Initial Contributions from Tocantinzinho Stream
“Record gold prices generated higher revenues, Adjusted EBITDA and earnings in Q3 compared to Q2 2024,” stated Paul
Brink, CEO. “GEO sales were stable compared to Q2 although lower compared to Q3 2023 without the contribution from
Cobre Panama. The quarter benefitted from contributions from the newly commissioned Tocantinzinho mine in Brazil, and
increased contributions from royalties from the recently completed Greenstone mine and the newly acquired Yanacocha
royalty. Candelaria reported an increase in copper and gold production for the quarter. While Candelaria’s copper output is on
track, Lundin Mining has revised its 2024 gold production guidance lower to reflect revised gold grades for the period. In
addition, revenue from our Diversified assets translated into lower GEOs reflecting record gold prices. We have adjusted our
2024 guidance as a result. Franco-Nevada continues to benefit from higher gold prices with limited exposure to cost inflation.
The company remains debt-free with substantial available capital and has a strong pipeline of potential precious metal
streams and royalties.”
Financial Summary
• $275.7 million in revenue, -11% compared to Q3 2023, or +14% when excluding the impact of Cobre Panama
remaining on preservation and safe management during the quarter
• 110,110 GEOs sold in the quarter, -32% compared to Q3 2023, which partly reflects:
o 22% due to the impact of Cobre Panama, and
o 3% due to record gold prices, reducing the conversion of non-gold revenue into GEOs
• $213.6 million in operating cash flow, -9% compared to Q3 2023
• $152.7 million in net income or $0.79/share, -13% compared to Q3 2023
• $236.2 million in Adjusted EBITDA or $1.23/share, -7% compared to Q3 2023, or +16% excluding Cobre Panama
• $153.9 million in Adjusted Net Income or $0.80/share, -12% compared to Q3 2023, or +12% excluding Cobre Panama
• Quarterly dividend of $0.36/share effective Q1 2024, an annual increase of 5.88%
• Strong financial position with no debt and $2.3 billion in available capital as at September 30, 2024
Sector-Leading ESG
• Rated #1 precious metals company and #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
• 40% diverse representation at the Board and top leadership levels as a group
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
• Strong pipeline of precious metal and diversified opportunities

see & read more onhttps://s201.q4cdn.com/345177888/files/doc_financials/2024/q3/Franco-Nevada-Reports-Q3-2024-Results-2024-11-06.pdf