Gold Port: 2023 Gold Exploration

“Franco-Nevada is reporting robust fourth quarter and annual outcomes for 2022. Our Different property outperformed because of increased power costs within the yr, mentioned Paul Breaking point CEO. We’re happy that First Quantum and the Govt of Panama have agreed on phrases for a refreshed concession contract and look ahead to Cobre Panama attaining its expanded throughput capability later this yr. Valuable steel GEOs and Different manufacturing in 2023 are anticipated to be in step with 2022. We’re on the other hand guiding to decrease general GEOs for the yr as present power costs are under 2022 ranges. The natural enlargement in our 5 yr outlook comes from each mine expansions and new mines. Franco- Nevada is debt-free, is rising its coins balances and has an energetic pipeline of enlargement alternatives.”

Robust Monetary Place

• Earned report GEOs, earnings, Adjusted Internet Source of revenue, Adjusted EBITDA and running coins movement in 2022
• No debt and $2.2 billion in to be had capital as at December 31, 2022
• Generated with regards to $1 billion in running coins movement in 2022
• Quarterly dividend larger 6.25% to $0.34 /proportion efficient Q1 2023

Sector-Main ESG

• Ranked #1 gold corporate via Sustainalytics, AA via MSCI and Top via ISS ESG
• Named at the Company Knights’ 2022 checklist of the Perfect 50 Company Electorate in Canada
• Dedicated to the Global Gold Council’s “Accountable Gold Mining Rules”
• Partnering with our operators on neighborhood and ESG projects
• Purpose of 40% numerous illustration on the Board and best management ranges as a bunch via 2025

Numerous, Lengthy-Lifestyles Portfolio

• Maximum numerous royalty and streaming portfolio via asset, operator and nation
• Core property outperforming since time of acquisition
• Lengthy-life reserves and sources

Enlargement and Optionality

• Acquisitions, mine expansions and new mines riding long run enlargement
• Lengthy-term optionality in gold, copper and nickel and to one of the most global’s nice mineral endowments
• Robust pipeline of treasured steel alternatives

In This fall 2022, we earned $320.4 million in earnings, down 2.2% from This fall 2021. The lower used to be pushed via decrease contributions from our Valuable Steel and Iron Ore property, in large part offset via our Power property because of upper learned oil and gasoline costs. Valuable Steel earnings accounted for 70.7% of our earnings (55.6% gold, 10.2% silver, 4.9% PGM). Income used to be sourced 90.5% from the Americas (26.8% South The united states , 22.8% Central The united states & Mexico , 27.0% U.S. and 13.9% Canada ).

2023 Steerage

Please see our MD&A for the yr ended December 31, 2022 for extra main points on our steering and spot “Ahead-Having a look Statements” under.

For 2023, we think GEO gross sales from our Valuable Steel property to vary between 490,000 and 530,000 GEOs, in step with 2022, however look forward to general GEOs gross sales to be between 640,000 and 700,000 GEOs, a discount from 2022 basically in keeping with decrease assumed oil and gasoline costs. With appreciate to Cobre Panama, in keeping with First Quantum’s most up-to-date 2023 steering of between 350,000 and 380,000 tonnes of copper, our attributable GEO manufacturing can be between 131,000 and 142,000 GEOs. Following the restriction of pay attention shipments in February, we have now made a bigger allowance for the affect of cargo timing for the yr. We now have estimated GEOs delivered and offered from Cobre Panama to be between 115,000 and 135,000 GEOs. We think upper manufacturing from Antapaccay, MWS and Musselwhite, and preliminary contributions from new mines together with Magino, Séguéla and Salares Norte, partially offset via expected decreases in GEO gross sales from Antamina, Hemlo and Candelaria . For our Different property, we’re guiding to decrease GEOs, reflecting decrease assumed oil and gasoline costs, partially offset via upper GEO contributions from our Iron Ore and Different Mining property.

We estimate depletion expense to be between $275 and $305 million . Our final capital dedication to the Royalty Acquisition Challenge with Continental is $79.4 million . As well as, we think to begin investment of our $250 million move at the Tocantinzinho mission on the finish of Q1 2023.

5-Yr Outlook

We think our portfolio to supply between 760,000 and 820,000 GEOs in 2027, of which 565,000 to 605,000 GEOs are anticipated to be generated from Valuable Steel property. This outlook assumes the growth of the mill throughput capability to 100 million tonnes in keeping with yr at Cobre Panama, larger attributable manufacturing from Vale’s Northern and Southeastern techniques, manufacturing enlargement from the ongoing construction of our U.S. Power property, and assumes the graduation of manufacturing at Stibnite, Copper Global and Eskay Creek . In our 5-year outlook, we additionally look forward to that our attributable portion of gold and silver manufacturing from Candelaria will step down from 68% to 40%, and that our move at MWS can have reached its cap in 2024.

For each our 2023 steering and 5-year outlook, when reflecting earnings earned from gold, silver, platinum, palladium, iron ore, oil and gasoline commodities to GEOs, we assumed the next costs: $1,800 /ounces Au, $21 /ounces Ag, $900 /ounces Pt, $1,500 /ounces Pd, $120 /tonne Fe 62% CFR China, $80 /bbl WTI oil and $3.00 /mcf Henry Hub herbal gasoline. As well as, we don’t think another acquisitions and don’t mirror any incremental earnings from further contributions we might make to the Royalty Acquisition Challenge with Continental as a part of our final dedication of $79.4 million . The 2023 steering and 5-year outlook are in keeping with public forecasts and different disclosure via the third-party house owners and operators of our property and our evaluate thereof.

Environmental, Social and Governance (ESG) Updates

All over the quarter, we partnered with Glencore at Antapaccay to lend a hand fund the Alto Huarco neighborhood potable water mission in Espinar, Peru and likewise fulfilled our charitable dedication beneath our BlackNorth pledge. We proceed to rank extremely with main ESG ranking companies. We have been awarded a Sustainalytics World 50 Best Rated ranking, given to the highest 50 firms within the Sustainalytics scores universe, and won our 2022 CDP rating of “B-“.

Portfolio Additions

• Acquisition of Gold Royalties – Australia : Next to year-end, on February 22, 2023 , we bought a portfolio of 5 basically gold royalties from Trident Royalties Percent, which incorporates a 1.5% NSR on Ramelius Assets’ Rebecca gold mission situated in Western Australia , for general attention of $15.6 million .
• Acquisition of Further Royalty on Eskay Creek : On December 30, 2022 , we bought an extra 0.5% NSR on Skeena’s Eskay Creek gold-silver mission for general attention of $21.0 million ( C$28.5 million ). We now hang a 1.5% NSR over Eskay Creek protecting nearly all of the mission’s land bundle, together with the identified Mineral Useful resource.
• Financing Package deal with Argonaut Gold at the Magino Gold Mission : As prior to now introduced, on October 27, 2022 , we bought a 2% NSR on Argonaut Gold Inc.’s (“Argonaut”) construction-stage Magino gold mission for a purchase order value of $52.5 million . We additionally finished a personal placement with Argonaut of $10.0 million ( C$13.6 million ).

Cobre Panama Replace

As prior to now introduced on February 23, 2023 , ore processing operations at Cobre Panama have been suspended whilst negotiations between First Quantum and the Govt of Panama on a refreshed concession contract have been ongoing. On March 8, 2023 , First Quantum and the Govt of Panama agreed and finalized the draft of a concession contract for Cobre Panama. The proposed concession contract is topic to a 30-day public session procedure and approvals via the Panamanian Cupboard, Comptroller Basic of the Republic and the Nationwide Meeting. MPSA has won authorization from the Panama Maritime Authority and pay attention loading operations on the Punta Rincón port have resumed. Cobre Panama processing operations have resumed to commonplace ranges with all 3 trains running. MPSA continues to remobilize the personnel to complete staffing ranges.

This fall 2022 Portfolio Updates

Valuable Steel property: GEOs offered from our Valuable Steel property have been 129,642, in comparison to 138,799 GEOs in This fall 2021. Upper contributions from Hemlo , Tasiast and Subika (Ahafo) have been greater than offset via decrease deliveries from Antapaccay, Cobre Panama and Guadalupe-Palmarejo.

South The united states:

• Candelaria (gold and silver move) – GEOs delivered and offered in This fall 2022 have been fairly in step with the ones offered in This fall 2021. For 2023, we forecast GEO gross sales of between 60,000 and 70,000 GEOs, a lower in comparison to 69,854 GEOs offered in 2022 because of sequencing of the open pit.
• Antapaccay (gold and silver move) – GEOs delivered and offered have been decrease in This fall 2022 in comparison to This fall 2021 because of expected decrease grades in 2022 in keeping with sequencing of the mine. For 2023, we look forward to GEOs offered to extend from 53,023 GEOs in 2022 to between 57,500 and 67,500 GEOs reflecting upper anticipated manufacturing in keeping with the mining collection.
• Antamina (22.5% silver move) – GEOs delivered and offered have been decrease in This fall 2022 in comparison to This fall 2021, partially because of a much less beneficial silver to gold conversion ratio. For 2023, we look forward to between 2.4 to two.8 million silver oz, in comparison to 3.1 million silver oz offered in 2022, because of silver grades that are forecasted to be less than moderate in 2023.
• Salares Norte (1-2% royalties) – Gold Fields reported general mission final touch of 87% for the development of Salares Norte on the finish of December 2022 . With the graduation of business manufacturing at Salares Norte now anticipated in This fall 2023, we don’t look forward to significant royalty bills till 2024.
• Tocantinzinho (gold move) – G Mining Ventures reported that, as of December 31, 2022 , the mission remains to be on course and on funds for industrial manufacturing to start out in H2 2024.
• Cascabel (1% royalty) – In February 2023 , SolGold and Cornerstone Capital Assets finished the prior to now introduced pleasant merger, consolidating the possession of the Cascabel mission beneath one mixed entity.
• Cerro Moro (2% royalty) – In January 2023 , shareholders of Yamana and Pan American Silver licensed the purchase of Yamana via Pan American Silver. The transaction is anticipated to near in Q1 2023.
• Posse ( Mara Rosa ) (1% royalty) – Building of Mara Rosa is advancing on time table and reported to be 50% whole as of the top of December 2022 , with first manufacturing expected in H1 2024.

Central The united states & Mexico :

• Cobre Panama (gold and silver move) – First Quantum reported robust manufacturing in This fall 2022, with copper manufacturing of 90,000 tonnes and mill throughput of twenty-two.4 million tonnes. New weekly and per month throughput information have been additionally set in December 2022 . Our GEO deliveries have been decrease in This fall 2022 than within the prior yr length because of the timing of shipments.
• Guadalupe-Palmarejo (50% gold move) – GEOs offered from Guadalupe-Palmarejo diminished in This fall 2022 in comparison to the similar quarter in 2021 because of a decrease percentage of manufacturing being sourced from floor coated via our move.

U.S.:

• Stillwater (5% royalty) – We think upper PGM manufacturing in 2023 than in 2022, with manufacturing charges normalizing because the regional flood that befell in June 2022 . Alternatively, manufacturing from Stillwater West is anticipated to be briefly affected following an incident reported in March 2023 that broken shaft infrastructure. Moreover, we think a much less beneficial conversion ratio to GEOs in keeping with the commodity costs assumed in our 2023 steering.
• Marigold (0.5-5% royalties) – SSR Mining plans important waste stripping actions on the Crimson Dot deposit with an goal to optimize the longer-term manufacturing profile. For 2023, manufacturing is forecasted to extend in keeping with the mine sequencing.
• Stibnite Gold (1.7% royalty ) – With the remark length at the Supplemental Draft Environmental Affect Observation for the Stibnite mission closed in January 2023 , Perpetua Assets anticipates a draft Document of Choice in mid-2023. In December, the Stibnite Gold mission used to be additionally awarded as much as $24.8 million beneath the U.S. Protection Manufacturing Act.
• Copper Global/East Pit ( Rosemont ) (2.085% royalty) – Hudbay continues to advance the pre-feasibility learn about for Section I of Copper Global, which is now anticipated in H1 2023, with a definitive feasibility learn about expected in 2024.

Canada:

• Detour Lake (2% royalty) – Detour Lake had report manufacturing of over 732,000 gold oz in 2022. In 2023, the point of interest stays on optimizing mill processes and making improvements to runtime to succeed in and doubtlessly surpass mill throughput of 28 million tonnes in keeping with yr. Exploration efforts are anticipated to concentrate on extending mineralization to the west and organising an preliminary underground mineral useful resource. Agnico Eagle additionally expects to offer an replace at the pathway to doubtlessly building up manufacturing to a million oz of gold in keeping with yr.
• Hemlo (3% royalty & 50% NPI) – Income from our Hemlo royalties used to be upper than in This fall 2021 reflecting stepped forward running efficiency. Barrick introduced that it expects manufacturing from Hemlo to extend in 2023 relative to 2022, however we think a decrease percentage to be sourced from our royalty floor.
• Brucejack (1.2% royalty) – Newcrest Mining is advancing a debottlenecking idea learn about to doubtlessly building up the method plant capability, with a allow software anticipated in H1 2023. Drilling endured to verify the possibility of useful resource enlargement on the Valley of the Kings deposit and surrounding house.
• Kirkland Lake (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported the final touch of Shaft #4 and of a brand new air flow machine at Macassa. Drilling is deliberate to proceed at AK in 2023 from the underground platforms that have been evolved in 2022, with a focal point on proceeding to improve and building up the indicated mineral sources. Franco- Nevada has more than one royalties at Macassa that come with AK.
• Canadian Malartic (1.5% royalty) – Agnico Eagle reported that the Odyssey underground mission, which is anticipated to increase the lifetime of the complicated to no less than 2039, is progressing on time table and on funds, with shaft sinking actions anticipated to begin in March 2023 .
• Greenstone (Hardrock) (3% royalty) – Equinox Gold reported that structure of the mission is on time table and funds, with the Greenstone mission 65% whole as of the top of December 2022 with the primary gold pour anticipated in H1 2024.
• Magino (2% royalty) – Argonaut reported that the development of the mission is roughly 80% whole as of the top of December 2022 , with the primary gold pour anticipated in H1 2023.
• Valentine Gold (1.5% royalty) – Marathon Gold reported that the mission stays on time table for first ore to be brought to the mill via the top of 2024 and primary gold manufacturing in Q1 2025, with total final touch at 21% as of the top of January 2023 . In February 2023 , Marathon Gold exercised its possibility for a partial buy-back of our royalty, decreasing our NSR to at least one.5%.
• Eskay Creek (1.5% royalty) – Skeena Assets introduced the invention of recent mineralization east of the 22 Zone in a space with out a historic drilling, past the extents of Eskay Creek’s recently outlined pit-constrained sources.
• Ring of Fireplace (1-3% royalties) – Ring of Fireplace Metals introduced it had signed a Memorandum of Figuring out with Webequie First Country, detailing how the 2 events will paintings in combination to development ongoing exploration actions in addition to negotiations on a partnership settlement for the proposed Eagle’s Nest mine.

Remainder of Global:

• MWS (25% move) – We think an building up in GEOs from our move at MWS in 2023 in comparison to in 2022, the place manufacturing in 2022 used to be impacted via subject matter and water provide constraints.
• Tasiast (2% royalty) – We look forward to larger manufacturing at Tasiast, with Kinross reporting that the Tasiast 24k mission is progressing on time table to succeed in a throughput capability of 24,000 tonnes in keeping with day via mid-2023, with ramp-up to perform persistently at this designed tonnage via the top of 2023.
• Séguéla (1.2% royalty) – Fortuna Silver Mines reported that structure actions are progressing on time and on funds with the entire mission 90% whole as of the top of January 2023 , with the primary gold pour anticipated in mid-2023.

Different property: Our Different property, basically comprising our Iron Ore and Power pursuits, generated $94.0 million in earnings, up from $78.6 million in This fall 2021, reflecting upper learned oil and gasoline costs with regards to our Power property.

Iron Ore:

• Vale Royalty (iron ore royalty) – Income from the Vale royalty diminished in comparison to This fall 2021 because of decrease iron ore costs and attributable gross sales. In 2023, we look forward to an building up in GEOs, reflecting the ramp-up of manufacturing at S11D and a extra beneficial GEO conversion ratio in keeping with the costs we have now assumed for our 2023 steering.
• LIORC – LIORC declared a coins dividend of C$0.70 in keeping with commonplace proportion in This fall 2022, reflecting decrease iron ore costs, in comparison to C$1.15 in keeping with commonplace proportion in This fall 2021. Iron Ore Corporate of Canada reported important capital expenditures to improve present infrastructure on the Carol Lake mine.

Power:

• Marcellus (1% royalty) – Income from the Marcellus asset larger in comparison to This fall 2021. Revenues benefited from upper NGL and herbal gasoline costs and a slight building up in manufacturing.
• Haynesville (quite a lot of royalty charges) – Income from the Haynesville portfolio larger in comparison to This fall 2021, because the asset benefited from upper herbal gasoline costs and larger manufacturing from new wells.
• SCOOP/STACK (quite a lot of royalty charges) – Income from the SCOOP/STACK larger in comparison to This fall 2021 because of upper costs and larger manufacturing from our pursuits earned during the Royalty Acquisition Challenge with Continental Assets. In November 2022 , Continental Assets finished the prior to now introduced merger settlement with an entity privately-owned via the circle of relatives of Harold G. Hamm , Continental Assets’ founder. The transaction does indirectly affect our Royalty Acquisition Challenge with Continental.
• Permian Basin (quite a lot of royalty charges) – Income from the Permian Basin larger in comparison to This fall 2021. The rise in earnings within the present length displays upper learned costs and better manufacturing from new wells.
• Weyburn (NRI, ORR, WI) – Income from the Weyburn Unit used to be upper in comparison to This fall 2021, reflecting the rise in commodity costs, which greater than offset upper running and capital expenditures incurred via our NRI and dealing hobby.

Shareholder Data

The entire audited Consolidated Monetary Statements and Control’s Dialogue and Research can also be discovered on our web site at www.franco-nevada.com , on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .

We will be able to host a convention name to check our 2022 outcomes. traders are invited to take part as follows:

Company Abstract

Franco-Nevada Company is the main gold-focused royalty and streaming corporate with the biggest and maximum diverse portfolio of cash-flow generating property. Its industry style supplies traders with gold value and exploration optionality whilst proscribing publicity to price inflation. Franco- Nevada is debt-free and makes use of its loose coins movement to extend its portfolio and pay dividends. It trades beneath the emblem FNV on each the Toronto and New York inventory exchanges. Franco- Nevada is the gold funding that works.

Ahead- Having a look Statements

This press liberate incorporates “forward-looking data” and “forward-looking statements” throughout the that means of acceptable Canadian securities rules and the US Personal Securities Litigation Reform Act of 1995, respectively, which might come with, however aren’t restricted to, statements with appreciate to long run occasions or long run efficiency, control’s expectancies referring to Franco-Nevada’s enlargement, result of operations, estimated long run revenues, efficiency steering, sporting price of property, long run dividends and necessities for extra capital, mineral useful resource and mineral reserve estimates, manufacturing estimates, manufacturing prices and earnings, long run call for for and costs of commodities, anticipated mining sequences, industry potentialities and alternatives, the efficiency and plans of 0.33 get together operators, audits being performed via the CRA, the anticipated publicity for present and long run checks and to be had treatments, the final touch of the general public session procedure and acquiring all required Panamanian approvals for the proposed concession contract with the Govt of Panama for the Cobre Panama mine and the phrases of the proposed concession contract. As well as, statements with regards to sources and reserves, gold an identical oz (“GEOs”) and mine lifestyles are forward-looking statements, as they contain implied evaluate, in keeping with sure estimates and assumptions, and no assurance can also be for the reason that the estimates and assumptions are correct and that such sources and reserves, GEOs or mine lifestyles shall be learned. Such forward-looking statements mirror control’s present ideals and are in keeping with data recently to be had to control. Frequently, however no longer all the time, forward-looking statements can also be known by way of phrases comparable to “plans”, “expects”, “is anticipated”, “budgets”, “attainable for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “tasks”, “intends”, “objectives”, “objectives”, “anticipates” or “believes” or permutations (together with damaging permutations) of such phrases and words or is also known via statements to the impact that sure movements “might”, “may”, “will have to”, “would”, “would possibly” or “will” be taken, happen or be completed. Ahead-looking statements contain identified and unknown dangers, uncertainties and different components, which might motive the true outcomes, efficiency or achievements of Franco-Nevada to be materially other from any long run outcomes, efficiency or achievements expressed or implied via the forward-looking statements. Quite a lot of components may motive exact occasions or outcomes to vary materially from any forward-looking observation, together with, with out limitation: fluctuations within the costs of the principle commodities that force royalty and move earnings (gold, platinum crew metals, copper, nickel, uranium, silver, iron ore and oil and gasoline); fluctuations within the price of the Canadian and Australian greenback, Mexican peso, and another forex through which earnings is generated, relative to the U.S. greenback; adjustments in nationwide and native govt regulation, together with allowing and licensing regimes and taxation insurance policies and the enforcement thereof; the adoption of an international minimal tax on companies; regulatory, political or financial trends in any of the nations the place houses through which Franco-Nevada holds a royalty, move or different hobby are situated or during which they’re held; dangers associated with the operators of the houses through which Franco-Nevada holds a royalty, move or different hobby, together with adjustments within the possession and keep an eye on of such operators; relinquishment or sale of mineral houses; affect of macroeconomic trends; industry alternatives that transform to be had to, or are pursued via Franco-Nevada; diminished get admission to to debt and fairness capital; litigation; identify, allow or license disputes associated with pursuits on any of the houses through which Franco-Nevada holds a royalty, move or different hobby; whether or not or no longer the Corporate is decided to have “passive international funding corporate” (“PFIC”) standing as outlined in Segment 1297 of the US Inside Income Code of 1986, as amended; attainable adjustments in Canadian tax remedy of offshore streams; over the top price escalation in addition to construction, allowing, infrastructure, running or technical difficulties on any of the houses through which Franco-Nevada holds a royalty, move or different hobby; get admission to to enough pipeline capability; exact mineral content material might vary from the sources and reserves contained in technical studies; price and timing of manufacturing variations from useful resource estimates, different technical studies and mine plans; dangers and hazards related to the industry of construction and mining on any of the houses through which Franco-Nevada holds a royalty, move or different hobby, together with, however no longer restricted to peculiar or sudden geological and metallurgical prerequisites, slope screw ups or cave-ins, sinkholes, flooding and different herbal failures, terrorism, civil unrest or an endemic of contagious illness; the affect of the COVID-19 (coronavirus) pandemic; and the combination of bought property. The forward-looking statements contained on this press liberate are founded upon assumptions control believes to be cheap, together with, with out limitation: the continuing operation of the houses through which Franco-Nevada holds a royalty, move or different hobby via the house owners or operators of such houses in a way in step with previous follow; the accuracy of public statements and disclosures made via the house owners or operators of such underlying houses; no subject matter opposed alternate out there value of the commodities that underlie the asset portfolio; the Corporate’s ongoing source of revenue and property with regards to resolution of its PFIC standing; no subject matter adjustments to present tax remedy; the anticipated software of tax rules and laws via taxation government; the anticipated evaluate and end result of any audit via any taxation authority; no opposed construction in appreciate of any important belongings through which Franco-Nevada holds a royalty, move or different hobby; the accuracy of publicly disclosed expectancies for the improvement of underlying houses that aren’t but in manufacturing; integration of bought property; and the absence of another components that would motive movements, occasions or outcomes to vary from the ones expected, estimated or supposed. Alternatively, there can also be no assurance that forward-looking statements will turn out to be correct, as exact outcomes and long run occasions may vary materially from the ones expected in such statements. Buyers are cautioned that forward-looking statements aren’t promises of long run efficiency. As well as, there can also be no assurance as to the result of the continuing audit via the CRA or the Corporate’s publicity because of this thereof. Franco- Nevada can not guarantee traders that exact outcomes shall be in step with those forward-looking statements. Accordingly, traders will have to no longer position undue reliance on forward-looking statements because of the inherent uncertainty therein.

For additional info with appreciate to dangers, uncertainties and assumptions, please confer with Franco-Nevada’s most up-to-date Annual Data Shape filed with the Canadian securities regulatory government on www.sedar.com and Franco-Nevada’s most up-to-date Annual Document filed on Shape 40-F filed with the SEC on www.sec.gov . The forward-looking statements herein are made as of the date of this press liberate handiest and Franco-Nevada does no longer think any legal responsibility to replace or revise them to mirror new data, estimates or evaluations, long run occasions or outcomes or differently, apart from as required via acceptable regulation.

ENDNOTES:

1. GEOs: Beginning in This fall 2021, earnings from Franco-Nevada’s Power property is incorporated within the calculation of GEOs. GEOs for comparative sessions were recalculated to adapt with the present presentation. GEOs come with Franco-Nevada’s attributable proportion of manufacturing from our Mining and Power property after acceptable restoration and payability components. GEOs are estimated on a gross foundation for NSRs and, in terms of move oz, earlier than the cost of the in keeping with ounce contractual value paid via the Corporate. For NPI royalties, GEOs are calculated bearing in mind the NPI economics. Silver, platinum, palladium, iron ore, oil, gasoline and different commodities are transformed to GEOs via dividing related earnings, which incorporates agreement changes, via the related gold value. The associated fee used within the computation of GEOs earned from a specific asset varies relying at the royalty or move settlement, which can make connection with the marketplace value learned via the operator, or the typical value for the month, quarter, or yr through which the commodity used to be produced or offered. For This fall 2022, the typical commodity costs have been as follows: $1,729 /ounces gold (This fall 2021 – $1,795 ), $21.20 /ounces silver (This fall 2021 – $23.32 ), $971 /ounces platinum (This fall 2021 – $998 ) and $1,940 /ounces palladium (This fall 2021 – $1,935 ), $98 /t Fe 62% CFR China (This fall 2021 – $108 ), $82.65 /bbl WTI oil (This fall 2021 – $77.19 ) and $6.09 /mcf Henry Hub herbal gasoline (This fall 2021 – $4.85 ). For 2022 costs, the typical commodity costs have been as follows: $1,801 /ounces gold (2021 – $1,800 ), $21.75 /ounces silver (2021 – $25.17 ), $961 /ounces platinum (2021 – $1,091 ) and $2,107 /ounces palladium (2021 – $2,397 ), $122 /t Fe 62% CFR China (2021 – $160 ), $94.23 /bbl WTI oil (2021 – $67.91 ) and $6.51 /mcf Henry Hub herbal gasoline (2021 – $3.72 ).
2. NON-GAAP FINANCIAL MEASURES: Adjusted Internet Source of revenue and Adjusted Internet Source of revenue in keeping with proportion, Adjusted EBITDA and Adjusted EBITDA in keeping with proportion, and Adjusted EBITDA Margin are non-GAAP monetary measures with out a standardized that means beneath World Monetary Reporting Requirements (“IFRS”) and is probably not related to an identical monetary measures disclosed via different issuers. For a quantitative reconciliation of every non-GAAP monetary measure to essentially the most at once related IFRS monetary measure, confer with the next tables. Additional data with regards to those Non-GAAP monetary measures is integrated via reference from the “Non-GAAP Monetary Measures” phase of Franco-Nevada’s MD&A for the yr ended December 31, 2022 dated March 15, 2023 filed with the Canadian securities regulatory government on SEDAR to be had at www.sedar.com and with the U.S. Securities and Change Fee to be had on EDGAR at www.sec.gov .

• Adjusted Internet Source of revenue and Adjusted Internet Source of revenue in keeping with proportion are non-GAAP monetary measures, which exclude the next from web source of revenue and income in keeping with proportion (“EPS”): impairment fees and reversal associated with royalty, move and dealing pursuits and investments; positive aspects/losses at the sale of royalty, move and dealing pursuits and investments; foreign currency positive aspects/losses and different source of revenue/bills; peculiar non-recurring pieces; and the affect of source of revenue taxes on this stuff.
• Adjusted EBITDA and Adjusted EBITDA in keeping with proportion are non-GAAP monetary measures, which exclude the next from web source of revenue and EPS: source of revenue tax expense/restoration; finance bills and finance source of revenue; depletion and depreciation; non-cash prices of gross sales; impairment fees and reversals associated with royalty, move and dealing pursuits and investments; positive aspects/losses at the sale of royalty, move and dealing pursuits and investments; foreign currency positive aspects/losses and different source of revenue/bills; and peculiar non-recurring pieces.
• Adjusted EBITA Margin is a non-GAAP monetary measure which is outlined via the Corporate as Adjusted EBITDA divided via earnings.

Reconciliation of Non-GAAP Monetary Measures:

FRANCO- NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in tens of millions of U.S. greenbacks)

The consolidated monetary statements and accompanying notes can also be present in our 2022 Annual Document to be had on our web site

FRANCO- NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(in tens of millions of U.S. greenbacks and stocks, apart from in keeping with proportion quantities)

The consolidated monetary statements and accompanying notes can also be present in our 2022 Annual Document to be had on our web site

FRANCO- NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in tens of millions of U.S. greenbacks)

The consolidated monetary statements and accompanying notes can also be present in our 2022 Annual Document to be had on our web site

View unique content material: https://www.prnewswire.com/news-releases/franco-nevada-reports-2022-results-301773492.html

SOURCE Franco-Nevada Company

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