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Franco-Nevada is like the **Prologis** (PLD) of mineral rights, owning a diversified portfolio of productive mineral assets and collecting 'rent' (royalties and streams) from others who operate them.

Franco-Nevada is like the **American Tower** (AMT) of mineral infrastructure, collecting fees (royalties and streams) from mining companies for the right to extract minerals from sites where Franco-Nevada has a claim.

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• Precious Metals Royalty Agreements: Franco-Nevada acquires contractual rights to a percentage of future revenue or profit from precious metal mining operations.
• Precious Metals Stream Agreements: Franco-Nevada provides upfront financing to mining companies in exchange for the right to purchase a portion of future precious metal production at a fixed, low price.
• Energy Royalty Agreements: Franco-Nevada holds royalty interests in oil, natural gas, and natural gas liquids properties, entitling it to a percentage of production revenue.

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Franco-Nevada (FNV) is a royalty and streaming company, meaning it does not operate mines directly. Instead, it provides upfront capital to mining companies in exchange for royalties (a percentage of revenue or profit from production) or stream agreements (the right to purchase a fixed percentage of future production at a pre-set low price).

In this business model, Franco-Nevada's revenue streams are derived from the operations of various mining companies. Therefore, its "major customers" can be understood as the mining companies that operate the assets from which Franco-Nevada receives its most significant royalties and streams.

Major Customer Companies:

• First Quantum Minerals Ltd. (TSX: FM) - Operator of Cobre Panama, which is often Franco-Nevada's largest single revenue-generating asset.
• Nevada Gold Mines LLC (a joint venture between Barrick Gold Corporation (NYSE: GOLD) and Newmont Corporation (NYSE: NEM)) - Operators of key assets in the Carlin Trend, including Goldstrike, Cortez, and Goldrush, where Franco-Nevada holds various significant royalties.
• Agnico Eagle Mines Limited (NYSE: AEM) - Operator of Detour Lake, a major gold asset from which Franco-Nevada derives significant revenue.
• Teck Resources Limited (NYSE: TECK) - Franco-Nevada holds a significant silver stream from the Antamina mine, in which Teck is a major partner.

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• First Quantum Minerals Ltd. (Symbol: FM)
• Agnico Eagle Mines Limited (Symbol: AEM)
• Glencore plc (Symbol: GLEN)
• Gold Fields Limited (Symbol: GFI)
• Barrick Gold Corporation (Symbol: GOLD)
• Kinross Gold Corporation (Symbol: KGC)
• SSR Mining Inc. (Symbol: SSRM)
• Newmont Corporation (Symbol: NEM)
• BHP Group Limited (Symbol: BHP)
• Teck Resources Limited (Symbol: TECK)

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Paul Brink, Director and President & Chief Executive Officer

Paul Brink has been with Franco-Nevada since its initial public offering in 2007. He served as Senior Vice President, Business Development from 2008 to 2018, then as President & Chief Operating Officer from May 2018 to May 2020, before assuming his current role as President & Chief Executive Officer in May 2020. Prior to joining Franco-Nevada, Mr. Brink held positions in corporate development at Newmont, investment banking at BMO Nesbitt Burns, and project financing at UBS. He holds a Bachelor's degree in Mechanical Engineering from the University of Witwatersrand and a Master's degree in Management Studies from Oxford University.

Sandip Rana, Chief Financial Officer

Sandip Rana joined Franco-Nevada in April 2010. Before this, he served in treasurer and controller roles at the "old Franco-Nevada" until 2002, and then as an international controller for Newmont. From 2003 to April 2010, Mr. Rana held financial roles at Four Seasons Hotels Limited, where he last served as Vice-President Corporate Finance. He is a Chartered Professional Accountant, CA, and holds a Bachelor of Business Administration degree from the Schulich School of Business.

Lloyd Hong, Chief Legal Officer & Corporate Secretary

Lloyd Hong joined Franco-Nevada in December 2012. Previously, he was the Senior Vice-President, Legal Counsel and Assistant Secretary of Uranium One Inc. Before that, he was a partner with the Canadian law firm of Davis LLP (now DLA Piper (Canada) LLP), where his practice focused on corporate finance and mergers and acquisitions. Mr. Hong holds a Bachelor of Commerce degree from the University of Alberta and a Bachelor of Laws degree from Queen's University.

Eaun Gray, Chief Investment Officer

Eaun Gray serves as the Chief Investment Officer for Franco-Nevada.

Chris Bell, Vice President, Geology

Chris Bell holds the position of Vice President, Geology at Franco-Nevada.

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1. Sustained Low Commodity Prices: Franco-Nevada's revenue is highly dependent on the prices of commodities, particularly gold, which constituted 72% of its revenue in Q3 2025. A prolonged downturn or significant volatility in gold and other precious metal prices would directly and immediately reduce royalty income.
2. Concentration Risk and Operational Disruptions at Key Assets: Despite a diversified portfolio, Franco-Nevada remains exposed to concentration risk, where a significant portion of its revenue is derived from a handful of major assets. Operational disruptions, such as the closure of the Cobre Panama mine due to public unrest, or geopolitical shifts in key jurisdictions, can materially impact the company's revenue and stock performance.
3. Lack of Operational Control: As a royalty and streaming company, Franco-Nevada does not operate the mines or projects from which it generates revenue, thereby lacking direct control over operational decisions, costs, or permitting processes. This exposes the company to counterparty risk, including the operational performance and financial stability of the third-party mine operators.

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Franco-Nevada (symbol: FNV) is a precious metals-focused royalty and streaming company with a diversified portfolio that includes interests in gold, silver, platinum group metals, iron ore, and oil & gas. The addressable markets for their main products and services are global, and their estimated sizes for 2024 are as follows:

• Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024.
• Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024.
• Platinum: The global platinum market size was valued at approximately USD 7.10 billion in 2024.
• Palladium: The global palladium market size was estimated at approximately USD 11.65 billion in 2024.
• Rhodium: The global rhodium market size reached approximately USD 2.1 billion in 2024.
• Iron Ore: The global iron ore market size was projected to be approximately USD 290.25 billion in 2024.
• Oil & Gas: The global oil and gas market size was approximately USD 7.97 trillion in 2024.

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1. Sustained High Precious Metal Prices: Franco-Nevada's revenue is highly leveraged to the prices of precious metals, particularly gold and silver. Recent reports indicate record gold prices, with projections for continued robust performance in 2025 and beyond. Analysts forecast gold to potentially reach $2,800/oz in 2025 and LBMA consensus targeting $4,980 per ounce by late 2026, which would significantly boost Franco-Nevada's cash flows and revenue through its streaming model.
2. Contributions from Recently Acquired and Commissioned Assets: New acquisitions and the ramp-up of recently commissioned mines are expected to drive increased Gold Equivalent Ounces (GEOs) and, consequently, revenue. Key examples include the Tocantinzinho mine in Brazil and the Greenstone mine, which began contributing in Q3 2024. Furthermore, acquisitions such as Porcupine, Côté, Arthur Gold, and the Yanacocha royalty are anticipated to provide significant contributions, with Franco-Nevada's growth strategy underscored by six new acquisitions expected to drive a 50% growth in GEOs over the next five years.
3. Potential Reopening and Full Operation of Cobre Panama: The Cobre Panama mine, currently in preservation and safe management, represents a substantial opportunity for future revenue growth. Discussions regarding its potential reopening are expected in early 2025, and if it returns to its full operating rate, it could lead to approximately a 30% increase in Franco-Nevada's GEOs and revenues.
4. Strategic Acquisitions from a Strong Deal Pipeline: Franco-Nevada maintains a strong deal pipeline and is actively seeking attractive precious metal assets and incremental diversified assets. This ongoing strategy of accretive acquisitions is a consistent driver for expanding its portfolio and revenue base, reinforced by its debt-free status and substantial available capital.
5. Increased Gold Equivalent Ounce (GEO) Sales Volume: The company has updated its guidance, projecting higher total GEOs sold for the year. For fiscal year 2025, Franco-Nevada expects to sell between 420,000 and 440,000 precious metal GEOs, an increase from previous estimates, and has narrowed its total GEO sales guidance range towards the higher end of its original guidance (495,000-525,000 GEOs for 2025). This upward revision in sales guidance is a direct indicator of anticipated revenue growth through increased volumes.

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Share Repurchases

• Franco-Nevada made a modest repurchase of CA$49 million in shares during the second quarter of 2024.
• Overall, the company has shown net common equity issuance rather than significant share repurchases over the last few years, as indicated by positive net common equity issued/repurchased figures.

Share Issuance

• Franco-Nevada reported net common equity issued of $0.013 billion for the twelve months ending June 30, 2025, $0.003 billion in 2023, and $0.01 billion in 2022.
• The company maintains a Dividend Reinvestment Plan (DRIP), allowing shareholders to reinvest dividends to acquire additional common shares, typically issued from treasury at a 1% discount to the average market price.

Outbound Investments

• In 2024, Franco-Nevada made strategic acquisitions and commitments totaling over $1.3 billion.
• Significant investments in 2024 included a $210 million acquisition of a 1.8% royalty on Newmont's Yanacocha mine and a $525 million gold stream on the Cascabel copper-gold project in Ecuador, with Franco-Nevada partnering with Osisko Gold Royalties.
• Post-2024 year-end, the company announced a financing package for Discovery Silver's acquisition of Newmont's Porcupine Complex, and in July 2025, acquired a 1.0% net smelter return (NSR) royalty on AngloGold's Arthur Gold Project for $250 million.

Capital Expenditures

• As a royalty and streaming company, Franco-Nevada does not operate mines, develop projects, or conduct exploration, resulting in negligible traditional capital expenditures on property, plant, and equipment.
• Its primary capital deployment for growth is directed towards the acquisition of new royalties and streams, which are reflected in outbound investments rather than traditional capital expenditures.