Preliminary Contributions from Tocantinzinho Current

(in U.S. greenbacks except another way famous)

TORONTO, Nov. 6, 2024 /PRNewswire/ – “Record gold prices generated higher revenues, Adjusted EBITDA and earnings in Q3 compared to Q2 2024,” mentioned Paul Breaking point, CEO. “GEO sales were stable compared to Q2 although lower compared to Q3 2023 without the contribution from Cobre Panama. The quarter benefitted from contributions from the newly commissioned Tocantinzinho mine in Brazil, and increased contributions from royalties from the recently completed Greenstone mine and the newly acquired Yanacocha royalty. Candelaria reported an increase in copper and gold production for the quarter. While Candelaria’s copper output is on track, Lundin Mining has revised its 2024 gold production guidance lower to reflect revised gold grades for the period. In addition, revenue from our Diversified assets translated into lower GEOs reflecting record gold prices. We have adjusted our 2024 guidance as a result. Franco-Nevada continues to benefit from higher gold prices with limited exposure to cost inflation. The company remains debt-free with substantial available capital and has a strong pipeline of potential precious metal streams and royalties.”

Monetary Abstract

• $275.7 million in income, -11% in comparison to Q3 2023, or +14% when aside from the have an effect on of Cobre Panama residue on preservation and barricade control all the way through the quarter
• 110,110 GEOs bought within the quarter, -32% in comparison to Q3 2023, which in part displays:
  • 22% because of the have an effect on of Cobre Panama, and
  • 3% because of report gold costs, decreasing the conversion of non-gold income into GEOs
• $213.6 million in running coins circulation, -9% in comparison to Q3 2023
• $152.7 million in internet source of revenue or $0.79/proportion, -13% in comparison to Q3 2023
• $236.2 million in Adjusted EBITDA or $1.23/proportion, -7% in comparison to Q3 2023, or +16% aside from Cobre Panama
• $153.9 million in Adjusted Internet Source of revenue or $0.80/proportion, -12% in comparison to Q3 2023, or +12% aside from Cobre Panama
• Quarterly dividend of $0.36/proportion efficient Q1 2024, an annual building up of five.88%
• Sturdy monetary place without a debt and $2.3 billion in to be had capital as at September 30, 2024

Sector-Chief ESG

• Rated #1 valuable metals corporate and #1 gold corporate by way of Sustainalytics, AA by way of MSCI and High by way of ISS ESG
• Dedicated to the International Gold Council’s Accountable Gold Mining Rules
• Partnering with our operators on crowd and ESG tasks
• 40% numerous illustration on the Board and supremacy management ranges as a gaggle

Various, Lengthy-Age Portfolio

• Maximum numerous royalty and streaming portfolio by way of asset, operator and nation
• Sexy mixture of long-life streams and prime optionality royalties
• Lengthy-life mineral assets and mineral reserves

Enlargement and Optionality

• Mine expansions and brandnew mines riding 5-year expansion profile
• Lengthy-term optionality in gold, copper and nickel and publicity to one of the most global’s admirable mineral endowments
• Sturdy pipeline of valuable steel and diverse alternatives

In Q3 2024, we identified $275.7 million in income, i’m sick 10.9% from Q3 2023 (up 13.8% aside from Cobre Panama). Income within the 2023 length integrated contributions from Cobre Panama, which remained on preservation and barricade control all the way through the flow length. Right through the quarter, we benefited from report gold costs, offset by way of decrease contributions from Candelaria and our Power property. Valuable Steel income accounted for 76.8% of our income (64.5% gold, 10.3% silver, 2.0% PGM). Income used to be sourced 81.2% from the Americas (38.3% South The usa, 8.1% Central The usa & Mexico, 17.0% U.S. and 17.8% Canada).

Steerage

We benefited from report gold costs within the first 9 months of 2024, with income exceeding our preliminary expectancies. Our full-year income for 2024 is predicted to be between $1,050 million and $1,150 million. Then again, less than anticipated gold manufacturing at Candelaria and slower ramp-ups at our newly contributing mines have led to fewer Valuable Steel GEOs than at the start expected. As well as, report gold costs within the flow yr have impacted the conversion of our non-gold income into GEOs. Because of this, we’re revising our GEO gross sales steerage as follows: 

Environmental, Social and Governance (“ESG”) Updates

We proceed to rank extremely with ESG ranking companies. Right through the quarter, we expanded the Franco-Nevada Range Scholarship program by way of awarding 4 brandnew variety scholarships to mining engineering scholars at College of Toronto, Université du Québec, and École Polytechnique. Franco-Nevada is now offering scholarships to 13 scholars. We additionally renewed our investment help for the Enseña Perú schooling initiative in Peru.

Portfolio Additions

• Acquisition of Royalty on Yanacocha Operations: As in the past introduced, on August 13, 2024, we not directly bought from Compañía de Minas Buenaventura (“Buenaventura”) and its subsidiary, an current 1.8% NSR on all minerals masking Newmont’s Yanacocha mine and adjoining mineral houses, together with Conga, situated in Peru. Attention for the Yanacocha royalty consisted of $210 million paid in coins on last, plus a contingent fee of $15 million payable in Franco-Nevada regular stocks payable upon the Conga venture reaching industrial manufacturing. The purchase of the Yanacocha royalty used to be efficient July 1, 2024.
• Acquisition of Gold Current on Cascabel Copper-Gold Undertaking: As in the past introduced, on July 15, 2024, our entirely owned subsidiary, Franco-Nevada (Barbados) Company (“FNB”) bought a gold flow from SolGold with regards to manufacturing from the Cascabel venture situated in Ecuador. FNB partnered with Osisko Gold Royalties’ subsidiary, Osisko Bermuda Restricted (“Osisko”), to take part within the financing package deal on a 70%/30% foundation. FNB will serve a complete of $525 million and Osisko a complete of $225 million for a complete blended investment of $750 million, consisting of $100 million in pre-construction investment and $650 million in opposition to structure as soon as the venture is absolutely funded and additional derisked. Right through the quarter, FNB funded $23.4 million upon last of the contract.
• Time period Mortgage with EMX Royalty Company: As in the past introduced, on August 9, 2024, we funded a promise mortgage to EMX Royalty Company of $35 million. Passion is payable per month at a price equivalent to the 3-Pace Time period Attach In a single day Financing Fee plus an acceptable margin in keeping with EMX’s internet debt to adjusted EBITDA ratio.
• G Mining Ventures Non-public Placement and Warrants: As in the past introduced, on July 12, 2024, we finished a personal placement of $25 million with G Mining Ventures at a value of C$2.279 consistent with proportion (an identical to C$9.116 consistent with proportion following the merger between G Mining Ventures and Reunion Gold on July 15, 2024). Los angeles Mancha Investments S.à r.l. finished a concurrent $25 million non-public placement for the purpose of overall proceeds to G Mining of $50 million. The position used to be alike to G Mining Ventures’ trade mixture with Reunion Gold and development of the Oko West gold building venture in Guyana. Franco-Nevada additionally holds proportion acquire warrants which enable the Corporate to obtain 2,875,000 regular stocks of G Mining Ventures at a value of C$7.60 for a complete value of C$21.9 million. Franco-Nevada expects to workout such warrants previous to the speeded up expiry moment of December 4, 2024.
• Way to Achieve Royalty with Brazil Potash Corp.: Next to quarter-end, on November 1, 2024, we bought an choice from Brazil Potash for $1.0 million to buy a 4.0% improper income royalty on potash constituted of Brazil Potash’s Autazes venture in Brazil.

Q3 2024 Portfolio Updates

Valuable Steel property: GEOs bought from our Valuable Steel property have been 84,377, i’m sick 32.7% from 125,337 GEOs in Q3 2023, or i’m sick 6.6% from 90,370 GEOs when aside from Cobre Panama. Decrease contributions from Candelaria and Antapaccay have been in part offset by way of upper GEOs from Subika, and contributions from the just lately built Tocantinzinho and Greenstone mines and the newly bought Yanacocha royalty.

South The usa:

• Candelaria (gold and silver flow) – GEOs delivered and bought in Q3 2024 have been less than the ones bought in Q3 2023. In Q2 2024, mining charges have been impacted by way of the interface of the obvious pit and ancient underground mining stopes, requiring extra stockpiled ore to be processed which lowered grades and healings. Era manufacturing within the quarter higher because of get right of entry to to better grade ore and progressed runtime within the SAG turbines, Lundin Mining has revised its 2024 annual gold manufacturing steerage for Candelaria right down to between 92,000 and 102,000 gold oz (from 100,000 to 110,000 gold oz in the past) because of revised gold grades and anticipated healings for the length. Lundin Mining expects to succeed in its untouched copper manufacturing steerage for Candelaria for 2024.
• Antapaccay (gold and silver flow) – GEOs delivered and bought have been decrease in Q3 2024 in comparison to Q3 2023. Mine scheduling used to be adjusted partly because of a geotechnical tournament which befell in Q2 2024 and quickly restricted pit get right of entry to. Deliveries progressed in Q3 2024, and we think deliveries to be between 50,000 to 60,000 GEOs as at the start guided for 2024.
• Antamina (22.5% silver flow) – GEOs delivered and bought have been rather constant in Q3 2024 in comparison to Q3 2023. Era throughput and copper manufacturing higher in comparison to the prior yr length, silver grades have been decrease, as anticipated in keeping with the existence of mine plan.
• Tocantinzinho (gold flow) – In September 2024, G Mining Ventures introduced its Tocantinzinho mine completed industrial manufacturing. The mine is deliberate to ramp up manufacturing via H2 2024, focused on nameplate throughput by way of Q1 2025. Tocantinzinho is predicted to moderate annual gold manufacturing of 174,700 oz over a ten.5-year mine existence and 196,200 oz for the primary 5 complete years. Franco-Nevada won preliminary deliveries of one,108 GEOs in Q3 2024.
• Yanacocha (1.8% royalty) – Newmont reported upper leach accommodation manufacturing in Q3 2024 on account of injection leaching. Newmont’s manufacturing steerage for 2024 for the Yanacocha mine used to be roughly 290,000 oz and the mine produced 260,000 gold oz year-to-date as of the top of September 2024. Franco-Nevada identified 1,156 GEOs in income in Q3 2024.
• Cascabel (gold flow and 1% royalty) – SolGold continues to file exit at the building of the venture, together with the receipt in August 2024 of the underground exploration and geotechnical drilling lets in.
• Salares Norte (1–2% royalties) – Gold Disciplines reported that following the primary gold pour at Salares Norte in March 2024, the plant used to be quickly close i’m sick and ramp-up suspended because of terrible iciness climate statuses. Gold Farmland’s most up-to-date steerage indicated an estimated gold an identical manufacturing for the mine of between 40,000 and 50,000 oz for 2024 (220,000 and 240,000 oz first of all).

Central The usa & Mexico:

• Cobre Panama (gold and silver flow) – Manufacturing at Cobre Panama has been halted since November 2023 with mining actions these days on preservation and barricade control. Right through the quarter, President Mulino made population statements to the impact that his govt intends to deal with the Cobre Panama mine in early 2025. An built-in audit of Cobre Panama may be anticipated to be performed with world mavens to ascertain a factual foundation to backup in determination making for the while of the mine. As disclosed in Q2, 2024, Franco-Nevada filed a request for arbitration to the Global Centre for Agreement of Funding Disputes on June 27, 2024. Era we proceed to pursue those criminal therapies, we strongly favor and hope for a solution with the Order of Panama offering the most efficient result for the Panamanian community and all events concerned.
• Guadalupe-Palmarejo (50% gold flow) – GEOs bought from Guadalupe-Palmarejo in Q3 2024 diminished relative to Q3 2023 because of decrease grades.

U.S.:

• Stillwater (5% royalty) – GEOs from our Stillwater royalty diminished in Q3 2024 in comparison to Q3 2023. Sibanye-Stillwater introduced in September 2024 an additional restructuring of its US PGM operations on account of flow PGM costs. Sibanye-Stillwater is now guiding to manufacturing of 265,000 PGM oz establishing in 2025. Manufacturing steerage for 2024 rest unchanged and is predicted to be between 440,000 to 460,000 PGM oz.
• Goldstrike (2-4% royalties & 2.4-6% NPI) – GEOs from our Goldstrike royalties diminished in Q3 2024 in comparison to Q3 2023 because of much less obvious pit stockpile heaps from royalty garden being processed throughout the Goldstrike processing amenities, for the purpose of decrease bills for our royalties.
• South Arturo (4-9% royalty) – GEOs from South Arturo higher in Q3 2024 in comparison to Q3 2023 as royalty bills from the restart of obvious pit mining are starting to be won. South Arturo is a part of Nevada Gold Mines’ Carlin operations. 

Canada:

• Detour Pond (2% royalty) – In June 2024, Agnico Eagle exempt the result of a technical find out about reflecting the opportunity of a concurrent underground operation at Detour Pond that may building up annual manufacturing to roughly a million oz for 14 years establishing in 2030. Agnico Eagle expects to start a two-kilometre exploration ramp in Q1 2025, which shall be old pack a bulk pattern and to facilitate infill and growth drilling of the flow underground mineral useful resource.
• Macassa (Kirkland Pond) (1.5-5.5% royalty & 20% NPI) – GEOs from Macassa have been upper in Q3 2024 than in Q3 2023, reflecting productiveness positive factors because the finishing touch of #4 Shaft and the brandnew air flow infrastructure in 2023.Agnico Eagle is continuous to concentrate on asset optimization and is operating on additional bettering mill throughput. 
• Magino (3% royalty) and Island Gold (0.62% royalty) – Alamos finished the purchase of the Magino mine in July 2024. The transaction is predicted to lead to really extensive synergies via shared infrastructure between the adjoining Magino and Island Gold mines. Alamos has famous attainable longer-term upside via a unmarried optimized milling advanced at Magino with a diffusion to between 15,000 and 20,000 tonnes consistent with future.
• Greenstone (3% royalty) – The mine completed its inaugural gold pour in Would possibly 2024. Era the operation has skilled some commissioning problems, it continues to exit towards design capability, ramping up each mining charges and plant throughput. Equinox Gold has revised its 2024 manufacturing estimate to between 110,000 and 130,000 gold oz (from 175,000 to 205,000 gold oz in the past).
• Canadian Malartic (1.5% royalty) – Agnico Eagle reported that ramp building, shaft sinking actions and floor structure advanced on agenda in Q3 2024. Exploration drilling persisted to go back certain ends up in the jap and higher extensions of the East Gouldie storagefacility, demonstrating the possible so as to add important mineral assets alongside extensions of the principle East Gouldie storagefacility.
• Valentine Gold (3% royalty) – Calibre Mining reported that structure on the venture used to be 81% whole as of the top of September 2024 and rest on the right track for finishing touch of structure in Q2 2025. Manufacturing is predicted to moderate 195,000 gold oz consistent with yr over an preliminary mine existence of 12 years.

Remainder of International:

• MWS (25% flow) – GEOs delivered and bought from our MWS flow have been upper than in Q3 2023 reflecting an building up in tonnes processed and better healings. Next to quarter-end, following the supply of one,587 gold oz in This autumn 2024, our MWS flow reached its cumulative cap of 312,500 gold oz.
• Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty have been upper than in Q3 2023. Gold manufacturing on the mine higher 60% because of upper mill throughput and better ore grade milled.

Varied property: Our Varied property, basically comprising our Iron Ore and Power pursuits, generated $61.2 million in income, i’m sick 10.9% from $68.7 million in Q3 2023. When transformed to GEOs, our Varied property contributed 25,733 GEOs, i’m sick 27.5% from 35,511 GEOs in Q3 2023, of which 21.9% used to be because of adjustments in gold costs old within the conversion of non-gold income into GEOs.

Iron Ore: 

• Vale Royalty (iron ore royalty) – Income from our Vale royalty higher somewhat in comparison to Q3 2023. Manufacturing from the Northern Device benefited from sturdy manufacturing at S11D, in part offset by way of decrease estimated iron ore costs and better delivery value deductions. Upper manufacturing from the Southeastern Device used to be pushed by way of enhanced efficiency on the Itabira plant and better output at Brucutu. We predict royalty bills from the Southeastern Device to start roughly mid-2025.
• LIORC – LIORC declared a coins dividend of C$0.70 consistent with regular proportion within the flow length, in comparison to C$0.95 in Q3 2023. Manufacturing from Iron Ore Corporate of Canada used to be 11% less than Q3 2023 because of an 11-day site-wide shutdown following woodland fires in mid-July 2024.
• Caserones (0.517% efficient NSR) – GEOs from our passion in Caserones have been decrease in Q3 2024 than in Q3 2023 partly because of our decrease efficient NSR passion within the flow length. In January 2024, EMX exercised an strategy to gain 0.0531% of our NSR, such that we now personal a nil.517% efficient NSR, in comparison to 0.5701% in Q3 2023.

Power:

• U.S. (diverse royalty charges) – Income from our U.S. Power pursuits used to be rather in line with Q3 2023. We benefited from an building up in manufacturing because of brandnew wells at our Permian pursuits and brandnew contributions from our brandnew Haynesville pursuits, which most commonly offset the have an effect on of decrease discovered costs and lowered drilling process.
• Canada (diverse royalty charges) – Income from our Canadian Power pursuits used to be less than in Q3 2023. Upper manufacturing at Weyburn used to be greater than offset by way of decrease discovered costs.

Dividend Declaration

Franco-Nevada is happy to announce that its Board of Administrators has declared a quarterly dividend of US$0.36 consistent with proportion. The dividend shall be paid on December 19, 2024, to shareholders of report on December 5, 2024 (the “Record Date”). The dividend has been declared in U.S. greenbacks and the Canadian buck an identical shall be enthusiastic in keeping with the day-to-day moderate price posted by way of the Attic of Canada at the Report Era. Below Canadian tax law, Canadian resident people who obtain “eligible dividends” are entitled to an enhanced gross-up and dividend tax credit score on such dividends.

The Corporate has a Dividend Reinvestment Plan (the “DRIP”) which permits shareholders of Franco-Nevada to reinvest dividends to buy extra regular stocks on the Moderate Marketplace Worth, as outlined within the DRIP, topic to a bargain from the Moderate Marketplace Worth in terms of treasury acquisitions. The Corporate will factor extra regular stocks via treasury at a 1% bargain to the Moderate Marketplace Worth. The Corporate would possibly, from date to date, in its discretion, trade or do away with the bargain acceptable to treasury acquisitions or direct that such regular stocks be bought in marketplace acquisitions on the frequent marketplace worth, any of which might be publicly introduced. Participation within the DRIP is non-compulsory. The DRIP and enrollment methods are to be had at the Corporate’s web page at www.franco-nevada.com. Canadian and U.S. registered shareholders might also sign up within the DRIP on-line throughout the plan agent’s self-service internet portal at www.investorcentre.com/franco-nevada. Canadian and U.S. really useful shareholders will have to touch their monetary middleman to organize enrollment. Non-Canadian and non-U.S. shareholders would possibly probably take part within the DRIP, topic to the pleasure of sure statuses. Non-Canadian and non-U.S. shareholders will have to touch the Corporate to resolve whether or not they fulfill the important statuses to take part within the DRIP.

This press leave isn’t an deal to promote or a solicitation of an deal for securities. A registration observation in terms of the DRIP has been filed with the U.S. Securities and Change Fee and could also be bought underneath the Corporate’s profile at the U.S. Securities and Change Fee’s web page at www.sec.gov.

Shareholder Data

The entire unaudited Condensed Consolidated Period in-between Monetary Statements and Control’s Dialogue and Research can also be discovered on our web page at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

We will be able to host a convention name to check our Q3 2024 effects. buyers are invited to take part as follows:

Company Abstract

Franco-Nevada Company is the gold-focused royalty and streaming corporate with probably the most diverse portfolio of cash-flow generating property. Its trade fashion supplies buyers with gold worth and exploration optionality time restricting publicity to price inflation. Franco-Nevada is debt-free and makes use of its loose coins circulation to increase its portfolio and pay dividends. It trades underneath the logo FNV on each the Toronto and Untouched York accumulation exchanges.

Ahead-Having a look Statements

This press leave accommodates “forward-looking information” and “forward-looking statements” throughout the that means of acceptable Canadian securities regulations and the USA Non-public Securities Litigation Reform Office of 1995, respectively, which would possibly come with, however aren’t restricted to, statements with admire to while occasions or while efficiency, control’s expectancies referring to Franco-Nevada’s expansion, result of operations, estimated while revenues, efficiency steerage, sporting worth of property, while dividends and necessities for extra capital, mineral assets and mineral reserves estimates, manufacturing estimates, manufacturing prices and income, while call for for and costs of commodities, anticipated mining sequences, trade potentialities and alternatives, the efficiency and plans of 3rd birthday party operators, audits being performed by way of the Canada Income Company (“CRA”), the predicted publicity for flow and while tax checks and to be had therapies, and statements with admire to the while situation and any attainable restart of the Cobre Panama mine and alike arbitration complaints. As well as, statements in terms of mineral assets and mineral reserves, GEOs or mine lives are forward-looking statements, as they contain implied overview, in keeping with sure estimates and guesses, and deny commitment can also be for the reason that the estimates and guesses are correct and that such mineral assets and mineral reserves, GEOs or mine lives shall be discovered. Such forward-looking statements mirror control’s flow ideals and are in keeping with knowledge these days to be had to control. Regularly, however now not all the time, forward-looking statements can also be recognized by way of the usefulness of phrases comparable to “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or permutations (together with unfavorable permutations) of such phrases and words or could also be recognized by way of statements to the impact that sure movements “may”, “could”, “should”, “would”, “might” or “will” be taken, happen or be completed. Ahead-looking statements contain identified and unknown dangers, uncertainties and alternative elements, which would possibly motive the unedited effects, efficiency or achievements of Franco-Nevada to be materially other from any while effects, efficiency or achievements expressed or implied by way of the forward-looking statements. Quite a lot of elements may motive unedited occasions or effects to vary materially from any forward-looking observation, together with, with out limitation: fluctuations within the costs of the principle commodities that power royalty and flow income (gold, platinum team metals, copper, nickel, uranium, silver, iron-ore and oil and gasoline); fluctuations within the worth of the Canadian and Australian buck, Mexican peso and any alternative foreign money during which income is generated, relative to the U.S. buck; adjustments in nationwide and native govt law, together with allowing and licensing regimes and taxation insurance policies and the enforcement thereof; the adoption of a world minimal tax on companies; regulatory, political or financial trends in any of the international locations the place houses during which Franco-Nevada holds a royalty, flow or alternative passion are situated or wherein they’re held; dangers alike to the operators of the houses during which Franco-Nevada holds a royalty, flow or alternative passion, together with adjustments within the possession and regulate of such operators; relinquishment or sale of mineral houses; affect of macroeconomic trends; trade alternatives that grow to be to be had to, or are pursued by way of Franco-Nevada; lowered get right of entry to to debt and fairness capital; litigation; name, allow or license disputes alike to pursuits on any of the houses during which Franco-Nevada holds a royalty, flow or alternative passion; sooner or later the Corporate is enthusiastic to have “passive foreign investment company” (“PFIC”) situation as outlined in Category 1297 of the USA Inside Income Code of 1986, as amended; attainable adjustments in Canadian tax remedy of offshore streams; over the top value escalation in addition to building, allowing, infrastructure, running or technical difficulties on any of the houses during which Franco-Nevada holds a royalty, flow or alternative passion; get right of entry to to adequate pipeline capability; unedited mineral content material would possibly vary from the mineral assets and mineral reserves contained in technical reviews; price and timing of manufacturing variations from useful resource estimates, alternative technical reviews and mine plans; dangers and hazards related to the trade of building and mining on any of the houses during which Franco-Nevada holds a royalty, flow or alternative passion, together with, however now not restricted to strange or surprising geological and metallurgical statuses, slope screw ups or cave-ins, sinkholes, flood and alternative herbal screw ups, terrorism, civil unrest or a virulent disease of contagious sickness; the have an effect on of while pandemics; and the mixing of bought property. The forward-looking statements contained herein are founded upon guesses control believes to be cheap, together with, with out limitation: the continued operation of the houses during which Franco-Nevada holds a royalty, flow or alternative passion by way of the house owners or operators of such houses in a way in line with occasion apply; the accuracy of population statements and disclosures made by way of the house owners or operators of such underlying houses; deny subject matter adversarial trade out there worth of the commodities that underlie the asset portfolio; the Corporate’s ongoing source of revenue and property in terms of decision of its PFIC situation; deny subject matter adjustments to current tax remedy; the predicted utility of tax regulations and laws by way of taxation government; the predicted overview and result of any audit by way of any taxation authority; deny adversarial building in admire of any important constituent during which Franco-Nevada holds a royalty, flow or alternative passion; the accuracy of publicly disclosed expectancies for the improvement of underlying houses that aren’t but in manufacturing; integration of bought property; and the being lacking any alternative elements that might motive movements, occasions or effects to vary from the ones expected, estimated or supposed. Then again, there can also be deny commitment that forward-looking statements will turn out to be correct, as unedited effects and while occasions may vary materially from the ones expected in such statements. Traders are cautioned that forward-looking statements aren’t promises of while efficiency. As well as, there can also be deny commitment as to (i) the result of the continued audit by way of the CRA or the Corporate’s publicity in consequence thereof, or (ii) the while situation and any attainable restart of the Cobre Panama mine or the result of any alike arbitration complaints. Franco-Nevada can’t ensure buyers that unedited effects shall be in line with those forward-looking statements. Accordingly, buyers will have to now not park undue reliance on forward-looking statements because of the inherent indecision therein.

For extra knowledge with admire to dangers, uncertainties and guesses, please the following Franco-Nevada’s most up-to-date Annual Data Mode in addition to Franco-Nevada’s most up-to-date Control’s Dialogue and Research filed with the Canadian securities regulatory government on www.sedarplus.com and Franco-Nevada’s most up-to-date Annual Document filed on Mode 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the moment hereof most effective and Franco-Nevada does now not think any legal responsibility to replace or revise them to mirror brandnew knowledge, estimates or evaluations, while occasions or effects or another way, excluding as required by way of acceptable legislation.

ENDNOTES:

1. GEOs: Gold an identical oz (“GEOs”) come with Franco-Nevada’s attributable proportion of manufacturing from our Mining and Power property nearest acceptable fix and payability elements. GEOs are estimated on a improper foundation for NSRs and, in terms of flow oz, ahead of the fee of the consistent with ounce contractual worth paid by way of the Corporate. For NPI royalties, GEOs are calculated bearing in mind the NPI economics. Silver, platinum, palladium, iron ore, oil, gasoline and alternative commodities are transformed to GEOs by way of dividing related income, which contains agreement changes, by way of the related gold worth. The fee old within the computation of GEOs varies relying at the royalty or flow contract of each and every specific asset, which would possibly build connection with the marketplace worth discovered by way of the operator, or the common worth for the age, quarter, or yr during which the commodity used to be produced or bought. For Q3 2024, the common commodity costs have been as follows: $2,477/oz. gold (Q3 2023 – $1,929), $29.42/oz. silver (Q3 2023 – $23.57), $963/oz. platinum (Q3 2023 – $931) and $970/oz. palladium (Q3 2023 – $1,251), $100/t Fe 62% CFR China (Q3 2023 – $113), $75.09/bbl WTI oil (Q3 2023 – $82.26) and $2.24/mcf Henry Hub herbal gasoline (Q3 2023 – $2.66). For YTD 2024 costs, the common commodity costs have been as follows: $2,296/oz. gold (YTD 2023 – $1,932), $27.21/oz. silver (YTD 2023 – $23.44), $951/oz. platinum (YTD 2023 – $985) and $973/oz. palladium (YTD 2023 – $1,422), $112/t Fe 62% CFR China (YTD 2023 – $116), $77.54/bbl WTI oil (YTD 2023 – $77.39) and $2.22/mcf Henry Hub herbal gasoline (YTD 2023 – $2.58).
2. NON-GAAP FINANCIAL MEASURES: Adjusted Internet Source of revenue and Adjusted Internet Source of revenue consistent with proportion, Adjusted Internet Source of revenue Margin, Adjusted EBITDA and Adjusted EBITDA consistent with proportion, and Adjusted EBITDA Margin are non-GAAP monetary measures without a standardized that means underneath Global Monetary Reporting Requirements (“IFRS Accounting Standards”) and is probably not related to homogeneous monetary measures disclosed by way of alternative issuers. For a quantitative reconciliation of each and every non-GAAP monetary measure to probably the most immediately related monetary measure underneath IFRS Accounting Requirements, the following refer to tables. Additional knowledge in terms of those non-GAAP monetary measures is integrated by way of reference from the “Non-GAAP Financial Measures” division of Franco-Nevada’s MD&A for the 3 and 9 months ended September 30, 2024 dated November 6, 2024 filed with the Canadian securities regulatory government on SEDAR+ to be had at www.sedarplus.com and with the U.S. Securities and Change Fee to be had on EDGAR at www.sec.gov.

• Adjusted Internet Source of revenue and Adjusted Internet Source of revenue consistent with proportion are non-GAAP monetary measures, which exclude refer to from internet source of revenue and income consistent with proportion (“EPS”): impairment losses and reversal alike to royalty, flow and dealing pursuits and investments; positive factors/losses on disposals of royalty, flow and dealing pursuits and investments; impairment losses and anticipated credit score losses alike to investments, loans receivable and alternative monetary tools, adjustments in truthful worth of investments, loans receivable and alternative monetary tools, foreign currency echange positive factors/losses and alternative source of revenue/bills; strange non-recurring pieces; and the have an effect on of source of revenue taxes on this stuff.
• Adjusted Internet Source of revenue Margin is a non-GAAP monetary measure which is outlined by way of the Corporate as Adjusted Internet Source of revenue divided by way of income.
• Adjusted EBITDA and Adjusted EBITDA consistent with proportion are non-GAAP monetary measures, which exclude refer to from internet source of revenue and EPS: source of revenue tax expense/fix; finance bills and finance source of revenue; depletion and depreciation; impairment fees and reversals alike to royalty, flow and dealing pursuits and investments; positive factors/losses on disposals of royalty, flow and dealing pursuits and investments; impairment losses and anticipated credit score losses alike to investments, loans receivable and alternative monetary tools, adjustments in truthful worth of funding, loans receivable and alternative monetary tools, foreign currency echange positive factors/losses and alternative source of revenue/bills; and strange non-recurring pieces.
• Adjusted EBITDA Margin is a non-GAAP monetary measure which is outlined by way of the Corporate as Adjusted EBITDA divided by way of income.

Reconciliation of Non-GAAP Monetary Measures:

FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in hundreds of thousands of U.S. greenbacks)

The unaudited condensed consolidated intervening time monetary statements and accompanying notes can also be present in our Q3 2024 Quarterly Document to be had on our web page

FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 
(in hundreds of thousands of U.S. greenbacks and stocks, excluding consistent with proportion quantities)

The unaudited condensed consolidated intervening time monetary statements and accompanying notes can also be present in our Q3 2024 Quarterly Document to be had on our web page

FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in hundreds of thousands of U.S. greenbacks)

The unaudited condensed consolidated intervening time monetary statements and accompanying notes can also be present in our Q3 2024 Quarterly Document to be had on our web page

SOURCE Franco-Nevada Company

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