Portfolio Outperforms

(in U.S. bucks except in a different way famous)

TORONTO, Would possibly 8, 2025 /PRNewswire/ – “Franco-Nevada is reporting its best financial results ever,” mentioned Paul Breaking point, CEO. “We achieved record quarterly top and bottom-line results, absent any contributions from Cobre Panama. Results benefited from elevated gold prices, added leverage through our NPI interests, and strong production from our Energy interests. We are looking forward to added contributions through the year from the ongoing ramp-up and start-up of a number of new gold mines as well as contributions from the new Porcupine Complex royalty. President Mulino of Panama continues to indicate a willingness to discuss Cobre Panama this year and we are encouraged by his recent statements in that regard. Franco-Nevada remains debt-free and well capitalized to take advantage of its strong deal pipeline.”

Q1 2025 Monetary Highlights

• $368.4 million in income, +43% in comparison to Q1 2024, a unutilized file
• 126,585 GEOs¹ bought within the quarter, +3% in comparison to Q1 2024
• 113,138 Internet GEOs¹ bought within the quarter, +6% in comparison to Q1 2024
• $288.9 million in working coins circulation, +62% in comparison to Q1 2024, a unutilized file
• $321.9 million in Adjusted EBITDA² or $1.67/percentage, +49% in comparison to Q1 2024, a unutilized file
• $209.8 million in internet source of revenue or $1.09/percentage, +45% in comparison to Q1 2024
• $205.6 million in Adjusted Internet Source of revenue² or $1.07/percentage, +51% in comparison to Q1 2024, a unutilized file

Robust Monetary Place

• Top-margin trade generated 87% Adjusted EBITDA Margin² and 56% Adjusted Internet Source of revenue Margin²
• Robust monetary place with $2.1 billion in to be had capital as at March 31, 2025
• Quarterly dividend of $0.38/percentage efficient Q1 2025, an annual build up of five.6%

Various, Lengthy-Time Portfolio

• Maximum numerous royalty and streaming portfolio through asset, operator and nation
• Horny mixture of long-life streams and elevated optionality royalties
• Income combine produced from 79% valuable steel, 16% oil and gasoline and 5% iron ore and alternative
• Lengthy-life mineral assets and mineral reserves

Enlargement and Optionality

• Mine expansions and unutilized mines riding 5-year enlargement profile
• Lengthy-term optionality in gold, copper and nickel and publicity to one of the international’s stunning mineral endowments
• Publicity to larger than 17 million acres of land
• Robust pipeline of valuable steel and various alternatives

Sector-Important ESG

• Rated #1 gold corporate through Sustainalytics, AA through MSCI and High through ISS ESG
• Dedicated to the International Gold Council’s Accountable Gold Mining Ideas
• Partnering with our operators on folk and ESG tasks

GEOs and Income

In Q1 2025, we identified income of $368.4 million, an build up of 43% from Q1 2024, and bought 126,585 GEOs, an build up of three% from Q1 2024. We benefited from file gold costs throughout the quarter, tough manufacturing from our Treasured Steel belongings, together with from belongings which have been got or commenced manufacturing within the day yr, and robust contributions from our Power belongings. All the way through the quarter, we additionally bought 6,216 tide gold oz. held in stock from the prior quarter. Generation we benefited from larger Varied income throughout the quarter, the outperformance of gold relative to our alternative commodities ended in a discount in GEOs reported from our Varied belongings.

Treasured Steel belongings accounted for 79% of our income (67% gold, 10% silver, and a pair of% PGM). Income was once sourced 84% from the Americas (41% South The us, 10% Central The us & Mexico, 17% Canada and 16% U.S.).

Portfolio Additions

• Financing Bundle with Discovery Silver at the Porcupine Complicated: Next to quarter-end, on April 15, 2025, we finished the in the past introduced acquisition of a 4.25% NSR royalty for $300.0 million, consisting of 2 tranches, on Discovery Silver Corp.’s Porcupine Complicated, positioned in Ontario, Canada. We additionally dedicated to a $100.0 million senior join word mortgage and supplied $48.6 million (C$70.9 million) of fairness financing. The financing bundle, totaling $448.6 million, supplied Discovery with proceeds to procure and investmrent a deliberate capital program for the Porcupine Complicated. We predict to obtain roughly 6,000 GEOs in 2025 from the Porcupine NSR.
• Acquisition of Tide on Sibanye Stillwater Restricted’s Western Limb Mining Operations: As in the past introduced, on February 28, 2025, our wholly-owned subsidiary, Franco-Nevada (Barbados) Company, finished the purchase of a valuable metals tide with regards to particular manufacturing from Sibanye-Stillwater’s Marikana, Rustenburg and Kroondal mining operations in South Africa (the “Western Limb Mining Operations Stream”) for a purchase order worth of $500.0 million.
• Pandora Royalty: On February 28, 2025, Franco-Nevada and Sibanye-Stillwater finished the in the past introduced conversion of Franco-Nevada’s 5% internet benefit hobby at the Pandora quality to a 1% internet smelter go back royalty.

Environmental, Social and Governance (“ESG”) Updates

All the way through the quarter, we funded contributions against a number of tasks, together with: a misspend control initiative at Cascabel with SolGold; the re-opening of the Museum of Northern Historical past in Kirkland Pool with Agnico Eagle, Alamos and Triple Flag; and the Sault Department Sanatorium Substructure with Alamos. We proceed to rank extremely with chief ESG ranking companies.

Q1 2025 Portfolio Updates

Treasured Steel belongings: GEOs bought from our Treasured Steel belongings have been 100,623 GEOs, up 8% from 93,018 GEOs in Q1 2024, basically because of upper GEOs bought from Candelaria and Hemlo, contributions from the newly got Western Limb Mining Operations tide and Yanacocha royalty, and the ongoing ramp-up of the Tocantinzinho, Greenstone and Salares Norte mines.

South The us:

• Candelaria (gold and silver tide) – GEOs bought in Q1 2025 have been upper than the ones bought in Q1 2024. GEOs bought within the quarter incorporated 3,333 oz. held in stock at December 31, 2024. Manufacturing within the quarter was once undoubtedly impacted through larger throughput on account of upper than expected ore softness in divisions of Segment 11 within the i’m free pit. In 2025, manufacturing will proceed to be sourced basically from Segment 11 with a deliberate aid in reasonable copper grades from the ones discovered in H2 2024.
• Antapaccay (gold and silver tide) – GEOs bought have been decrease in Q1 2025 in comparison to Q1 2024, reflecting decrease deliberate manufacturing and an expected upper strip ratio. GEOs bought in Q1 2024 have been additionally upper because of the timing of deliveries.
• Antamina (22.5% silver tide) – Silver oz. bought in Q1 2025 have been upper than in Q1 2024, partly because of the sale of oz. won within the prior quarter and held in stock at December 31, 2024. For 2025, we look ahead to an build up in silver gross sales in comparison to 2024 because of expected upper silver grades.
• Tocantinzinho (gold tide) – We bought 5,162 GEOs from Tocantinzinho, of which 667 GEOs have been from stock held at December 31, 2024. The Tocantinzinho mine, which reached industrial manufacturing in September 2024, continues to ramp-up towards nameplate capability, with forecasted manufacturing anticipated to territory between 175,000 and 200,000 oz. for 2025.
• Yanacocha (1.8% royalty) – The Yanacocha royalty, which we got in August 2024, contributed 1,826 GEOs within the quarter. Newmont anticipates manufacturing of 460,000 oz. in 2025.
• Salares Norte (1–2% royalties) – Salares Norte contributed 1,116 GEOs within the quarter. With industrial ranges of manufacturing all set to be accomplished in Q2 2025, Gold Subjects expects between 325,000 and 375,000 gold similar oz. in 2025.
• Cascabel (gold tide and 1% royalty) – SolGold introduced that it’s comparing choices for previous manufacturing from open-pit and sub-level caving alternatives in and round Cascabel and is engaging in a drilling program at the Tandayama bank.

Central The us & Mexico:

• Cobre Panama (gold and silver tide) – Cobre Panama left-overs in a segment of Preservation and Defend Control with manufacturing halted. All the way through press meetings hung on March 13 and March 20, 2025, President Mulino mentioned that he had approved the importation of provides required for the facility station, the restart of Cobre Panama’s energy station, and the export of the copper listen saved at Punta Rincón. First Quantum has yes to discontinue its Global Chamber of Trade arbitration court cases and has additionally yes to droop its Canada-Panama Separate Industry Assurance arbitration.
• Guadalupe-Palmarejo (50% gold tide) – GEOs bought from Guadalupe-Palmarejo in Q1 2025 have been somewhat in line with the ones bought in Q1 2024. For 2025, Franco-Nevada anticipates an build up in GEO gross sales, reflecting a better share of manufacturing being mined from tide fields.

Canada:

• Hemlo (3% royalty and 50% NPI) – GEOs earned from Hemlo have been considerably upper this quarter because the NPI benefitted from upper gold costs. Royalties from the NPI might also range considerably relying at the share of manufacturing sourced from royalty farmland and attributable prices.
• Detour Pool (2% royalty) – Building of brief infrastructure for the underground venture complex, the allow to shoot H2O was once won in April 2025 and excavation of the exploration ramp is anticipated to start in Q2 2025. Exploration drilling within the West Pit zone additional outlined high-grade domain names.
• Sudbury (gold and PGM tide) – In February 2025, Magna Mining got a portfolio of belongings in Sudbury from KGHM Global which incorporated the McCreedy West, Levack and Podolsky mines. Magna has since undertaken tasks aimed toward making improvements to operations at McCreedy West and initiated drilling techniques at McCreedy West and Levack.
• Macassa (Kirkland Pool) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that Macassa accomplished file quarterly manufacturing and underground construction in Q1 2025. Agnico Eagle is continuous to concentrate on asset optimization, with building of a unutilized paste plant on time table for commissioning in Q2 2025.
• Greenstone (3% royalty) – Equinox Gold reported that Greenstone continues to ramp up against its complete manufacturing goal fee of 196 thousand tonnes in line with occasion, which is predicted for H2 2025.
• Magino (3% royalty) and Island Gold (0.62% royalty) – Alamos reported that the combination of the Magino and Island Gold operations continues to walk. A existence of mine plan incorporating Island Gold and Magino is anticipated to be exempted mid-2025 with a diffusion find out about to practice.
• Canadian Malartic (1.5% royalty) – Agnico Eagle reported that ramp construction, shaft sinking actions and floor building improved on time table in Q1 2025. Exploration drilling persisted to increase the East Gouldie bank to the east and prolong the newly came upon, sub-parallel Eclipse zone. Each techniques have the possible to extend assets on Franco-Nevada royalty claims.
• Musselwhite (2-5% royalties) – In March 2025, Orla Mining finished the purchase of the Musselwhite mine from Newmont Company. Orla has introduced it intends to aggressively discover the concession, together with following up on historic drilling that implies 2 to a few kilometres of mineralized crash doable past the wave reserves.
• Valentine Gold (3% royalty) – Calibre Mining reported it’s finalizing building of the Valentine Gold venture, with pre-commissioning underway and primary gold pour anticipated in Q3 2025. Manufacturing is anticipated to reasonable 195,000 gold oz. in line with yr over an preliminary mine existence of 12 years, with the method plant anticipated to succeed in 2.5 Mtpa through the tip of 2025. In February 2025, Calibre and Equinox introduced a trade aggregate wherein Equinox will achieve the entire issued and exceptional familiar stocks of Calibre. The transaction is anticipated to alike in Q2 2025.

U.S.:

• Copper International (2.085% royalty) – Then receiving all main allows required for the advance and operations of Copper International in January 2025, Hudbay is advancing feasibility research and has commenced a procedure to promote a minority three way partnership stake within the venture.
• Stibnite (1% gold royalty, 100% silver royalty) – The Stibnite gold venture won its Ultimate Document of Determination in January 2025 and in April was once decided on as a concern venture through the White Space, which is able to handover the venture with larger interagency transparency, coordination and oversight, with the struggle to toughen manufacturing of vital minerals within the U.S.

Residue of International:

• Western Limb Mining Operations (gold and platinum tide) – Our not too long ago got tide on Sibanye-Stillwater’s Western Limb Mining Operations delivered 6,540 GEOs. Those preliminary deliveries have been in connection with manufacturing from the efficient week of the tide of September 1, 2024 to December 31, 2024.
• Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty have been upper than in Q1 2024, as gold manufacturing on the mine larger. Manufacturing at Subika is anticipated to shorten over the process the yr as mining actions within the Subika i’m free pit are deliberate to be finished in H2 2025. We predict manufacturing from royalty farmland to proceed from the Subika Underground.

Varied belongings: Our Varied belongings, basically comprising our Iron Ore and Power pursuits, generated $74.8 million in income, an build up of 21.4% from $61.6 million in Q1 2024, because of upper attributable manufacturing ranges and better gasoline costs. When transformed to GEOs, our Varied belongings contributed 25,962 GEOs, unwell 13.1% from 29,879 GEOs in Q1 2024.

Alternative Mining: 

• Vale Royalty (iron ore royalty) – Income from our Vale royalty diminished in comparison to Q1 2024. Manufacturing from the Northern Gadget benefited from robust manufacturing at S11D and decrease transport price deductions, offset through decrease estimated iron ore costs. Attributable gross sales from our Vale royalty are anticipated to extend in 2025, reflecting contributions from the Southeastern Gadget as soon as the cumulative gross sales threshold of one.7 billion tonnes of iron ore is reached within the utmost a part of 2025.
• LIORC – Income from our attributable hobby at the Carol Pool mine in Q1 2025 was once in line with Q1 2024. Rio Tinto reported that Iron Ore Corporate of Canada accomplished a primary quarter file for motion of subject matter however that output was once decreased because of decrease weight surrender which will likely be addressed through mine plan adjustments over the process the yr.

Power:

• U.S. (diverse royalty charges) – Income from our U.S. Power pursuits larger in comparison to Q1 2024. We benefited from an build up in discovered gasoline costs and manufacturing from unutilized wells with elevated royalty pursuits within the Permian Basin.
• Canada (diverse royalty charges) – Income from our Canadian Power pursuits was once quite upper in Q1 2025 than in Q1 2024 because of quite upper discovered costs.

Dividend Declaration

Franco-Nevada is happy to announce that its Board of Administrators has declared a quarterly dividend of US$0.38 in line with percentage. The dividend will likely be paid on June 26, 2025, to shareholders of file on June 12, 2025 (the “Record Date”). The dividend has been declared in U.S. bucks and the Canadian greenback similar will likely be motivated in accordance with the day by day reasonable fee posted through the Locker of Canada at the Document Generation. Beneath Canadian tax regulation, Canadian resident people who obtain “eligible dividends” are entitled to an enhanced gross-up and dividend tax credit score on such dividends.

The Corporate has a Dividend Reinvestment Plan (the “DRIP”) which permits shareholders of Franco-Nevada to reinvest dividends to buy supplementary familiar stocks on the Reasonable Marketplace Value, as outlined within the DRIP, topic to a cut price from the Reasonable Marketplace Value when it comes to treasury acquisitions. The Corporate will factor supplementary familiar stocks thru treasury at a 1% cut price to the Reasonable Marketplace Value. The Corporate would possibly, from while to while, in its discretion, exchange or get rid of the bargain acceptable to treasury acquisitions or direct that such familiar stocks be bought in marketplace acquisitions on the frequent marketplace worth, any of which might be publicly introduced. Participation within the DRIP is non-compulsory. The DRIP and enrollment modes are to be had at the Corporate’s site at www.franco-nevada.com. Canadian and U.S. registered shareholders might also sign up within the DRIP on-line in the course of the plan agent’s self-service internet portal at www.investorcentre.com/franco-nevada. Canadian and U.S. really helpful shareholders must touch their monetary middleman to prepare enrollment. Non-Canadian and non-U.S. shareholders would possibly doubtlessly take part within the DRIP, topic to the delight of sure statuses. Non-Canadian and non-U.S. shareholders must touch the Corporate to decide whether or not they fulfill the important statuses to take part within the DRIP.

This press let fall isn’t an deal to promote or a solicitation of an deal for securities. A registration observation with regards to the DRIP has been filed with the U.S. Securities and Change Fee and is also got beneath the Corporate’s profile at the U.S. Securities and Change Fee’s site at www.sec.gov.

Shareholder Knowledge and Main points for Q1 2025 Convention Name

The whole unaudited Condensed Consolidated Intervening time Monetary Statements and Control’s Dialogue and Research may also be discovered on our site at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

We will be able to host a convention name to study our Q1 2025 quarterly effects. buyers are invited to take part as follows:

Company Abstract

Franco-Nevada Company is the chief gold-focused royalty and streaming corporate, with probably the most various portfolio of cash-flow generating belongings. Its trade fashion supplies buyers with gold worth and exploration optionality time restricting publicity to price inflation. Franco-Nevada is debt-free and makes use of its loose coins circulation to enlarge its portfolio and pay dividends. It trades beneath the emblem FNV on each the Toronto and Pristine York store exchanges.

Ahead-Taking a look Statements

This press let fall incorporates “forward-looking information” and “forward-looking statements” inside the that means of acceptable Canadian securities rules and america Personal Securities Litigation Reform Operate of 1995, respectively, which would possibly come with, however aren’t restricted to, statements with admire to life occasions or life efficiency, control’s expectancies referring to Franco-Nevada’s enlargement, result of operations, estimated life revenues, efficiency steering, sporting worth of belongings, life dividends and necessities for supplementary capital, mineral assets and mineral reserves estimates, manufacturing estimates, manufacturing prices and income, life call for for and costs of commodities, anticipated mining sequences, trade potentialities and alternatives, the efficiency and plans of 3rd birthday celebration operators, audits being carried out through the Canada Income Company (“CRA”), the predicted publicity for wave and life tax checks and to be had treatments, and statements with admire to the life situation and any doable restart of the Cobre Panama mine and indistinguishable arbitration court cases. As well as, statements with regards to mineral assets and mineral reserves, GEOs or mine lives are forward-looking statements, as they contain implied evaluation, in accordance with sure estimates and guesses, and deny word may also be for the reason that the estimates and guesses are correct and that such mineral assets and mineral reserves, GEOs or mine lives will likely be discovered. Such forward-looking statements replicate control’s wave ideals and are in accordance with data lately to be had to control. Continuously, however no longer all the time, forward-looking statements may also be recognized through the virtue of phrases similar to “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or permutations (together with detrimental permutations) of such phrases and words or is also recognized through statements to the impact that sure movements “may”, “could”, “should”, “would”, “might” or “will” be taken, happen or be accomplished. Ahead-looking statements contain recognized and unknown dangers, uncertainties and alternative components, which would possibly reason the unedited effects, efficiency or achievements of Franco-Nevada to be materially other from any life effects, efficiency or achievements expressed or implied through the forward-looking statements. Quite a lot of components may reason unedited occasions or effects to fluctuate materially from any forward-looking observation, together with, with out limitation: fluctuations within the costs of the principle commodities that force royalty and tide income (gold, platinum crew metals, copper, nickel, uranium, silver, iron-ore and oil and gasoline); fluctuations within the worth of the Canadian and Australian greenback, Mexican peso and any alternative foreign money through which income is generated, relative to the U.S. greenback; adjustments in nationwide and native executive regulation, together with allowing and licensing regimes and taxation insurance policies and the enforcement thereof; proposed tariff and alternative business measures that can be imposed through america and proposed retaliatory measures that can be followed through its buying and selling companions; the adoption of an international minimal tax on firms; regulatory, political or financial traits in any of the nations the place houses through which Franco-Nevada holds a royalty, tide or alternative hobby are positioned or by which they’re held; dangers indistinguishable to the operators of the houses through which Franco-Nevada holds a royalty, tide or alternative hobby, together with adjustments within the possession and keep an eye on of such operators; relinquishment or sale of mineral houses; affect of macroeconomic traits; trade alternatives that develop into to be had to, or are pursued through Franco-Nevada; decreased get right of entry to to debt and fairness capital; litigation; identify, allow or license disputes indistinguishable to pursuits on any of the houses through which Franco-Nevada holds a royalty, tide or alternative hobby; sooner or later the Corporate is motivated to have “passive foreign investment company” (“PFIC”) situation as outlined in Division 1297 of america Interior Income Code of 1986, as amended; doable adjustments in Canadian tax remedy of offshore streams; over the top price escalation in addition to construction, allowing, infrastructure, working or technical difficulties on any of the houses through which Franco-Nevada holds a royalty, tide or alternative hobby; get right of entry to to enough pipeline capability; unedited mineral content material would possibly fluctuate from the mineral assets and mineral reserves contained in technical studies; fee and timing of manufacturing variations from useful resource estimates, alternative technical studies and mine plans; dangers and hazards related to the trade of construction and mining on any of the houses through which Franco-Nevada holds a royalty, tide or alternative hobby, together with, however no longer restricted to odd or surprising geological and metallurgical statuses, slope disasters or cave-ins, sinkholes, overspill and alternative herbal failures, terrorism, civil unrest or a virulent disease of contagious illness; the have an effect on of life pandemics; and the combination of got belongings. The forward-looking statements contained herein are founded upon guesses control believes to be affordable, together with, with out limitation: the continued operation of the houses through which Franco-Nevada holds a royalty, tide or alternative hobby through the homeowners or operators of such houses in a fashion in line with day observe; the accuracy of population statements and disclosures made through the homeowners or operators of such underlying houses; deny subject matter adversarial exchange out there worth of the commodities that underlie the asset portfolio; the Corporate’s ongoing source of revenue and belongings with regards to decision of its PFIC situation; deny subject matter adjustments to current tax remedy; the predicted utility of tax rules and rules through taxation government; the predicted evaluation and result of any audit through any taxation authority; deny adversarial construction in admire of any important quality through which Franco-Nevada holds a royalty, tide or alternative hobby; the accuracy of publicly disclosed expectancies for the advance of underlying houses that aren’t but in manufacturing; integration of got belongings; and the being lacking any alternative components that might reason movements, occasions or effects to fluctuate from the ones expected, estimated or supposed. Alternatively, there may also be deny word that forward-looking statements will end up to be correct, as unedited effects and life occasions may fluctuate materially from the ones expected in such statements. Traders are cautioned that forward-looking statements aren’t promises of life efficiency. As well as, there may also be deny word as to (i) the end result of the continued audit through the CRA or the Corporate’s publicity because of this thereof, or (ii) the life situation and any doable restart of the Cobre Panama mine or the end result of any indistinguishable arbitration court cases. Franco-Nevada can’t ensure buyers that unedited effects will likely be in line with those forward-looking statements. Accordingly, buyers must no longer playground undue reliance on forward-looking statements because of the inherent hesitancy therein.

For supplementary data with admire to dangers, uncertainties and guesses, please the following Franco-Nevada’s most up-to-date Annual Knowledge Mode in addition to Franco-Nevada’s most up-to-date Control’s Dialogue and Research filed with the Canadian securities regulatory government on www.sedarplus.com and Franco-Nevada’s most up-to-date Annual Record filed on Mode 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the week hereof best and Franco-Nevada does no longer think any legal responsibility to replace or revise them to replicate unutilized data, estimates or critiques, life occasions or effects or in a different way, apart from as required through acceptable regulation.

ENDNOTES:

1. Gold Similar Oz. (“GEOs”): GEOs come with Franco-Nevada’s attributable percentage of manufacturing from our Mining and Power belongings later acceptable cure and payability components. GEOs are estimated on a rude foundation for NSRs and, when it comes to tide oz., sooner than the cost of the in line with ounce contractual worth paid through the Corporate. For NPI royalties, GEOs are calculated allowing for the NPI economics. Silver, platinum, palladium, iron ore, oil, gasoline and alternative commodities are transformed to GEOs through dividing related income, which incorporates agreement changes, through the related gold worth. The associated fee old within the computation of GEOs varies relying at the royalty or tide pledge of every specific asset, which would possibly produce connection with the marketplace worth discovered through the operator, or the typical worth for the date, quarter, or yr through which the commodity was once produced or bought. For Q1 2025, the typical commodity costs have been as follows: $2,863/ounces gold (Q1 2024 – $2,072), $31.91/ounces silver (Q1 2024 – $23.36), $969/ounces platinum (Q1 2024 – $910) and $961/ounces palladium (Q1 2024 – $978), $103/t Fe 62% CFR China (Q1 2024 – $126), $71.42/bbl WTI oil (Q1 2024 – $76.96) and $3.87/mcf Henry Hub herbal gasoline (Q1 2024 – $2.09).
2. NON-GAAP FINANCIAL MEASURES:  Adjusted Internet Source of revenue and Adjusted Internet Source of revenue in line with percentage, Adjusted Internet Source of revenue Margin, Adjusted EBITDA and Adjusted EBITDA in line with percentage, and Adjusted EBITDA Margin are non-GAAP monetary measures and not using a standardized that means beneath Global Monetary Reporting Requirements (“IFRS Accounting Standards”) and may not be similar to matching monetary measures disclosed through alternative issuers. For a quantitative reconciliation of every non-GAAP monetary measure to probably the most without delay similar monetary measure beneath IFRS Accounting Requirements, the following the underneath tables. Additional data with regards to those non-GAAP monetary measures is included through reference from the “Non-GAAP Financial Measures” category of Franco-Nevada’s MD&A for the 3 months ended March 31, 2025 dated Would possibly 8, 2025 filed with the Canadian securities regulatory government on SEDAR+ to be had at www.sedarplus.com and with the U.S. Securities and Change Fee to be had on EDGAR at www.sec.gov.

• Adjusted Internet Source of revenue and Adjusted Internet Source of revenue in line with percentage are non-GAAP monetary measures, which exclude please see from internet source of revenue and income in line with percentage (“EPS”): impairment losses and reversal indistinguishable to royalty, tide and dealing pursuits and investments; features/losses on disposals of royalty, tide and dealing pursuits and investments; impairment losses and anticipated credit score losses indistinguishable to investments, loans receivable and alternative monetary tools, adjustments in honest worth of investments, loans receivable and alternative monetary tools, foreign currencies features/losses and alternative source of revenue/bills; the have an effect on of source of revenue taxes on this stuff; source of revenue taxes indistinguishable to the reassessment of the anticipation of realization of in the past identified or de-recognized deferred source of revenue tax belongings; and source of revenue taxes with regards to the revaluation of deferred source of revenue tax belongings and liabilities on account of statutory source of revenue tax fee adjustments within the nations through which the Corporate operates.
• Adjusted Internet Source of revenue Margin is a non-GAAP monetary measure which is outlined through the Corporate as Adjusted Internet Source of revenue divided through income.
• Adjusted EBITDA and Adjusted EBITDA in line with percentage are non-GAAP monetary measures, which exclude please see from internet source of revenue and EPS: source of revenue tax expense/cure; finance bills and finance source of revenue; depletion and depreciation; impairment fees and reversals indistinguishable to royalty, tide and dealing pursuits and investments; features/losses on disposals of royalty, tide and dealing pursuits and investments; impairment losses and anticipated credit score losses indistinguishable to investments, loans receivable and alternative monetary tools, adjustments in honest worth of funding, loans receivable and alternative monetary tools, and foreign currencies features/losses and alternative source of revenue/bills.
• Adjusted EBITDA Margin is a non-GAAP monetary measure which is outlined through the Corporate as Adjusted EBITDA divided through income.

Reconciliation of Non-GAAP Monetary Measures: 

FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in tens of millions of U.S. bucks)

The unaudited condensed consolidated period in-between monetary statements and accompanying notes may also be present in our Q1 2025 Quarterly Record to be had on our site

FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 
(in tens of millions of U.S. bucks and stocks, apart from in line with percentage quantities)

The unaudited condensed consolidated period in-between monetary statements and accompanying notes may also be present in our Q1 2025 Quarterly Record to be had on our site

FRANCO-NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in tens of millions of U.S. bucks)

The unaudited condensed consolidated period in-between monetary statements and accompanying notes may also be present in our Q1 2025 Quarterly Record to be had on our site

SOURCE Franco-Nevada Company