2010 Highlights (US dollars unless otherwise noted)
• Royalty Revenue(1) of $205.4 million, a 44% increase year-over-year.
• Free Cash Flow(2) of $184.8 million, a 49% increase year-over-year.
• Adjusted Net Income(3) of $58.9 million (or $0.52 per share), a 84% increase year-over-year.
• Acquisition of Gold Wheaton completed in March 2011 adds to 2011 growth outlook.
• Monthly dividend increases 60% to US$0.04 per share starting with July 2011 payment.
TORONTO, March 24, 2011 - Franco-Nevada Corporation (TSX: FNV) today reported its financial results for the
three and twelve months ended December 31, 2010. All figures are in US dollars unless otherwise noted. The
complete Financial Statements and Management’s Discussion and Analysis can be found today on Franco-
Nevada’s website at www.franco-nevada.com and by tomorrow on www.sedar.com

Selected Quarterly and Annual Financial Information:
(Thousands of US dollars, except per share amounts)
Q4 2010 Q4 2009 Fiscal 2010 Fiscal 2009
Royalty Revenue(1) $ 69,416 $ 44,291 $ 205,416 $ 142,804
Total Revenue(4) 76,173 80,443 233,326 199,728
Net Income 20,952 39,650 74,244 80,879
Basic Earnings per Share $ 0.18 $ 0.36 $ 0.65 $ 0.76
Free Cash Flow(2) $ 62,924 $ 39,024 $ 184,752 $ 124,308
Free Cash Flow(2)per share 0.55 0.35 1.62 1.16
Adjusted Net Income(3) 24,809 22,828 58,917 31,984
Adjusted Net Income(3) per
share
$ 0.22 $ 0.20 $ 0.52 $ 0.30
As At December 31, 2010 2009
Working Capital $ 572,681 $ 530,700
Total Assets 2,233,628 2,020,891
Total Shareholders’ Equity $ 2,102,100 $ 1,930,268
(1) Royalty Revenue is defined by the Company as cash received or receivable from operating assets earned during the period.
(2) Free Cash Flow is defined by the Company as operating income excluding any changes in fair value of derivative assets, plus
depletion and depreciation, non-cash charges and any impairment of investments and mineral and oil & gas interests.
(3) Adjusted Net Income is defined by the Company as net income excluding impairment charges related to royalties/streams, working
interests and investments; fair value changes for assets accounted for as derivative assets; foreign currency gains; and the impact
of taxes on all these items.
(4) Includes changes in fair value of derivative assets

Portfolio Highlights
Goldstrike – Franco-Nevada benefited from increased production on key royalty claims and higher gold prices that
leveraged the Company’s profit-based royalties. During the fourth quarter of 2010, Franco-Nevada realized $9.6
million and $3.5 million in receipts from the Goldstrike net profits interest (“NPI”) and net smelter returns (“NSR”)
royalties, respectively. For fiscal 2010, the Company realized $33.2 million and $16.0 million from the NPI and
NSR royalties, respectively. The timing of a waste stripping campaign and lower production will have a temporary
negative impact on these royalties in 2011.
Palmarejo – Franco-Nevada recorded $13.2 million and $44.6 million in revenues for the three months and year
ended December 2010, respectively. The Company expects gold payments from Palmarejo to exceed the
minimum of 50,000 ounces in 2011.
Gold Quarry – Revenue of $16.4 million and $20.4 million for the three and twelve months ended December 2010,
respectively, reflected the true-up to the minimum royalty provision in the fourth quarter. The Company expects
Revenue from Gold Quarry to be lower in 2011 as the minimum payment obligation reverts to 11,200 ounces.
New Projects – The Company realized new revenues from a number of projects including Duketon with Regis
Resources Limited in Australia, Hislop and Holt with St Andrews Goldfields Ltd. in Ontario and a number of
smaller projects in Australia.
Tasiast – In its year-end results, Kinross Gold Corporation announced a revised 16-year scoping plan for Tasiast
with annual production of 1.5 million ounces over the first full eight years of operation. Franco-Nevada holds a 2%
royalty on Tasiast. The royalty is expected to begin generating revenue to Franco-Nevada in 2011 and ramp up in
parallel with the project expansion.
Detour – Detour Gold Corporation announced increased reserves at its Detour Lake project of 14.9 million ounces
and measured and indicated resources have increased to 20.5 million ounces. Franco-Nevada holds a 2% royalty
on the Detour project. The Company expects Detour to start contributing to its revenue in 2013.
Gold Wheaton Acquisition
On March 14, 2011, the Company closed its previously announced acquisition of Gold Wheaton. The transaction
will provide the Company with higher leverage to precious metal commodity prices with the Sudbury Operations,
Ezulwini and MWS precious metal streams. As part of the acquisition, Franco-Nevada issued 11.6 million
common shares and paid $259.5 million in cash to Gold Wheaton shareholders. In addition, the Company
purchased a controlling block of shares from Quadra FNX Mining Ltd. for $295.5 million.
As at March 24, 2011, the Company had 126.3 million shares outstanding, approximately $260 million in cash and
$70 million in marketable investments.
2011 Outlook
The Company will no longer be using the non-GAAP measure “Royalty Revenue”. This term was introduced as a
measure to better reflect financial performance of the Company’s assets as Revenue under Canadian GAAP
included certain non-cash fair value adjustments. With the adoption of International Financial Reporting
Standards (“IFRS”), the Company will employ historical cost accounting with respect to the Palmarejo and Hislop
assets which will remove any fair value adjustments being included in Revenue under IFRS.
The Company estimates Revenue for 2011 to be between $325 million and $350 million using consensus
commodity price assumptions of $1,400 gold, $1,750 platinum, $575 palladium and $80 oil. Included in the 2011
Revenue guidance is the gross stream revenue (before the payment of $400 per ounce) for the stream
agreements on Palmarejo, Sudbury Operations, MWS and Ezulwini which are estimated to contribute 135,000 to
155,000 gold equivalent ounces to the Company. By comparison, 2010 Revenue would have been approximately
$227 million had the Company accounted for its Palmarejo stream agreement on a gross revenue basis.
2011 Revenue will be earned approximately 85%-90% from precious metal assets.
Financial Results Discussion
Revenues
Royalty Revenue(1) was $69.4 million in the fourth quarter of 2010 compared with $44.3 million for the fourth
quarter of 2009. Royalty Revenue(1) for the year ended December 31, 2010 was $205.4 million compared with
$142.8 million for the year ended December 31, 2009. The improvement in Royalty Revenue(1) for the year was
due to the contributions from the Company’s Goldstrike royalty, Palmarejo, an asset acquired in January 2009
which began contributing to Royalty Revenue(1) in July 2009, Holloway where commercial production was achieved late in 2009, Stillwater due to increased average platinum group metal prices and Cerro San Pedro,
having re-started production after a short suspension of operations.
Royalty Revenue(1) for the year was earned 81% from precious metal assets (74% gold and 7% PGMs), 17% from
oil and gas (14% oil and 3% gas) and 2% from other mineral assets. Geographically, 94% of Royalty Revenue(1)
in the year came from North America (49% US, 21% Canada and 24% Mexico) and 4% from Australia.
Costs, Expenses, Taxes and Capital
Franco-Nevada’s royalty portfolio requires relatively limited capital and incurs only minor direct operating costs.
Costs of operations were $8.0 million and $6.6 million for the year ended December 31, 2010 and 2009,
respectively. The increase in costs was mainly due to higher oil and gas production taxes and operating costs due
to higher oil and gas revenues in 2010 than 2009. In addition, net proceeds taxes in Nevada and Montana were
higher due to increased revenues earned from the Goldstrike NPI royalty and Stillwater in 2010 compared with
2009.
General and administrative costs remained relatively flat at $10.4 million in 2010. Depletion and depreciation
expense increased to $92.6 million for 2010 from $88.9 million in 2009 mainly due to higher depletion on the
Company’s oil and gas assets, partially offset by lower depletion on Goldstrike and Stillwater. During 2010, the
Company recorded $4.1 million in impairment charges on certain exploration interests located in the US and
Australia due to the expiry or relinquishment of certain exploration licenses and/or ground.
Income tax expense increased to $33.9 million in 2010 compared to $17.8 million in 2009. The increase is
attributable to higher income being earned in the US and Mexico in 2010 compared to 2009.
Net Income
Net income for the fourth quarter of 2010 was $21.0 million, or $0.18 per share, which included gains on the sale
of investments of $1.2 million, foreign exchange losses of $6.8 million and fair value gains of $6.7 million
associated with royalty interests accounted for as derivative instruments. Adjusted Net Income(3) for the fourth
quarter was $24.8 million, or $0.22 per share, compared with $22.8 million, or $0.20 per share, for the same
period of the prior year.
Net income for the year ended December 31, 2010 was $74.2 million which included $25.6 million in gains on sale
of investments, $28.0 million in foreign exchange losses and $27.7 million in fair value gains associated with
royalty interests accounted for as derivative instruments. Adjusted Net Income(3) for the year ended December
31, 2010 was $58.9 million, or $0.52 per share, compared with $32.0 million, or $0.30 per share, for the year
ended December 31, 2009.
The Company measures its business and performance using the non-GAAP measures of Royalty Revenue(1) and
Free Cash Flow(2). Free Cash Flow(2) was $62.9 million ($0.55 per share) for the fourth quarter of 2010,
representing a margin of 91% of Royalty Revenue(1). Free Cash Flow(2) was $184.8 million ($1.62 per share) for
the full 2010 year which represented a margin of 90% of Royalty Revenue(1). Our definitions of these non-GAAP
financial measures and the reconciliations to GAAP measures can be found in the Company’s Annual
Management’s Discussion and Analysis and at the end of this press release.

Balance Sheet and Capital Structure
At December 31, 2010, Franco-Nevada had a very strong financial position with no debt or hedges, working
capital of $572.7 million, and marketable securities valued at $39.5 million. In addition, the Company has an
undrawn $175 million revolving term credit facility available. The marketable securities are held in highly liquid
investments. The acquisition of Gold Wheaton was closed on March 14, 2011. As at March 24, 2011, the
Company had 126.3 million shares outstanding and approximately $260 million in cash.
Dividend Declaration With Change in Dividend
Today, the Board of Directors of Franco-Nevada declared the monthly dividend of C$0.025 per share for each of
April, May and June 2011. The Board increased the dividend rate starting in July 2011 and changed the
declaration currency of the dividend to US dollars from Canadian dollars. The monthly dividend was increased to
US$0.04 per share starting in July 2011. The April 2011 dividend will be paid on April 28, 2011 to shareholders
of record on April 14, 2011, the May 2011 dividend will be paid on May 26, 2011 to shareholders of record on May
12, 2011, the June 2011 dividend will be paid on June 30, 2011 to shareholder of record on June 16, 2011 and
the July 2011 will be paid on July 28, 2011 to shareholders of record on July 14, 2011.

Shareholder Information
The complete Financial Statements and Management’s Discussion and Analysis can be found today on Franco-
Nevada’s website at www.franco-nevada.com and by tomorrow on www.sedar.com. Management will host a
conference call on March 25, 2011 at 10:00 am Eastern Time to review the results. Interested investors are
invited to participate as follows:
• Conference Call: Local: 647-427-7450; Toll-Free: 1-888-231-8191; Title: Franco-Nevada Fiscal 2010
Results.
• Conference Call Replay: A recording will be available until April 1, 2011 at the following numbers:
o Local: 416-849-0833; Toll-Free: 1-800-642-1687; Pass code: 39110446.
• Webcast: A live audio webcast will be accessible at www.franco-nevada.com.
• Slides: A presentation to accompany the conference call will be available on the Company’s website prior to the call.