Franco-Nevada (FNV) Corporate presentation summary

Strategic positioning and business model

• Operates the largest and most diversified gold-focused royalty and streaming portfolio, emphasizing low-risk investments, strong balance sheet, and progressive dividends as a hedge against market instability.

• Maintains high-margin, low-cost operations insulated from inflation, with 121 cash-flowing assets and significant exposure to commodity price and geological optionality.

• Focuses on profitable growth, shareholder alignment, financial flexibility, and adaptability, thriving in both bull and bear commodity markets.

Financial performance and returns

• Achieved 17% compounded annual share price returns since IPO and 12% average ROIC over the last five years.

• Revenue, adjusted EBITDA, and operating cash flow have increased 16-18x since IPO, with adjusted net income per share up 17x.

• Outperformed major benchmarks including NASDAQ, S&P 500, and gold indices since inception.

• Maintains a high-margin model with cash costs per GEO consistently low and margins above $2,000 per GEO in recent years.

Capital allocation and growth pipeline

• Holds $4.3 billion in available capital, supporting financial flexibility and future investments.

• Progressive and sustainable dividend policy, with 19 consecutive annual increases and over $2.9 billion paid since IPO.

• Pipeline includes multiple projects under construction or in feasibility, targeting 45% growth in GEOs by 2030, contingent on key asset restarts.