Far Northern Assets: Newly Listed Australia-based Gold, Copper Explorer

“Our diversified portfolio carried out properly and manufacturing for the quarter met expectations. Elevated gold costs translated straight into a few of our highest ever margins,” said Paul Brink CEO. “Salares Norte commenced manufacturing throughout the quarter and Greenstone and Tocantinzinho are on monitor for first manufacturing within the coming months. Alamos’ deliberate acquisition of Argonaut will assist notice the complete potential of the Magino and Island Gold deposits. Whereas Cobre Panama stays on preservation and secure administration, we’re hopeful that the problems will be resolved. Franco- Nevada has no debt, $2.3B in accessible capital and has an energetic deal pipeline.”

Robust Monetary Place

• No debt and $2.3 billion in accessible capital as at March 31, 2024
• Working money circulation of $178.6 million in Q1 2024
• Quarterly dividend elevated 5.88% to $0.36 /share efficient Q1 2024

Sector-Main ESG

• Rated #1 valuable metals firm and #1 gold firm by Sustainalytics, AA by MSCI and Prime by ISS ESG
• Dedicated to the World Gold Council’s Accountable Gold Mining Rules
• Partnering with our operators on group and ESG initiatives
• 40% numerous illustration on the Board and high management ranges as a gaggle

Various, Lengthy-Life Portfolio

• Most numerous royalty and streaming portfolio by asset, operator and nation
• Enticing mixture of long-life streams and excessive optionality royalties
• Lengthy-life mineral assets and mineral reserves

Progress and Optionality

• Mine expansions and new mines driving 5-year development profile
• Lengthy-term optionality in gold, copper and nickel and publicity to a few of the world’s nice mineral endowments
• Robust pipeline of valuable metallic and diversified alternatives

In Q1 2024, we acknowledged $256.8 million in income, down 7.1% from Q1 2023. Whereas we benefited from the rally in gold costs throughout the quarter, we offered fewer GEOs than within the prior 12 months interval as Cobre Panama stays in preservation and secure administration. GEOs offered throughout the quarter don’t absolutely mirror manufacturing for the quarter as 3,036 GEOs from Condestable have been held in stock at March 31, 2024 and offered subsequent to quarter-end. Treasured Steel income accounted for 75.5% of our income (62.7% gold, 9.7% silver, 3.1% PGM). Income was sourced 82.8% from the Americas (39.2% South America , 9.7% Central America & Mexico , 18.2% U.S. and 15.7% Canada ). Income contains curiosity income and different curiosity earnings associated to loans offered as a part of our financing packages. For the three months ended March 31, 2024 , we acknowledged $1.2 million in income associated to the G Mining Ventures Time period Mortgage and Skeena Convertible Debenture.

Environmental, Social and Governance (ESG) Updates

Throughout the quarter, we printed our 2024 ESG Report that, amongst different issues, highlights our key focuses for ESG due diligence, elevated group contributions, development of range objectives and initiatives, and the adoption of discount targets in respect of our company emissions. We additionally renewed our partnership with Perpetua Assets to help social capability constructing on the Stibnite Gold Challenge. In furtherance of our purpose to have range on the Board degree on grounds broader than gender range, we made a agency dedication to nominate a racially or ethnically numerous director by no later than our annual normal shareholder assembly in 2025. We proceed to rank extremely with main ESG score companies.

Portfolio Additions

• Financing bundle with Scottie Assets: Subsequent to quarter-end, on April 15, 2024 , we acquired a 2.0% gross manufacturing royalty on all minerals produced on Scottie Assets Corp.’s (“Scottie”) claims within the Stewart Mining Camp within the Golden Triangle in British Columbia, Canada , for a purchase order value of $5.9 million ( C$8.1 million ). Moreover, we acquired 5,422,994 frequent shares of Scottie for an mixture of $0.7 million ( C$1.0 million ).
• Modification of Condestable Stream – Peru : On March 27, 2024 , we amended our Condestable valuable metallic stream settlement to extend the Section 2 variable deliveries from 25% of gold and silver produced to 37.5%, by paying an extra $10.0 million deposit.
• Acquisition of Silver Royalty on the Stibnite Gold Challenge – U.S. : On March 21, 2024 , we acquired a NSR curiosity protecting the entire payable silver manufacturing from the Stibnite Gold venture in Idaho for a purchase order value of $8.5 million .
• Funding of G Mining Ventures Time period Mortgage: On January 29, 2024 , we funded $42.0 million below our time period mortgage dedication to G Mining Ventures. Subsequent to quarter-end, on April 19, 2024 , we funded the remaining $33.0 million , thereby fulfilling our time period mortgage dedication. The time period mortgage is a part of a financing bundle we offered to G Mining Ventures in July 2022 in reference to the Tocantinzinho gold venture, in Brazil .
• Acquisition of Royalties on Pascua-Lama Challenge – Chile : On January 3, 2024 , we acquired an extra curiosity within the Chilean portion of Barrick Gold Company’s Pascua-Lama venture for a purchase order value of $6.7 million . Together with the curiosity we acquired in August 2023 , at gold costs exceeding $800 /ounce, we now maintain a 2.941% NSR (gold) and a 0.588% NSR (copper) on the property.
• Acquisition of Extra Pure Fuel Royalty within the Haynesville – U.S.: As beforehand introduced, on November 21, 2023 , we agreed to amass a royalty portfolio within the Haynesville gasoline play in Louisiana and Texas for $125.0 million and funded an preliminary deposit of $12.5 million . The transaction closed on January 2, 2024 , and we funded the rest of the acquisition value of $112.5 million .

Q1 2024 Portfolio Updates

Treasured Steel belongings: GEOs offered from our Treasured Steel belongings have been 93,018, in comparison with 111,238 GEOs in Q1 2023. Increased contributions from Antapaccay, Guadalupe-Palmarejo and Subika (Ahafo) have been greater than offset by decrease deliveries from Cobre Panama and Antamina.

South America :

• Candelaria (gold and silver stream) – GEOs delivered and offered in Q1 2024 have been comparatively in keeping with Q1 2023. In February 2024 , Lundin Mining reported an total enhance in Mineral Assets at Candelaria , reflecting further drilling at La Espanola and Santos offset by decrease underground Mineral Assets as a result of modifications to underground mining rules.
• Antapaccay (gold and silver stream) – GEOs delivered and offered have been increased in Q1 2024 in comparison with Q1 2023. Operations have been quickly suspended on account of socio-political tensions in early 2023.
• Antamina (22.5% silver stream) – GEOs delivered and offered have been decrease in Q1 2024 in comparison with Q1 2023. Silver manufacturing on the mine was decrease than within the prior 12 months interval as a result of a lower in common silver grades as anticipated primarily based on the lifetime of mine plan.
• Condestable (gold and silver stream) – We obtained 3,036 GEOs in Q1 2024, in line with deliveries in Q1 2023. Nonetheless, ounces have been offered subsequent to quarter-end and remained in stock as at March 31, 2024 .
• Tocantinzinho (gold stream) – G Mining Ventures reported the bodily building of the Tocantinzinho venture was 89% full as of the tip of March 2024 and stays on monitor for business manufacturing in H2 2024. In line with the 2022 feasibility examine, the venture is predicted to supply a mean of 196,000 ounces of gold yearly for the primary 5 years.
• Salares Norte (1- 2% royalties) – Gold Fields introduced that manufacturing on the Salares Norte mine began with the pouring of its first gold-silver doré on March 28, 2024 . Ramp-up of the mine to regular state manufacturing is progressing with gold equal manufacturing of 250,000 ounces anticipated for 2024. As soon as regular state manufacturing is reached, manufacturing is predicted to extend to 580,000 gold equal ounces in 2025.
• Posse ( Mara Rosa ) (1% royalty) – Hochschild Mining introduced that the primary gold pour befell on February 20, 2024 , with business manufacturing anticipated in Q2 2024. Mara Rosa is predicted to supply between 83,000 to 93,000 gold ounces in 2024 and has reported anticipated common annual manufacturing of roughly 80,000 gold ounces over an preliminary mine lifetime of 10 years, with roughly 100,000 gold ounces yearly over the primary 4 years.
• Cascabel (1% royalty) – In February 2024 , SolGold introduced the completion of a brand new pre-feasibility examine, which outlined lowered preliminary capital prices and a 28-year mine plan containing 3.2 million tonnes of copper, 9.4 million ounces of gold, and 28 million ounces of silver (540 million tonnes grading 0.60% copper, 0.54 g/t gold, and 1.62 g/t silver).

Central America & Mexico :

• Cobre Panama (gold and silver stream) – Manufacturing at Cobre Panama has been halted since November 2023 with mining actions at present on preservation and secure administration.
• Guadalupe-Palmarejo (50% gold stream) – GEOs offered from Guadalupe-Palmarejo elevated in Q1 2024 in comparison with the identical quarter in 2023, reflecting elevated manufacturing on the mine as a result of higher head grade and recoveries.

U.S.:

• Stillwater (5% royalty) – GEOs from our Stillwater royalty decreased in Q1 2024 in comparison with Q1 2023 because the decline in PGM costs greater than offset increased manufacturing on the mine. Sibanye-Stillwater is repositioning its U.S. PGM operations in mild of the decrease palladium value setting.
• Bald Mountain (0.875-5% royalties) – GEOs from our Bald Mountain royalties have been increased in Q1 2024 than in Q1 2023 as a result of mine sequencing.
• Marigold (0.5-5% royalties) – GEOs from our Marigold royalties have been decrease in Q1 2024 than in Q1 2023 as manufacturing is happening on floor that carries a decrease royalty fee. Manufacturing is anticipated to progress to increased royalty fee floor in 2027 by means of the tip of the present mine life.
• Stibnite Gold (gold and silver royalties) – Perpetua Assets obtained a letter of curiosity from the Export-Import Financial institution of the USA for potential debt financing of as much as $1.8 billion .

Canada :

• Detour Lake (2% royalty) – Agnico Eagle reported it expects the mill to achieve a throughput of 28.0 million tonnes each year by the tip of 2024 and continues to guage underground mining eventualities. Agnico Eagle expects to supply an replace on the venture, mill optimization efforts and ongoing exploration ends in Q2 2024. Exploration drilling focussed on infill drilling the West Pit Extension, west of the West Pit mineral assets and close to the potential underground exploration ramp.
• Hemlo (3% royalty & 50% NPI) – GEOs from our Hemlo royalties have been decrease than in Q1 2023 reflecting increased underground mining prices. Barrick anticipates manufacturing at Hemlo to enhance relative to 2023, the place manufacturing was impacted by interruptions to the underground operations.
• Brucejack (1.2% royalty) – GEOs from our Brucejack royalty have been decrease in Q1 2024 than in Q1 2023. Newmont, which acquired Brucejack by means of its acquisition of Newcrest Mining in November 2023 , anticipates a rise in manufacturing in 2024 in comparison with 2023.
• Macassa ( Kirkland Lake ) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that commissioning of the air flow system improve at Macassa was accomplished in Q1 2024. Manufacturing from lengthy gap stopes within the Close to Floor deposit continued in Q1 2024, and improvement of the AK deposit progressed for preliminary manufacturing in This autumn 2024.
• Magino (3% royalty) and Island Gold ( 0.62% royalty) – Argonaut and Alamos introduced a definitive settlement whereby Alamos will purchase the entire issued and excellent shares of Argonaut. The mixture is predicted to create considered one of Canada’s largest, lowest value and most worthwhile gold mines. The transaction is predicted to end in substantial synergies by means of shared infrastructure between the adjoining Magino and Island Gold mines. Alamos has famous potential longer-term upside by means of a single optimized milling complicated at Magino with an growth of between 15,000 and 20,000 tonnes per day.
• Canadian Malartic (1.5% royalty) – Agnico Eagle reported that ramp improvement reached the primary manufacturing degree of East Gouldie in February 2024 . Exploration drilling continued to return constructive outcomes to the east of the East Gouldie mineral assets, demonstrating the potential so as to add inferred mineral assets.
• Greenstone (3% royalty) – Equinox Gold introduced that ore was launched into the grinding circuit on April 6, 2024 , with first gold pour anticipated in Could 2024 and business manufacturing focused for Q3 2024. Equinox Gold additionally introduced that it had entered into an settlement to consolidate its possession curiosity to 100% of the Greenstone venture. On a 100% foundation, Greenstone is predicted to supply between roughly 175,000 and 208,000 gold ounces in 2024, and common annual manufacturing of roughly 400,000 gold ounces over an preliminary mine lifetime of 14 years.
• Valentine Gold (3% royalty) – Manufacturing at Valentine Gold continues to be anticipated in H1 2025. The venture is now owned by Calibre Mining, which acquired Marathon Gold in January 2024 . Common annual manufacturing of roughly 195,000 gold ounces is predicted, over an preliminary mine lifetime of 12 years.

Remainder of World:

• MWS (25% stream) – GEOs delivered and offered from our MWS stream have been increased than in Q1 2023 as a result of increased manufacturing.
• Tasiast (2% royalty) – GEOs from our Tasiast royalty have been increased than in Q1 2023 on account of sturdy grades, increased recoveries and file throughput following the completion of the Tasiast 24k venture.
• Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty have been increased than in Q1 2023 as manufacturing at Subika elevated as a result of increased open pit grade and stronger underground mining charges.
• Séguéla (0.6% royalty) – On March 30, 2024 , Fortuna Silver Mines exercised its choice to buy-back 0.6% of the 1.2% NSR by paying $6.5 million ( A$10 million ) to Franco-Nevada, such that our NSR on the Séguéla mine is now 0.6%.

Diversified belongings: Our Diversified belongings, primarily comprising our Iron Ore and Power pursuits, generated $61.6 million in income, down from $64.1 million in Q1 2023.

Iron Ore:

• Vale Royalty (iron ore royalty) – Income from the Vale royalty elevated in comparison with Q1 2023. The rise is because of a better than anticipated royalty cost reflecting increased attributable iron ore gross sales throughout the H2 2023 interval. For the Q1 2024 interval, manufacturing was in line in comparison with Q1 2023 within the Northern System. Increased manufacturing from the Southeastern System, the place the royalty just isn’t but payable, was pushed by will increase at Itabira and Brucutu.
• LIORC – LIORC declared a money dividend of C$0.45 per frequent share within the present interval, in comparison with C$0.50 in Q1 2023. LIORC reported manufacturing at IOC for Q1 2024 of 4.5 million tonnes, up from 4.3 million tonnes in Q1 2023, and confirmed 2024 manufacturing steering stays unchanged at 16.7 million tonnes to 19.6 million tonnes.
• Caserones (0.517% efficient NSR) – GEOs from our curiosity in Caserones have been increased than in Q1 2023. On January 19, 2024 , EMX Royalty Corp. exercised an possibility to amass a portion of our curiosity for a sale value of $4.7 million , such that our efficient NSR on Caserones is now 0.517%.

Power:

• U.S. (numerous royalty charges) – Income from our U.S. Power pursuits decreased in comparison with Q1 2023. Whereas income from our oil belongings was in line with the prior 12 months, total revenues declined as a result of decrease income from our gasoline belongings. Contribution from our new Haynesville gasoline acquisition was offset by decrease realized gasoline costs and volumes at our present Haynesville belongings.
• Canada (numerous royalty charges) – Income from our Canadian Power pursuits was barely decrease than in Q1 2023. Increased manufacturing and revenues from our Orion asset have been offset by decrease income from the Weyburn NRI, as a result of prior interval changes.

Dividend Declaration

Franco- Nevada is happy to announce that its Board of Administrators has declared a quarterly dividend of US$0.36 per share. The dividend can be paid on June 27, 2024 , to shareholders of file on June 13, 2024 (the “Document Date”). The dividend has been declared in U.S. {dollars} and the Canadian greenback equal can be decided primarily based on the day by day common fee posted by the Financial institution of Canada on the Document Date. Below Canadian tax laws, Canadian resident people who obtain “eligible dividends” are entitled to an enhanced gross-up and dividend tax credit score on such dividends.

The Firm has a Dividend Reinvestment Plan (the “DRIP”) which permits shareholders of Franco-Nevada to reinvest dividends to buy further frequent shares on the Common Market Worth, as outlined within the DRIP, topic to a reduction from the Common Market Worth within the case of treasury acquisitions. The Firm will difficulty further frequent shares by means of treasury at a 1% low cost to the Common Market Worth. The Firm could, every so often, in its discretion, change or get rid of the low cost relevant to treasury acquisitions or direct that such frequent shares be bought in market acquisitions on the prevailing market value, any of which might be publicly introduced. Participation within the DRIP is non-obligatory. The DRIP and enrollment types can be found on the Firm’s web site at www.franco-nevada.com . Canadian and U.S. registered shareholders might also enroll within the DRIP on-line by means of the plan agent’s self-service internet portal at www.investorcentre.com/franco-nevada . Canadian and U.S. helpful shareholders ought to contact their monetary middleman to rearrange enrollment. Non-Canadian and non-U.S. shareholders could probably take part within the DRIP, topic to the satisfaction of sure circumstances. Non-Canadian and non-U.S. shareholders ought to contact the Firm to find out whether or not they fulfill the required circumstances to take part within the DRIP.

This press launch just isn’t a suggestion to promote or a solicitation of a suggestion for securities. A registration assertion regarding the DRIP has been filed with the U.S. Securities and Change Fee and could also be obtained below the Firm’s profile on the U.S. Securities and Change Fee’s web site at www.sec.gov .

Shareholder Info

The whole Condensed Consolidated Interim Monetary Statements and Administration’s Dialogue and Evaluation will be discovered on our web site at www.franco-nevada.com , on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov .

We’ll host a convention name to evaluation our Q1 2024 outcomes. buyers are invited to take part as follows:

Company Abstract

Franco-Nevada Company is the main gold-focused royalty and streaming firm with the most important and most diversified portfolio of cash-flow producing belongings. Its enterprise mannequin offers buyers with gold value and exploration optionality whereas limiting publicity to value inflation. Franco- Nevada is debt-free and makes use of its free money circulation to broaden its portfolio and pay dividends. It trades below the image FNV on each the Toronto and New York inventory exchanges.

Ahead- Trying Statements

This press launch comprises “forward-looking data” and “forward-looking statements” inside the which means of relevant Canadian securities legal guidelines and the USA Personal Securities Litigation Reform Act of 1995, respectively, which can embrace, however usually are not restricted to, statements with respect to future occasions or future efficiency, administration’s expectations relating to Franco-Nevada’s development, outcomes of operations, estimated future revenues, efficiency steering, carrying worth of belongings, future dividends and necessities for added capital, mineral assets and mineral reserves estimates, manufacturing estimates, manufacturing prices and income, future demand for and costs of commodities, anticipated mining sequences, enterprise prospects and alternatives, the efficiency and plans of third get together operators, audits being carried out by the Canada Income Company (“CRA”), the anticipated publicity for present and future tax assessments and accessible cures, and statements with respect to the long run standing and any potential restart of the Cobre Panama mine and associated arbitration proceedings. As well as, statements regarding mineral assets and mineral reserves, GEOs or mine lives are forward-looking statements, as they contain implied evaluation, primarily based on sure estimates and assumptions, and no assurance will be on condition that the estimates and assumptions are correct and that such mineral assets and mineral reserves, GEOs or mine lives can be realized. Such forward-looking statements mirror administration’s present beliefs and are primarily based on data at present accessible to administration. Usually, however not at all times, forward-looking statements will be recognized by way of phrases akin to “plans”, “expects”, “is predicted”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “tasks”, “intends”, “targets”, “goals”, “anticipates” or “believes” or variations (together with destructive variations) of such phrases and phrases or could also be recognized by statements to the impact that sure actions “could”, “might”, “ought to”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements, which can trigger the precise outcomes, efficiency or achievements of Franco-Nevada to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. A lot of elements might trigger precise occasions or outcomes to vary materially from any forward-looking assertion, together with, with out limitation: fluctuations within the costs of the first commodities that drive royalty and stream income (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gasoline); fluctuations within the worth of the Canadian and Australian greenback, Mexican peso, and every other foreign money by which income is generated, relative to the U.S. greenback; modifications in nationwide and native authorities laws, together with allowing and licensing regimes and taxation insurance policies and the enforcement thereof; the adoption of a world minimal tax on firms; regulatory, political or financial developments in any of the international locations the place properties by which Franco-Nevada holds a royalty, stream or different curiosity are situated or by means of which they’re held; dangers associated to the operators of the properties by which Franco-Nevada holds a royalty, stream or different curiosity, together with modifications within the possession and management of such operators; relinquishment or sale of mineral properties; affect of macroeconomic developments; enterprise alternatives that turn into accessible to, or are pursued by Franco-Nevada; lowered entry to debt and fairness capital; litigation; title, allow or license disputes associated to pursuits on any of the properties by which Franco-Nevada holds a royalty, stream or different curiosity; whether or not or not the Firm is set to have “passive international funding firm” (“PFIC”) standing as outlined in Part 1297 of the USA Inside Income Code of 1986, as amended; potential modifications in Canadian tax remedy of offshore streams; extreme value escalation in addition to improvement, allowing, infrastructure, working or technical difficulties on any of the properties by which Franco-Nevada holds a royalty, stream or different curiosity; entry to adequate pipeline capability; precise mineral content material could differ from the mineral assets and mineral reserves contained in technical stories; fee and timing of manufacturing variations from useful resource estimates, different technical stories and mine plans; dangers and hazards related to the enterprise of improvement and mining on any of the properties by which Franco-Nevada holds a royalty, stream or different curiosity, together with, however not restricted to uncommon or sudden geological and metallurgical circumstances, slope failures or cave-ins, sinkholes, flooding and different pure disasters, terrorism, civil unrest or an outbreak of contagious illness; the influence of future pandemics; and the combination of acquired belongings. The forward-looking statements contained herein are primarily based upon assumptions administration believes to be affordable, together with, with out limitation: the continuing operation of the properties by which Franco-Nevada holds a royalty, stream or different curiosity by the homeowners or operators of such properties in a fashion in line with previous observe; the accuracy of public statements and disclosures made by the homeowners or operators of such underlying properties; no materials antagonistic change available in the market value of the commodities that underlie the asset portfolio; the Firm’s ongoing earnings and belongings regarding willpower of its PFIC standing; no materials modifications to present tax remedy; the anticipated software of tax legal guidelines and rules by taxation authorities; the anticipated evaluation and consequence of any audit by any taxation authority; no antagonistic improvement in respect of any vital property by which Franco-Nevada holds a royalty, stream or different curiosity; the accuracy of publicly disclosed expectations for the event of underlying properties that aren’t but in manufacturing; integration of acquired belongings; and the absence of every other elements that would trigger actions, occasions or outcomes to vary from these anticipated, estimated or supposed. Nonetheless, there will be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Buyers are cautioned that forward-looking statements usually are not ensures of future efficiency. As well as, there will be no assurance as to (i) the result of the continuing audit by the CRA or the Firm’s publicity in consequence thereof, or (ii) the long run standing and any potential restart of the Cobre Panama mine or the result of any associated arbitration proceedings. Franco- Nevada can’t guarantee buyers that precise outcomes can be in line with these forward-looking statements. Accordingly, buyers shouldn’t place undue reliance on forward-looking statements as a result of inherent uncertainty therein.

For extra data with respect to dangers, uncertainties and assumptions, please confer with Franco-Nevada’s most up-to-date Annual Info Kind in addition to Franco-Nevada’s most up-to-date Administration’s Dialogue and Evaluation filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada’s most up-to-date Annual Report filed on Kind 40-F filed with the SEC on www.sec.gov . The forward-looking statements herein are made as of the date hereof solely and Franco-Nevada doesn’t assume any obligation to replace or revise them to mirror new data, estimates or opinions, future occasions or outcomes or in any other case, besides as required by relevant regulation.

ENDNOTES:

1. GEOs: Gold equal ounces (“GEOs”) embrace Franco-Nevada’s attributable share of manufacturing from our Mining and Power belongings after relevant restoration and payability elements. GEOs are estimated on a gross foundation for NSRs and, within the case of stream ounces, earlier than the cost of the per ounce contractual value paid by the Firm. For NPI royalties, GEOs are calculated considering the NPI economics. Silver, platinum, palladium, iron ore, oil, gasoline and different commodities are transformed to GEOs by dividing related income, which incorporates settlement changes, by the related gold value. The worth used within the computation of GEOs varies relying on the royalty or stream settlement of every explicit asset, which can make reference to the market value realized by the operator, or the typical value for the month, quarter, or 12 months by which the commodity was produced or offered. For Q1 2024, the typical commodity costs have been as follows: $2,072 /oz gold (Q1 2023 – $1,889 ), $23.36 /oz silver (Q1 2023 – $22.56 ), $910 /oz platinum (Q1 2023 – $994 ) and $978 /oz palladium (Q1 2023 – $1,567 ), $126 /t Fe 62% CFR China (Q1 2023 – $124 ), $76.96 /bbl WTI oil (Q1 2023 – $76.13 ) and $2.09 /mcf Henry Hub pure gasoline (Q1 2023 – $2.76 ).
2. NON-GAAP FINANCIAL MEASURES: Adjusted Internet Revenue and Adjusted Internet Revenue per share, Adjusted Internet Revenue Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP monetary measures with no standardized which means below Worldwide Monetary Reporting Requirements (“IFRS Accounting Requirements”) and may not be corresponding to related monetary measures disclosed by different issuers. For a quantitative reconciliation of every non-GAAP monetary measure to probably the most straight comparable monetary measure below IFRS Accounting Requirements, confer with the next tables. Additional data relating to those Non-GAAP monetary measures is integrated by reference from the “Non-GAAP Monetary Measures” part of Franco-Nevada’s MD&A for the three months ended March 31, 2024 dated Could 1, 2024 filed with the Canadian securities regulatory authorities on SEDAR+ accessible at www.sedarplus.com and with the U.S. Securities and Change Fee accessible on EDGAR at www.sec.gov .

• • Adjusted Internet Revenue and Adjusted Internet Revenue per share are non-GAAP monetary measures, which exclude the next from internet earnings and earnings per share (“EPS”): impairment losses and reversal associated to royalty, stream and dealing pursuits and investments; positive factors/losses on disposals of royalty, stream and dealing pursuits and investments; impairment losses and anticipated credit score losses associated to investments, loans receivable and different monetary devices, modifications in honest worth of investments, loans receivable and different monetary devices, international change positive factors/losses and different earnings/bills; uncommon non-recurring objects; and the influence of earnings taxes on this stuff.
  • Adjusted Internet Revenue Margin is a non-GAAP monetary measure which is outlined by the Firm as Adjusted Internet Revenue divided by income.
  • Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP monetary measures, which exclude the next from internet earnings and EPS: earnings tax expense/restoration; finance bills and finance earnings; depletion and depreciation; impairment prices and reversals associated to royalty, stream and dealing pursuits and investments; positive factors/losses on disposals of royalty, stream and dealing pursuits and investments; impairment losses and anticipated credit score losses associated to investments, loans receivable and different monetary devices, modifications in honest worth of funding, loans receivable and different monetary devices, international change positive factors/losses and different earnings/bills; and strange non-recurring objects.
  • Adjusted EBITDA Margin is a non-GAAP monetary measure which is outlined by the Firm as Adjusted EBITDA divided by income.

Reconciliation of Non-GAAP Monetary Measures:

FRANCO- NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in tens of millions of U.S. {dollars})

FRANCO- NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME
(in tens of millions of U.S. {dollars} and shares, besides per share quantities)

FRANCO- NEVADA CORPORATION
CONDENSE CONSOLIDATED STATEMENTS OF CASH FLOWS
(in tens of millions of U.S. {dollars})

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SOURCE Franco-Nevada Company

View unique content material: http://www.newswire.ca/en/releases/archive/May2024/01/c1560.html