Overview OUR HISTORY w vie Creation of the Royalty Model Our Unique Approach Over Franco-Nevada Mining Corporation Limited We avoid having long-term debt, preferring to have capital to invest when others don’t. The commodity downturn of 2014-2016 forced even the The history of our business starts with our predecessor company, largest global mining companies to repair their balance sheets. We invested Franco-Nevada Mining Corporation Limited, founded by Seymour Schulich US$1.8 billion in those years, creating precious metals streams at some and Pierre Lassonde. Pierre bought Franco-Nevada’s first royalty in 1986 of the world’s largest copper mines – Candelaria, Antamina and Antapaccay on the Goldstrike mine in the Carlin Trend. At the time, it was a small – and gaining exposure to longer duration assets than can typically be heap-leach mine operated by Western States Mining. Shortly thereafter, found in the gold industry. American Barrick (now Barrick Gold Corporation) purchased Goldstrike and did the deep level exploration that would ultimately reveal a 50 We have not forgotten our roots and continue to invest in smaller million ounce orebody that drove the success of both Barrick and development-stage assets which over time have tremendous resource Franco-Nevada. optionality. Our total mining asset count has grown from 190 at IPO to 347 today, including exploration assets on some of the world’s best Pierre and Seymour, assisted by David Harquail, began acquiring royalties gold belts. We have invested outside of precious metals when good in the more prolific gold camps in the world including the Carlin and opportunities have come to market, adding cash flow growth and Getchell trends in Nevada, Timmins and Kirkland Lake camps in Ontario exposure to the exploration upside on a broad range of world- and the Kalgoorlie belt in Australia. They also expanded into PGMs class resources. including a royalty on Stillwater in Montana which, along with Goldstrike, stands out as one of their most successful royalty purchases. In 2011, we acquired royalties on a suite of large copper development projects by acquiring Lumina Royalty. Following the oil price collapse in In the early 1990s as part of their prospect generation model, 2014, we added to our long held Canadian oil and gas royalty interests, Franco-Nevada discovered the high-grade Ken Snyder deposit in Nevada. investing in the major U.S. basins including the Permian, SCOOP/STACK, They determined that the deposit had a high enough silver credit to Marcellus, and Haynesville. Recently, we added royalty exposure to high carry all operating costs, creating an effective 100% gold royalty and grade iron ore at Vale’s Northern and Southeastern systems in Brazil. proceeded to construct the mine. In early 2001, Franco-Nevada sold the We believe the depth of our portfolio gives us the latitude to patiently mine to Normandy Mining in exchange for 20% of Normandy and a royalty search for exposure to good geology. on the mine. Our desire is to build the most diverse portfolio of royalties and streams Later in 2001, AngloGold made a bid for Normandy. Seeing the potential exposed to precious metal prices, but also to exploration success across for a better alternative transaction, Seymour and Pierre struck a deal the world’s greatest mineral belts. Our prospects to put more capital with Newmont to acquire both Franco-Nevada and Normandy. When to work in the capital intensive and cyclical resource sector have never the transaction closed in 2002, Franco-Nevada was valued at close been better. to US$3 billion. The IPO Franco-Nevada Corporation (FNV) In 2007, Newmont made the decision to divest its portfolio of royalty FRANCO-NEVADA HISTORICAL assets. Pierre Lassonde, David Harquail and a small team led by TSX SHARE PRICE (US$) management of the original Franco-Nevada, launched an initial public offering on the Toronto Stock Exchange and acquired the royalty portfolio from Newmont for US$1.2 billion. The offering remains the largest mining $200 IPO completed in North America and was the birth of Franco-Nevada Corporation (FNV). The performance of the portfolio of royalties acquired from Newmont has $150 more than justified the price of the IPO. In the past 17 years, the IPO portfolio has paid out over US$2.2 billion in revenue. At the same time, the reserve ounces associated with those same properties has tripled. Key contributors, including Detour Lake and Tasiast, have once again proven the power of the royalty business model and the exploration $100 optionality of being exposed to great geology. Streaming – the New Engine of Growth vada TSX Share Price (US$) At the end of 2008, in the depth of the financial crisis, we entered into $50 our first gold streaming agreement with Coeur Mining to complete ranco-Ne the construction of the Palmarejo mine in Mexico. Acquiring precious F metal streams on large long life copper mines quickly became the largest growth driver of the company. We were able to acquire precious metal streams on Cobre Panama in Panama, Candelaria in Chile, and Antamina December 31, 2007 March 31, 2024 and Antapaccay in Peru. 6 ★ Franco-Nevada Corporation TSX / NYSE: FNV