Franco-Nevada (FNV) Corporate presentation summary

Strategic positioning and business model

• Leading gold-focused royalty and streaming company with a diversified portfolio of 121 cash-flowing assets and exposure to 445 total assets across 14 countries, primarily in the Americas.

• Focus on quality, long-life assets in safe jurisdictions, providing exposure to commodity price and geological optionality while being insulated from cost inflation.

• Emphasizes profitable growth, shareholder alignment, financial flexibility, and adaptability, with a business model that thrives in both bull and bear commodity markets.

• Maintains a debt-free balance sheet with $3.4 billion in available capital and generates $450M–$500M in cash per quarter.

Financial performance and returns

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

• Revenue, adjusted EBITDA, and operating cash flow have increased 12–14x since IPO, with industry-leading growth and capital deployment.

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

• High-margin, low-cost model with cash costs per GEO consistently below $350 and margins above $2,800 per GEO.

Portfolio growth, optionality, and sustainability

• Portfolio is 85% precious metals by revenue, with no single asset contributing more than 15% of total revenue.

• Embedded optionality has resulted in a 3.6x increase in gold reserves since IPO, with reserves increasing at no cost.

• Significant investments in projects like i-80 Gold, Bullabulling, Casa Berardi, and AurMac, supporting near-term and long-term growth.

• Progressive and sustainable dividend policy with 19 consecutive increases, $2.8B paid since IPO, and a 13% CAGR in dividends.

• Recognized as a top ESG performer by leading rating agencies, with a focus on responsible capital allocation, community contributions, and climate action.