Franco-Nevada Reports Q4 and Year-end 2024 Results Strong Fourth Quarter Performance
NEWS RELEASE
NEWS RELEASE
Toronto, March 10, 2025
(in U.S. dollars unless otherwise noted)
Franco-Nevada Reports Q4 and Year-end 2024 Results
Strong Fourth Quarter Performance
“Our portfolio delivered a strong fourth quarter resulting in GEO sales for the year that were near the top end of our revised
GEO guidance range,” stated Paul Brink, CEO. “Elevated gold prices drove higher quarterly revenue, Adjusted EBITDA and
Adjusted Net Income compared to Q4 2023, even without a contribution from Cobre Panama. Our strong balance sheet
allowed us to complete more than $1.3B in acquisitions and commitments in 2024. Post year-end, we also announced a
financing package to support Discovery Silver’s acquisition of Newmont’s Porcupine Complex in Timmins. Together, the
transactions have the potential to add 85-95K GEOs per annum to our medium-term production profile. These new additions,
along with a number of new mine starts, contribute to the strong growth outlined in our 2025 guidance and outlook over the
next five years. The growth in our high cash flow margin business has also allowed us to increase dividends for the 18th
consecutive year. We are encouraged that President Mulino has indicated a willingness to discuss Cobre Panama this year
and that sentiment in Panama now appears more supportive of restarting the mine. Franco-Nevada remains debt-free and
well capitalized to take advantage of a strong deal pipeline.”
Q4 2024 Financial Highlights
• $321.0 million in revenue, +6% compared to Q4 2023, or +30% excluding Cobre Panama
• 120,063 GEO1s sold in the quarter, -21% compared to Q4 2023, or -3% excluding Cobre Panama
• $243.0 million in operating cash flow, -14% compared to Q4 2023, or -4% excluding Cobre Panama
• $277.4 million in Adjusted EBITDA2 or $1.44/share, +9% compared to Q4 2023, or +31% excluding Cobre Panama
• $175.4 million in net income or $0.91/share, compared to net loss of $982.5 million, or $5.11 per share, in Q4 2023
• $183.3 million in Adjusted Net Income2 or $0.95/share, +6% compared to Q4 2023, or +30% excluding Cobre Panama
Full Year 2024 Financial Highlights
• $1,113.6 million in revenue, -9% compared to 2023, or +15% excluding Cobre Panama
• 463,334 GEOs sold in the year, -26% compared to 2023, or -7% excluding Cobre Panama
• $829.5 million in operating cash flow, -16% compared to 2023, or -2% excluding Cobre Panama
• $951.6 million in Adjusted EBITDA or $4.95/share, -6% compared to 2023, or +16% excluding Cobre Panama
• $552.1 million in net income or $2.87/share, compared to a net loss of $466.4 million, or $2.43 per share, in 2023
• $618.1 million in Adjusted Net Income or $3.21/share, -10% compared to 2023, or +15% excluding Cobre Panama
Strong Financial Position
• High-margin business generating 86% Adjusted EBITDA Margin2 and 56% Adjusted Net Income Margin2 in 2024
• Strong financial position with $2.4 billion in available capital as at December 31, 2024.
• Quarterly dividend of $0.38/share effective Q1 2025, an annual increase of 5.6%
Sector-Leading ESG
• Rated #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG
• Committed to the World Gold Council’s Responsible Gold Mining Principles
• Partnering with our operators on community and ESG initiatives
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Diverse, Long-Life Portfolio
• Most diverse royalty and streaming portfolio by asset, operator and country
• Attractive mix of long-life streams and high optionality royalties
• Long-life mineral resources and mineral reserves
Growth and Optionality
• Mine expansions and new mines driving 5-year growth profile
• Long-term optionality in gold, copper and nickel and exposure to some of the world’s great mineral endowments
• Exposure to greater than 16 million acres of land
• Strong pipeline of precious metal and diversified opportunities
GEOs and Revenue
Quarterly GEOs sold and revenue by commodity
Q4 2024 Q4 2023
GEOs Sold Revenue GEOs Sold Revenue
# (in millions) # (in millions)
PRECIOUS METALS
Gold (excluding Cobre Panama) 79,532 $ 211.6 75,033 $ 149.9
Silver (excluding Cobre Panama) 13,689 36.2 12,139 24.6
PGM 2,344 6.5 4,091 8.8
95,565 $ 254.3 91,263 $ 183.3
DIVERSIFIED
Iron ore 4,330 $ 11.6 5,620 $ 11.2
Other mining assets 332 0.8 1,510 2.9
Oil 14,317 34.0 16,406 32.7
Gas 3,700 12.6 6,860 13.1
NGL 1,819 5.3 2,374 4.7
24,498 $ 64.3 32,770 $ 64.6
Royalty, stream and working interests (excluding Cobre Panama) 120,063 $ 318.6 124,033 $ 247.9
Interest revenue and other interest income — $ 2.4 — $ —
Revenue and GEOs (excluding Cobre Panama) 120,063 $ 321.0 124,033 $ 247.9
Cobre Panama — $ — 28,318 $ 55.4
Total revenue and GEOs 120,063 $ 321.0 152,351 $ 303.3
Annual GEOs sold and revenue by commodity
2024 2023
GEOs Sold Revenue GEOs Sold Revenue
# (in millions) # (in millions)
PRECIOUS METALS
Gold (excluding Cobre Panama) 295,167 $ 706.8 290,179 $ 565.6
Silver (excluding Cobre Panama) 48,485 117.8 49,370 96.5
PGM 11,628 28.3 20,042 39.8
355,280 $ 852.9 359,591 $ 701.9
DIVERSIFIED
Iron ore 22,314 $ 50.5 24,421 $ 47.2
Other mining assets 3,555 8.2 6,945 13.2
Oil 59,030 128.6 71,254 134.9
Gas 15,147 44.1 26,659 54.1
NGL 7,978 20.3 9,577 18.7
108,024 $ 251.7 138,856 $ 268.1
Royalty, stream and working interests (excluding Cobre Panama) 463,304 $ 1,104.6 498,447 $ 970.0
Interest revenue and other interest income — $ 8.9 — $ —
Revenue and GEOs (excluding Cobre Panama) 463,304 $ 1,113.5 498,447 $ 970.0
Cobre Panama 30 $ 0.1 128,598 $ 249.0
Total revenue and GEOs 463,334 $ 1,113.6 627,045 $ 1,219.0
In Q4 2024, we sold 120,063 GEOs down 21% from Q4 2023, of which 18% was due to the impact of the halting of
production at Cobre Panama. The outperformance of gold during the quarter relative to our other commodities also impacted
the number of GEOs reported. Removing the impact of the halting of production at Cobre Panama and the change in the gold
conversion ratio on a quarter-over-quarter basis, our GEOs sold would have increased by 7%. In addition, as at December 31,
2024, we held 6,216 stream gold ounces and 150,000 stream silver ounces in inventory. In Q4 2024, we recognized $321.0
million in revenue, up 6% from Q4 2023, or up 30% excluding Cobre Panama. During the quarter, we benefited from strong
production from Candelaria, newly contributing assets, and record gold prices. Precious Metal revenue accounted for 79.2%
of our revenue (65.9% gold, 11.3% silver, 2.0% PGM). Revenue was sourced 89.0% from the Americas (47.1% South America,
6.9% Central America & Mexico, 18.7% U.S., 16.3% Canada).
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Portfolio Additions
• Acquisition of Stream on Sibanye Stillwater Limited’s Western Limb Mining Operations: Subsequent to year-end, on
February 28, 2025, our wholly owned subsidiary, Franco-Nevada (Barbados) Corporation, completed the previously
announced acquisition of a precious metals stream (the “Western Limb Mining Operations Stream”) with reference to
specific production from Sibanye-Stillwater’s Marikana, Rustenburg and Kroondal mining operations in South Africa
for a purchase price of $500.0 million. Over the 45+ year life of mine, the stream GEO profile is expected to comprise
of approximately 70% gold and 30% platinum deliveries, based on consensus commodity prices. The effective date of
the Western Limb Mining Operations Stream is September 1, 2024. First deliveries are expected within 45 days of
closing the transaction and will include approximately 7,000 GEOs related to production in the last four months of
2024. Deliveries related to 2025 production are expected to total approximately 20,000 GEOs.
• Pandora Royalty: Subsequent to year-end, on February 28, 2025, Franco-Nevada and Sibanye-Stillwater completed
the previously announced conversion of the 5% net profit interest that Franco-Nevada holds on the Pandora property
to a 1% net smelter return royalty.
• Financing Package with Discovery Silver on the Porcupine Complex: As previously announced, subsequent to year-
end, on January 27, 2025, we agreed to acquire, through a wholly owned subsidiary, a 4.25% NSR royalty for $300.0
million, consisting of two tranches, on Discovery Silver Corp.’s Porcupine Complex, located in Ontario, Canada. We
also committed to a $100.0 million senior secured term loan and purchased subscription receipts for $48.6 million
(C$70.9 million). The financing package, totaling $448.6 million, provides Discovery with proceeds to acquire and
fund a planned capital program for the Porcupine Complex. Closing of the transactions are subject to customary
conditions, including the successful completion of the acquisition by Discovery of the Porcupine Complex (which is
itself subject to conditions, including, without limitation, receipt of certain regulatory consents and approvals), and is
expected to occur in Q2 2025. Assuming the transactions close in April 2025, we expect to receive approximately
6,000 GEOs in 2025.
• Acquisition of Royalty on Hasaya Metals Inc.’s Urasar Project: Subsequent to year-end, on January 21, 2025, we
acquired a 0.625% NSR on Hayasa Metals Inc.’s Urasar gold-copper project in northern Armenia for $0.55 million
pursuant to a joint acquisition agreement with EMX Royalty Corp.
• Option to Acquire Royalty with Brazil Potash Corp.: On November 1, 2024, we acquired an option from Brazil Potash
Corp. (“Brazil Potash”) for $1.0 million to purchase a 4.0% gross revenue royalty on potash produced from Brazil
Potash’s Autazes development stage project in Brazil.
Environmental, Social and Governance (“ESG”) Updates
We continue to rank highly with leading ESG rating agencies and were recently named by Sustainalytics as the #1 ranked gold
company for 2025. In Q4 2024, we expanded our community engagement and contributions with existing partners, including
teaming up with G Mining Ventures to fund reforestation and social projects in Brazil, Endeavour Mining to help provide
funding for the Great Green Wall project in Senegal, and Glencore to fund an anemia health project in Peru. Following year-
end, with the appointment of Daniel Malchuk to our board of directors, we achieved our board diversity target to appoint a
racially or ethnically diverse director by our 2025 annual meeting.
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Guidance and Outlook
We present our guidance in reference to GEO sales. For streams, our guidance reflects GEOs that have been delivered from
the operators of our assets and that we have subsequently sold. Our GEO deliveries may differ from operators’ production
based on timing of deliveries and due to recovery and payability factors. Our GEO sales may differ from GEO deliveries based
on the timing of the sales. For royalties, GEO guidance reflects the timing of royalty payments or accruals.
Our 2025 guidance and long-term outlook are based on the following assumed commodity prices: $2,800/oz Au, $31/oz Ag,
$950/oz Pt, $950/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas.
The 2025 guidance and long-term outlook is based on assumptions including the forecasted state of operations from our
assets based on the public statements and other disclosures by the third-party owners and operators of the underlying
properties and our assessment thereof.
2025 Guidance
We expect our 2025 revenue to be more than 25% higher than in 2024. This is based on our budgeted gold price of
$2,800/oz and the mid-point of our Total GEOs guidance range, provided below. We anticipate a 14% increase in Precious
Metal GEOs and a 7% increase in our Total GEOs for 2025 compared to 2024, assuming no contributions from Cobre
Panama.
2025 Guidance 2024 Actual
Precious Metal GEO sales 385,000 to 425,000 GEOs 355,310 GEOs
Total GEO sales 465,000 to 525,000 GEOs 463,334 GEOs
1 We expect our streams to contribute between 255,000 and 285,000 of our GEO sales for 2025.
2 Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with
Continental as part of our remaining commitment of $46.3 million.
The anticipated 14% increase in Precious Metal GEOs largely reflects the recent additions of the Yanacocha royalty, the
Western Limb Mining Operations Stream, and the Porcupine Complex royalty which is expected to close in Q2 2025. We also
expect to benefit from the continued ramp-up of newly constructed mines and initial contributions from Valentine Gold. For
Total GEOs, the anticipated 7% increase over 2024 is expected to be driven by higher Precious Metal GEOs, partly offset by
lower GEOs from our Diversified assets. We are forecasting higher production from our Diversified assets although the
expected contribution to GEOs from these assets is lower than in 2024 as we have assumed significantly higher gold prices
and slightly lower energy and iron ore prices in calculating the GEO contribution. For reference, a $100 increase in the price
of gold from our current assumption of $2,800/oz would result in a decrease of approximately 4,750 GEOs, with all other
commodity prices and production levels constant.
Based on our assumed commodity prices, we expect our revenue mix for 2025 to be comprised of 70% gold, 11% silver, 2%
PGMs, 9% oil and NGLs, 4% natural gas, 3% iron ore with the balance being from other commodities.
We expect our effective tax rate to be between 19% and 21%.
Long-Term Outlook
For 2028, we expect Precious Metal GEOs to increase to between 400,000 and 440,000 GEOs and Total GEOs to increase to
between 505,000 and 565,000 GEOs, a 18% and 15% increase, respectively, compared to 2024. For 2029, we expect
Precious Metal GEOs to increase to between 375,000 and 415,000 GEOs and Total GEOs to increase to between 490,000
and 550,000 GEOs, a 11% and 12% increase, respectively, compared to 2024. We have not assumed any contribution from
Cobre Panama in this outlook, although there is potential for materially higher GEOs should it restart production, depending
on the conditions of any such restart. Based on the average of the next five years of the Cobre Panama mine plan, the asset
has the potential to contribute as much as 130,000 to 150,000 GEOs annually.
The five-year outlook reflects the expected commencement of production at Valentine Gold, Stibnite, Eskay Creek, Castle
Mountain Phase 2, the Coroccohuayco project at Antapaccay, the expected underground expansion at Candelaria, and the
long-term expansion of Magino. We also anticipate an increase in silver production from Antamina due to higher silver grades.
The outlook includes a step-down starting in 2027 in our stream from 68% to 40% of gold and silver produced at Candelaria,
and a reduction starting in 2028 in our stream deliveries at Antapaccay, where our stream will be based on 30% of gold and
silver produced rather than indexed to copper production. Production at Guadalupe-Palmarejo is currently expected to
decrease in 2029 based on the latest life of mine plan.
With respect to our Diversified assets, we anticipate production growth from the continued development of our U.S. Energy
assets. We also expect an increase in attributable sales from Vale’s Northern and Southeastern systems, and have assumed
commencement of production at Copper World and Taca Taca in 2029. While we expect higher revenues from our Diversified
assets in the long-term outlook compared to 2024, we have used significantly higher gold prices and slightly lower oil, gas
and iron ore prices in calculating the GEO contribution as compared to the prices used in 2024. This has the effect of
reducing the GEOs represented by the larger revenues.
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Q4 2024 Portfolio Updates
Precious Metal assets: GEOs sold from our Precious Metal assets were 95,565, down 20.1% from 119,581 GEOs in Q4 2023.
When excluding Cobre Panama, Precious Metal GEOs were up 6.6% due to an increase in deliveries from Candelaria and
Guadalupe, contributions from the recently constructed Tocantinzinho and Greenstone mines, and the newly acquired
Yanacocha royalty.
South America:
• Candelaria (gold and silver stream) – GEOs sold in Q4 2024 were higher than those sold in Q4 2023. Copper and
gold production benefited from higher grade ore from Phase 11 in the second half of 2024. In 2025, production
will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those
realized in H2 2024. Franco-Nevada forecasts GEO sales to be between 60,000 and 70,000 GEOs (which includes
3,333 gold ounces we held in inventory at year-end), generally in-line with 2024.
• Antapaccay (gold and silver stream) – GEOs sold were lower in Q4 2024 compared to Q4 2023, reflecting lower
planned production and an anticipated higher strip ratio in the current period. Production improved compared to
the prior two quarters when mine scheduling was adjusted due to a geotechnical event which occurred in Q2 2024.
For 2025, Franco-Nevada forecasts GEO sales to be between 40,000 and 50,000 GEOs based on mine
sequencing, a decrease compared to 2024.
• Antamina (22.5% silver stream) – Silver ounces delivered in Q4 2024 were higher than in Q4 2023, but GEOs sold
were lower, as approximately 150,000 silver ounces were unsold and remained in inventory at December 31,
2024. For 2025, we anticipate an increase in silver sales to between 3.1 and 3.3 million silver ounces due to
anticipated higher silver grades.
• Tocantinzinho (gold stream) – We expect an increase in GEO sales from Tocantinzinho, as the mine continues to
ramp up in 2025. Forecasted production is expected to range between 175,000 and 200,000 ounces for 2025.
• Yanacocha (1.8% royalty) – Newmont reported higher leach pad production in Q4 2024 than originally forecasted
as a result of the successful use of injection leaching technology. Newmont anticipates production at Yanacocha to
increase to 460,000 ounces in 2025, compared to 354,000 gold ounces produced in 2024.
• Salares Norte (1-2% royalties) – Ramp-up at Salares Norte recommenced in Q4 2024, following a temporary shut-
down of the plant due to severe weather conditions. The mine produced 45,000 gold equivalent ounces in 2024.
With commercial levels of production set to be achieved in Q2 2025, Gold Fields expects between 325,000 and
375,000 gold equivalent ounces in 2025.
• Cascabel (gold stream and 1% royalty) – SolGold continues to report progress on the development of the project,
with a focus on de-risking activities and advancing permitting.
Central America & Mexico:
• Cobre Panama (gold and silver stream) – We are encouraged that President Mulino has indicated a willingness to
discuss Cobre Panama this year and that sentiment in Panama now appears more supportive of restarting the
mine. Cobre Panama has been on preservation and safe management since November 2023. In January 2025,
the terms of reference of an environmental audit of Cobre Panama were submitted to a public consultation process
which concluded in February 2025. With respect to Franco-Nevada’s arbitration with the International Centre for
Settlement of Investment Disputes, a hearing is scheduled to be held in October 2026. While Franco-Nevada
continues to pursue these legal remedies, we strongly prefer and hope for a resolution with the State of Panama
providing the best outcome for the Panamanian people and all parties involved.
• Guadalupe-Palmarejo (50% gold stream) – GEOs sold from Guadalupe-Palmarejo in Q4 2024 were relatively
consistent with those sold in Q4 2023. For 2025, Franco-Nevada anticipates an increase in GEO sales to between
45,000 and 50,000 GEOs, reflecting a greater proportion of Palmarejo’s production being mined from stream
grounds.
Canada:
• Detour Lake (2% royalty) – Agnico Eagle reported that the mill successfully achieved throughput of 28 million
tonnes per annum (“Mtpa”) in Q4 2024 and is targeting 29 Mtpa by 2028. In June 2024, Agnico Eagle released
the results of a technical study reflecting the potential for a concurrent underground operation at Detour Lake that
would increase annual production to approximately one million ounces for 14 years starting in 2030. In Q4 2024,
Agnico Eagle completed site preparation for the excavation of the underground exploration ramp.
• Greenstone (3% royalty) – Equinox reported that Greenstone achieved commercial production on November 6,
2024, and produced 111,717 gold ounces in 2024. In 2025, Equinox expects Greenstone to produce between
300,000 and 350,000 gold ounces. At full production, Greenstone is expected to produce an average of 390,000
gold ounces per year for the first five years and 330,000 ounces of gold annually for an initial 15-year mine life.
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• Magino (3% royalty) and Island Gold (0.62% royalty) – Alamos reported that the integration of the Magino and
Island Gold operations continues to advance. The Magino mill is expected to ramp up to 11,200 tpd by the end of
Q1 2025 with detailed engineering advancing the expansion to 12,400 tpd. The expansion is expected to be
completed by mid-2025 to coincide with the completion of the Phase 3+ expansion at Island Gold, which Alamos
expects will be completed in H1 2026.
• Macassa (Kirkland Lake) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that Macassa achieved record
quarterly throughput and gold production in Q4 2024, reflecting productivity gains since the completion of #4 Shaft
and the new ventilation infrastructure in 2023. Agnico Eagle is continuing to focus on asset optimization and is
working on further improving mill throughput.
• Canadian Malartic (1.5% royalty) – Agnico Eagle reported that ramp development, shaft sinking activities and
surface construction progressed on schedule in Q4 2024. Successful exploration in 2024 has continued to extend
the limits of the East Gouldie inferred mineral resource laterally to the east and west. Recent drilling continues to
grow mineralization in the recently discovered Eclipse zone, between the East Gouldie deposit and the Odyssey
South zone, within close proximity to the planned underground infrastructure.
• Musselwhite (2-5% royalties) – In November 2024, Newmont and Orla Mining announced a definitive agreement
for the acquisition of Musselwhite by Orla. Orla intends to aggressively explore the concession, including following
up on historical drilling that suggests 2 to 3 kilometres of mineralized strike potential beyond the current reserves.
• Valentine Gold (3% royalty) – Calibre Mining reported that construction remains on track for completion in Q2
2025. Production is expected to average 195,000 gold ounces per year over an initial mine life of 12 years, with
the process plant expected to reach 2.5 Mtpa by the end of 2025. In February 2025, Calibre and Equinox
announced a business combination whereby Equinox will acquire all the issued and outstanding common shares of
Calibre.
U.S.:
• Stillwater (5% royalty) –Sibanye-Stillwater completed a further restructuring of its US PGM operations in Q4 2024
to reduce operating costs in light of current PGM prices. Sibanye-Stillwater is now guiding to production of between
255,000 and 270,000 2E PGM ounces for 2025, compared to 425,842 2E PGM ounces produced in 2024.
• Bald Mountain (0.875-5% royalties) – Kinross announced its plans to proceed with mining at Redbird, which
contains approximately 1 million ounces of gold reserve, following the receipt of the Juniper permit in H2 2024.
• South Arturo (4-9% royalty) – GEOs from South Arturo increased in Q4 2024 compared to Q4 2023 reflecting the
restart of open pit mining. South Arturo is part of Nevada Gold Mines’ Carlin operations.
• Copper World (2.085% royalty) – Hudbay Minerals announced in January 2025 that it has received the Air Quality
Permit from the Arizona Department of Environmental Quality. This is the final major permit required for the
development and operations of Copper World. Copper World is expected to produce 85,000 tonnes of copper per
year over an initial 20-year mine life.
• Stibnite (1% gold royalty, 100% silver royalty) – Perpetua announced in January 2025 that the United States Forest
Service has issued the Final Record of Decision authorizing its mine plan for the Stibnite project. With this,
Perpetua is focused on advancing towards a construction decision, including finalizing the remaining federal and
state permits and securing project financing.
Rest of World:
• Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were higher than in Q4 2023, as gold
production at the mine increased due to higher mill throughput and higher ore grade milled. Production at Subika
is expected to decrease relative to 2024 as mining activities in the Subika open pit are completed as planned in
H2 2025. Newmont plans to increase its investment in exploration and advanced projects, including at Subika
Underground.
• MWS (25% stream) – Following the delivery of 1,587 gold ounces in Q4 2024, our MWS stream reached its
cumulative cap of 312,500 gold ounces.
Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $64.3 million in
revenue, relatively consistent with Q4 2023. When converted to GEOs, our Diversified assets contributed 24,498 GEOs, down
25.2% from 32,770 GEOs in Q4 2023, of which 24.5% was due to changes in gold prices used in the conversion of non-gold
revenue into GEOs.
Other Mining:
• Vale Royalty (iron ore royalty) – Revenue from our Vale royalty decreased slightly compared to Q4 2023. Production
from the Northern System benefited from strong production at S11D and lower shipping cost deductions, offset by
lower estimated iron ore prices. Attributable sales from our Vale royalty are expected to increase in 2025, reflecting
contributions from the Southeastern System once the cumulative sales threshold of 1.7 billion tonnes of iron ore is
reached in the latter part of 2025.
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• LIORC – Revenue from our attributable interest on the Carol Lake mine increased in Q4 2024 compared to Q4
2023, as LIORC declared a cash dividend of C$0.75 per common share in the current period, compared to C$0.45
in the prior year period. Iron Ore Company of Canada reported that production at Carol Lake is expected to improve
in 2025 compared to 2024, where production was affected by forest fires in mid-July 2024 and operational
challenges in the mine and concentrator throughout the year.
• Caserones (0.517% effective NSR) – Revenue from our interest in Caserones decreased in Q4 2024 compared to
Q4 2023. Production during the year was impacted by labour action in August 2024 and mine sequencing changes
which reduced grades and recoveries. For 2025, Lundin Mining expects production to be slightly lower than in
2024. In January 2024, EMX exercised an option to acquire a portion of our NSR, such that our effective NSR
percentage interest was lower in 2024 than in 2023.
Energy:
• U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased compared to Q4 2023. We
benefited from an increase in production due to new wells at our Permian interests and new contributions from
additional interests in the Haynesville shale play, which mostly offset the impact of lower realized prices and
reduced drilling activity.
• Canada (various royalty rates) – Revenue from our Canadian Energy interests was lower than in Q4 2023 due to
lower realized prices and higher costs at Weyburn.
Shareholder Information and Details for 2024 Year-End Conference Call
The complete audited Consolidated Financial Statements and Management’s Discussion and Analysis can be found on our
website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
We will host a conference call to review our 2024 year-end results. Interested investors are invited to participate as follows:
Conference Call and Webcast: March 10th 10:00 am ET
Dial-in Numbers: Toll-Free: 1-888-510-2154
International: 437-900-0527
Conference Call URL (This allows participants to join
the conference call by phone without operator assistance.
Participants will receive an automated call back after
entering their name and phone number):
bit.ly/41xpMjP
Webcast: www.franco-nevada.com
Replay (available until March 17th): Toll-Free: 1-888-660-6345
International: 289-819-1450
Pass code: 70370#
Corporate Summary
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company, with the most diversified portfolio of
cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting
exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It
trades under the symbol FNV on both the Toronto and New York stock exchanges.
For more information, please go to our website at www.franco-nevada.com or contact:
Sandip Rana
Chief Financial Officer
(416) 306-6303
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Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities
laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with
respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated
future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and
mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining
sequences, business prospects and opportunities, the performance and plans of third party operators, the timing for the completion of the
Porcupine Complex royalty acquisition and the completion of other related transactions, audits being conducted by the Canada Revenue Agency
(“CRA”), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status
and any potential restart of the Cobre Panama mine and related arbitration proceedings. In addition, statements relating to mineral resources and
mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and
assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral
reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information
currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”,
“expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”,
“anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect
that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known
and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of
factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the
prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and
oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso and any other currency in which revenue is generated,
relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies
and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory
measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic
developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through
which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including
changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments;
business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title,
permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or
not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States
Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well
as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty,
stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves
contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and
hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other
interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding
and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of
acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including,
without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or
operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or
operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the
Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected
application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no
adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of
publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the
absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can
be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition,
there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof, or (ii) the future
status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure
investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on
forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information
Form as well as Franco-Nevada’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on
www.sedarplus.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking
statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new
information, estimates or opinions, future events or results or otherwise, except as required by applicable law.