Two new acquisitions increase growth outlook
“In 2020, the challenges of the COVID-19 pandemic highlighted the diversity of our portfolio, the commitment of our staff, and
the resolve of the employees and communities at our assets,” stated Paul Brink, CEO. “With record precious metals prices
through the year and the recovery of energy prices in the second half of the year, Franco-Nevada generated record financial
results. We are pleased to announce a new precious metals stream on the Condestable copper mine in Peru and the
acquisition of a portfolio of natural gas royalties in the Haynesville play in Texas. We expect strong growth in 2021 and over
the next 5 years, driven by the ongoing Cobre Panama ramp-up, the two newly acquired assets and from broad organic growth
across the portfolio. On the strength of this outlook, we are increasing the quarterly dividend to $0.30/share starting with our
second quarter dividend payment in June which will be declared in May. We are proud that this 15.4% increase will mark our
14th annual dividend increase. We have also strengthened our commitment to increase diversity at Franco-Nevada by
adopting a goal of at least 40% diverse representation at the Board and senior management levels.”

Record annual results 2020 vs 2019 Strong Q4 results 2020 vs Q4/2019
GEOs1 sold 521,564 +1% 147,476 -4%
Revenue $1,020.2 million +21% $304.5 million +18%
Net income $326.2 million ($1.71/share) -5% $176.7 million ($0.93/share) +56%
Adjusted Net Income2 $516.3 million ($2.71/share) +51% $163.0 million ($0.85/share) +47%
Adjusted EBITDA3 $839.6 million +25% $253.7 million +26%

Strong Financial Position
• Debt free and $1.9 billion in available capital
• Generated >$800 million in annual operating cash flow
• Quarterly dividend increased 15.4% to $0.30/share
Sector Leading ESG
• Ranked #1 by Sustainalytics, AA by MSCI and Prime by ISS ESG
• Contributed to help communities through the COVID-19 crisis
• Committed to the World Gold Council’s “Responsible Gold Mining Principles”
• Signatory of the UN Global Compact and BlackNorth Initiative pledge
Portfolio Growth
• Guiding to GEOs sales growth and Energy revenue growth in both 2021 and over 5 years
• Underpinned by long-life core assets (Cobre Panama, Candelaria, Antapaccay and Antamina)
• Expansions (Cobre Panama, Detour, Stillwater, Tasiast)
• New mines (Salares Norte, Hardrock, Stibnite Gold, Valentine Lake)
• Condestable precious metal stream and Haynesville natural gas royalties add immediate cash flow
Future Optionality
• Exploration success (Detour, Duketon, Guadalupe, Canadian Malartic, Macassa, South Arturo)
• New gold mine potential (Valentine Lake, Monument Bay, Eskay Creek, Fenelon)
• Long-term growth options in copper (Rosemont, Alpala, Taca Taca, NuevaUnión) and the Ring of Fire

see & read more on
https://s21.q4cdn.com/700333554/files/doc_financials/2020/q4/Franco-Nevada-Delivers-Record-Results-for-2020-(Final)-(2021-03-10).pdf