Franco-nevada Corporation · TSX:FNV
Franco-nevada — Q4 2025 Earnings Presentation
41 slides from Franco-nevada's earnings presentation, Mar 11, 2026
Slide 1: Corporate Presentation
C O R P O R A T E P R E S E N T A T I O N M A R C H 2 0 2 6 Hoyle Pond, Timmins, Ontario | Image Courtesy of the ROM (Royal Ontario Museum), Toronto, Canada. ©ROM
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT 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, which may include,
Slide 3: 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 The Leading Gold-Focused Royalty & Streaming Company Providing exposure to commodity price and geological optionality, while insulating investors from cost inflation Investing in high quality, lower risk, long-life assets: Precious metals focused Mo
Slide 4: Why Own Franco-Nevada
W H Y O W N F R A N C O - N E VA D A PROVEN LEADING DIVERSIFIED BUSINESS MODEL TRACK RECORD PORTFOLIO 19% Compounded Return Since IPO1 Industry Leading Investment Returns 119 Cash Flowing Assets GROWTH & FINANCIAL S U S TA I N A B I L I T Y OPTIONALITY FLEXIBILITY FOCUSED Potential 45% Growth by 203
Slide 5: Outperforming All Market Benchmarks
SHAREHOLDER RETURNS 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% Outperforming All Market Benchmarks 1 Chart shows compounded annual total returns from FNV Inception, on December 20, 2007 to Febr
Slide 6: Leading Track Record of Growth
LEADING TRACK RECORD OF GROWTH 12.1x REVENUE 13.9x 12-14X ADJUSTED EBITDA1 Increase 13.7x O P E R AT I N G C A S H F L O W since IPO 11.8x ADJUSTED NET INCOME PER SHARE1 Leading Performance since IPO Calculations based on change from December 31, 2008 to December 31, 2025 | 1 Please refer to the app
Slide 7: Insulated from Operating Cost Inflation
HIGH MARGIN – LOW-COST MODEL 110% Leverage to gold price $4,000 $3,500 $3,110 $3,000 Cash Cost Per GEO US$ $2,500 $2,109 $2,000 $1,657 $1,500 $1,528 $1,555 $1,559 $1,000 $500 $242 $245 $242 $286 $278 $325 $- 2020 2021 2022 2023 2024 2025 Cash cost per GEO¹ Margin Insulated from Operating Cost Inflat
Slide 8: 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 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 $340M 2026 dividends to be paid 11.5% yield (U.S.)2 15.8% yield (CDN)2 IPO shareholder realizing 13% Dividen
Slide 9: Adaptable Investment Style
ADAPTABLE INVESTMENT STYLE DEBT EMERGING PROJECT M&A REDUCTION PROJECTS DEVELOPMENT E X P LO R AT I O N Alignment with Partners for a Win-Win Solution 9
Slide 10: Strong Financial Backer
STRONG FINANCIAL BACKER B U S I N E S S M O D E L A$220M FINANCING $250M FINANCING $100M FINANCING FOR DEVELOPMENT OF NEVADA FOR C A S A B E R A R D I FOR DEVELOPMENT OF BULL ABULLING PORTFOLIO ACQUISITION A$170M Royalty $250M Royalty $100M Stream A$50M Equity $449M FINANCING $353M PROJECT FINANCE $
Slide 11: i-80 Gold Financing
i-80 GOLD FINANCING FNVs Nevada Assets Royalty Covers all of i-80 Gold’s Growth Plans in Nevada • Asset development program will increase production from 32 koz Au in 2025 to 600+ koz Au per year by 2032 • Royalty rate steps up from a 1.5% NSR to 3.0% beginning in 2031, coinciding with i-80 Gold’s d
Slide 12: Minerals 260 - Bullabulling Financing
MINERALS 260 – BULLABULLING FINANCING Near-Term Production Pathway • One of Australia’s largest near-term gold projects with 3 Moz Indicated Resources (93 Mt at 1.0 g/t) and 1.5 Moz Inferred Resources (42 Mt at 1.1 g/t) • Located on existing mining leases with straightforward pathway to production t
Slide 13: Orezone Gold - Casa Berardi Financing
OREZONE GOLD - CASA BERARDI FINANCING Immediate Gold Revenues from the Established 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 Moz to date an
Slide 14: Victoria Royalty Portfolio / AurMac Acquisition
VICTORIA ROYALTY PORTFOLIO / AURMAC ACQUISITION Acquired a portfolio of six royalties for C$55M • 6% NSR on Banyan Gold Corp.’s AurMac Gold Project (subject to 5% buydown for C$10M) • 1% NSR on Banyan Gold Corp.’s Hyland property • Production milestone payments (up to C$20M) on i-80 Gold Corp.’s Cov
Slide 15: Our Portfolio
435 ASSETS OUR PORTFOLIO Covering Approximately ~70,000 km2 435 (Size of Ireland) TOTAL 119 Precious Metals Diversified PRODUCING 41 Precious Metals Diversified ADVANCED 275 EXPLORATION Not all assets shown on map, including exploration assets | Asset count as of March 10, 2026 | Details on assets p
Slide 16: Unique Portfolio Mix
UNIQUE PORTFOLIO MIX 1 Iron Ore 3% Energy 11% 421 Precious 2025 2025 Metals 14 REVENUE REVENUE 50% Copper 36% INVESTMENT TYPE UNDERLYING ASSETS Our royalties are mostly on gold orebodies, which Reserves and Resources on orebodies often have high optionality as often they are only fully increase when
Slide 17: Diversified Portfolio
DIVERSIFIED PORTFOLIO 2 0 2 5 G E O s COMMODITY GEOGRAPHY ASSETS 85% from 87% from Americas No Individual Asset Precious Metals 14 Countries >15% Gold Oil Canada & USA Candelaria Hemlo Silver Gas South America Guadalupe- Côté Palmarejo PGM NGL Central America & Mexico Detour Antapaccay Other Mining
Slide 18: Power of Optionality
E M B E D D E D R O YA LT Y 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 accordance with CIM or acceptabl
Slide 19: Royalties Provide Significant Geological Optionality
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 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 >$800M Return2 GOLDSTRIKE S T I L LWAT E R $2M Investment1 $2M Investment1 >$800M Return2 >$150M Return2 DUKETO
Slide 20: Detour Lake - Potential Further Expansion
D E TO U R L A K E – P OT E N T I A L F U R T H E R E X PA N S I O N 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: • Optimization initiatives to support throughput increase expected end of 2029. Production step-up in 2030, reaching 1 Mozpa in 2031 for app
Slide 21: Stream Assets - Return on Investment
STREAM ASSETS – RETURN ON INVESTMENT Candelaria (2014) Antapaccay (2016) Antamina (2015) Guadalupe-Palmarejo (2009, 2015) $0 $500 $1,000 $1,500 $2,000 $2,500 US$ (Millions) INVESTMENT RETURNS Acquisition Cost After Tax Cash1 Received 1 After Tax Cash represents Revenue less Cost of Sales and Cash Ta
Slide 22: 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 Likely Coroccohuayco expansion to offset step down in Antapaccay stream • Stream deliveries expected to transition from a copper link to 30% Au/Ag production in 20282 Glencore anticipates a construction decision on Coroccohuayco in H2 2026
Slide 23: Cobre Panama Potential
C O B R E PA N A M A P OT E N T I A L 160 140 GEOs SOLD 150K – 175K 120 100 80 Growth/ 60 Optionality 40 20 - 2019 2020 2021 2022 2023 2025 2026+ 2023 ACTIONS POTENTIAL FOR MINE RESTART November 2023 | Law 4061 found unconstitutional July 2024 | President Mulino took office and Government ordered sh
Slide 24: 2026 Guidance and 2030 Outlook
2026 GUIDANCE 2026 GUIDANCE 1, 2, 3 2030 OUTLOOK 1 TOTAL GEOS 510K – 570K 555K – 615K GOLD OUNCES SOLD 360K – 400K S I LV E R O U N C E S S O L D 4 . 7 M – 5 . 5 M PGMS OUNCES SOLD 32K – 37K DIVERSIFIED REVENUE $245M – $285M + Full year: Côté Gold, Porcupine, and Valentine Gold + Production: Cascabe
Slide 25: 5-Year Growth Pipeline
5-YEAR GROWTH PIPELINE P R O J E C T S I N C L U D E D I N 2 0 3 0 O U T L O O K R E C E N T O P E R AT I N G A D D I T I O N S UNDER CONSTRUCTION2 Casa Berardi 2026 Calcatreu 2026 Côté Gold 2026 Eskay Creek 2027 i-80 2026 Stibnite Gold 2029 Porcupine 2026 R E C E N T M I N E S TA R T S FEASIBILITY
Slide 26: Growth Outlook
G ROW TH OU TLOOK Long-Term Options ~222k GEOs Available Capital2 Annually3 Potential growth of 150k-175k GEOs Cobre Panama if Cobre Panama restarts at full capacity 555K – 615K + New mines GEOs 519K GEOs GEOs Stibnite Gold | Copper World | Eskay Creek | Taca Taca + Expansions Vale | Antapaccay/ Cor
Slide 27: Long-Term Optionality
LONG-TERM OPTIONALITY Kerr-Addison (Au) Heva Hosco (Au) Other AurMac (Au) Other New Volcan (Au) Kerr-Addison (Au) Prosperity Holt (Au) New (Au) Heva-Hosco (Au) Prosperity³ Vizcachitas (Cu) AurMac (Au) (Au) ~6.0M M&I + Volcan (Au) ~222,000 GEOs1 Porcupine (Dome) (Au) ~1.7M Inferred Holt (Au) Rogozna
Slide 28: Gold at a Discount
G O L D AT A D I S C O U N T Franco-Nevada currently has 25.2M M&I and 6.5M Inferred Royalty Ounces1: ▪ Measures ounces only from our top 105 projects ▪ Assumes no production from 200+ exploration projects ▪ Assumes no further discoveries/resource additions 31.7 Moz@ $5,274 gold2: $167.0 Billion FNV
Slide 29: Five ESG Pillars
TOP LEVEL SUSTAINABILITY RATINGS & RECOGNITION FIVE ESG PILLARS Responsible Good Governance Fostering Transparent Community Capital & Shareholder Diversity, Inclusion Sustainability Contributions Allocation Alignment & Well-Being Disclosure The use by Franco-Nevada Corporation of any MSCI ESG Resear
Slide 30: Available Capital
AVA I L A B L E C A P I TA L AS AT DECEMBER 31, 2025 $3,500 $3.1 billion $3,000 Marketable $2,500 Securities² $2,000 $1,500 Undrawn Total Credit Facility¹ $1,000 $500 Cash on Hand $- Debt Free + Cash Generated by Operations $450M-$500M4 per quarter 1 Undrawn Credit Facility includes $500 million Acc
Slide 31: Franco-Nevada.com
FRANCO-NEVADA.COM TSX/NYSE: FNV Hoyle Pond, Timmins, Ontario | Image Courtesy of the ROM (Royal Ontario Museum), Toronto, Canada. ©ROM
Slide 32: GEOs and Net GEOs
GEOS AND NET GEOs 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 factors
Slide 33: Non-GAAP Measures
NON-GAAP MEASURES 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 standa
Slide 34: Board and Management
BOARD AND MANAGEMENT A P P E N D I X BOARD Form David Paul Tom Hugo Derek Harquail Brink Albanese Dryland Evans Chair of the Board President & CEO Former CEO Global Partner Former CEO Rio Tinto Rothschild & Co MEG Energy Dr. Catherine Maureen Jennifer Daniel Jacques Farrow Jensen Maki Malchuk Perron
Slide 35: CRA Audit (2013-2021)
CRA AUDIT (2013-2021) 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 income
Slide 36: Producing Asset News
PRODUCING ASSET NEWS 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 projec
Slide 37: Producing Asset News (cont.)
PRODUCING ASSET NEWS (cont.) R O Y A L T I E S Detour Lake Ontario Stillwater Montana Musselwhite Ontario Optimization initiatives to support throughput increase Stillwater West is expected to reopen in 2028, doubling Mine trend extension confirmed 1.6km along strike from current expected end of 202
Slide 38: Producing and Advanced Asset News
P R O D U C I N G A N D A D VA N C E D A S S E T N E W S R A M P - U P Valentine Gold1 Newfoundland Salares Norte1 Chile Posse (Mara Rosa)1 Brazil Commercial production achieved. 23.8 koz poured in First gold poured in March 2024. Steady state production Production for 2025 was 40 k GEOs, in line wi
Slide 39: Advanced and Exploration News (cont.)
A D VA N C E D A N D E X P L O R AT I O N N E W S ( c o n t . ) 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 Corp
Slide 40: Mineral Reserves & Mineral Resources
MINERAL RESERVES & MINERAL RESOURCES 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 Acceptab
Slide 41: Footnotes
F O OT N OT E S SLIDE 11 1 Total resources converted into gold equivalent at long term prices of $3,302/oz Au and $40.31/oz Ag. Total resources include the following: Granite Creek Underground – 0.8 Mt at 10.5 g/t Au for 261 koz Au measured and indicated resources and 0.8 Mt at 13.0 g/t Au for 326 k