Franco Nevada : December Presentation

2 0 2 4

C O R P O R A T E P R E S E N T A T I O N

D E C E M B E R

T H E G O L D I N V E S T M E N T T H A T W O R K S	3

Proven Business Model	14% Compounded Return Since IPO1
Leading Track Record	17 Consecutive Dividend Increases
ESG Focused	#1 Ranked by Sustainalytics
Diversified Portfolio	118 Cash Flowing Assets
Growth and Optionality	$2.3B Available Capital

1. Compounded annual total returns to November 30, 2024. Source: TD Securities; Bloomberg

B U S I N E S S M O D E L A D V A N T A G E S	4
B U S I N E S S M O D E L

UPSIDE POTENTIAL

Optionality

Potential for exploration success on ~67,600 km2 (1)

Focus on Growth

Management not occupied with operational decisions

Free Cash Flow Business

Not exposed to capital calls

LOW RISK

Diversified Portfolio

Non-operating business is more scalable

High Margins & Low Overhead

Strong cash generation throughout the commodity cycle

Limited Cost Inflation

Streams/NSRs not exposed to cost inflation

1. Represents estimated land area covered for all assets, including Cobre Panama

F I N A N C I N G S U C C E S S F U L M I N E S	5

B U S I N E S S M O D E L

M & A	D E B T
R E D U C T I O N

E M E R G I N G P R O J E C T S

P R O J E C T

D E V E L O P M E N T

Alignment with partners for a win-win solution

W H Y I S F R A N C O - N E V A D A D I F F E R E N T ?	6
B U S I N E S S M O D E L

Shareholder Alignment

Committed to high share ownership and treating shareholder funds as our own (low G&A)

Financial Flexibility

Avoiding long-term debt and paying progressive and sustainable dividends ensuring capital availability at all times

Adaptable Investment Style

Creative capital providers to high quality projects

Asset Selection

Strong technical skills and a focus on exploration optionality

S H A R E H O L D E R R E T U R N S	7
L E A D I N G T R A C K R E C O R D

Franco-Nevada (FNV) - US$ basis

NASDAQ

S&P 500

Gold Bullion ETF

Barclays US Aggregate Bond

GDX (index of mostly gold miners)

-4%

0%

4%

8%

12%

16%

Lower-risk gold investment to hedge against market volatility

1. FNV Inception - December 20, 2007
2. Compounded annual total returns to November 30, 2024
3. Source: TD Securities; Bloomberg

L E A D I N G T R A C K R E C O R D

8

L E A D I N G

T R A C K

R E C O R D

GEOs1

Revenue

Operating Cash Flow

(000's)

(US$ Millions)

(US$ Millions)

800

1,400

1,200

700

1,200

1,000

600

1,000

800

500

800

400

600

600

300

400

400

200

100

200

200

-

-

-

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

G&A

(% of Capitalization)

1.0%

0.8%

0.6%

0.4%

0.2%

0.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Adjusted Net Income per Share1	Market Capitalization2
(US$ per Share)	(US$ Billions)

4.00

30

3.50

25

3.00

20

2.50

2.00

15

1.50

10

1.00

0.50

5

-

-

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

1. Please refer to the appendix at the end of this presentation on GEOs and Non-GAAP Measures
2. As of December 31, of each year

S C A L A B L E H I G H M A R G I N B U S I N E S S M O D E L	9
L E A D I N G T R A C K R E C O R D	G&A
	$28.9M

G&A $15.3M

2008

2023

Revenue $150.6M

Revenue $1,219.0M

G&A 2.4% of Revenue and only 13 Basis Points of Market Cap.1

1. Market Capitalization as at December 31, 2023

P R O G R E S S I V E & S U S T A I N A B L E D I V I D E N D S		10
L E A D I N G	T R A C K	R E C O R D
						1 7 CO N S E C U T I V E I N C R E A S E S
Quarterly Dividend			$280																$2,100
		$260																$1,950
US$0.36/share1		per annum	$240																$1,800
Dividend paid since IPO2	$220																$1,650
$200																$1,500	US $
3
>$2.4B		$180																$1,350
	Paid US $ (Millions)																Average Gold Price
2023 dividends paid		$160																$1,200
	$140																$1,050
$262M
IPO shareholder realizing	$120																$900
$100																$750
9.4% yield (U.S.)3
	Dividends	$80																$600
13.3% yield (CDN)3		$60																$450
		$40																$300
			$20																$150
			$-																$-
			2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024⁴

1.	Quarterly dividend starting Q1 2024		Dividends Paid		Average Gold Price
2.	Includes DRIP
3.	As of November 30, 2024
4.	Indicative dividend payment in 2024