Franco-nevada Corporation · TSX:FNV
Franco-nevada — Investor Presentation (October 2025)
40 slides from Franco-nevada's investor presentation, October 2025
Slide 1: Corporate Presentation October 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 O C T O B E R
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 18 Consecutive Dividend Increases Sustainability Focused Top Ranked by ESG Rating Agencies Diversified Portfolio 120 Cash Flowing Assets Growth and Optionality > 50%
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% 20% Lower-risk gold investment to hedge against market volatility 1. FNV Inception – December 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 refer to the appendix at the end of this presentati
Slide 12: H1 2025 GEOs Diversification
H1 2025 GEOs DIVERSIFICATION 12 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 81% from 86% from Americas >15% Precious Metals 14 Countries
Slide 13: Our 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 October 1, 2025 Details on assets provided in the Asset
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 Limb3 $500M ~20 45 yrs 18% Porcupine4 $449M ~12
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
ARTHUR GOLD PROJECT 21 1 % N S R A C Q U I S I T I O N Arthur Mineral Resource Growth Royalty on a • Rapidly growing resource on one of North America’s most prolific, emerging gold (Moz Au) Tier-1 Asset in districts being advanced by AngloGold Ashanti with a PFS expected by early 2026 Nevada • Royal
Slide 22: Côté Gold Mine
CÔTÉ GOLD MINE 22 7 . 5 % G R O S S M A R G I N R O Y A L T Y A C Q U I S I T I O N Immediate Gold Cash • One of Canada’s most recent and largest, modern open pit operations, with Flow from Major significant expansion potential on an expansive resource base • Gold revenues from 7.5% Gross Margin Roy
Slide 23: Discovery Silver – Porcupine Financing
DISCOVERY SILVER – PORCUPINE FINANCING 23 4 . 2 5 % N S R A C Q U I S I T I O N Immediate Gold • Established Porcupine operating complex in Timmins has produced over 70 Moz Au over the course of 100+ years, and continues to Revenues from have one of the largest M&I&I Mineral Resources in Canada the
Slide 24: Cobre Panama
COBRE PANAMA 24 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 25: Guidance
GUIDANCE 25 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, Porcupine, Coté2
Slide 26: Growth Outlook
GROWTH OUTLOOK 26 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 + New mines 463 GEOs 490K – 550K Stibnite | Copper World GEOs Eskay Creek | Taca Taca 463K
Slide 27: 5-Year Growth Pipeline
5-YEAR GROWTH PIPELINE 27 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 Vale to 2026 Detour Lake to 2028 Financing2 Candelaria to 2028 Stibnite Gold 2029 Antapaccay/Coroccohuayco to 2028 Copper World Proj
Slide 28: Long-Term Optionality
LONG-TERM OPTIONALITY 28 G R O W T H A N D O P T I O N A L I T Y Holt (Au) Vizcachitas (Cu) Other Other Porcupine (Dome) (Au) New Holt (Au) Rogozna (Au, Ag, Zn) Prosperity New Vizcachitas (Cu) (Au) Arthur Gold (Au) Prosperity³ (Au) over Conga (Cu, Au) 230 Porcupine (Dome) (Au) ~7M of M&I ~225,000 GE
Slide 29: Available Capital
AVAIL ABLE CAPITAL 29 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 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: CRA Audit (2013-2021)
CRA AUDIT (2013-2021) 34 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
Slide 35: Producing Asset News
PRODUCING ASSET NEWS 35 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 36: Producing Asset News (cont.)
PRODUCING ASSET NEWS (cont.) 36 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 37: Advanced and Exploration News
ADVANCED AND EXPLORATION NEWS 37 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 Valentine Gold1 Newfoundland Salares Norte1 Chile Eskay Creek British Columbia First gold poured in September 2025 with ramp-up First gold poured in March 2024. Commercial levels of Construction activities advan
Slide 38: Advanced and Exploration News (cont.)
ADVANCED AND EXPLORATION NEWS 38 (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 Rogozna Serbia Recent drilling confirms high-grade resource core at Long-standing dispute settled with Taseko contributing
Slide 39: Long-Term Assets Resource Details
LONG-TERM ASSETS RESOURCE DETAILS 39 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 40: Mineral Reserves & Mineral Resources
MINERAL RESERVES & MINERAL RESOURCES 40 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