased portfolio di
Slide 75: Long-Term Options
Long-Term Options Chris Bell C A S C A B E L ( A L P A L A )
Slide 76: Royalty Ounce Breakdown
Other Assets in 5 Year Outlook1 R O YA LT Y O U N C E B R E A K D O W N Top 10 Assets in 5 Year Outlook1 Long-Term Assets1 2.4 Moz + 13.3 Moz + Long-term assets comprise 2.9M of total 18.6M M&I Royalty Ounces 1. For calculation of M&I Royalty Ounces refer to Franco-Nevada 2022 Asset Handbook Mineral
Slide 77: Cascabel Royalty Area
C A S C A B E L ( A L PA L A ) 1 % N S R , E C U A D O R , S O U T H A M E R I C A C A S C A B E L R O Y A L T Y A R E A Ranks amongst best copper-gold development projects in the world Cascabel Royalty covers 50 km2 Strong shareholders (BHP & Newcrest) Alpala M&I Mineral Resource: 2.7 Bt @ 0.53% Cu
Slide 78: Ring of Fire Royalty Area
R I N G O F F I R E , O N TA R I O , C A N A D A R I N G O F F I R E R O Y A L T Y A R E A Royalty exposure to nickel and chromite district Ring of Fire Deposits: 500 km northeast of Thunder Bay, in Northern Ontario. Eagles Nest Ni-Cu-PGM (1% GR) • Feasibility Stage • 11 Mt at 1.68% Ni, 0.87% Cu, 0.
Slide 79: Q & A Session
Q & A S E S S I O N 2 FRANCO-NEVADA VIRTUAL INVESTOR DAY Please submit your written questions Via Webcast or Dial: Toll-Free (North America): 1-888-390-0546 Local and International: 1-416-764-8688 FNV: TSX | NYSE | 79
Slide 80: Thank You for Your Interest in Franco-Nevada
THANK YOU FOR YOUR INTEREST IN Leading Low-risk Diversified Growth track record business model portfolio and optionality www.FRANCO-NEVADA.com TSX: FNV | NYSE: FNV