Franco Nevada : August Presentation

CORPORATE PRESENTATION

AUGUST 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 Canada Revenue Agency ("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 at-the-market ("ATM") program, the Company's expected use of the net proceeds of the ATM program, if any, and the acquisition of the SolGold royalty interest. 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: the price at which Common Shares are sold in the ATM program and the aggregate net proceeds received by the Corporation as a result of the ATM program; 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; the impact of the COVID-19 (coronavirus) pandemic; 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; risks related to the completion of the acquisition of the SolGold royalty interest; 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

The GOLD Investment That WORKS

TRACK RECORD

• Outperforming Benchmarks
• Dividend Aristocrat

Blue Chip

Investment

BUSINESS MODEL	GROWTH OUTLOOK
 Low Risk	 Long Duration Assets
 Optionality	 Built-in Growth

• NYSE with ~$30.0 B1 market capitalization
• Held by Blackrock, Fidelity, T. Rowe

"DEBT FREE"

1. As at July 31, 2020
2. Letters of Credit of C$23m have been issued under RCF

TRACK RECORD

4

ESG Ranking and Commitments

Highest Ranked Precious Metals Company

• Ranked #1 by Sustainalytics out of 104 precious metals companies
• In 2020, Franco-Nevada received an MSCI ESG Rating of "AA"
• Highest ranked company among precious and base metals companies in Canada in the Globe and Mail's 2019 Board Games

Responsible Gold Mining Principles

Member of the

UN Global Compact

TRACK RECORD

5

Outperforming Gold

FNV 3

TSR: 1130%

CAGR: 22.1%

FNV IPO: Dec.

2007

Gold

S&P/TSX

Global Gold

Index

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1.	FNV, S&P/TSX Global Gold Index converted to USD	3.	TSR and CAGR for December 31, 2007 to July 31, 2020
2.	Chart as of July 31, 2020	4.	Source: TD Securities; Bloomberg

TRACK RECORD

6

Outperforming the Market

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)

-4%

0%

4%

8%

12%

16%

20%

24%

Compounded Average Annual Total Returns since FNV Inception1

1. FNV Inception - December 20, 2007
2. Compounded annual total returns to July 31, 2020
3. Source: TD Securities; Bloomberg

TRACK RECORD

7

Performance Since IPO

• Significant free cash flow generation
• High margins
• Low overhead/scalable
• No legacy issues
• Focus on capital allocation

600		900		800
	Gold Equivalent	800	Revenue	700	Adj. EBITDA1
	Ounces (GEOs)1	(US$ millions)	(US$ million)
500
700
	(000s)		600
400		600		500
		500
300				400
		400
200		300		300
		200		200
100
		100		100
0		0		0
	'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19		'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19		'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19
1.0%		2.00		22
	G&A	1.80	Adj. Net Income1	20	Capitalization
0.8%	(% of capitalization)	1.60	(US$ per share)	18	(US$ billion)
		1.40		16
0.6%		1.20		14
		1.00		12
			10
		0.80
0.4%			8
		0.60		6
0.2%		0.40		4
		0.20		2
0.0%		0.00		0
	'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19		'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19		'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

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

TRACK RECORD

Growing Profitability

900.0

800.0

	700.0
(Millions)$US	600.0
500.0

400.0

300.0

200.0

100.0

-

2015

2016

2017

2018

2019

8

900.0 Taxes/Other

800.0 Depletion

700.0				Cost of Sales
			G&A
600.0	(Millions)$US			Revenue
500.0

400.0

300.0

200.0

100.0

-

80% EBITDA Margin and 40% Adjusted Net Income Margin in 2019

TRACK RECORD

9

Progressive Dividend Track Record

FNV's 2019 Dividends of ~$190M

• 13 consecutive years of dividend increases
• $1.3B paid since IPO1
• IPO investors now realizing

6.8% yield (U.S.)

9.3% yield (CDN)2

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Progressive and Sustainable

$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 June 11, 2020

BUSINESS MODEL

10

Unique Business Model

FNV does not operate or explore for mines. Instead it has a broad portfolio of royalties and streams on many operations allowing it to:

Long-Term Optionality

Diversified Portfolio

BUSINESS MODEL

12

Core Assets Outperforming

Cobre Panama	$1.36B investment
Planned initial throughput: +47%
	Copper reserves1: +27%
	PM deliveries started in July 2019
	Expect full throughput rate (85Mtpa) by mid-
	August 20202
Antamina	$610M investment
	Silver sales: +13%3
	Underground potential
	Ramp-up to full production expected in
	Q3 20204

1.	Balboa Deposit added to reserves in 2012	3.	Based on FNV sales from inception of stream through Q4 2019 vs. acquisition guidance
2.	Cobre-Panama was placed on care and maintenance on April 6, 2020 due to COVID-19	4.	Antamina operations temporarily suspended on April 13, 2020 due to COVID-19

BUSINESS MODEL

13

Core Assets Outperforming

Antapaccay

Candelaria

$500M investment LOM GEOs: +20%1

Advancing new Coroccohuayco deposit

$655M investment GEOs sales: +11%2 LOM Gold: +126%3 LOM Silver: +95%3

1.	Expected GEO deliveries 2019-2029 based on LOM Plan. Excluding Coroccohuayco	3. Comparing Technical Reports July 28, 2014 to Mineral Resources and Reserve estimate June 30, 2019
2.	Based on FNV sales from inception of stream through Q4 2019 vs. acquisition guidance	and including depletion

BUSINESS MODEL

14

Long Life Assets

Reserve Life

2014

Franco-Nevada

2019

2014

Sr. Gold Producers

2019

2014

Int. Gold Producers

2019

Years _____

2

4

6

8

10

12

14

16

18

20

Long duration portfolio increases optionality

Long-term cash flow generation

Source: Bank of America Merrill Lynch North American Precious Metals Weekly (March 27, 2017 and July 8, 2019)

Senior Gold Producers: Agnico Eagle, Barrick, Goldcorp, Kinross, Newmont

Intermediate Gold Producers: Alamos Gold, Centerra, IAMGOLD, New Gold, Yamana

GROWTH OUTLOOK

GEO Sales Growth From Core Assets

	700
(000's)	600
500
Ounces	400
300
	200

100

0

2018	2019	2024
Actual	Actual	Outlook

Portfolio positioned for long-term growth 2020 GEO outlook impacted by COVID 19

15

Cobre Panama

Antamina

Antapaccay

Candelaria

Other

1. GEOs for the years 2018 and 2019 represent actuals. GEOs for the year 2024 represent midpoint of outlook issued in March 2020.

GROWTH OUTLOOK

16

Cobre Panama Growth

				Medium Term
Cobre Panama(2)		Ramp-up	FNV's attributable
estimated copper			GEOs(3) based on
production	Short Term		estimated copper
(tonnes in thousands)		production
Ramp-up
				(ounces)
(LHS)
					(RHS)

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 until mill throughput capacity achieved 58 mtpy
2. Short and medium term recovered copper sourced from First Quantum's technical report filed March 29, 2019 for the years 2021 and 2023 respectively, the first year achieving the target rates.
3. Assuming: $1,500/oz Au; $17.00/oz Ag

GROWTH OUTLOOK

17

Organic Portfolio Growth

Cobre PanamaAntapaccayStillwater

2020		2022+		ENERGY GROWTH
Cobre Panama (Panama) ramp-up			Antapaccay/Coroccohuayco (Peru)		Marcellus (Pennsylvania)
Tasiast (Mauritania) 24k expansion			Macassa (Ontario)		Permian Basin (Texas)
South Arturo (Nevada) restart			West Detour (Ontario)		Orion (Alberta) phase 2D expansion
Castle Mountain (California) start-up			Salares Norte (Chile)		LONG-TERM GROWTH
Eagle (Yukon) full year production			Valentine Lake (Newfoundland)		Rosemont (Arizona)
2021			Monument Bay (Manitoba)		Taca Taca (Argentina)
Stillwater (Montana) Blitz expansion			Hardrock (Ontario)		NuevaUnión (Chile)
Cobre Panama (Panama) ramp-up					Alpala (Ecuador)
Musselwhite (Ontario) restart					Ring of Fire (Ontario)

GROWTH OUTLOOK

18

Organic Portfolio Growth

DEVELOPMENT UPDATES

Tasiast (Mauritania) Tasiast Sud mining right granted

Duketon (Australia) Expanding Rosemont OP to UG

Hardrock (Ontario) Operational permit progress

Stibnite Gold (Idaho) Draft EIA August 2020

Tasiast	Island Gold (Ontario) Phase III production expansion

EXPLORATION SUCCESS

Detour Lake (Ontario) Saddle zone expansion

Malartic (Quebec) East Gouldie resource expansion

Macassa (Ontario) SMC, Main and Amalgamated break

Hemlo (Ontario) Down plunge of C-zone

Detour Lake	Eskay Creek (British Columbia) Infilling 21 A, B&C zones

GROWTH OUTLOOK

19

Alpala Royalty

Agreement to acquire a 1% royalty on all minerals with reference to 100% of the Cascabel concession for US$100M with SolGold Plc

• SolGold has the option until January 2021 to increase deal by 50% and an option to buyback half of the royalty
• Franco-Nevadaoption to convert to a gold royalty once operating

One of the best copper-gold development projects in the world

• M&I resources of 2.7 Bt @ 0.53% CuEq1 including 21.7 Moz Au
• High grade core of 442 Mt @ 1.40% CuEq2

SolGold is advancing a prefeasibility study with the proceeds

US$15M bridge loan provided to allow completion of due diligence

Alpala - High Grade Core

Source: SolGold: News Release dated April 7, 2020

1. 0.21% CuEq cut-off.
2. 0.80% CuEq cut-off.

20

What Differentiates Franco-Nevada?

OUR BOARD

Highly experienced in resource investments Owners with ~$225 million invested1

Risk averse

Board renewal and succession

OUR EXECUTIVES

Long history with the company Lower G&A than comparables Innovative deal structures

Most opportunistic in the commodity cycle

OUR BUSINESS MODEL

Focused on exploration upside Avoid long-term debt

Sustainable and progressive dividends Top ranked for ESG

OUR PORTFOLIO

Greatest diversity (lowest single asset exposure)

Strong growth profile

Most exploration optionality (> 370 assets and

44,000 km2)

1. Common shares held per March 2020 circular and July 31, 2020 share price.

21

Why Buy Franco-Nevada?

TRACK RECORD

BUSINESS MODEL

GROWTH OUTLOOK

FNV IPO: Dec.

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

FNV

Gold

S&P/TSX

Global Gold

Index

1. Source: TD Securities; Bloomberg
2. FNV, S&P/TSX Global Gold Index converted to USD
3. Chart as of July 31, 2020

22

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: impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty, streams and working interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes on these items. Please refer to the Q2 2020 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.

1. 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, streams and working interests and investments; and foreign exchange gains/losses and other income/expenses. Please refer to the Q2 2020 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.
2. Cash Costs attributable to GEOs sold and Cash Costs per GEO sold are non-IFRS financial measures. Cash Costs attributable to GEOs sold is calculated by starting with total costs of sale and excluding depletion and depreciation, costs not attributable to GEOs sold 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 sold. Please refer to the Q2 2020 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. Margin is defined by the Company as Adjusted EBITDA divided by revenue. Please refer to the Q2 2020 MD&A for details as to the relevance of this non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measure.
4. The Company defines Working Capital as current assets less current liabilities.
5. Fiscal years 2010 through 2020 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP.

	Q2 2020	Q2 2019
Gold	$1,711/oz.	$1,310/oz.
Silver	$16.38/oz.	$14.89/oz.
Platinum	$790/oz.	$842/oz.
Palladium	$1,965/oz.	$1,388/oz.

23

Outperforming in Bull and Bear Markets

40%			Franco-Nevada	Gold	GDX
32%				33%
				29%
20%
14%				14%

	1%
-
(6%)
(20%)	(14%)

(40%)			(33%)
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 July 31, 2020

24

Business Model Benefits

Royalties provide more yield and upside than a Gold ETF with less risk than an operating gold company

		GoldETF	Miners	FNV
Benefits of:	Leverage to Gold Price			
	Exploration & Expansion			
	Dividend Yield			

LimitedExposureto: Capital Costs			
Operating & Other Costs			

Exploration Optionality

	80
(Moz)	70		2007	2008 - 2019
60
	Gold ounces1 at	>37 Moz produced
2	50		time of IPO	>$1.4B2 revenue to FNV
Resources	30
		from portfolio
&	40
Reserves	20		P&P M&I Inf
	10
	0		IPO
			$1.2B paid for portfolio

25

2019

Gold ounces1 of same assets

as reported Dec. 2019

+114%

+27%

+15%

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 2020 Asset Handbook at www.franco-nevada.com. Mineral Reserves and Resources included for Barrick's Carlin operations reflect only the mineral properties with which FNV holds an interest, based on FNV management's best estimate. 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

$478.0 M

Marketable Securities1

$140.0 M

Credit Facilities3

$1.1 B

Available Capital	US$1.7 B	Antapaccay

DEBT FREE

1.	As at June 30, 2020	3. As at June 30, 2020. Facilities include $1B Corporate, $100M Barbados.
2.	Please see notes on Appendix slide - Non-IFRS Measures

27

CRA Audit (2012-2015)

	Taxation Years	Potential Income
	Reassessed	Tax Payable1
Canadian Domestic Tax Matters	2014, 2015	$1.0M
		(C$1.4M)2
Transfer Pricing	2013, 2014, 2015	$17.5M
(Mexican Subsidiary)		(C$24.9M)3
Transfer Pricing	2014, 2015	$4.6M
(Barbadian Subsidiary)		(C$6.5M)

Franco-Nevada does not believe that the Reassessments are supported by Canadian tax law and jurisprudence and intends to vigorously defend its tax filing positions

1. Canadian dollar amounts in this table have been converted to US dollars at the exchange rate applicable at March 31, 2020 as quoted by the Bank of Canada.
2. Tax payable after applying available non-capital losses and other deductions
3. Tax payable before any double taxation relief under the Canada-Mexico tax treaty

28

Active Management of Commodity Mix

								Added: Candelaria,
	100%							Antamina, Antapaccay		100%
	Added: Palmarejo,								Expected with Cobre
EquivalentsGold		Added:
80%	Gold Quarry							80%
	Weyburn						Panama and US Energy
	90%												90%
%from					Target >80% gold equivalent
70%												70%
Revenue
60%												60%
	50%												50%
	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2024 E

1. For 2024 outlook: Assumes midpoint of 580,000 to 610,000 GEO guidance, midpoint of $130 to $150 million
2. Commodity prices for 2024 assumes $1,500/oz. Au, $17.00/oz. Ag, $900/oz. Pt and $2,000/oz. Pd, $45/bbl. WTI, Henry Hub of $2.00 mcf.

29

2020 Revised Guidance

Expected GEOs1: 475,000 to 505,000

Assumes mines return to normal operations

Energy revenue2: $60M to $75M

Lower oil price

Funding Commitments

Estimate spending up to $40M of the $100M capital commitment with Continental

1. Assuming: $1,800/oz Au; $20.00/oz Ag; $900/oz Pt; $2,200/oz Pd
2. Assuming $40/bbl WTI, Henry Hub of $2.00 mcf

30

2024 Outlook

Expected GEOs1: 580,000 to 610,000

Cobre Panama fully ramped-up to First Quantum's initial 100mtpy projection

Coroccohuayco in production.

Expansions at Stillwater

Lower royalty and stream payments from Karma, Sudbury and MWS

Energy revenue2: $115M to $135M

Continental Royalty Acquisition Venture fully funded

Drilling activity for U.S. assets expected to decrease with lower commodity prices

1. Assuming: $1,500/oz Au; $17.00/oz Ag; $900/oz Pt; $2,000/oz Pd
2. Assuming $45/bbl WTI, Henry Hub of $2.00 mcf

31

Directors

Executives

David Harquail	Tom Albanese	Derek Evans	Dr. Catharine Farrow	Louis Gignac	Paul Brink1	Sandip Rana
Chair	Former CEO	CEO	Former CEO	Former CEO	President & CEO	CFO
	Rio Tinto	MEG Energy	TMAC Resources	Cambior

Maureen Jensen	Jennifer Maki	Randall Oliphant	The Hon. David R.	Elliott Pew	Lloyd Hong
Former CEO	Former CEO	Former CEO	Peterson	Chair EnerPlus	CLO
Ontario Securities	Vale Canada	Barrick Gold	Former Ontario
Commission			Premier

1. Also a Director of Franco-Nevada Corporation