Franco Nevada : January Presentation

CORPORATE PRESENTATION

JANUARY 2020

2

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, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, audits being conducted by the CRA, the expected exposure for current and future assessments and available remedies, the remedies relating to and consequences of the ruling of the Supreme Court of Panama in relation to the Cobre Panama project, the aggregated value of common shares which may be issued pursuant to the ATM Program, the Company's expected use of the net proceeds of the ATM Program, and expected succession planning. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources and gold equivalent ounces will be realized. Such forward looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian, Australian dollar and Mexican Peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies, and the enforcement thereof; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not Franco-Nevada is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Franco-Nevada's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are not guarantees of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the CRA or the Company's exposure as a result thereof. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements and investors should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the "Risk Factors" section of Franco-Nevada's most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward- looking statements herein are made as of the date herein only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Non-IFRS Measures

Cash Costs, Adjusted Net Income, Adjusted EBITDA and Margin are intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards ("IFRS"). They do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other issuers. Management uses these measures to evaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. The Company also uses Margin in its annual incentive compensation process to evaluate management's performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS such as Net Income and Earnings per Share ("EPS"), our investors and analysts use these measures to evaluate the results of the underlying business of the Company, particularly since the excluded items are typically not included in guidance. While the adjustments to Net Income and EPS include items that are both recurring and non-recurring, management believes these measures are useful measures of the Company's performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business, and/or are not necessarily indicative of future operating results. For a reconciliation of these measures to various IFRS measures, please see the end of this presentation or the Company's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.comand with the SEC on www.sec.gov.

This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction.

3

FNV - THE GOLD INVESTMENT THAT WORKS

FNV IPO: Dec. 2007

20082008 20092009

600%

550%

FNV3

500%

450%TSR: 695%

CAGR: 18.9%

400%

FNV

350%

300%

250%

200%

150%

100%

Gold

GOLD

50%

S&0%S&P/TSX/TSX

Global

Global Gold

-50%

Gold

Index

20102010 2011 201120122012 2013 2013 2014 2014 2015 2015 2016 2016 20172017 20182018 20192019 2020Index-100%

Outperforming gold and gold miners

1. FNV, S&P/TSX Global Gold Index converted to USD
2. Chart as of December 31, 2019
3. TSR and CAGR for December 31, 2007 to December 31, 2019

4

FNV - THE GOLD INVESTMENT THAT WORKS

LOW RISK BUSINESS MODEL

• High margins, scalable, low leverage
• Diversified portfolio
• Long life assets

Tasiast

Detour Lake

BLUE CHIP INVESTMENT

 NYSE with $19 B1 market capitalization  Held by Fidelity, T. Rowe, Blackrock

 12 years of progressive dividends

1. As at December 31, 2019

5

FNV'S BUSINESS MODEL BENEFITS

FNV provides more yield and upside than a Gold ETF with less risk than an operating gold company

Gold ETF	Miners

FNV'S DIVERSIFIED PORTFOLIO

Marcellus

9

1. Asset counts as at November 11, 2019

7

ESG RANKING AND NEW COMMITMENT

HIGHEST RANKED PRECIOUS METALS COMPANY

• Ranked #1 by Sustainalytics out of 104 precious metals companies
• In 2019, Franco-Nevada received an MSCI ESG Rating of "AA"

RESPONSIBLE GOLD MINING PRINCIPLES

8

FNV'S PERFORMANCE SINCE IPO

600

Gold Equivalent

500 Ounces (GEOs)1

(000s)

400

300

200

100

0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

1.0%

G&A

(% of capitalization)

0.5%

0.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

800

Revenue

700 (US$ millions)

600

500

400

300

200

100

0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

1.20	Adj. Net Income1
(US$ per
	share)
1.00
0.80
0.60
0.40
0.20
0.00
	'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

600	Adj. EBITDA1
500	(US$ million)
400
300
200
100
0
	'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

14			Capitalization
			(US$ billion)
12
10
8
6
4
2
0
	'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

• Significant free cash flow business
• High margins
• Low overhead
• Scalable
• Free from operating concerns
• No legacy or legal issues
• Focus on capital allocation

1. Please see notes on Appendix slide - Non-IFRS Measures

9

INDUSTRY LEADING DIVIDEND TRACK RECORD

FNV's 2019 Dividends of ~$190M

 12 consecutive years of dividend increases  >$1.2B paid since IPO1

• IPO investors now realizing 6.5% yield (U.S.) or 8.6% yield (CDN) 2

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

$0

(US $ Millions) per annum

1. Includes DRIP
2. As of last dividend record date December 5, 2019

10

LONG LIFE ASSETS

25

20

15

Years

10

5

0

Long duration portfolio increases optionality

Long-term cash generation

Franco-Nevada

Senior Gold Producers

Intermediate Gold Producers

Seni ors: Agnico Eagle, Barrick, Goldcorp, Kinross, Newmont

Intermediate: Alacer Gold, ALamos Gold, B2Gold, Centerra, Detour Gold, Eldorado, IAMGOLD, New Gold, SEMAFO, Yamana

Source: Senior Gold Producers and Intermediate Gold Producers from Bank of America Merrill Lynch North American Precious Metals Weekly (July 8, 2019)

Franco-Nevada Reserve Life Index is calculated by dividing our Royalty Ounce estimate by the 2018 GEO production plus our LOM average Cobre Panama estimate, with the stream ounces factored by their respective costs Senior Gold Producers: Agnico Eagle, Barrick, Goldcorp, Kinross, Newmont

Intermediate Gold Producers: Alacer Gold, Alamos Gold, B2Gold, Centerra, Detour Gold, Eldorado, IAMGOLD, New Gold, SEMAFO, Yamana

11

CORE ASSETS OUTPERFORMING

Cobre Panama

Antapaccay

$1.36B investment	PM deliveries started	$500M investment	LOM GEOs: +20%4
Planned initial throughput: +47%	in July 2019	GEOs sales +1%2
Copper reserves1: +29%		Advancing new Coroccohuayco deposit

Antamina

Candelaria

$610M investment	Underground potential	$655M investment	LOM Gold: +126%3
Silver sales: +15%2		GEOs sales: +9%2	LOM Silver: +95%3

1.	Balboa Deposit added to reserves in 2012	3.	Comparing Technical Reports July 28, 2014 to Mineral Resources and Reserve estimate June 30, 2018
2.	Based on FNV sales from inception of stream through Q3 2019 vs. acquisition guidance		and including depletion
		4.	Expected GEO deliveries 2019-2029 based on LOM Plan. Excluding Coroccohuayco

			12
COBRE PANAMA GUIDANCE
First Quantum's2	FNV's attributable
forecasted copper	GEOs based on
production	midpoint of forecasted
(tonnes in thousands)	copper production
			(ounces)
(LHS)
			(RHS)

Based on deliveries to date FNV expects deliveries near the top end of its 2019 guidance

1. FNV is entitled to $100/oz. discount on initial stream payments to provide a 5% return on capital for the period from January 1, 2019 till mill throughput capacity achieves 58 mtpy
2. First Quantum 2020 to 2022 guidance dated January 9, 2020. Estimate for 2023 is sourced from First Quantum technical report filed March 29, 2019

ORGANIC PORTFOLIO GROWTH

13

Stillwater

Brucejack

Permian Basin

2019

Cobre Panama (Panama) ramp-up

Cerro Moro (Argentina) full-year production

Candelaria (Chile) recovery from pit slide

Brucejack (BC) full-year royalty payments

Ity (Côte d'Ivoire) CIL commissioning

Eagle (Yukon) ramp-up

Subika/Ahafo (Ghana) mill expansion

2020

Cobre Panama (Panama) ramp-up

Tasiast (Mauritania) possible phase 2 expansion

South Arturo (Nevada) restart

Castle Mountain (California) start-up

Musselwhite (Ontario) restart

2021

Stillwater (Montana) Blitz production adds >50%

EXPECTED DEVELOPMENT

Antapaccay/Coroccohuayco (Peru)

Hardrock (Ontario)

Macassa (Ontario)

West Detour (Ontario)

Salares Norte (Chile)

Valentine Lake (Newfoundland)

Agi Dagi/Camyurt (Turkey)

ENERGY GROWTH

Continental (Oklahoma)

Marcellus (Pennsylvania)

Permian Basin (Texas)

SCOOP/STACK (Oklahoma)

Orion (Alberta) phase 2D expansion

14

ENERGY GROWTH

Why Now

Opportunity Rich - >12 million private royalty owners & PE looking to exit Timing - Benefit of accelerating activity and productivity Diversification - Energy was 16% of total revenue in Q3/2019

Additional Growth - Acquiring royalties ahead of large capital spend to develop multi-decade resources

Marcellus

Why U.S. Royalty Space

Secure Title - Lowest risk globally

Favourable Jurisdiction - U.S. tax reform & pro business

Long Life - Expect 20 to 40 years of development

Low Risk - Diversified operatorship & minimal cost exposure

Strategy

Invest in the core of the core - Proven to attract capital even in a low oil price environment

15

2019 UPDATED GUIDANCE

Expected GEOs1 at higher end range: 490,000 to 500,000

• Assumes Cobre Panama GEO deliveries to be at higher end of guidance range
• Candelaria back to normal operations in second half

Energy revenue2: $100M to $115M

• Previous range was $70M to $85M
• Outperforming budget: U.S. assets, Continental Royalty Acquisition Venture, ORION
• Addition of Marcellus Royalty

Depletion

• Estimate $245M - $275M in 2019 (was $248M in 2018)3

Funding Commitments

• 2019 Commitment up to $120M with Continental (increased from $100M)

1. Assuming: $1,400/oz Au; $16.00/oz Ag; $850/oz Pt; $1,500/oz Pd
2. Assuming $55/bbl WTI and $2.40/mcf Henry Hub
3. Updated vs. Press Release and MD&A filed March 19, 2019

16

FNV'S NEAR TERM GROWTH1

GEOs (000s)

700

600

500

400

300

200

100

-

Cobre Panama Ramp-up

Candelaria normalization

> 30%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2023

Gold equiv. ounces

	200						900
	180						800
	160		U.S. Energy development				700									> 50%
($millions)RevenueGas&			+ Range ORR
140				(millions)EBITDAAdj.
				300
						600
	120	> 100%
							500
	100
							400
	80
Oil	60
	40						200
	20						100
	-						-
	2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018	2023
			2010	2011	2012	2013	2014	2015	2016	2017	2018	2023
+ Energy Revenue		= > 50% Growth in EBITDA

1. 2023 projection uses midpoint of GEOs and Energy Guidance from March 19, 2019 with $30M added to Energy Guidance from Marcellus acquisition announced July 19, 2019 news release. 2023 assumes commodity prices of $1,400/oz. Au, $16.00/oz. Ag, $850/oz. Pt, $1,500/oz. Pd, $55/bbl. WTI
2. Not updated for First Quantum's technical report of March 29, 2019 projecting an expansion of Cobre Panama's mill throughput to 100mtpa from 85mtpa

17

WHAT DIFFERENTIATES FRANCO-NEVADA?

OUR BOARD

Highly experienced in resource investments Owners with >$300 million invested1

Risk averse

Board renewal and succession

OUR EXECUTIVES

Lower G&A than comparables

Active with deals and structural innovations Most opportunistic in the commodity cycle Long history with the company

OUR BUSINESS MODEL	OUR PORTFOLIO
Focused on exploration upside	Strongest growth profile
Avoid long term debt	Greatest diversity (lowest single asset exposure)
Sustainable and progressive dividends	Most exploration optionality (> 370 assets and
	44,000 km2)

1. Common shares held per March 2019 circular and December 31, 2019 share price.

WHY BUY FRANCO-NEVADA?

• Proven Track Record
• Sustainable Dividends
• Built-inGrowth
• Long Duration Assets
• Lower Risk
• Optionality

18

600% FNV 550%

500% 450%

400% FNV 350%

300% 250%

FNV IPO: Dec. 2007

200% 150%

2008	2009
2008	2009

2010

2010

2011

2011

2012

2012

2013

2013

2014

2014

2015

2015

2016

2016

2017

2017

2018

2018

2019

2019

Gold100% GOLD 50% S&P/TSX S&P/TSX0% Global Gold Global -50%Index Gold 2020Index-100%

1. FNV, S&P/TSX Global Gold Index converted to USD
2. Chart as of December 31, 2019

19

APPENDIX - NON-IFRS MEASURES

1. GEOs include our gold, silver, platinum, palladium and other mining assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium, silver and other minerals are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The gold price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average for the month, quarter, or year in which the mineral was produced or sold.
2. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which exclude the following from net income and EPS: foreign exchange gains/losses and other income/expenses; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; unusual non-recurring items; and the impact of income taxes on these items. Please refer to the Q3 2019 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures.
3. Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which exclude the following from net income and earnings per share ("EPS"): income tax expense/recovery; finance expenses; finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; and foreign exchange gains/losses and other income/expenses. Please refer to the Q3 2019 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures.
4. Cash Costs attributable to GEO production and Cash Costs per GEO are non-IFRS financial measures. Cash Costs attributable to GEO production is calculated by starting with total costs of sale and excluding depletion and depreciation, costs not attributable to GEO production such as our Energy operating costs, and other non-cash costs of sales such as costs related to our prepaid gold purchase agreement. Cash Costs is then divided by GEOs sold, excluding prepaid ounces, to arrive at Cash Costs per GEO. Please refer to the Q3 2019 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures.
5. Margin is defined by the Company as Adjusted EBITDA divided by revenue. Please refer to the Q3 2019 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures.
6. The Company defines Working Capital as current assets less current liabilities.

20

FNV'S VALUATION VS. GOLD ETF'S

Net Royalty Ounces1: 14.7 Moz.	Measures ounces of only top 73 projects
Assumes no production from 15 advanced and
	202 exploration projects
	Assumes no future discoveries/resource additions
	Ongoing G&A + cash taxes more than covered by
	cash flows from Energy assets

14.7 Moz @ $1,500 gold:	$22.1
FNV Enterprise Value2 @ ~$100/share:	$18.9

Billion

Billion

Ongoing exploration generates more ounces and yield.

Why own a Gold ETF?

1. See 2019 Asset Handbook and calculation of Royalty Ounces
2. Shares outstanding at September 30, 2019 multiplied by $100/share plus net debt at September 30, 2019

21

PROVEN COMPETITIVE MARKET RETURNS

Franco-Nevada (FNV) - US$ basis

NASDAQ

S&P 500

Barclays US Aggregate Bond

TSX (Toronto Stock Exchange)

Gold Bullion ETF

GDX (index of mostly gold miners)

-6%

-2%

2%

6%

10%

14%

18%

Compounded Average Annual Total Returns since FNV Inception1

1. FNV Inception - December 20, 2007
2. Compounded annual total returns to December 31, 2019
3. Source: TD Securities; Bloomberg

22

OUTPERFORMING IN BULL AND BEAR MARKETS

40%

Franco-Nevada

Gold

GDX

32%

24%

22%

20%

14%

9%

1%

-

(6%)

(20%)

(14%)

		(33%)
(40%)
Bull Market	Bear Market	Bull Market
(2008 - 2012)	(2013 - 2015)	(2016 - Present)

1.	Source: TD Securities; Bloomberg	3. Total return assumes reinvestment of dividends over designated period
2.	All returns are in US$ as of December 31, 2019

23

FNV P / NAV HISTORY

											P/NAV
3.00
2.50
2.00
1.50
1.00
0.50
0.00
5-2008	2008	5-2009	2009	5-2010	2010	5-2011	2011	5-2012	2012	5-2013	2013	5-2014	2014	5-2015	2015	5-2016	2016	5-2017	2017	5-2018	2018	5-2019
											2019

1. Source: Scotia Capital Inc. Global Equity Research
2. As at December 31, 2019

24

OUTPERFORMING GOLD BULL MARKETS

			2008		2009			2010			2011			2012
	FNV	Franco-Nevada (US$)			15%				57%				25%				15%				52%

Gold	Spot Gold		6%		24%		30%		10%		7%

	S&P 500	(37%)								26%		15%				2%					16%
	TSX Composite															18%	(9%)
	(33%)										35%									7%
Indices																			(9%)							8%
TSX 60	(31%)								32%		14%
												37%					34%	(16%)				(9%)
	GDX	(26%)
																	(16%)
	Senior Producer Index	(13%)												24%				(1%)
			17%

1. Source: TD Securities; Bloomberg	4. All returns are in US$, except TSX Composite and TSX 60, which are in C$. Returns are total return, which assumes reinvestment of
2. Yearly Total Returns (2008 - 2012)	dividends over designated period

3. Senior Producer Index is comprised of an equal weighting of Agnico, Barrick, Goldcorp, Kinross, Newmont and Yamana

EXPLORATION OPTIONALITY

25

2018

Gold ounces1 of same assets

as reported Dec. 2018

70

2007

+104%

60 Gold ounces1 at

(Moz)2	50		time of IPO
Resources&
40
	30
Reserves	20		P&P	M&I Inf
10
	0

IPO	>34 Moz produced
$1.2B paid for portfolio	>$1.3B2 revenue to FNV from
	portfolio

+22%

+17%

P&P M&I Inf

Reserves have doubled since IPO at no cost

1. Total ounces associated with top 37 assets at IPO. Total ounces are not the same as FNV Royalty Ounces. Refer to 2019 Asset Handbook at www.franco-nevada.com. Mineral Resources are exclusive of Mineral Reserves. Includes estimates of Mineral Reserves & Resources made under JORC code and SAMREC code.
2. Revenue from original FNV portfolio includes gold, platinum and palladium revenue.

26

AVAILABLE CAPITAL

Working Capital1, 2	$220.0	M
Marketable Securities1	$138.9	M
Credit Facilities3	$1,260.0	M
Drawn3	($245.0 M)

Available Capital	US$1.4 B	Tasiast

1. As at September 30, 2019
2. Please see notes on Appendix slide - Non-IFRS Measures
3. As at September 30, 2019. Facilities include $1B Corporate, $100M Barbados, $160M Fixed Term. Amount drawn is $85M on Corporate and $160M on Fixed Term Facility.

27

ACTIVE MANAGEMENT OF COMMODITY MIX

Revenue % from Gold Equivalents

100%

90%

80%

70%

60%

50% 2008

Added: Candelaria,

Antamina, Antapaccay

Added: Palmarejo,
	Added:
			Expected with Cobre
Gold Quarry
	Weyburn
				Panama and US Oil & Gas

Target >80% gold equivalent

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 E

2023 E

100%

90%

80%

70%

60%

50%

1. For 2019 outlook: Assumes midpoint of 465,000 to 500,000 GEO guidance, midpoint of $100 to $115 million Energy revenue guidance including Marcellus transaction and other mineral revenue to be stable and equal to that generated in 2018
2. For 2023 outlook: Assumes midpoint of 570,000 to 610,000 GEO guidance, midpoint of $170 to $190 million Energy revenue guidance including Marcellus transaction and other mineral revenue to be stable and equal to that generated in 2018
3. Commodity prices for 2019 assumes $1,300/oz. Au, $15.25/oz. Ag, $825/oz. Pt and $1,500/oz. Pd, $55/bbl. WTI and 2023 assumes $1,400/oz. Au, $16.00/oz. Ag, $850/oz. Pt and $1,500/oz. Pd, $55/bbl. WTI. Not updated for First Quantum's technical report of March 29, 2019 projecting an expansion of Cobre Panama's mill throughput to 100mtpa from 85mtpa

28

BOARD OF DIRECTORS

Pierre Lassonde

David Harquail

Tom Albanese

Derek Evans

Dr. Catharine Farrow

David Harquail

Paul Brink

Current Chair and

CEO

Former CEO

CEO

Former CEO

CEO

President & COO

Emeritus Designate1

Chair Designate1

Rio Tinto

MEG Energy

TMAC Resources

Chair Designate1

CEO Designate1

Louis Gignac	Jennifer Maki	- NEW	Randall Oliphant	The Hon. David R.	Elliott Pew	- NEW	Sandip Rana	Lloyd Hong
Former CEO	Former CEO	Former CEO	Peterson	Chair EnerPlus	CFO	CLO
Cambior	Vale Canada	Barrick Gold	Fmr. Ontario Premier

1. Effective May 6, 2020 AGM