Franco-Nevada (FNV) Corporate Presentation summary

Business model and strategy

• Focuses on a proven, diversified royalty and streaming model with 118 cash-flowing assets and $2.3B available capital.

• Maintains low risk through non-operating, scalable business, high margins, and limited cost inflation exposure.

• Prioritizes shareholder alignment, financial flexibility, and adaptable investment style, avoiding long-term debt.

• Aligns with partners for project development, M&A, and debt reduction, supporting both established and emerging projects.

• Strong technical skills guide asset selection, emphasizing exploration optionality.

Financial performance and returns

• Achieved a 15% compounded annual return since IPO and 17 consecutive dividend increases.

• 2023 revenue reached $1.2B, with adjusted EBITDA margin at 83% and net income margin at 56%.

• G&A expenses remain low at 2.4% of revenue and 13 basis points of market cap.

• Over $2.2B in dividends paid since IPO, with a quarterly dividend of $0.36/share starting Q1 2024.

• Maintains a debt-free balance sheet with $1.3B in cash and a $1B credit facility.

Portfolio and asset diversification

• Portfolio includes 431 assets across ~67,400 km², with 117 producing and 273 exploration assets.

• 75% of 2024 GEOs expected from precious metals; 85% of revenue from the Americas across 14 countries.

• No single asset contributes more than 15% of total GEOs.

• Long-term optionality from advanced and exploration assets, including major copper, gold, and nickel projects.

• Royalty portfolio gold reserves have increased 3.5x since IPO, generating over $2.2B in revenue.