2019 Asset Handbook 2019 Asset Handbook
Franco-Nevada Corporation’s 2019 Asset Handbook is intended to assist investors and analysts in their understanding of our business and portfolio of assets. Franco-Nevada Corporation is the leading gold royalty and streaming company with the largest and most diversified portfolio of assets.
The Company’s business model provides investors with gold price and exploration optionality with less exposure to operating risks.
Franco-Nevada has a strong balance sheet and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.
Since its IPO, Franco-Nevada’s share price has outperformed the gold price and all relevant gold equity benchmarks.
Franco-Nevada is the gold investment that works.
Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as of March 15, 2019. More current information may be available in our subsequent disclosure and our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. Also, the description and depiction of our business and assets have been simplified for presentation purposes. Dollar references are in U.S. dollars unless otherwise noted.
This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our Annual Information Form (“AIF”), our annual Management’s Discussion & Analysis (“MD&A“), and our Annual Report on Form 40-F available at www.sedar.com and www.sec.gov, respectively, and on our website at www.franco-nevada.com.
This Asset Handbook has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction. Franco-Nevada continues to outperform both gold equities and gold itself
• High margins, scalable, low leverage • Diversified portfolio • Long life assets
500%
450% FNV (TSX) 400% 11 Years of Performance Franco-Nevada has outperformed 350% both gold equities and gold Itself Chart to March 15, 2019 300%
250%
200%
150%
100% Gold Price 50%
0% S&P/TSX Global Gold Index -50% FNV IPO: Dec 2007 -100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Note: FNV (TSX) and S&P/TSX Global Gold Index converted to USD.
FNV TsX/NYsE
2019 Asset Handbook The Gold Investment that Works 1 our Performance
GEOs GEOsGEOs RevenueRevenueRevenue MarketMarket CapMarket Cap Cap • >$1 billion in dividends paid since IPO • 11 consecutive years of dividend increases • IPO investors now realizing a 6.2% yield (U.S.) or 8.1% yield (CDN) 500 500 500 $800 $800 $800 $16 $16 $16 GEOs GEOsGEOs RevenueRevenueRevenue MarketMarket CapMarket Cap Cap 450 450 450 $700 $700 $700 $14 $14 $14 Gold Equivalent revenue Market ounces400 400 400 (US$ millions) Capitalization1 $600 $600 $600 $12 $12 $12 (000s) (US$ billions) 350 350 350 500 500 500 $800 $800 $800 $16 $16 $16 $500 $500 $500 $10 $10 $10 300 300 300 450 450 450 $700 $700 $700 $14 $14 $14 250 250 250 $400 $400 $400 $ 8 $ 8 $ 8 400 400 400 200 200 200 $600 $600 $600 $12 $12 $12 $300 $300 $300 $ 6 $ 6 350 350 350 $ 6 150 150 150 $500 $500 $500 $10 $10 $10 300 300 300 $200 $200 $200 $ 4 $ 4 $ 4 100 100 100 250 250 250 $400 $400 $400 $ 8 $ 8 $ 8 $100 $100 $100 $ 2 $ 2 $ 2 50 50 50 200 200 200 $300 $300 $300 $ 6 $ 6 $ 6 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17150 ‘16 ‘18 ‘17150 ‘18 150‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 $200 $200 $200 $ 4 $ 4 $ 4 100 100 100
$100 $100 $100 $ 2 $ 2 $ 2 50 50 50
0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 G&A G&AG&A AdjustedAdjustedAdjusted DividendsDividendsDividends amendedamendedamended Net incomeNet incomeNet income & DRIP& Paid DRIP& DRIPPaid Paid G&A as % Per ShareAdjustedPer SharePer Share dividends of Market Net Income2 and drIP Paid Capitalization Per share (US$ millions) 1.0% 1.0% 1.0% (US$ per share) $1.40 $1.40 $1.40 $180 $180 $180 G&A G&AG&A AdjustedAdjustedAdjusted DividendsDividendsDividends amended amended amended Net incomeNet incomeNet income & DRIP& Paid DRIP& DRIPPaid Paid$160 $160 $160 Per SharePer SharePer Share$1.20 $1.20 $1.20 0.8% 0.8% 0.8% $140 $140 $140 $1.00 $1.00 $1.00 1.0% 1.0% 1.0% $1.40 $1.40 $1.40 $180$120 $180$120 $180$120 0.6% 0.6% 0.6% $ .80 $ .80 $ .80 $160$100 $100$160 $100$160 $1.20 $1.20 $1.20 0.8% 0.8% 0.8% $ .60 $ .60 $ .60 $140$ 80 $$140 80 $$140 80 0.4% 0.4% 0.4% $1.00 $1.00 $1.00 $120$ 60 $$120 60 $$120 60 $ .40 $ .40 $ .40 0.6% 0.6% 0.6% $ .80 $ .80 $ .80 0.2% 0.2% 0.2% $100$ 40 $$100 40 $$100 40 $ .20 $ .20 $ .20 $ .60 $ .60 $ .60 $$ 8020 $ 8020 $ 8020 0.4% 0.4% 0.4% ‘08 ‘08 ‘08 0.0% 0.0% 0.0% $ .00 $ .00 $ .00 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14‘18 ‘16 ‘15 ‘17$$ ‘1660 ‘180 ‘17$ ‘18 60 0 $ 60 0 $ .40 $ .40 $ .40
0.2% $ 40 $ 40 $ 40 1 As at december 31. 0.2% 0.2% 2 Adjusted Net Income and Adjusted Net Income per share are non-IFrs financial measures,$ .20 which$ .20 exclude$ .20 the following from net income and earnings per share: impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working$ 20 $ 20 $ 20 interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes ‘08 ‘08 ‘08 on these items. For additional information and a reconciliation of these measures to various IFrs measures, refer to the Company’s Md&A. 0.0% 0.0% 0.0% $ .00 $ .00 $ .00 $ 0 $ 0 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17$ ‘18 0 2 FNV TsX NYsE Franco-Nevada Corporation FNV has provided competitive returns
Compounded Annual Total returns summary
1-Year 2-Year 5-Year Since FNV Total Return Total Return Total Return Inception 1 Franco-Nevada - US$ basis 9.1% 9.5% 9.6% 16.9% Gold Bullion ETF (0.8%) 2.0% (0.6%) 4.1% GdX 4.7% (0.7%) (2.4%) (5.0%) TsX Composite 6.9% 5.0% 5.5% 4.6% s&P 500 4.7% 10.7% 10.7% 8.2% NAsdAQ 4.7% 15.0% 13.2% 11.1% russell 2000 5.5% 8.0% 7.3% 8.1%
1 FNV Inception - december 20, 2007 Compounded annual total returns to February 28, 2019 source: Td securities; Bloomberg
outperforming in Bull and Bear Markets
40% 32% Franco-Nevada 20% 19% 17% 14% Gold 7% 1% GDX –
(6%) (20%) (14%)
(33%) (40%) Bull Market Bear Market Bull Market (2008 - 2012) (2013 - 2015) (2016 - Present)
All returns are in US$ Total return assumes reinvestment of dividends up until February 28, 2019 source: Td securities; Bloomberg
All returns are in US$ Total return assumes reinvestment of dividends over designated period
Source: TD Securities; Bloomberg
2019 Asset Handbook The Gold Investment that Works 3
3
$ 0.41 239.1 110.3 110.3 2008 $ 1.4B 0.24 C$ 0.24 $ Nil $ 21.8 $ $ 0.48 $ 1.7B $ 2.15 $ 127.2 $ 43.7 $ 38.1 $ 151.0 $ 40.3 $ 3
$ 87.4 32.0 131.8 2009 2009 530.7 $ 1.9B 0.28 C$ $ Nil $ 28.2 $ $ 0.30 $ 3.2B $ 1.30 $ 119.4 $ $ $ 80.9 $ 0.76 3
$ 52.1 87.3 0.55 2010 2010 572.7 156.2 180.0 $ 2.0B $ 0.29 $ Nil $ 33.3 $ $ 0.46 $ 3.8B $ 1.12 $ $ $ 3
$ 45.5 0.32 2011 237.7 237.7 851.1 327.3 $ 2.8B $ $ Nil $ 49.2 $ $ 1.08 $ 5.3B $ 1.58 $ $ 136.0 $ 411.2$ $ $ 227.2 $ ) (6.8 $ ) $ (0.05 199.7 $ $ 62.7 3
$ 2.61 2012 2012 347.5 427.0 822.4 230.3 $ 3.1B $ 0.54 $ Nil $ 77.9 $ $ 1.19 $ 8.3B $ $ $ 171.0 $ 102.6 $ 146.7 $ 0.72 3
$ 2.43 0.94 2013 2013 241.4 241.4 319.9 104.4 138.3 400.9 $ $ 3.0B $ 0.72 $ Nil $ $ 861.2 $ $ 6.0B $ $ $ $ 11.7 $ $ 77.7 $ 0.08 3
$ 0.91 2014 2014 677.8 137.5 293.5 356.0 155.8 118.0 $ 3.4B $ 0.78 $ Nil $ $ $ $ 7.7B $ 2.18 $ $ $ 106.7 $ 442.4 $ $ 0.71
3
$ 51.3 2.37 0.57 24.6 2015 2015 360.1 253.9 457.3 $ 3.2B $ 0.83 129.0 $ $ $ 7.2B $ $ 337.1 3
$ 2016 2016 323.6 464.4 464.4 $ 4.1B $ 0.87 $ Nil $ $ 156.8 $ $ $ 0.94 $ $ 10.7B $ $ 2.79 $ 489.1 $ 164.4 $ 164.4 $ 88.9 $ 122.2 $ $ 610.2 $ 610.2 $ 155.4 443.6 $ $ $ 0.70 $ 0.16 3
$ 0.91 2017 497.7 675.0 516.1 $ 4.7B $ $ Nil $ 167.9 593.8 $ $ 1.08 14.9B $ $ $ 2.82 $ 198.3$ $ 194.7 $ $ 235.4 $ 1.06
3
2018 447.9 $ 4.6B $ 0.95 $ 207.6 207.6 $ $ 177.8 $ 153.5 $ 1.17 $ 13.1B $ 519.6 $ 2.79
$ 217.0 139.0 $ 653.2 $ 188.8 $ $ 0.75
5 GEOs,
per share 1 1 Market
per share 2 2 4 share, per share oss) and oss) per Equity (except ems. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company’s MD&A. the Company’s to refer various IFRS measures, to of these measures and a reconciliation additional information ems. For on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes on these items. For additional information and a reconciliation of and a reconciliation additional information For on these items. taxes and the impact of income items; unusual non-recurring and other income/expenses; gains/losses exchange foreign and investments; interests and working stream of royalty, on the sale MD&A. the Company’s to refer various IFRS measures, to these measures it of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; and unusual non-recurring and unusual non-recurring and other income/expenses; gains/losses exchange foreign and investments; interests and working stream of royalty, on the sale gains/losses and investments; interests and working stream royalty, to related impairment charges of sales; Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS measures, which exclude the following from net income and earnings per share: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; non-cash costs costs non-cash depreciation; and depletion income; expenses and finance finance expense/recovery; tax income and earnings per share: net income from the following which exclude non-IFRS measures, are per share EBITDA and Adjusted EBITDA Adjusted Millions liabilities. less current assets Working Capital as current defines The Company 31. As at December presentation. current to conform to has been adjusted information Comparative with Canadian GAAP. in accordance prepared with IFRS. Fiscal 2008 and 2009 were years in accordance prepared were 2018 through Fiscal 2010 years gains/losses and investments; working interests and stream royalty, to related impairment charges and earnings per share: net income from following the exclude which non-IFRS financial measures, are per share Net Income and Adjusted Net Income Adjusted Market Capitalization Market Capital Working Equity shareholders’ Total dividends Paid per share per share dividends Paid debt dividends and drIP Paid Adjusted EBIT dA Adjusted Adjusted EBIT dA Adjusted 2018 - 2008 2018 1 2 3 4 5 Adjusted Net Income Adjusted Net Income ( l Net Income (000s) GEos revenue Income operating ( l Earnings Basic Net Income Adjusted
Capitalization) $ Shareholders’ Historical Performance Historical
4 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Franco-Nevada Overview O ur Business Model Overview Global Assets Map Overview Overview Asset Portfolio and Revenue Tables Revenue and Adjusted EBITDA Overview Overview
R oyalty Ounces Why We Measure Royalty Ounces Royalty Ounces Royalty Ounces Royalties & Streams Explained Royalty Ounces How We Estimate Royalty Ounces Royalty Ounces Royalty Ounces Royalty
Franco-Nevada Assets Gold & Gold Equivalents Latin America United States Assets Assets Canada Assets Rest of World Assets Assets Mining Exploration Assets Energy Energy Exploration Assets
Mineral Reserves & Resources Gold Mineral Reserves Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Gold Mineral Resources and Resources Silver, PGM and Other Mineral Reserves and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Asset Counts, Acreage, Mine Life Index Corporate, Management Organization Glossary Technical & Third Party Information Cautionary Statements Board of Directors Corporate Information Additional Information Additional Additional Information Additional Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
our Business Model Overview Overview Overview
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company. We do not operate mines, Overview Overview develop projects or conduct exploration. Instead, we own and continue to grow a large, diversified portfolio of royalties and streams that provide: Long Term Optionality Maximize Minimize Gold ETF FNV Operators Limited Capital Costs X Exploration Upside Cost Exposures Security of Tenure Margin Encroachment Exposure to: Operating & Other Costs X Royalty Ounces Royalty Ounces Royalty Ounces Focus on New Investments Involvement in Operations Benefit of: Leverage to Gold Price X Exploration & Expansion X royalties and streams expose Franco-Nevada to the exploration and price optionality inherent with geologically Dividend Yield X favourable properties. They can often be registered on title to a property or in a secure fashion with less
exposure to government resource Ounces Royalty nationalisation. They are not subject to operating or capital cash calls, making Ounces Royalty this a free cash flow business. Franco-Nevada can provide yield along with more upside than a gold ETF with less Long Term Optionality risk than an operating company. Maximize Minimize Gold ETF FNV Operators Limited Capital Costs X Exploration Upside Cost Exposures Security of Tenure Margin Encroachment Exposure to: Operating & Other Costs X Focus on New Investments Involvement in Operations Assets Assets Benefit of: Leverage to Gold Price X Assets Exploration & Expansion X Assets Dividend Yield Assets X Royalties The majority of mining properties have government and/or private royalties associated with them. Private royalties are generally created by the original property owners, prospectors or exploration companies that sell their property rights to a more senior company capable of developing and operating a mine on the property. A royalty allows the seller to retain some exploration and price upside while the operating company only pays if ore is actually mined.
The most common royalties are a simple percentage of the value of the future production from the property, Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources typically 1% to 5%. often these are stated as a percentage of the net value the operating company receives and Resources for its concentrated product when it is processed at a smelter, hence the term “net smelter return royalty” or “Nsr royalty”. There are other forms of royalties such as profit-related royalties or fixed-rate royalties but these are not a major part of Franco-Nevada’s focus or portfolio. royalty rights are often registered on the title of the property or mineral rights. In addition, registered and Resources and Resources Mineral Reserves Mineral royalties have strong tenure and, in jurisdictions where recognized, will generally survive an Reserves Mineral operating company reorganization. The majority of Franco-Nevada’s royalties have been acquired from the past owners of mining properties but we also actively create royalties in return for mine financing.
Streams Additional Information Additional Information streams are metal purchase agreements that provide, in exchange for an upfront payment, the right to purchase Additional Information all or a portion of the gold, silver or other products from a mine at a preset price. While streams have similar exploration and price optionality to royalties, they differ from royalties because of the ongoing cash payment required to purchase the physical metal.
Additional Information “royalties & streams Explained”, found on page 14 of this Asset Handbook, provides further detail on the various forms of our interests including an example of the economics of a Nsr versus a stream versus a profit or working interest. Additional Information Additional Additional Information Additional 6 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Business Model Advantages Overview Overview Overview Overview Overview
1. This business is truly a free cash flow business. We are effectively free of the need to directly fund unscheduled mining capital expenditures and other costs. Royalty Ounces Royalty Ounces Royalty Ounces
2. Typically, we participate at the revenue line of operations and are not directly impacted by cost Royalty Ounces Royalty Ounces Royalty inflation. This allows our margins to fully benefit from rising commodity prices.
3. Our business is high margin with low overheads enabling us to generate cash through the entire commodity cycle. Assets Assets Assets Assets Assets 4. Our many assets provide exploration optionality by covering approximately 43,000 square kilometres of geologically prospective lands without any direct carrying, exploration or development costs. Mineral Reserves Mineral Reserves Mineral Reserves
5. Ourand Resources business is scalable allowing for the and Resources acquisition and Resources of more interests than an operating company can effectively manage. A more diversified portfolio reduces overall risk. and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
6. Management has the benefit to be able to focus on growth as we do not have responsibility for day-to-day Additional Information Additional Information Additional Information operational or development decisions. Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 7 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Global Assets Overview Overview Overview Overview Overview
Courageous Lake Dublin Gulch Gold & Gold (Eagle) Goldfields Monument Equivalents Energy TOTAL Bay Royalty Ounces Royalty Ounces Brucejack Orion Ring of Royalty Ounces Fire/Black Thor Producing 51 55 106 Red Mountain Red Lake (8 shown) Edson (Phoenix) Timmins West Kivivic 2 Advanced 37 – 37 New Prosperity Detour Lake Hardrock Cariboo Weyburn Midale Exploration 202 25 227 Canadian Malartic Stillwater Hemlo (not shown) Sudbury Royalty Ounces Royalty Ounces Royalty Valentine Stibnite Gold Musselwhite Golden Highway Kirkland Lake Lake TOTAL 290 80 370
Nevada Franco-Nevada A detailed map of the Energy assets can be found U.S. Office Franco-Nevada on page 81 Perama Hill Agi Dagi STACK Head Office Refer to page 96 for methodology and breakout of Castle Mountain SCOOP Kiziltepe Mesquite asset count Delaware Rosemont Midland Assets Assets Guadalupe-Palmarejo Assets
Cerro San Pedro Assets Assets Tasiast Falcondo
Sabodala Franco-Nevada Karma Barbados Office Nevada Sissingue (inset) Cobre Panama Subika Pinson Ity Edikan Sandman Midas Hollister South Arturo EaglePicher Goldstrike Mineral Reserves Mineral Reserves Marigold Gold Quarry Mineral Reserves and Resources and Resources and Resources Fire Creek CentroGold Bald Mountain (Gurupi) Robinson Antamina and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Antapaccay King Vol
Sterling Mt Keith Matilda (Wiluna) Yandal (Bronzewing) Pandora Bowen Basin Salares Norte Duketon Additional Information Additional Information Additional Information Agnew (Vivien) MWS Taca Taca Red October Candelaria Flying Fox NuevaUnión Edna May South Kalgoorlie (Relincho) (Mt Martin) Millmerran Aphrodite South Kalgoorlie (Commodore) (Lake Cowan) Franco-Nevada South Kalgoorlie San Jorge Australia Office (New Celebration) Calcatreu Henty Additional Information Additional Additional Information Additional 8 Cerro Moro Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Global Assets Overview Overview Overview Overview Overview
Courageous Lake Dublin Gulch Gold & Gold Courageous Lake (Eagle) Dublin Gulch Gold & Gold Goldfields Monument Equivalents Energy TOTAL (Eagle) Bay Goldfields Monument Equivalents Energy TOTAL Brucejack Orion Ring ofBay Fire/Black Thor Producing 51 55 106 Red Lake Royalty Ounces Royalty Ounces Red Mountain Royalty Ounces Brucejack Ring of Fire/Black Thor Producing(8 shown) 51 55 106 Edson Orion(Phoenix) Timmins West Kivivic 2 Red Mountain Red Lake Advanced 37 – (837 shown) New Prosperity Edson Detour Lake Kivivic 2 Hardrock(Phoenix) Timmins West Advanced 37 – 37 Cariboo New Prosperity Weyburn Detour Lake Midale Hardrock Exploration 202 25 227 Cariboo Weyburn Canadian Malartic Stillwater MidaleHemlo (not shown) Exploration 202 25 227 Sudbury Canadian Malartic MusselwhiteStillwater GoldenHemlo Highway Valentine (not shown) Stibnite Gold Kirkland Lake Sudbury Lake Valentine TOTAL 290 80 370 Royalty Ounces Royalty Ounces Royalty Stibnite Gold Musselwhite Golden Highway Kirkland Lake Lake TOTAL 290 80 370 Nevada Franco-Nevada A detailed map of the Energy assets can be found U.S. Office Franco-Nevada Franco-Nevada on page 81 A detailed map of the Energy assets can be found Perama Hill Nevada Agi Dagi STACKU.S. Office Head Office Franco-Nevada on page 81 Castle Mountain Refer to page 96 for methodology and breakout of Perama Hill SCOOP Head Office Kiziltepe Agi Dagi Mesquite STACK asset count Refer to page 96 for methodology and breakout of Castle MountainDelaware SCOOP Kiziltepe Rosemont Mesquite asset count MidlandDelaware Rosemont Midland
Guadalupe-Palmarejo Assets Assets Assets Guadalupe-Palmarejo Cerro San Pedro Tasiast Cerro San Pedro Falcondo Tasiast Assets Assets Falcondo Sabodala Franco-Nevada SabodalaKarma Barbados Office Franco-Nevada Nevada Sissingue Karma (inset) Cobre Panama Barbados Office Nevada Subika Sissingue (inset) Pinson Cobre Panama Ity Edikan Subika Sandman Midas HollisterPinson Ity Edikan South ArturoSandman Midas EaglePicher Goldstrike Hollister Marigold South Arturo EaglePicher Gold Quarry Goldstrike
Marigold Mineral Reserves Mineral Reserves Fire CreekMineral Reserves Gold Quarry and Resources and Resources and Resources Fire Creek CentroGold Bald Mountain (Gurupi) CentroGold BaldRobinson Mountain (Gurupi) Robinson Antamina Antamina Antapaccay and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral King Vol Antapaccay King Vol Sterling Mt Keith Matilda (Wiluna) Sterling Mt Keith MatildaYandal (Wiluna) (Bronzewing) Yandal Pandora Bowen Basin Salares Norte Duketon (Bronzewing) Agnew (Vivien) MWS Pandora Taca Taca Red October Bowen Basin Candelaria Salares Norte Flying Fox Agnew (Vivien) Duketon Additional Information Additional Information Additional Information MWS NuevaUnión Taca Taca South Kalgoorlie Red October Candelaria Edna May Flying Fox (Relincho) (Mt Martin) NuevaUnión Edna May South KalgoorlieMillmerran (Relincho) Aphrodite (Mt Martin) South Kalgoorlie (Commodore) Millmerran (Lake AphroditeCowan) South Kalgoorlie (Commodore) Franco-Nevada South Kalgoorlie (Lake Cowan) San Jorge Australia Office Franco-Nevada(New Celebration) South Kalgoorlie San Jorge Calcatreu Australia Office (New Celebration) Henty Calcatreu Henty Additional Information Additional Additional Information Additional Cerro Moro 9 Cerro Moro Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Asset Portfolio Overview Overview Overview Overview Overview
2018 2018 2018 Adjusted EBITdA Adjusted EBITdA Adjusted EBITdA By Geography By Commodity By legal ownership Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty
LatinLatinLatin America-36% America-36%America-36% Gold-63%Gold-63%Gold-63% Canada-35%Canada-35%Canada-35% US-24%US-24%US-24% Silver-13%Silver-13%Silver-13% Barbados-38%Barbados-38%Barbados-38% Canada-21%Canada-21%Canada-21% PGM-6%PGM-6%PGM-6% US-24%US-24%US-24% RestRestRest of ofof World-19% World-19%World-19% OtherOtherOther Mining MiningMining Assets-3% Assets-3%Assets-3% Australia-3%Australia-3%Australia-3% Assets Assets Energy-15%Energy-15%Energy-15%Assets Assets Assets
Franco-Nevada Asset Counts at March 15, 2019
Gold & Gold Equivalents Energy TOTAL Producing 51 55 106 Advanced 37 – 37 Exploration 202 25 227 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources TOTAL and Resources 290 80 370 and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Abbreviated “WI” “E” mined or developed and there definitions Working Interest “Exploration” assets represent is sufficient geologic certainty interests on projects where of converting the deposit into “P” technical feasibility and mineral reserves or resources. “NSR” “Producing” assets are those that commercial viability of extracting Net Smelter Return Royalty have generated revenue from (ii) a mineral resource are not steady-state operations for Franco Accessibility and authorization: “GR” demonstrable. Gross Royalty Nevada or are expected to in the there are no significant unresolved Additional Information Additional Information next year. ManagementAdditional Information uses the following issues impacting the accessibility “ORR” criteria in its assessment and authorization to develop “A” Overriding Royalty of technical feasibility and or mine the mineral deposit, “Advanced” assets are interests commercial viability: and social, environmental and “FH” on projects which are not governmental permits and Freehold or Lessor Royalty yet producing, but where in (i) approvals to develop or mine management’s view, the technical Geology: there is a known mineral “NPI” the mineral deposit appear feasibility and commercial viability deposit which contains mineral Net Profits Interest obtainable. of extracting a mineral resource reserves or resources; or the “NRI” are demonstrable. project is adjacent to a mineral Net Royalty Interest deposit that is already being Additional Information Additional Additional Information Additional 10 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Asset Portfolio Overview Overview Overview Revenue ($ millions) Asset Operator Interest and % 2018 2017 2016 Notes Overview Overview Gold & Gold Equivalents (Gold unless noted) (on page 10 and 11) LATIN AMERICA Cobre Panama First Quantum/KORES Stream (indexed) $ – $ – $ – 6, A Candelaria Lundin Mining Stream 68% Gold & Silver 70.5 105.2 88.5 6, P Antapaccay Glencore Stream (indexed) Gold & Silver 97.5 90.2 92.5 6, P Antamina Teck Resources Stream 22.5% Silver 51.1 62.9 75.0 6, P Guadalupe-Palmarejo Coeur Mining Stream 50% 45.3 65.5 44.6 1, 3, 6, P Other (24 assets) 3.9 2.2 3.1 Px2, Ax7, Ex15 UNITED STATES Goldstrike Barrick Gold NSR 2-4%, NPI 2.4-6% 19.0 16.8 22.9 1, 2, P Royalty Ounces Royalty Ounces Royalty Ounces Stillwater Sibanye-Stillwater NSR 5% PGM 21.3 20.6 14.6 1, P Gold Quarry Newmont Mining NSR 7.29% 14.4 14.2 14.0 1, 3, P Marigold SSR Mining NSR 1.75-5%, GR 0.5-4% 10.2 10.3 10.1 1, 2, 3, 4, P Bald Mountain Kinross Gold NSR/GR 0.875-5% 14.5 6.4 3.9 1, 2, 3, 4, P Fire Creek/Midas Hecla Mining NSR 2.5%, Fixed to 2018 10.1 11.0 9.2 3, Px2 South Arturo Barrick/Premier Gold GR 4-9% 4.1 10.7 13.8 1, 3, 4, P Other (36 assets) 4.8 4.4 3.0 Px5, Ax7, Ex24 Royalty Ounces Royalty Ounces Royalty CANADA Sudbury KGHM International Stream 50% PGM & Gold 23.3 30.3 30.4 1, 6, Px2 Detour Lake Detour Gold NSR 2% 15.8 14.3 13.3 P Golden Highway Kirkland Lake Gold NSR 2-10% 8.0 8.7 10.7 3, 4, Px3, A Hemlo Barrick Gold NSR 3%, NPI 50% 7.1 4.4 12.7 1, 5, P Musselwhite Goldcorp NPI 5% 2.6 3.8 5.1 5, P Kirkland Lake Kirkland Lake Gold NSR 1.5-5.5%, NPI 20% 4.6 4.1 5.2 2, 3, P Timmins West Pan American Silver NSR 2.25% 2.6 3.4 3.2 P Canadian Malartic Yamana/Agnico Eagle GR 1.5% 2.5 2.0 2.1 1, P Other (74 assets) 8.8 13.3 5.0 Px2, Ax11, Ex61 Assets Assets Assets REST OF WORLD MWS AngloGold Ashanti Stream 25% 32.9 35.8 27.1 6, P Sabodala Teranga Gold Stream 6%, Fixed to 2019 28.5 30.5 26.0 3, P Assets Assets Karma Endeavour Mining Stream 4.875%, Fixed to 80,625 oz 22.5 23.0 14.4 6, P Tasiast Kinross Gold NSR 2% 6.3 6.2 4.4 P Subika Newmont Mining NSR 2% 9.4 6.6 4.8 1, P Duketon Regis Resources NSR 2% 6.0 6.7 7.2 1, P Edikan Perseus Mining NSR 1.5% 4.3 3.7 3.1 P Other (124 assets) 15.2 10.8 10.2 Px13, Ax10, Ex102 $ 567.1 $ 628.0 $ 580.1
Energy Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources UNITED STATES SCOOP/STACK Continental Resources Royalty Acquisition Venture $ 1.7 $ – $ – P SCOOP/STACK Various Various Royalty Rates 14.0 3.4 0.9 Px2 Permian Basin Various Various Royalty Rates 23.1 2.3 – Px2 CANADA Weyburn Unit Whitecap Resources NRI 11.71%, ORR 0.44%, WI 2.56% 35.5 32.2 23.6 Px3 Orion Osum Oil Sands GORR 4% 3.7 1.5 – P and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Other (71 assets) 8.1 7.6 5.6 Px46, Ex25 $ 86.1 $ 47.0 $ 30.1
Revenue $ 653.2 $ 675.0 $ 610.2
Additional Information Additional Information Additional Information 1 Does not cover all the Mineral Reserves or Mineral Resources reported for the property by the operator. 2 Percentage varies depending on the claim block of the property. 3 Provides for minimum or advance payments. 4 Percentage varies depending on the commodity price or value of ore. 5 Payable after operator recovers defined exploration and development expenses. 6 These revenue numbers are before the deduction of the purchase cost per ounce. Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 11 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
revenue Overview 2018 2017 Overview 2016 2015 Overview 2014 $ millions % $ millions % $ millions % $ millions % $ millions % Commodity Gold $ 435.8 67% $ 467.2 69% $ 425.9 70% $ 337.5 76% $ 299.6 68% Overview Overview silver 78.2 12% 98.1 14% 108.5 18% 34.7 8% 4.7 1% PGM 39.1 6% 44.5 7% 37.1 6% 33.3 8% 50.5 11% other Mining 14.0 2% 18.2 3% 8.6 1% 10.1 2% 13.7 3% Energy 86.1 13% 47.0 7% 30.1 5% 28.0 6% 73.9 17% $ 653.2 100% $ 675.0 100% $ 610.2 100% $ 443.6 100% $ 442.4 100%
Geography latin America $ 268.3 41% $ 326.0 48% $ 303.7 50% $ 179.7 40% $ 93.7 21% United states 137.2 21% 100.2 15% 92.4 15% 78.1 18% 83.4 19% Canada 122.6 19% 125.5 19% 116.9 19% 97.0 22% 157.5 36% Royalty Ounces Royalty Ounces rest of World 125.1 19% 123.3 18% Royalty Ounces 97.2 16% 88.8 20% 107.8 24%
653.2 100% $ 675.0 100% $ 610.2 100% $ 443.6 100% $ 442.4 100% Type revenue-based royalties $ 197.9 30% $ 155.8 22% $ 123.5 20% $ 127.7 29% $ 156.9 36% stream-based 371.7 57% 443.3 66% 401.6 66% 257.6 58% 188.6 43% Profit-based royalties 44.0 7% 37.0 5% 45.8 8% 32.1 7% 61.2 14% Royalty Ounces Royalty Ounces Royalty Working interests/other 39.6 6% 38.9 7% 39.3 6% 26.2 6% 35.7 7%
$ 653.2 100% $ 675.0 100% $ 610.2 100% $ 443.6 100% $ 442.4 100%
Adjusted EBITdA1 2018 2017 2016 2015 2014 $ millions % $ millions % $ millions % $ millions % $ millions % Commodity Assets Assets Gold $ 331.3 63% $ 339.2 66% Assets $ 333.8 68% $ 251.5 75% $ 237.8 67% silver 66.8 13% 83.7 16% 93.1 19% 27.5 8% 3.3 1% PGM 30.9 6% 35.1 7% 28.3 6% 25.3 7% 39.1 11% Assets Assets other Mining 13.4 3% 17.5 3% 8.2 2% 9.7 3% 13.3 4% Energy 77.2 15% 40.6 8% 25.7 5% 23.1 7% 62.5 17% $ 519.6 100% $ 516.1 100% $ 489.1 100% $ 337.1 100% $ 356.0 100%
Geography latin America $ 186.8 36% $ 219.2 42% $ 225.6 47% $ 116.3 35% $ 61.6 17% United states 127.0 24% 94.3 18% 88.4 18% 72.4 21% 77.5 22% Canada 107.8 21% 106.4 21% 99.9 20% 79.6 24% 130.5 37% rest of World 98.0 19% 96.2 19% 75.2 15% 68.8 20% 86.4 24%
$ 519.6 100% $ 516.1 100% $ 489.1 100% $ 337.1 100% $ 356.0 100% Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources
and Resources Type revenue-based royalties $ 211.8 40% $ 159.9 31% $ 121.2 25% $ 118.4 35% $ 143.8 40% stream-based 255.9 50% 299.7 58% 290.3 59% 160.6 48% 124.3 35% Profit-based royalties 19.9 4% 15.1 3% 43.1 9% 30.2 9% 53.7 15% Working interests/other 32.0 6% 41.4 8% 34.5 7% 27.9 8% 34.2 10% and Resources and Resources $ 519.6 100% $ 516.1 100% $ 489.1 100% $ 337.1 100% $ 356.0 100% Mineral Reserves Mineral Mineral Reserves Mineral
1 As defined on page 4 of this Asset Handbook, Adjusted EBITDA is a non-IFRS measure, which excludes the following from net income and earnings per share: income tax expense/ recovery; finance expenses and finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; and unusual non- recurring items. Management uses Adjusted EBITDA and Adjusted EBITDA per share to evaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. The Company also uses Margin, which is defined as Adjusted EBITDA divided by revenue, in its annual incentive compensation process to evaluate management’s performance in increasing revenue and Additional Information Additional Information containing costs. Management believes that in addition to measures prepared in accordance with IFRSAdditional Information such as Net Income and Earnings per Share, our investors and analysts use Adjusted EBITDA and Adjusted EBITDA per share to evaluate the results of the underlying business of the Company, particularly since the excluded items are typically not included in our guidance, with the exception of depletion and depreciation expense. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted EBITDA and Adjusted EBITDA per share are useful measures of the Company’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted EBITDA and Adjusted EBITDA per share are only intended to provide additional information to investors and analysts, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other issuers. For a reconciliation of this measure to IFRS measures, refer to the Company’s MD&A. Additional Information Additional Additional Information Additional 12 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview
R oyalty Ounces Why We Measure Royalty Ounces Royalty Ounces Royalty Ounces Royalties &Royalty Ounces Streams Explained How We Estimate Royalty Ounces Royalty Ounces Royalty Ounces Royalty Assets Assets Assets Assets Assets Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 13 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Why We Measure “royalty ounces” Overview Overview Overview Overview Overview
The traditional royalty on a mining property provides Franco-Nevada with a simple percentage of the revenue or gold-in-kind produced from that property. As operators report reserves and resources on their properties, it is useful to consider how much gold Franco-Nevada might ultimately receive. For instance, Franco-Nevada has a 2% royalty on the detour lake property. The operator of detour lake currently reports a reserve of 15.4 million ounces and a Measured & Indicated resource that includes the reserve of 19.3 million ounces. The royalty ounces attributable to Franco-Nevada’s 2% are between 309,000 to 387,000 ounces. Multiplied by a $1,300 gold price, Franco-Nevada can realistically expect to realize going forward $400 to $500 million from its detour lake royalty Royalty Ounces Royalty Ounces on an undiscounted basis. Already owned royalty ounces are effectively “cost free” ounces to Franco-Nevada. Royalty Ounces We refer to these as “royalty ounces”.
Technically, some small adjustments should be made for recoveries and refining fees. However, our experience is that operators continue to drill their properties over the life of their mines and each year add
Royalty Ounces Royalty further ounces more than offsetting such adjustments. Also, our experience is that operators will, on average, Ounces Royalty convert more than the original resources into reserves over the life of an operation. For instance, over the first 10 years from our IPo, the original royalty portfolio of 176 assets we acquired saw the combined reserves and resources increase by approximately 160% net of production. We believe that measuring our royalty ounces associated with the Measured & Indicated resources is a conservative estimate of what Franco-Nevada is likely to realize from a property.
Adding up these royalty ounces from all of Franco-Nevada’s mining properties that have measurable reserves and resources provides an investor the ability to apply their own gold price assumptions to determine Assets Assets Assets the potential undiscounted value of Franco-Nevada’s portfolio. The risk associated with any one property is mitigated by the fact that the risk is diversified with 73 different mining projects included in Franco-Nevada’s Assets current estimates in this AssetAssets Handbook. Also, there are a further 217 advanced and exploration projects not included in the estimates that add considerable optionality for further ounces in the future. our experience is that each year some of these projects will advance enough to be included as royalty ounces.
Compared to a gold exchange traded product, an investment in Franco-Nevada provides the opportunity to get gold exposure at a discount as well as a yield and gold exploration optionality. Franco-Nevada also has an energy segment that generates strong long-term cash flows that more than cover overheads, cash taxes and part of the dividend. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources some royalties and streams are not “cost free.” Net profit royalties have substantial deductions. streams often require a significant per ounce payment. The following sections describe the differences between various royalties and streams and the steps we have taken to convert those assets into comparable “cost free” royalty ounces. and Resources and Resources Mineral Reserves Mineral royalties and streams Explained Reserves Mineral
royalties are ongoing interests in the production or future production from a property and, depending on their terms and the laws applicable to the royalty and the project, in general share the following characteristics: • They are not subject to cash calls to fund exploration, development, capital, environmental or closure costs Additional Information Additional Information Additional Information and so are lower risk in this respect than an operating interest. • They provide exposure to the upside of commodity price, Mineral reserves and production increases. • In some cases, they provide an interest in new discoveries made on a property which can result in significant value creation for Franco-Nevada. • They do not involve operational or development management so a large and diversified portfolio can be assembled without the need for significant corporate overheads. Additional Information Additional Information Additional 14 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview
The two most common royalty types are: • Revenue-based Royalties are based on the value of the production or net proceeds received by the operator with defined deductions as specified by the royalty contract. some forms of revenue-based royalties in the mining and energy industries are: “NSR” Net smelter return royalty “ORR” overriding royalty “GR” Gross royalty “FH” Freehold or lessor royalty Royalty Ounces Royalty Ounces Royalty Ounces • Profit-based Interest Royalties are based on the operating profit as defined in the royalty contract. often, royalty payments only begin after the operator has recovered its capital costs. The net profits interest royalty (“NPI”) is the most common form of these royalties. similar to an NPI, a net royalty interest (“NrI”) is paid net of operating and capital costs.
Royalty Ounces Royalty Ounces Royalty In addition to royalties, Franco-Nevada holds stream and working interests: • Streams are metal purchase agreements that provide, in exchange for an upfront deposit, the right to purchase all or a portion of one or more metals produced from a mine at a preset price. streams are particularly well suited to co-product production providing significant value for by-product precious metal production. streams are not royalties because they are not an interest in land and there is an ongoing cash payment required to purchase the physical metal. • Working Interest (“WI”) holders have an ownership position in the property and operation and hence are liable for cash calls on their share of capital, operating and environmental costs usually in proportion to their Assets Assets Assets ownership percentage. Working interests are not considered to be royalties because of their ongoing funding requirements although, for profitable operations, they can be economically similar in their calculations to NPIs. Assets Assets
An example of the financial impact of each different structure is provided below.
Example of a royalty (Nsr or NPI) versus a stream Assume for one ounce of gold, a sales price of $1,300, a “stream cost” of $400 per ounce and an “all-in sustaining cost (“AIsC”)”(1) of $806 per ounce. Also assume that Franco-Nevada has a 4% Nsr, a 4% stream or a 4% NPI or WI. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources NSR Stream NPI/WI 1 one ounce sold at $1,300 $1,300 $1,300 Applicable costs – $400 $806 Margin for AIsC calculation $1,300 $900 $494 and Resources and Resources Nsr, stream or NPI % 4% 4% 4% Mineral Reserves Mineral Mineral Reserves Mineral revenue per ounce to FNV $52 $36 $20 Nsr equivalent 100% 69% 38% Alternatively - Ounces required to equal a 1% NSR 1.0 oz 1.4 oz 2.6 oz
1 For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s Additional Information Additional Information Additional Information (“Barrick”) 2018 AIsC measure, as Barrick is the operator of two assets on which Franco-Nevada has NPI interests. This example assumes initial capital costs have already been recovered. The value of an undeveloped NPI or WI is lower.
Based on the above economics, a comparable percentage NSR is 2.6x more valuable than an equivalent NPI or WI and 145x more valuable than a stream interest. With changes to the gold price, the NPI or WI would demonstrate the most leverage while the NSR would provide the most down side protection. The stream provides commodity price leverage similar to a low cost operating company with more certainty as to future costs. Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 15 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
How We Estimate royalty ounces Overview Overview Overview Overview Overview
Franco-Nevada’s mining properties that have reported Mineral reserves and Mineral resources are tabulated in the Mineral reserves and resources appendix of this Asset Handbook. The figures are tabulated based on the publicly disclosed reports of each operator for each property on a 100% basis. However, the tabulation does not provide a specific measure for Franco-Nevada’s interest in such Mineral reserves and Mineral resources for the following reasons: • Not all of Franco-Nevada’s assets cover the entire property associated with the operator’s publicly reported figures and Franco-Nevada is not in a position to report separate Mineral reserves and Mineral resources Royalty Ounces Royalty Ounces Royalty Ounces figures for those properties. • As demonstrated on the previous pages, royalty and stream interests have different economics than an operator has for its stated Mineral reserves and Mineral resources. In addition, the economics differ between Nsr, NPI and stream interests and by property and would need to be factored to be comparable
Royalty Ounces Royalty Ounces Royalty to each other or to an operator’s interest. • Directly attributing specific Mineral Reserves and Mineral Resources to Franco-Nevada may not be appropriate if the operators are not in turn deducting royalty and stream interests from their own publicly reported numbers and may lead to two companies quoting the same Mineral reserves and Mineral resources.
Franco-Nevada is providing guidance to analysts and investors on how the Company estimates the royalty ounces on a broad range of its assets. The objective of an royalty ounce for any property is that it should be a reasonable comparison to a calculation of the number of attributable Nsr royalty ounces that Franco-Nevada Assets Assets might have with a typical straightAssets forward gold royalty covering all of the reported operator Mineral reserves and Mineral resources. The use of royalty ounces provides a common basis of comparison between different asset types and royalty property coverages. To achieve comparable royalty ounce figures, guidance and adjustments Assets Assets are required from Franco-Nevada management in the following circumstances:
1. The royalty or stream property does not cover all the operator‘s reported Mineral Reserves or Mineral Resources. Franco-Nevada’s management will provide its best approximation for each asset as to the appropriate percentage of Mineral reserves and Mineral resources that should be factored to estimate the equivalent royalty ounces. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources 2. A stream interest with anand Resources associated ongoing cost per ounce. The number of attributable stream ounces will be factored to make them economically equivalent to an Nsr ounce. In the example demonstrated in the previous section, for a $1,300 gold price and a $400 cost per ounce, the stream ounces are factored by 69% to become comparable to Nsr equivalent ounces of royalty ounces. The factor depends on cost per ounce or % margin written in the agreement. and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
3. An NPI royalty. An NPI is subject to the operating and capital costs specific to each asset. For planning purposes, Franco-Nevada’s management generates its own internal mine life projections for each of its assets in order to determine its own reasonable estimates. Franco-Nevada management has provided its best approximation Additional Information Additional Information as to the economically equivalentAdditional Information Nsr rate using a $1,300 gold price assumption. Additional Information Additional Additional Information Additional 16 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview
4. An asset producing silver, PGM or base metal. The number of attributable silver, platinum or palladium ounces and attributable base metals pounds are converted into royalty ounces. The pricing assumptions for conversion include: $15.25 per ounce silver, $825 per ounce platinum, $1,500 per ounce palladium, $2.75 per pound copper, $5.00 per pound nickel and $0.95 per pound ferrochrome. In addition, Nsr deductions are more material for certain assets subject to Nsr deductions. For stillwater’s royalty ounce calculation, 10-12% of the ounces have been deducted to reflect the higher Nsr deduction for that asset compared to typical gold Nsr assets. For copper, nickel and ferrochrome Royalty Ounces Royalty Ounces Royalty Ounces royalty ounce calculations, deductions are more material than for gold operations.
In the Assets section of this Asset Handbook, Franco-Nevada has provided details for each asset that include summary figures for the Mineral reserves (P&P reserves), Mineral resources (M&I resources inclusive of P&P reserves) and Inferred Mineral resources associated with each asset profiled. Royalty Ounces Royalty Ounces Royalty
Franco-Nevada management has also provided the related P&P royalty ounces, M&I royalty ounces and Inf royalty ounces for each of those assets and the key guidance and assumptions that were required to derive those royalty ounces.
subject to the cautionary statements in the Asset Handbook, our AIF and Form 40-F regarding forward looking information, Mineral reserves and Mineral resources estimates and the use of technical and third party information, Franco-Nevada believes that royalty ounces provide a useful alternative for analysts and investors Assets Assets Assets to understand its assets. readers are reminded that the royalty ounces are prepared by the management of Franco-Nevada and have not been reviewed or endorsed by the operators of the projects. Assets Assets
RO by ResourceRO by Category ResourceRO byCategory Resource M&I CategoryRO by location M&I RO by(inclusive location M&I RO of (inclusiveby P&P) location of (inclusive P&P) M&I RO of by P&P) type M&I RO(inclusive by type M&I of (inclusive RO P&P) by type of (inclusive P&P) of P&P) royalty ounces royalty ounces royalty ounces By Mineral resource By location By Type Category (excluding Inferred) (excluding Inferred) Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
P&P-51% P&P-51% P&P-51% Latin America-61%Latin America-61%Latin America-61% Stream-55% Stream-55% Stream-55% M&I-23% M&I-23% M&I-23% United States-17%United States-17%United States-17% NSR-40% NSR-40% NSR-40% Inferred-26% Inferred-26% Inferred-26% Canada-12% Canada-12% Canada-12% NPI-5% NPI-5% NPI-5% Additional Information Additional Information Additional Information Australia-2% Australia-2% Australia-2% Rest of World-8%Rest of World-8%Rest of World-8% Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 17 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
royalty ounces Overview Overview Overview
1,2 Asset Type P&P (000s) M&I 4 (000s) Inf (000s) Royalty Ounces Overview Overview Latin America Cobre Panama Stream 4,522 4,835 672 Candelaria Stream 811 1,247 43 Antapaccay Stream 683 898 95 Antamina Stream 266 570 497 Guadalupe -Palmarejo Stream 98 179 70 Cerro Moro NSR 22 30 8 Salares Norte NSR 78 78 9 Calcatreu NSR – 17 9 CentroGold (Gurupi) NSR – 17 6 Royalty Ounces Royalty Ounces San Jorge Royalty Ounces NSR 3 91 4 Taca Taca NSR – 471 164 Volcan NSR – – 2 NuevaUnion (Relincho)3 NSR 255 334 130 Vizcachitas3 NSR – 78 22 Falcondo3 NPI 65 73 5 United States Royalty Ounces Royalty Ounces Royalty Goldstrike NSR/NPI 205 244 11 Stillwater NSR 859 1,217 2,136 Gold Quarry NSR 34 34 14 Marigold NSR 103 174 13 Midas/Fire Creek NSR 2 45 41 Bald Mountain NSR 23 129 27 South Arturo NSR 41 88 5 Mesquite NSR 18 37 2 Hollister NSR – 6 7 Stibnite Gold NSR 78 95 16 Assets Assets Castle Mountain Assets NSR 94 115 58 Robinson3 NSR 6 19 1 Sandman NSR – 1 1 Assets Assets Rosemont3 NSR 144 245 13 Canada Sudbury Stream 11 11 – Detour Lake NSR 309 387 23 Golden Highway - Holt NSR 49 139 129 Golden Highway - Taylor NSR 1 12 3 Golden Highway - Holloway NSR 1 10 22 Golden Highway - Hislop NSR 1 7 4 Hemlo NSR/NPI 85 154 29 Musselwhite NSR 43 50 16 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Kirkland Lake and Resources NSR/NPI 34 60 56 Timmins West NSR 15 23 26 Canadian Malartic NSR 10 13 8 Brucejack NSR 98 114 47 Hardrock NSR 139 203 78 Valentine Lake NSR – 54 31 Red Lake (Phoenix) NSR – 6 15 and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Courageous Lake NSR 66 81 40 Dublin Gulch (Eagle Deposit) NSR 49 82 4 Goldfields NSR 20 21 5 Red Mountain NSR 5 7 1 Monument Bay NSR – 44 53 Ring of Fire3 NSR – 282 80 Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 18 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview
1,2 Asset Type P&P (000s) M&I 4 (000s) Inf (000s) Royalty Ounces Overview Overview Australia Duketon NSR 36 80 20 Henty NSR – 2 – Aphrodite NSR – 24 15 Yandal (Bronzewing) NSR 17 26 5 Bullabulling NSR – 11 5 Edna May NSR – – – Glenburgh NPI – 2 3 Red October NSR – 1 2 South Kalgoorlie NSR 1 – – Royalty Ounces Royalty Ounces Royalty Ounces Matilda (Wiluna) NSR 55 141 101 Mt Keith3 NSR/NPI 4 35 4 Rest of World MWS Stream 100 100 – Sabodala Stream 127 210 48 Karma Stream 47 121 30
Royalty Ounces Royalty Ounces Royalty Tasiast NSR 149 207 8 Subika NSR 99 131 39 Edikan NSR 23 45 4 Ity NSR 3 3 – Agi Dagi NSR 23 44 6 Pandora NPI 37 313 40 Perama Hill NSR 20 28 11 Kiziltepe NSR – 5 2 Sissingue NSR 2 2 – Total Royalty Ounces 10,090 14,655 5,091 Assets Assets Assets 1 For information regarding calculation of each Royalty Ounce, please refer to the individual asset writeups. We have assumed $1,300/oz Au, $15.25/oz Ag, $825/oz Pt, $1,500/oz PD, $2.75/lb copper, $5.00/lb nickel and $0.95/lb ferrochrome for our calculations 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 Copper Royalty Ounces assume NSR deductions of 15%; Nickel Royalty Ounces and ferrochrome Royalty Ounces assume NSR deductions of 30% Assets Assets 4 M&I Royalty Ounces include P&P Royalty Ounces
royalty ounces
16,000 Mineral Reserves Mineral Reserves Mineral Reserves P&P Royalty Ounces M&I Royalty Ounces and Resources and Resources and Resources 14,000 • Chart shows total Royalty
12,000 Ounce growth since 2011 – represents cost free 10,000 ounces to Franco-Nevada and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral 8,000 • Over same time frame,
6,000 P&P Royalty Ounces have
Royalty Ounces (000s) Ounces Royalty increased 107% per share 4,000 • Total M&I Royalty Ounces 2,000 Additional Information Additional Information Additional Information (excluding Inferred) have ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 0 increased by 91% per share Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 19 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Asset Index by Category Overview Overview Overview
Gold & Gold Equivalents Overview Overview Cobre Panama (Au & Ag) 23 Sandman (Au) 45 Tasiast (Au) 65 Candelaria (Au & Ag) 24 Pinson (Au) 45 Subika (Au) 66 Antapaccay (Au & Ag) 25 Robinson (Cu, Au) 46 Duketon (Au) 67 Antamina (Ag) 26 EaglePicher (De) 46 Edikan (Au) 68 Guadalupe-Palmarejo (Au) 27 Sudbury (PGM & Au) 47 Mt Keith (Ni) 69 Cerro Moro (Au & Ag) 28 Detour Lake (Au) 48 Ity (Au) 70 Salares Norte (Au & Ag) 29 Golden Highway (Au) 49 South Kalgoorlie (Au) 70 Royalty Ounces Royalty Ounces Royalty Ounces NuevaUnión (Relincho) Hemlo (Au) 50 Cooke 4 (Au) 71 (Cu, Mo) 30 Musselwhite (Au) 51 Red October (Au) 71 Taca Taca (Cu, Au, Mo) 31 Kirkland Lake (Au) 52 Pandora (PGM) 71 Cerro San Pedro (Au & Ag) 32 Timmins West (Au) 53 South Kalgoorlie CentroGold (Gurupi) (Au) 32 Canadian Malartic (Au) 54 (Lake Cowan) (Au) 71 Royalty Ounces Royalty Ounces Royalty Calcatreu (Au & Ag) 32 Brucejack (Au & Ag) 55 Henty (Au) 72 San Jorge (Au) 33 Hardrock (Au) 56 Perama Hill (Au) 72 Falcondo (Ni) 33 Valentine Lake (Au) 57 Kiziltepe (Au & Ag) 72 Goldstrike (Au) 34 Dublin Gulch (Eagle) (Au) 58 Agi Dagi (Au) 72 Stillwater (PGM) 35 Red Lake (Phoenix) (Au) 58 Matilda (Wiluna) (Au) 73 Gold Quarry (Au) 36 Ring of Fire - Black Thor Agnew (Vivien) (Au) 73 Marigold (Au) 37 (Cr, Ni, Cu) 59 Yandal (Bronzewing) (Au) 73 Assets Assets Fire Creek/Midas (Au & Ag) 38 Courageous Lake (Au) Assets 59 Sissingué (Au) 74 Bald Mountain (Au) 39 Goldfields (Au) 60 Aphrodite (Au) 74 Assets Assets South Arturo (Au) 40 Monument Bay (Au) 60 Flying Fox (Ni) 74 Mesquite (Au) 41 Red Mountain (Au) 61 Millmerran (Commodore) Hollister (Au) 42 Cariboo (Au) 61 (Coal) 74 Rosemont (Cu, Mo, Ag) 43 New Prosperity (Au) 61 Bowen Basin (Coal) 75 Stibnite Gold (Au) 44 MWS (Au) 62 King Vol (Zn) 75 Castle Mountain (Au) 44 Sabodala (Au) 63 Osborne (Cu, Au) 75 Sterling (Au) 45 Karma (Au) 64 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Energy Assets SCOOP/STACK (Continental) 82 Permian Basin 84 Other Producing Energy Assets 87 SCOOP/STACK (Other) 83 Weyburn Unit 85 Energy Exploration Assets 88 Orion 86 and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 20 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty
Franco-Nevada Assets Gold & Gold Equivalents Latin America United States Assets Assets Assets Canada Rest of World Assets Assets Mining Exploration Assets Energy Energy Exploration Assets Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 21 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Alphabetical Asset Index Overview Overview Overview
Gold & Gold Equivalents Overview Overview Agi Dagi (Au) 72 Golden Highway (Au) 49 Pinson (Au) 45 Agnew (Vivien) (Au) 73 Goldfields (Au) 60 Red Lake (Phoenix) (Au) 58 Antamina (Ag) 26 Goldstrike (Au) 34 Red Mountain (Au) 61 Antapaccay (Au & Ag) 25 Guadalupe-Palmarejo (Au) 27 Red October (Au) 71 Aphrodite (Au) 74 Hardrock (Au) 56 Ring of Fire - Black Thor Bald Mountain (Au) 39 Hemlo (Au) 50 (Cr, Ni, Cu) 59 Bowen Basin (Coal) 75 Henty (Au) 72 Robinson (Cu, Au) 46 Royalty Ounces Royalty Ounces Royalty Ounces Brucejack (Au & Ag) 55 Hollister (Au) 42 Rosemont (Cu, Mo, Ag) 43 Calcatreu (Au & Ag) 32 Ity (Au) 70 Sabodala (Au) 63 Canadian Malartic (Au) 54 Karma (Au) 64 Salares Norte (Au & Ag) 29 Candelaria (Au & Ag) 24 King Vol (Zn) 75 San Jorge (Au) 33 Cariboo (Au) 61 Kirkland Lake (Au) 52 Sandman (Au) 45 Royalty Ounces Royalty Ounces Royalty Castle Mountain (Au) 44 Kiziltepe (Au & Ag) 72 Sissingué (Au) 74 CentroGold (Gurupi) (Au) 32 Marigold (Au) 37 South Arturo (Au) 40 Cerro Moro (Au & Ag) 28 Matilda (Wiluna) (Au) 73 South Kalgoorlie (Au) 70 Cerro San Pedro (Au & Ag) 32 Mesquite (Au) 41 South Kalgoorlie Cobre Panama (Au & Ag) 23 Millmerran (Commodore) (Lake Cowan) (Au) 71 Cooke 4 (Au) 71 (Coal) 74 Sterling (Au) 45 Courageous Lake (Au) 59 Monument Bay (Au) 60 Stibnite Gold (Au) 44 Assets Assets Detour Lake (Au) 48 Mt Keith (Ni) 69 Stillwater (PGM) 35 Assets Dublin Gulch (Eagle) (Au) 58 Musselwhite (Au) 51 Subika (Au) 66 Assets Assets Duketon (Au) 67 MWS (Au) 62 Sudbury (PGM & Au) 47 EaglePicher (De) 46 New Prosperity (Au) 61 Taca Taca (Cu, Au, Mo) 31 Edikan (Au) 68 NuevaUnión (Relincho) Tasiast (Au) 65 Falcondo (Ni) 33 (Cu, Mo) 30 Timmins West (Au) 53 Fire Creek/Midas (Au & Ag) 38 Osborne (Cu, Au) 75 Valentine Lake (Au) 57 Flying Fox (Ni) 74 Pandora (PGM) 71 Yandal (Bronzewing) (Au) 73 Gold Quarry (Au) 36 Perama Hill (Au) 72 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Energy Assets Energy Exploration Assets 88 Permian Basin 84 Weyburn Unit 85 Orion 86 SCOOP/STACK (Continental) 82 Other Producing Energy Assets 87 SCOOP/STACK (Other) 83 and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Mining Exploration Assets can The description and depiction of our assets in this Asset Handbook has been simplified be found tabulated on pages for presentation purposes. More detailed and current information may be available in our 76, 77, 78 and 79. previous and subsequent disclosure and on our website. Mineral Reserves and Mineral Resources information for 2017 and 2016 is provided for comparative purposes only. For a detailed breakdown of Oil & Gas Exploration Assets the 2017 and 2016 Mineral Reserves and Mineral Resources, please refer to our AIF for the years ended can be found on page 88. December 31, 2017 and December 31, 2016, respectively available on SEDAR at www.sedar.com. Additional Information Additional Additional Information Additional 22 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Cobre Panama (Au & Ag) 2018 2017 2016 Cobre Panama (Au & Ag) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview Overview Overview Panama, Latin America P&P Reserves (koz Au)1 6,941 6,941 6,941 stream: Gold and silver stream M&I Resource (koz Au)1 7,453 7,453 7,453 operator: First Quantum Minerals Ltd. / Inferred Resource (koz Au)1 1,135 1,135 1,135 1 Overview Overview Korea Resources Corp. P&P Reserves (moz Ag) 138.4 138.4 138.4 M&I Resource (moz Ag)1 156.6 156.6 156.6 Gold & Gold Equivalents Inferred Resource (moz Ag) 1 36.4 36.4 36.4 P&P Royalty Ounces (000s)2 4,522 4,637 3,544 Cobre Panama is one of the world’s largest copper-gold-silver M&I Royalty Ounces (000s)1, 2 4,835 4,960 3,811 porphyry deposits currently being constructed and is 90% owned Inf Royalty Ounces (000s)2 672 693 573 by First Quantum Minerals Ltd. (“First Quantum”) and 10% by 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Korea Resources Corp. (“KORES”). The concession covers an by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves area of 136 km2. In January 2018, a subsidiary of Franco-Nevada 2 For Royalty Ounce calculation, FNV management assumes 86% of the projects agreed to add a new precious metals stream which increases its Mineral Reserves and Mineral Resources (69% in 2016) are subject to our stream interest. Silver has been converted into Royalty Ounces assuming $1,300/oz gold Royalty Ounces Royalty Ounces Royalty Ounces coverage to 100% of the ownership of the Cobre Panama project. and $15.25/oz silver ($1,300/oz gold and $17.00/oz silver in 2017; $1,200/oz gold Franco-Nevada now has two precious metals streams with slightly and $17.50/oz silver in 2016) and a 61% (62% in 2017; 57% in 2016) factor has been different terms: applied to obtain a Royalty Ounce for the P&P category, a 61% (56% in 2016) factor has been applied for Royalty Ounces in the M&I category and a 50% factor has • Fixed Ongoing Payment Stream - Applies to First Quantum’s been applied for Royalty Ounces in the Inferred category original 80% interest in the Cobre Panama project which has been in place since 2015.
Royalty Ounces Royalty Ounces Royalty • Floating Ongoing Payment Stream - Effective since March 2018 and applies to First Quantum’s 10% indirect interest acquired from LS-Nikko Copper Inc.’s and KORES’ 10% indirect interest. Franco-Nevada has fully funded its $1.356 billion project commitment. The amount of precious metals deliverable under both the Fixed Payment Stream and Floating Payment Stream is indexed to total project metal-in-concentrate shipped. The main difference between the Fixed Payment Stream and Floating Payment Stream is the ongoing price per ounce paid. The ongoing payment of the Fixed Payment Stream is fixed Assets Assets Assets per ounce payments of $418/oz gold and $6.27/oz silver with a 1.5% annual inflation factor. The Floating Payment Stream Assets Assets ongoing price per ounce for deliveries is 20% of the spot price production rate of 72 million tonnes per year (“Mtpa”) by the for the current Mineral Reserve life and higher thereafter. end of 2019 and 85 Mtpa in 2020. First Quantum has stated the First Quantum introduced first ore to the milling circuit on potential to accommodate a further increase to 100 Mtpa after February 13, 2019 at Cobre Panama. Ramp-up is scheduled over 2022. Franco-Nevada will receive a 5% return on its capital 2019 and 2020 with First Quantum expecting an annualized invested effective from January 1, 2019 until the mill throughput reaches 58 Mtpa. The return will be achieved by a $100 per gold
Caribbean Sea Panama ounce discount in the ongoing price for the initial ounces acquired. Punta Rincón Port and Canal Powerplant Cobre Panama Project Franco-Nevada’s precious metals delivery is indexed Panama off the copper in concentrate shipped. For 2019, First Quantum Caribbean Sea City expects to produce between 140,000 - 175,000 tonnes of Mineral Reserves Mineral Reserves
Mineral Reserves Pacific Ocean
and Resources River Caimito and Resources and Resources contained copper (midpoint equates to ~52,000 ounces of gold and 0.6 million ounces of silver to Franco-Nevada), increasing to between 270,000 - 300,000 tonnes of contained copper in Cobre Panama 2020 (midpoint equates to ~94,000 ounces of gold and 1.1 million ounces of silver to Franco-Nevada), approximately 300,000 tonnes
* Property located of contained copper in 2021 (equates to ~99,000 ounces of gold and Resources and Resources approximately N Mineral Reserves Mineral Mineral Reserves Mineral 20 km from and 1.1 million ounces of silver) and 350,000 tonnes of contained 4 km Caribbean Sea copper in 2022 (equates to ~116,000 ounces of gold and 1.3 million ounces of silver). Gold deliveries will lag the production schedule noted above, particularly in 2019, due to the timing of shipments Concession Boundary and payments.
Power Transmission 230 kv line Additional Information Additional Information Additional Information ASSET highlighTS:
Camp • Stream agreement now covers 100% of the Plant ownership of Cobre Panama Colina Pit Botija Site Medio Pit Pit Balboa • Steady increasing production over next several years Pit Valle Grande Pit Babr • 5% return on capital invested until the mill Pit throughput reaches 58 Mtpa Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 23 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Candelaria (Au & Ag) 2018 2017 2016 Candelaria (Au & Ag) Revenue to Franco-Nevada ($ million) $ 70.5 $ 105.2 $ 88.5 Overview Chile, Latin America Overview Overview P&P Reserves (koz Au)1 2,574 2,120 1,962 stream: Gold and silver stream M&I Resource (koz Au)1 4,577 3,813 3,314 operator: Lundin Mining Corporation Inferred Resource (koz Au) 1 206 150 382 1 Overview Overview Gold & Gold Equivalents P&P Reserves (moz Ag) 36.0 30.6 28.4 M&I Resource (moz Ag) 1 61.3 52.2 45.3 Inferred Resource (moz Ag) 1 1.8 1.2 4.0 P&P Royalty Ounces (000s)2 811 757 701 In November 2014, a subsidiary of Franco-Nevada acquired a gold M&I Royalty Ounces (000s)1, 2 1,247 1,118 970 and silver stream on production from the Candelaria operation Inf Royalty Ounces (000s) 2 43 30 74 in Chile. Lundin Mining Corporation (“Lundin”) is the operator of 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages the project and owns 80% of the asset with the balance owned by by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Sumitomo Corporation and its affiliates. Franco-Nevada provided 2 For Royalty Ounce calculation, FNV management estimates P&P Royalty Ounces an up-front deposit of $655 million to acquire the gold and silver include payable metal of the balance of the 720,000 ounces of gold and 12 million ounces of silver remaining and the balance of P&P Reserves subject to the lower Royalty Ounces Royalty Ounces stream from what is primarily a copper mine. The funds were used streamRoyalty Ounces percentage with appropriate payable and recovery parameters. For M&I to finance a portion of the cost paid by Lundin to acquire the asset Royalty Ounces, Franco-Nevada has assumed the P&P Royalty Ounces with the from Freeport-McMoRan Inc. Candelaria is an established mining balance of M&I Resources subject to the lower stream percentage with appropriate payable and recovery parameters. For Inf Royalty Ounces, Franco-Nevada assumes operation and the transaction is the first material instance of a Inferred Resources are subject to the lower stream percentage with appropriate royalty/streaming company partnering with an operating company payable and recovery parameters. Silver is converted to Royalty Ounces assuming to purchase a producing asset. $1,300/oz gold and $15.25/oz silver ($1,300/oz gold and $17.00/oz silver in 2017; $1,200/oz gold and $17.50/oz silver in 2016). The stream interest has been factored Royalty Ounces Royalty The stream covers the current property Ounces Royalty position of by 69% to reflect $1,300 per ounce gold and $400 per ounce ongoing payments approximately 150 km2. An additional defined area of interest (66.6% in 2016) effectively doubles the property position. Should Lundin acquire properties located within the area of interest, Franco-Nevada has 4.4 million ounces of silver received and sold since acquisition. the option to purchase a gold and silver stream which will apply Based on the updated technical report, Franco-Nevada expects to the additional ore from such properties. to receive approximately 70,000 gold equivalent ounces in 2019 The stream covers 68% of the payable gold and silver from and approximately 80,000 gold equivalent ounces per year over 100% of the mine which reduces to 40% after 720,000 ounces 2019-2023. of gold and 12 million ounces of silver have been delivered to The Candelaria mine was discovered in 1987 and the open-pit Franco-Nevada. Franco-Nevada pays an ongoing price equal to has been in operation since 1993. The operation also includes the Assets Assets the lesser of $400 per ounce of gold and $4.00 per ounce of CandelariaAssets North and South, Santos and Alcaparrosa underground silver or the then prevailing spot price for gold and silver for mines. Candelaria is one of Franco-Nevada’s largest revenue generators and has outperformed original expectations. Lundin Assets
Assets each ounce delivered under the stream. This price escalates by 1% per annum following the third anniversary of the closing. has made a significant investment in exploration at Candelaria In 2018, Franco-Nevada received 46,778 ounces of gold having drilled over 420,000 meters and spent ~$100 million and 715,987 ounces of silver with 258,821 ounces of gold and through the second quarter of 2018. With the exploration success, Lundin has extended the go forward mine life from 14 years to over 20 years based on the latest technical report. Lundin has successfully added to Mineral Resource and Mineral Reserve Candelaria estimates at four underground mines (Candelaria North & South, Gold and Silver Copiapo Alcaparrosa and Santos) and has discovered the La Espanola Stream Open Pit deposit. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources
Alcaparrosa N Mine 0 2.5 Tierra Amarilla Kilometres
Santos Mine
and Resources Candelaria and Resources North Mineral Reserves Mineral Mineral Reserves Mineral (U/G)
Candelaria Pit
Candelaria South (U/G)
La Espanola Additional Information Additional Information Additional Information ASSET highlighTS: • Updated LOM plan extends beyond 20 years
Candelaria Mining • La Espanola - new open pit orebody delineated; Property continued strong exploration potential Area of Interest • Gold and silver Mineral Reserves increased by ~20% Ojos del Salado Mining Property in November 2018 technical report versus previous report Additional Information Additional Additional Information Additional 24 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Antapaccay (Au & Ag) 2018 2017 2016 Antapaccay (Au & Ag) Revenue to Franco-Nevada ($ million) $ 97.5 $ 90.2 $ 92.5 Overview Overview Overview Peru, Latin America P&P Reserves (koz Au)1 1,904 2,053 2,226 stream: Gold and silver stream M&I Resource (koz Au)1 2,983 2,737 2,942 operator: Glencore plc Inferred Resource (koz Au)1 578 698 682 1 Overview Overview Gold & Gold Equivalents P&P Reserves (moz Ag) 37.9 39.0 41.0 M&I Resource (moz Ag) 1 65.9 49.9 52.0 Inferred Resource (moz Ag) 1 5.2 10.5 10.3 P&P Royalty Ounces (000s)2 683 768 815 In February 2016, a subsidiary of Franco-Nevada acquired a M&I Royalty Ounces (000s)1, 2 898 893 935 precious metals stream with reference to production from the Inf Royalty Ounces (000s)2 95 126 114 Antapaccay mine for $500 million from Glencore plc (“Glencore“) 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages and its subsidiaries. Antapaccay is located within the province by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves of Espinar in Southern Peru–a district with a long mining history. 2 For Royalty Ounce calculation, FNV management estimates P&P Royalty Ounces include payable metal of the remaining deliveries before the 630,000 ounces of The property also hosts the historic Tintaya open-pit mine and gold and 10 million ounces of silver hurdle with the balance of Mineral Reserves Royalty Ounces Royalty Ounces Royalty Ounces related infrastructure which began operating in 1984. Glencore subject to a 30% stream with appropriate recovery parameters. For M&I Royalty (Xstrata) invested in excess of $1.5 billion of initial capital to build Ounces, Franco-Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the 30% stream with appropriate recovery parameters. and commission the Antapaccay open-pit mine and plant, which For Inf Royalty Ounces, Franco-Nevada assumes Inferred Resources are subject to commenced operations in 2012. the 30% stream with appropriate recovery parameters. Silver has been converted Under the streaming agreement, gold and silver deliveries to Royalty Ounces assuming $1300/oz gold and $15.25/oz silver ($1300/oz gold and $17.00/oz silver in 2017; $1200/oz gold and $17.50/oz silver in 2016). The stream are initially referenced to copper in concentrate shipped. interest has been factored by different ongoing payments of 20% of the spot price
Royalty Ounces Royalty Ounces Royalty Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of gold and silver on the first 750,000 ounces of gold and 12.8 million ounces of of silver for each 1,000 tonnes of copper in concentrate shipped, silver and 30% of the spot price thereafter until 630,000 ounces of gold and 10 million ounces of silver have been delivered. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 million ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold and silver. Franco-Nevada received 76,877 GEOs in 2018 compared with Assets Assets Assets 71,183 GEOs in 2017. Franco-Nevada expects stream deliveries from Antapaccay to average 65,000 GEOs per year over the next 5 years. Assets
Assets The stream is referenced to the entire Antapaccay concession covering approximately 997 km2. Glencore is currently studying the development of the Coroccohuayco deposit which is located within 10 km of the Antapaccay plant. Coroccohuayco hosts a 290 million tonne M&I Mineral Resource with approximately twice the copper grade of the Antapaccay Mineral Reserves. Coroccohuayco could provide higher grade ore to the mills in the medium term. In addition, there are a number of large-scale regional targets and prospects on the Antapaccay concessions. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources ASSET highlighTS: Antapaccay Antapaccay • Gold and silver deliveries initially referenced Precious Metals Tintaya Tintaya Precious Metals Plantto copper in concentrateStream shipped Plant Stream • Provides significant revenue and cash flow Tailings Tailings Dump • Coroccohuayco potentially to extend mine life Dump and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral • Significant land packageN offers a number of N 0 5 0 5 Tintaya large-scale regional targets Km Tintaya Km Pit Pit Antapaccay Antapaccay Plant Plant 10 Km 10 Km Additional Information Additional Information Additional Information
Coroccohuayco Coroccohuayco Antapaccay Antapaccay Pit Pit Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 25 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Antamina (Ag) 2018 2017 2016 Antamina (Ag) Revenue to Franco-Nevada ($ million) $ 51.1 $ 62.9 $ 75.0 Overview Peru, Latin America Overview Overview P&P Reserves (moz Ag) 1 166.0 182.1 189.8 stream: silver stream 1 M&I Resource (moz Ag) 370.0 381.8 391.9 operator: Teck Resources Limited Inferred Resource (moz Ag) 1 464.9 462.0 417.7 2 Overview Overview (owns 22.5%) P&P Royalty Ounces (000s) 266 325 378 M&I Royalty Ounces (000s)1, 2 570 658 758 Gold & Gold Equivalents Inf Royalty Ounces (000s)2 497 550 555
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In October 2015, Franco-Nevada provided a deposit of $610 by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves million for a silver stream on production from the Antamina 2 For Royalty Ounce calculation, FNV management assumes 22.5% of Teck’s interest mine in Peru from Teck Resources Limited (“Teck”). Teck has in Antamina is subject to our stream interest and that the silver is subject to fixed payability of 90% with appropriate recovery factors and that the stream reduces by a 22.50% interest in Compania Miñera Antamina S.A. (“CMA”), 33% once 86 million silver ounces have been delivered. Silver has been converted the Antamina joint venture company, along with partners BHP to Royalty Ounces assuming $1,300/oz gold and $15.25/oz ($1,300/oz gold and Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation $17.00/oz in 2017; $1,200/oz gold and $17.50/oz in 2016). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Royalty Ounces Royalty Ounces (10.00%). Antamina is an established mine that commenced Royalty Ounces operations in 2001 and is one of the lowest cost copper operations globally. The low costs are facilitated by the wholly-owned mining infrastructure including a concentrate pipeline and port facilities. Silver deliveries for 2018 were 3.3 million ounces compared with 3.7 million ounces in 2017. 2019 silver stream contributions
Royalty Ounces Royalty to Franco-Nevada are expected to average Ounces Royalty below the midpoint of the long term average range of 2.8-3.2 million ounces per year. The stream is based on all recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86 million ounces have been delivered, estimated at the current throughput rate of 54 Mt per year to be in approximately 30 years. The mine contains total M&I Mineral Resources of 1.1 billion Assets Assets tonnes of ore (essentially unchanged year-over-year) and an Assets Inferred Mineral Resources of 1.24 billion tonnes of ore (down from Assets
Assets 1.37 billion tonnes as of December 31, 2017). Total Mineral Reserves are 489 million tonnes of ore, which are currently constrained by tailings disposal capacity. CMA is currently considering options for additional tailings storage and alternative mine plans
that could result in significant mine life extensions. Huari Current M&I Mineral Resources are sufficient to support Huaraz San Marcos Antamina over 20 years of open-pit mining. Historically, a high level Chavui of Inferred Mineral Resources have converted to M&I De Huantar Mineral Resources and ultimately to Mineral Reserves. Recuay Machac Subestacion Linea de Transmision Beyond the known Mineral Reserves and Mineral Electrica Mineral Reserves Mineral Reserves Mineral Reserves N and Resources and Resources
Resources, Antamina hosts additional potential open-pit and Resources Catac PARQUE NACIONAL and bulk/selective underground targets. There is also 0 60 HUASCARAN Miles Huanzala Pachacoto regional exploration potential over a large, prospective Yanashall 2 Autopista Panamericana land package greater than 700 km . Huallanca Norte In 2018, Franco-Nevada strengthened its relationship CMA Pipeline Huarmey CMA with CMA by contributing to the project’s social license Puerto Minero Aquia Carretera Punta Lobitos Conococha and Resources and Resources in the region. CMA has an existing program to support Pativilca-Huarez Mineral Reserves Mineral Mineral Reserves Mineral Enseña Peru, which aims to improve education at existing Cajacay Chiquian Antamina schools in the region. Franco-Nevada is partnering with Silver Stream
CMA in expanding this mission to more schools which in Chasquitambo turn will benefit more students discussed further in our ESG report available on our website.
Cutatambo South Additional Information Additional Information Additional Information PERU ASSET highlighTS: America • Proven, high-margin asset contributing to Paramonga Autopista revenue and cash flow Pativilca Panamericana Barranca Norte • Mineral Resource conversion could support Pacific Ocean Pto. Supe Huacho mining for 30-40 years Huaral Chancay • Franco-Nevada’s first pure silver stream Lima Additional Information Additional Additional Information Additional 26 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Guadalupe-Palmarejo (Au) 2018 2017 2016 Guadalupe-Palmarejo (Au) Revenue to Franco-Nevada ($ million) $ 45.3 $ 65.5 $ 44.6 Overview Overview Overview Mexico, Latin America P&P Reserves (koz Au) 1 693 706 592 stream: 50% Gold Stream M&I Resource (koz Au) 1 1,151 1,074 829 operator: Coeur Mining, Inc. Inferred Resource (koz Au) 1 384 369 258 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 98 104 76 M&I Royalty Ounces (000s)1, 2 179 170 113 Inf Royalty Ounces (000s)2 70 61 35 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Since January 2009, Franco-Nevada has received 50% of the gold by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves produced from the Palmarejo operation located in Chihuahua 2 For Royalty Ounce calculation, FNV management estimates 74% of the Mineral Province, Mexico which is owned and operated by Coeur Mining, Reserves (77% in 2017 & 2016), 92% of the exclusive M&I Mineral Resource (93% in 2016) and 86% of the Inferred Resource (81% in 2016) are subject to our 50% stream Inc. (“Coeur”). Palmarejo is a silver project with a considerable interest. The stream interest has been factored by 38.5% to reflect $1,300 per ounce gold by-product. In June 2014, Franco-Nevada agreed to terminate gold and $800 per ounce ongoing payments (33.3% in 2016) the original stream agreement once Coeur delivered the minimum Royalty Ounces Royalty Ounces Royalty Ounces 400,000 ounce obligation under that agreement. The minimum obligation was met in the third quarter of 2016. In June 2014, a subsidiary of Franco-Nevada entered into a new 50% gold stream with Coeur on the Palmarejo project with ongoing payments equal to the lesser of $800 per ounce (no inflation provision) and the then prevailing spot price for gold for each
Royalty Ounces Royalty Ounces Royalty ounce delivered under the new gold stream agreement. The new agreement improves mine economics for Coeur and extends the mine life of the entire Palmarejo operation. The agreement applies to the extensive land position totaling over 1,200 km2. Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground mine on the Palmarejo property. Franco-Nevada received 35,807 ounces of gold in 2018 versus 52,124 ounces of gold in 2017. For 2019, Coeur expects to produce between 95,000-105,000 ounces of gold but does not publicly Assets Assets Assets provide a breakdown of what is expected from Guadalupe/ Independencia West (stream ground) and Independencia East Assets
Assets (non-stream ground). Franco-Nevada estimates that over 70% of the existing Mineral Reserve is covered by stream agreement and over 80% of the Mineral Resource. Underground development at the La Nación deposit, which straddles the stream ground border and is located between the Independencia and Guadalupe Guadalupe and Independencia. For 2019, priorities will shift underground mines, remains on-schedule with production to new Mineral Resource development as well as continued infill expected in the second half of 2019. drilling. Mineral Reserves for the year decreased marginally due Coeur drilled over 74,500 meters at the Palmarejo property to depletion but M&I gold Mineral Resources increased by 25% in 2018, representing Coeur’s largest exploration investment. primarily driven by growth at La Nación. Coeur targeted several areas including Mineral Resource Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources expansion at La Nación and areas around Guadalupe and Independencia. In addition, Coeur conducted infill drilling at Perimeter of gold stream ASSET highlighTS: property • Restructured agreement following completion of minimum stream Palmarejo and Resources and Resources La Bavisa Mineral Reserves Mineral Mineral Reserves Mineral payments Mill Agua Salada • Significant exploration investment could lead to continued Mineral Los Bancos Resource growth and increased mine La Nación Independencia life Additional Information Additional Information Additional Information Guadalupe-Palmarejo Non-stream Guadalupe Gold Stream ground
N 0 4
Km Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 27 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Cerro Moro (Au & Ag) 2018 2017 2016 Cerro Moro (Au & Ag) Revenue to Franco-Nevada ($ million) $ 2.3 $ – $ – Overview Argentina, Latin America Overview Overview P&P Reserves (koz Au) 1 675 715 715 royalty: NSR: 2% M&I Resource (koz Au)1 883 953 953 operator: Yamana Gold Inc. Inferred Resource (koz Au) 1 211 279 279 1 Overview Overview Gold & Gold Equivalents P&P Reserves (moz Ag) 38.0 40.7 40.7 M&I Resource (moz Ag) 1 53.7 61.0 61.0 Inferred Resource (moz Ag) 1 14.1 14.4 14.4 P&P Royalty Ounces (000s)2 22 25 26 Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by M&I Royalty Ounces (000s)1, 2 30 35 37 Yamana Gold Inc. (“Yamana”) in Santa Cruz province of Argentina. Inf Royalty Ounces (000s)2 8 9 10 2 The royalty is estimated to cover 160 km of the property and 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages all current Mineral Resources which are contained in high grade by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves epithermal gold and silver veins. 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral Reserves & Mineral Resources are subject to our royalty interest and a Royalty Cerro Moro construction was completed in 2018 with first Ounce rate of 2.0% is applicable. Silver has been converted assuming $1,300/oz Royalty Ounces Royalty Ounces gold and silver doré poured on May 15, 2018 and commercial goldRoyalty Ounces and $15.25/oz silver ($1,300/oz gold and $17.00/oz silver in 2017; $1,200/oz gold production declared on June 26, 2018. For 2018, Yamana expected and $17.50/oz silver in 2016) to produce 85,000 ounces of gold and 3.75 million ounces of silver. Actual production was better than expected as the mine produced 92,800 ounces of gold and 4.119 million ounces of silver. Production is expected to ramp-up to 130,000 ounces of gold and
Royalty Ounces Royalty 6 million ounces of silver in 2019. Ounces Royalty Yamana plans to increase the exploration budget in 2019 by 33 percent which will target major structures with potential to host new mineralized zones while also continuing to generate new targets through multi-disciplinary fieldwork. The Cerro Moro feasibility study assumed an initial 6.5 year mine life which Yamana is actively trying to extend through exploration success.
ASSET highlighTS: • 2018 production exceeded Assets Assets Assets expectations • Increased production in 2019 Assets Assets following ramp-up of operations • High grade gold/silver deposit Cerro Moro with exploration potential Royalty Area Cerro 2% NSR N Moro Royalty Claim Area 0 10 Cella
Kilometres Celeste Silvana Jimena
Carina Maria Lola Juan Belen
Not included Mineral Reserves Mineral Reserves Mineral Reserves
under 2% NSR and Resources and Resources and Resources
Daniel Pablo Alejandro and Resources and Resources N Mineral Reserves Mineral Mineral Reserves Mineral 0 5
Kilometres
Nini
Esperanza
Loma Escondida Resource Locations Escondida Carla Additional Information Additional Information Additional Information Martina Zoe
Not included under 2% NSR Additional Information Additional Additional Information Additional 28 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Salares Norte (Au & Ag) 2018 2017 2016 salares Norte (Au & Ag) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview Overview Overview Chile, Latin America P&P Reserves (koz Au) 1 3,500 – – royalty: NSR: 2% M&I Resource (koz Au) 1 3,500 – – operator: Gold Fields Limited Inferred Resource (koz Au) 1 400 – – 1 Overview Overview Gold & Gold Equivalents P&P Reserves (moz Ag) 39.3 – – M&I Resource (moz Ag)1 39.3 – – Inferred Resource (moz Ag)1 4.4 – – P&P Royalty Ounces (000s)2 78 – – In early 2019, Franco-Nevada acquired an existing 2% NSR on M&I Royalty Ounces (000s)1, 2 78 – – the Salares Norte project being advanced by Gold Fields Limited Inf Royalty Ounces (000s)2 9 – – (“Gold Fields”) in the Atacama region of Northern Chile. 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages The royalty is subject to a 1% buyback by Gold Fields within by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 24 months of announcing commercial production for $6 million. 2 For Royalty Ounce calculation, FNV management estimates 99% of the Mineral Reserves & Mineral Resources are subject to our royalty interest and a Royalty Salares Norte is a blind epithermal gold and silver deposit and Ounce rate of 2.0% is applicable. Silver has been converted assuming $1,300/oz Royalty Ounces Royalty Ounces Royalty Ounces represents one of Gold Fields key development projects. The gold and $15.25/oz silver royalty covers 9 km2 of the Salares Norte mining concession and an additional 12 km2 of concessions at the nearby Piedra concessions. Gold Fields recently completed a feasibility study for the project which included a maiden Mineral Reserve containing
Royalty Ounces Royalty Ounces Royalty 3.5 million ounces of gold and 39.3 million ounces of silver (21.1 million tonnes @ 5.1 g/t gold and 57.9 g/t silver). The feasibility study envisages an open pit mining operation and an initial mine life of 11.5 years producing 450,000 ounces of gold equivalent per year for the first 7 years. The environmental impact assessment was accepted for review in July 2018 with an 18-24 month review period anticipated. Detailed engineering is underway and Gold Fields estimates that construction could commence in late 2020. Assets Assets Assets ASSET highlighTS: • Royalty acquired in Assets Assets January 2019 Salares Norte • Feasibility report estimates Royalty Area an initial 11.5 year mine life Agua Amarga • Maiden Mineral Reserve in conjunction with feasibility report • Environmental impact assessment submitted Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources N Not to scale
Brocha Principal and Resources and Resources High-grade Mineral Reserves Mineral Mineral Reserves Mineral gold sub-domains
2017 Resource pit outline
Main low-grade domains Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 29 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
NuevaUnión (Relincho) (Cu, Mo) 2018 2017 2016 NuevaUnión (relincho) (Cu, Mo) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview Chile, Latin America Overview Overview P&P Reserves (Mlbs Cu) 1 11,280 10,203 10,203 royalty: NSR: 1.5% M&I Resource (Mlbs Cu)1 14,202 13,056 13,056 operator: Teck Resources Limited Inferred Resource (Mlbs Cu) 1 4,811 5,117 5,117 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 255 226 201 M&I Royalty Ounces (000s)1, 2 334 303 268 Inf Royalty Ounces (000s)2 130 138 122 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 1.5% NSR royalty covering the Relincho by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves property that is part of the NuevaUnión project being advanced 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral by 50/50 joint venture partners, Teck and Goldcorp Inc. Reserves and Mineral Resources are subject to our royalty interest and estimate a rate of 1.275% (which factors a NSR smelting charge of 15%) and excludes the (“Goldcorp”). The NuevaUnión project combines Teck’s Relincho first four years of production from estimates. Copper has been converted to project with Goldcorp’s La Fortuna deposit, located approximately Royalty Ounces assuming $2.75 per pound ($2.25 per pound in 2016) 40 km apart in the Atacama region of Chile. The 1.5% NSR is Royalty Ounces Royalty Ounces subject to a maximum price of $6.00/lb copper and threshold Royalty Ounces price of $1.50/lb copper, inflation adjusted. No royalty is paid if the average price for the quarter is less than the threshold price and royalty payments commence four years after commercial production. Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011.
Royalty Ounces Royalty NuevaUnión is one of the largest undeveloped Ounces Royalty copper-gold- molybdenum projects in the Americas. A prefeasibility study was completed in the first quarter of 2018 which incorporates key design changes to improve project economics and respond to community and Indigenous peoples input versus the prior preliminary economic assessment. The prefeasibility study assumes an increased mine life from 32 to 36 years which does not include 205 million tonnes of Inferred Mineral Resources contained within the current pit designs. The three phase development approach assumes life Assets Assets of mine average production of 251,000 tonnes of copper Assets equivalent production based on $10 per pound molybdenum Assets
Assets and $1,300 per ounce gold. By combining the two projects, there will be significant reductions to infrastructure requirements and thus initial capital, including utilizing a single desalination plant, mining activities transfer back to Relincho with an expansion to a single port, a single transmission line, a single concentrator and the processing facilities increasing processing to 208,000 tpd. a common tailings facility. The Relincho and La Fortuna deposits NuevaUnión is now focused on advancing a feasibility study, will be bulk open-pit mining operations that will be developed which commenced in the third quarter of 2018 and is anticipated in three production phases. Phase 1 (years 1 - 3) sees mining and to be completed in late 2019. This involves continued work processing facilities at the Relincho site assuming processing with the local communities as well as preparing to submit an of 104,000 tonnes per day (“tpd”). In Phase 2 (years 4 - 18), Environmental Impact Assessment to the regulatory authorities mining activities transfer to the La Fortuna site utilizing an ore in the second half of 2019. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources
conveyance system to transport ore to the processing facilities and Resources at Relincho (116,000 tpd in Phase 2). Phase 3 (years 19 - 36) sees Peru Arica ASSET highlighTS: Bolivia • Joint Venture established with Goldcorp Proposed Pit Iquique to combine relincho and El Morro into and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral one development project Proposed Mill Antofagasta • Project synergies estimated to N significantly reduce initial capital 0 10 Royalty Area • Prefeasibility completed in 2018; Km Candelaria Marte-Lobo Copiapo feasibility study expected by the Cerro Casali Relincho Relincho Regalito end of 2019 El Morro Additional Information Additional Information RoyaltyAdditional Information Area La Serena 1.5% NSR Pascua-Lama Andacollo Mining and Royalty Area Argentina Pit Santiago
Chile Additional Information Additional Additional Information Additional 30 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Taca Taca (Cu, Au, Mo) 2018 2017 2016 Taca Taca (Cu, Au, Mo) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview Overview Overview Argentina, Latin America P&P Reserves (Mlbs Cu) 1 – – – royalty: NSR: 1.08% M&I Resource (Mlbs Cu) 1 21,150 21,150 21,150 operator: First Quantum Minerals Ltd. Inferred Resource (Mlbs Cu)1 7,550 7,550 7,550 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) – – – M&I Royalty Ounces (000s)1, 2 471 492 446 Inf Royalty Ounces (000s)2 164 164 147 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 1.08% NSR royalty on all copper, gold and by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves molybdenum produced from Taca Taca which was acquired 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral through the acquisition of Lumina Royalty Corp. in December Reserves and Mineral Resources are subject to our royalty interest and estimate a rate of 0.918% (which factors in a NSR smelting charge of 15%). Copper has been 2011. The property is located in the Puna region of northwestern converted to Royalty Ounces assuming $2.75 per pound ($2.75 per pound in 2017; Argentina in Salta Province, 230 km west of the provincial capital $2.25 per pound in 2016) of Salta and 90 km east of the world’s largest copper mine, Royalty Ounces Royalty Ounces Royalty Ounces Escondida. The royalty is subject to a buy-back provision. Taca Taca is a very large copper/gold/molybdenum porphyry system with a preliminary economic assessment completed by Lumina Copper Corp. (“Lumina Copper”) in April 2013. The study estimated a potential mine life of 28 years with annual throughput of 120,000 tonnes per day and expansion potential to 180,000
Royalty Ounces Royalty Ounces Royalty tonnes per day after seven years. In August 2014, First Quantum acquired Lumina Copper. According to First Quantum, a detailed environmental and social baseline study is at an advanced stage of preparation, and communication with communities and relevant authorities is ongoing. Water supply studies are progressing well, including a field program which commenced in September 2018 to develop boreholes for pump testing sustainable groundwater resources in the area. First Quantum estimates that formal environmental and social impact assessments will be filed with the authorities Assets Assets Assets in 2019. ASSET highlighTS: Assets Assets PERU • Project acquired by First Quantum in 2014 Arica • Large undeveloped Mineral Resource
N Iquique BOLIVIA
Antofagasta Taca Taca Approximately CHILE 35 km to the Chilean border
Mineral Reserves ARGENTINA Mineral Reserves Mineral Reserves and Resources and Resources and Resources Copiapo Relincho
La Serena ARGENTINA Taca Taca N Royalty Area 0 5 San Jorge Kilometres Vizcachitas 1.08% NSR and Resources and Resources Santiago Mineral Reserves Mineral Mineral Reserves Mineral
CHILE Royalty Area Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 31 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other Latin America Assets Overview Overview Overview Latin America Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview Cerro san Pedro (Au & Ag) Calcatreu (Au & Ag) Mexico, Latin America Argentina, Latin America royalty: GR: 1.95% royalty: NSR: 2.5% operator: New Gold Inc. operator: Patagonia Gold PLC Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Franco-Nevada has a 1.95% GR that covers most of the Cerro San Franco-Nevada has a 2.5% NSR on the Calcatreu property Pedro project operated by New Gold Inc. (“New Gold”). Cerro San in Argentina. Calcatreu is an advanced exploration-stage, Pedro is located in the San Luis Potosi mining district of central epithermal gold-silver deposit located in the Province of Rio Mexico. The project is a gold-silver, open-pit, run-of-mine heap Negro. In December 2017, Patagonia Gold PLC agreed to acquire the leach operation. Cerro San Pedro finished active mining late in property from Pan American Silver Corp (“Pan American Silver”).
Royalty Ounces Royalty the second quarter of 2016 and transitioned Ounces Royalty to residual leaching. Patagonia Gold received the necessary permits to commence A staged closure process is underway. Cerro San Pedro produced drilling at the project at the end of September 2018. Patagonia 10,870 ounces of gold in 2018 versus 34,337 ounces of gold in 2017. Gold started a 7,000 meter drilling program in October 2018 Minimal production from Cerro San Pedro is expected moving which is the first activity at the project in several years. forward. For Royalty Ounce calculation, FNV management estimates 100% of FNV management has not included Cerro San Pedro in Royalty Ounce Mineral Reserves & Mineral Resources are subject to our royalty interest estimates as the Mineral Reserves and Mineral Resources are assumed to and estimates an average rate of 2.5% is applicable be completely depleted Assets Assets Assets CentroGold (Gurupi) (Au) Assets Assets Brazil, Latin America royalty: NSR: 0-1% operator: Oz Minerals Limited Gold & Gold Equivalents
Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400 per ounce gold) on the CentroGold (Gurupi) project located in the State of Maranhão in northern Brazil. Oz Minerals Mineral Reserves Mineral Reserves Limited (“Oz Minerals”) acquired the previous operator, Avanco Mineral Reserves and Resources and Resources and Resources Resources Limited (“Avanco”), in 2018. Avanco completed a 100% earn-in agreement on the project with Jaguar Mining Inc. in October 2017. Avanco released a scoping study for the project in April 2018 which envisioned an 11 year mine life producing ~130,000 ounces per year. There is currently a mining license injunction for the property and Resources and Resources but Oz Minerals is continuing with a community engagement program Mineral Reserves Mineral Mineral Reserves Mineral as well as conducting additional drilling.
For Royalty Ounce calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average rate of 1.0% is applicable Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 32 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other Latin America Assets Overview Overview Overview Latin America Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview san Jorge (Au) Falcondo (Ni) Argentina, Latin America Dominican republic royalty: NSR: 7.5% / advanced payments royalty: 4.1% Dividend operator: Aterra Investing Ltd. operator: Americano Nickel Limited and Solway Industries Ltd Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Franco-Nevada acquired the royalty on the San Jorge property Franco-Nevada has a 4.1% equity interest in Falconbridge through its acquisition of Lumina Royalty Corp. in December 2011. Dominicana, C. por A. (“Falcondo”) that is economically similar San Jorge is an advanced-stage copper-gold porphyry project to a profit royalty except that payments are received through located in the Province of Mendoza, Argentina. Under the revised discretionary dividend distributions. Falcondo is a ferronickel terms of the royalty agreement, Franco-Nevada receives annual surface mining operation with production capacity of 29,000
Royalty Ounces Royalty Ounces Royalty payments of $1.25 million per year for 10 years commencing tonnes of contained nickel per annum located in the Dominican March 31, 2012 with a subsequent 7.5% NSR on all gold produced Republic with operations dating back to 1971. Falcondo is typically from the property. In April 2015, Coro Mining Corp. finalized a swing producer and was put on care and maintenance when an amended agreement with Aterra Investing Ltd. and Solway nickel prices depressed in October 2013. In 2015, Glencore sold Industries Ltd (“A&S”). A&S exercised their option and now have its 85.26% ownership in the operation to Americano Nickel Limited, acquired 100% of the San Jorge property. a private equity company which has subsequently restarted the mine. For Royalty Ounce calculation, FNV management converts the remaining annual payments to Royalty Ounces based on $1,300/oz Au and estimates For Royalty Ounce calculation, FNV management estimates 100% of the 100% of Mineral Reserves & Mineral Resources are subject to our royalty Mineral Reserves & Mineral Resources are subject to our equity interest interest and estimates an average rate of 7.5% is applicable Assets Assets Assets and estimates a margin of 20% is applicable. Nickel has been converted to Royalty Ounces assuming $5.00 per pound ($4.75 per pound in 2017; $4.50 per pound in 2016) Assets Assets Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 33 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Goldstrike (Au) 2018 2017 2016 Goldstrike (Au) Total NSR Revenue to FNV ($ million) $ 4.9 $ 7.3 $ 7.6 Overview Nevada, United states TotalOverview NPI Revenue to FNV ($ million) 14.1 9.5 Overview 15.3 royalty: NSR: 2-4% / NPI: 2.4-6% Total Revenue to FNV ($ million) $ 19.0 $ 16.8 $ 22.9 operator: Barrick Gold Corporation P&P Reserves (koz Au)1 8,525 8,419 8,077 M&I Resource (koz Au) 1 10,157 10,001 9,533 Overview Overview Gold & Gold Equivalents Inferred Resource (koz Au) 1 474 383 349 P&P Royalty Ounces (000s)2 205 202 194 M&I Royalty Ounces (000s)1, 2 244 241 229 Franco-Nevada holds royalties covering the majority of the Inf Royalty Ounces (000s)2 11 9 8 Goldstrike complex operated by Barrick which remains one of 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Barrick’s core mines. The Goldstrike complex is located on the by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Carlin Trend, about 60 km northwest of the town of Elko, Nevada. 2 For Royalty Ounce calculation, FNV management estimates 65% of the Mineral Reserves and Mineral Resources are subject to our royalty interests and estimates The Goldstrike complex includes the open-pit Betze-Post mine, an average rate of 3.7% is applicable as well as the underground operations of Meikle and Rodeo Royalty Ounces Royalty Ounces immediately to the north. Mining activity commenced on the Royalty Ounces property in 1976 and, since 1987, has been operated by Barrick. In the first quarter of 2017, Barrick unified the management Franco-Nevada holds NSR (2-4%) and NPI (2.4-6%) royalties at and the operation of the Cortez, Goldstrike and South Arturo Goldstrike covering the majority of the reported Mineral Reserves minesites, now referred to as Barrick Nevada. Barrick Nevada and Mineral Resources. These estimates include low grade ore produced 2,100,000 ounces in 2018 which is expected to decrease that has been stockpiled. The royalties vary depending on the to between 1,750,000 - 1,900,000 ounces in 2019. While Barrick
Royalty Ounces Royalty claim blocks, as shown in the figure. Ounces Royalty As a result, royalty payments does not break out the guidance of the individual operations, can vary substantially on a quarterly basis, depending on mine it stated that the main reason for the decrease expected in 2019 sequencing and waste stripping. The timing of capital investments was due to the cessation of Cortez Hills open pit operations in can also impact the timing of the payment of profit royalties. the first half of 2019. Assets Assets Assets Assets Assets
ASSET highlighTS: Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources • World class gold operation Extension 5% NPI Goldstrike 4% NSR • Profit royalties are more levered to gold prices Underground Mine Meikle/Rodeo
Gold Bug Royal 5% NPI and Resources and Resources 3% NSR 4% NSR Mineral Reserves Mineral Mineral Reserves Mineral N Goldstrike 1 Mile Open Pit Mine Bazza Strip 2% NSR 2.4% NPI SJ 6% NPI Post 5% NPI Additional Information Additional Information Additional Information 4% NSR Corbett Bazza 2% NSR 2% NSR Goldstrike 5% NPI Pandora 4% NSR 2% NSR Rodeo Creek 4% NSR Weimer Above 4600’ SPLC 4% NSR Lease Goldstrike 6% NPI Mine Additional Information Additional Additional Information Additional 34 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Stillwater (PGM) 2018 2017 2016 Stillwater (PGM) Revenue to FNV ($ million) $ 21.3 $ 20.6 $ 14.6 Overview Overview Overview Montana, United states P&P Reserves (koz PGM) 1 21,903 22,200 21,198 royalty: NSR: 5% M&I Resource (koz PGM) 1 31,035 31,400 21,198 operator: Sibanye-Stillwater Inferred Resource (koz PGM) 1 49,443 49,400 44,113 2, 3 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 859 779 606 M&I Royalty Ounces (000s)1, 3 1,217 1,101 606 Inf Royalty Ounces (000s)2, 3 2,136 2,134 1,906 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages The Stillwater complex is comprised of the Stillwater mine by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves and East Boulder mine in Montana and is operated by 2 For Royalty Ounce calculation, FNV management estimates 96% of the Mineral Sibanye-Stillwater, following the acquisition of Stillwater Reserves and Mineral Resources are subject to our royalty interest 3 Given more significant smelting and refining charges, FNV management estimates Mining Company by Sibanye Gold Limited. Production began an average rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces in 1986 at the Stillwater mine and in 2002 at the East Boulder converted into Royalty Ounces assuming $825/ounce Pt and $1500/ounce Pd mine. Both are PGM mines with the majority of production ($950/ounce Pt and $1050/ounce Pd in 2017; $950/ounce Pt and $750/ounce Pd in 2016) Royalty Ounces Royalty Ounces Royalty Ounces being palladium. Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 813 of the 995 claims that as well as record yearly production from the East Boulder mine. cover the Stillwater complex. The amount of the royalty is As Sibanye-Stillwater only gained control of the operation on reduced by permissible “onward processing” deductions, which May 4, 2017, year over year comparison is not available. Production have averaged 10-12% of revenue over the last several years. for 2019 is expected to range between 645,000-675,000 ounces.
Royalty Ounces Royalty Ounces Royalty Based on Franco-Nevada’s estimates, the NSR royalty currently The Blitz project, located east of the Stillwater mine and covers over 90% of the Stillwater Mineral Reserves and 100% of covered by the NSR, commenced production in October 2017. the East Boulder Mineral Reserves. In recent years, the percentage Sibanye-Stillwater expects Blitz to add ~300,000 ounces by late of Stillwater complex production subject to Franco-Nevada’s 2021 when the project reaches its full run rate. The addition of royalty has increased above 90% as mining moves away from Blitz is expected to increase total PGM production from Stillwater the shaft area. by more than 50% to approximately 850,000 PGM ounces per year. PGM production for 2018 yielded 592,608 ounces which Sibanye-Stillwater estimates that both the Stillwater mine included production from the Blitz project (discussed below) and the East Boulder mines have mines lives in excess of 25 years based on existing Mineral Reserves. As of December 31, 2018, the total M&I Mineral Resource was nearly four times larger Assets Assets Assets than the existing Mineral Reserve which could extend the current mine life even further. Assets Assets ASSET highlighTS: • Steady PGM producer in Montana • Blitz expected to increase PGM production by 50% by late 2021 • Current Mineral Reserves supports a long mine life • Significant Mineral Resource potential to increase mine life even further Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources
East Boulder Stillwater Complex Portal Site (Plan View) Franco-Nevada Royalty Land
Dry Fork Creek SweetgrassStillwater Co. Co. 5% NSR Stillwater N Mill Site East Boulder River 1 Mile East Boulder and Resources and Resources Adit Mineral Reserves Mineral Mineral Reserves Mineral
Lewis Gulch Limit of Franco- Claims Nevada Camp Royalty Lake Franco- Nevada Royalty
Boulder River County line Stillwater River
Sweetgrass Co. West Fork Stillwater
Park Co. Additional Information Additional Information Additional Information
Stillwater Complex (Long Section) Proven and Probable East Boulder Mine Graham Creek PGM Reserve Areas Stillwater Mine
Blitz
Exagerrated Vertical 2:1
Non-Royalty mill area Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 35 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Gold Quarry (Au) 2018 2017 2016 Gold Quarry (Au) Revenue to FNV ($ million) $ 14.4 $ 14.2 $ 14.0 Overview Nevada, United states Overview Overview P&P Reserves (koz Au) 1 NA NA NA royalty: NSR: 7.29% M&I Resource (koz Au) 1 NA NA NA operator: Newmont Mining Corporation Inferred Resource (koz Au) 1 NA NA NA 3 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 34 45 56 M&I Royalty Ounces (000s)2, 3 34 45 56 Inf Royalty Ounces (000s)3 14 14 14
1 Newmont does not disclose Mineral Reserves and Mineral Resources for individual The Gold Quarry operation is part of Newmont Mining assets in Nevada Corporation’s (“Newmont”) Carlin operations in north-central 2 M&I categories are inclusive of Mineral Reserves Nevada. It is a large open-pit mine that has been in production 3 For Royalty Ounce calculation, FNV management assumes we receive annually the minimum royalty provision of 11,250 ounces for 3 years for P&P and M&I and since 1985 supplying ore as part of an integrated mining and 1,350 per year for Inferred (11,250 ounces for 4 years for 2017; 11,250 ounces for processing complex with different mines supplying variable ore 5 years for 2016) types and grades to a variety of processing facilities situated Royalty Ounces Royalty Ounces throughout the complex. Newmont has significant milling and Royalty Ounces roasting processing infrastructure immediately east of the Gold Quarry pit. Newmont currently reports Mineral Reserves and production numbers by area and does not publicly quote separate Gold Quarry numbers. Franco-Nevada’s royalty interest covers only a portion of the
Royalty Ounces Royalty Gold Quarry property as shown in the schematic. The Gold Quarry Ounces Royalty royalty is a 7.29% NSR based on production or on different annual minimum royalty payment obligations tied to Mineral Reserves and stockpiles attributed to the Gold Quarry royalty property. In 2018, Franco-Nevada received 11,262 ounces and expects to receive 11,250 ounces in 2019 based on the minimum royalty provisions.
ASSET highlighTS: Assets Assets • Annual minimum payment obligations based on Assets contained Mineral reserves • Registered on private lands Assets Assets • Adjacent to Newmont’s milling and roasting infrastructure
7.29% NSR Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources
N 7.29% NSR 0.5 Mile and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Gold Quarry West Wall Layback Open Pit
Gold Quarry Additional Information Additional Information Mine Additional Information
Potential Greater Gold Quarry Expansion Additional Information Additional Additional Information Additional 36 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Marigold (Au) 2018 2017 2016 Marigold (Au) Revenue to Franco-Nevada ($ million) $ 10.2 $ 10.3 $ 10.1 Overview Overview Overview Nevada, United states P&P Reserves (koz Au) 1 3,300 3,190 2,840 royalty: NSR: 1.75-5% / GR: 0.5-4% M&I Resource (koz Au) 1 5,560 5,660 5,150 operator: SSR Mining Inc. Inferred Resource (koz Au) 1 400 630 700 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 103 100 89 M&I Royalty Ounces (000s)1, 2 174 177 162 Inf Royalty Ounces (000s)2 13 20 22
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages The Marigold mine is located approximately 64 km southeast of by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is 2 For Royalty Ounce calculation, FNV management estimates 98% of the Marigold operated by SSR Mining Inc. (“SSR Mining”). SSR Mining purchased Mineral Reserves and Mineral Resources are subject to our royalty interest and the mine from joint venture partners Goldcorp (66.7%) and Barrick estimates an average rate of 3.2% is applicable (33.3%) in 2014. The mine has been in continuous production since
1988 and is 5%a NSRlarge run-of-mine heap leach operation with several 5% NSR Royalty Ounces Royalty Ounces Royalty Ounces open-pits. Franco-Nevada has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering almost all of the current Mineral Reserve base. Franco-
Nevada’s original1.75% NSR royalties5% NSR were acquired in connection with its 1.75% NSR 5% NSR IPO and, in December 2009, additional royaltiesValmy covering alternate Valmy sections were added.
Royalty Ounces Royalty Ounces Royalty The mine produced 205,160 ounces in 2018 versus 202,240 ounces in 2017. For 5%2019, NSR SSR Mining1.75% NSR expects5% production NSR to be between 5% NSR 1.75% NSR 5% NSR 200,000-220,000 ounces. Based on the updated life of mine plan released in June 2018, SSR Mining anticipates average annual production of 236,000 ounces5 North over the next 6 years, with peak 5 North 5% NSR Deposit 5% NSR Deposit production of more than 265,000 ounces of gold inN 2021 and 2022. N The life of mine plan predicts active mining through 2028 2.5%-4% GR* 5% NSR 1 Mile 2.5%-4% GR* 5% NSR 1 Mile with residual leaching producing gold through 2032. SSR Mining is expected to spend $7.5 million on exploration 5% NSR 8 North 5% NSR 5% NSR 5% NSR 8 North 5% NSR 5% NSR withTerry a focus on adding to DepositMineral Reserves and defining additional Terry Deposit Assets Assets Assets Zone 8D Zone 8D MineralNorth Resources within the Mackay, Valmy and Basalt areas. North SSR Mining completed the1.75% Red NSR Dot exploration program in 2018 1.75% NSR 8SX 8SX 5% NSR 2.5%-4% GR* 5% NSR 5% NSR 2.5%-4% GR* 5% NSR Assets
Assets and intends to complete geotechnical drilling and engineering with the objective of evaluating the potentialMarigold for Red Dot Mineral Marigold Terry Hideout Terry Hideout Reserves byPit mid-2019. Mine Pit Mine *December 2009 *December 2009 0.5%-1.5% GR* Acquisition 0.5%-1.5% GR* Acquisition
Red Dot Red Dot 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* Mackay 2.5%-4% GR* Mackay Pit Pits Pit Pits Exploration Exploration Targets Targets 5% NSR 3% NSR* 5% NSR 3% NSR* 2.5%- 2.5%- 4% GR* 4% GR* Mineral Reserves Mineral Reserves
Mineral Reserves Target Target and Resources and Resources and Resources Pit Pit Valmy and Valmy and 1.75% NSR 5% NSR 3% NSR* Mud Pits 3% NSR* 1.75% NSR 5% NSR 3% NSR* Mud Pits 3% NSR*
E. Basalt Schematic E. Basalt Schematic Representation Representation 1.75% NSR Antler and and Battle Cry 1.75% NSR Antler and and Battle Cry and Resources and Resources Basalt Pits Targets Only Basalt Pits Targets Only Mineral Reserves Mineral Mineral Reserves Mineral (Backfilled) (Backfilled)
ASSET highlighTS: • Steady year-over-year production Additional Information Additional Information Additional Information • Production expected to average over 235,000 ounces over next 6 years • Peak production expected in 2021 and 2022 of over 265,000 ounces Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 37 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Fire Creek/Midas (Au & Ag) 2018 2017 2016 Fire Creek/Midas (Au & Ag) Revenue to Franco-Nevada ($ million) $ 10.1 $ 11.0 $ 9.2 Overview Nevada, United states Overview Overview P&P Reserves (koz Au) 1 69 366 431 royalty: NSR: 2.5% M&I Resource (koz Au) 1 1,733 1,979 918 operator: Hecla Mining Company Inferred Resource (koz Au) 1 1,582 1,810 704 2, 3 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 2 8 17 M&I Royalty Ounces (000s)1, 2, 3 45 51 30 Inf Royalty Ounces (000s)2, 3 41 47 18
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In February 2014, Franco-Nevada assisted Klondex Mines Ltd. by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves (“Klondex”) in the acquisition of the Midas mine and milling 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral facility located in Nevada from Newmont. Klondex purchased the Reserves & Mineral Resources at Fire Creek and Midas are subject to the 2.5% NSR. In 2017 and 2016, Franco-Nevada included the balance of the prepaid ounces in Midas mill to provide it with processing capacity for its Fire Creek the P&P category. ores, which are located 180 km south (via road) of Midas, while 3 Silver has been converted to Royalty Ounces assuming $1,300/oz gold and providing the option to potentially extend the mine life at Midas. $17.00/oz silver ($1,300/oz gold and $17.00/oz silver in 2017; $1,200/oz gold and $17.50/oz silver in 2016) Royalty Ounces Royalty Ounces Hecla Mining Company (“Hecla”) acquired Klondex and its three Royalty Ounces Nevada properties which includes the Fire Creek, Midas and Hollister mines (discussed on pg 42) in 2018. The Fire Creek property is located in north central Nevada, at the cross-section of the Northern Nevada Rift and the Battle Mountain Trend and is a high-grade epithermal gold deposit.
Royalty Ounces Royalty The property consists of a combination Ounces Royalty of private fee land and U.S. Bureau of Land Management (“BLM”) land for a total area of approximately 45 km2 plus an area of interest in adjacent townships along strike with mineralization. Midas was discovered and constructed by Franco-Nevada’s predecessor company prior to its combination with Newmont. The property position extends over private fee land and BLM land for a total area of 137 km2 with an area of interest surrounding the property. Franco-Nevada paid $35 million for a prepaid gold purchase arrangement totaling 38,250 ounces of gold to be delivered by Assets Assets December 31, 2018 and a 2.5% NSR royalty on the Fire Creek and Assets Midas properties commencing in 2019. The prepaid gold purchase Assets
Assets agreement was satisfied in 2018. Fire Creek Moving forward, Hecla is expected to focus on the Fire Creek Royalty Area and Hollister operations and has placed the Midas mine on care 2.5% NSR and maintenance. With the addition of personnel from the Midas Fee Lands operation, Hecla expects to ramp up throughput at Fire Creek from 350 tons per day to 520 tons per day by mid-2019. Unpatented Mining Claims Fire Creek deposits ASSET highlighTS:
• 2.5% NSR royalty on two properties following Outline of Area of completion of fixed deliveries Interest Mineral Reserves Mineral Reserves Mineral Reserves (AOI) and Resources and Resources • Fire Creek throughput expected to increase from and Resources N 0 1 350 tons/day to 520 tons/day by mid-2019 Miles • Midas mine placed on care and maintenance at the end of 2018 and Resources and Resources
Mineral Reserves Mineral Midas Mineral Reserves Mineral Royalty Area 2.5% NSR
Royalty covered areas
Plus Area of Interest (AOI) (not shown) Additional Information Additional Information Additional Information Midas Town N 0 1
Miles
Plan of Operations Additional Information Additional Additional Information Additional 38 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Bald Mountain (Au) 2018 2017 2016 Bald Mountain (Au) Revenue to Franco-Nevada ($ million) $ 14.5 $ 6.4 $ 3.9 Overview Overview Overview Nevada, United states P&P Reserves (koz Au) 1 1,347 1,698 2,133 royalty: NSR/GR: 0.875-5% M&I Resource (koz Au) 1 4,641 5,047 5,681 operator: Kinross Gold Corporation Inferred Resource (koz Au) 1 845 597 648 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 23 29 36 M&I Royalty Ounces (000s)1, 2 129 137 151 Inf Royalty Ounces (000s)2 27 19 21
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages The Bald Mountain mine lies within the Southern Ruby Mountains by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves of northeastern Nevada, approximately 110 km southeast of Elko. 2 For Royalty Ounce calculation, FNV management estimates 80% of Mineral Ore is sourced from multiple open-pits over an estimated 600 km2 Reserves and 90% of Mineral Resources (exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average rate of 2.10% is applicable to property with processing at multiple conventional heap leaching Mineral Reserves and 3.56% for Mineral Resources (exclusive of Mineral Reserves) facilities. Bald Mountain is the largest mine site by area in the U.S. It stretches 40 km north to south and 15 km east to west and is Bald Mountain produced a record 284,646 ounces in 2018, Royalty Ounces Royalty Ounces Royalty Ounces divided in three zones: North Zone, South Zone and JV Zone. slightly better than the 282,715 ounces produced in 2017. The At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased difference in revenue recognized by Franco-Nevada in 2018 versus from Barrick 100% of the North and South Zones while forming a 2017 is due to timing of sales by Kinross (Franco-Nevada royalty is 50/50 exploration joint venture partnership with Barrick on the based on sales and not production) as well as greater production JV Zone in between the North and South Zones. During 2018, from areas that have higher royalty rates. Kinross does not Kinross acquired the remaining 50% portion of the JV area that provide asset specific guidance.
Royalty Ounces Royalty Ounces Royalty it did not already own. The Vantage Complex in the South Zone is progressing well, Franco-Nevada’s Bald Mountain royalties cover a significant with construction of the heap leach approximately 85% complete, portion of the Bald Mountain property. Royalty rate range from and the vertical carbon-in-column plant is approximately 30% 0.875%-5% NSR/GR. A detailed map of our royalties is shown complete. Commissioning of the heap leach and processing in the schematic. facilities remain on track to begin during the first quarter of 2019 despite some minor challenges according to Kinross. Mining activities at the Vantage Complex have commenced and initial ore is now being mined and stockpiled in preparation for 1%-5% placement on the new heap. 1%-5% GR GR In 2018, drilling at Redbird, Saga, and Winrock added 260,000 Assets Assets Assets Royale ounces of gold to the Inferred Mineral Resource estimate.Royale For 2019, North Block Kinross is increasing exploration spending to $12 million from North Block $10 million in 2018 which will focus on upgrading estimated Assets Assets 1%-5% GR North Duke 1%-5% GR North Duke LJ Ridge Mineral Resources to Mineral Reserves.LJ Ridge In addition, exploration 2/3 South 2/3 South Banghart Duke is also expected to focus on targetsBanghart within the Central Zone, Duke Poker Poker 5 1 South Flats which was previously5 the1 JVSouth area. Flats Ridge 4% Ridge 4% NSR* Winrock NSR* Winrock 4% NSR* 4% NSR* Redbird Galaxy Redbird Galaxy Rat Rat Top Top 0.875 Sage Flats 0.875 Sage Flats to Bida to Bida 1.75% 4% NSR Belmont 1.75% 4% NSR Belmont NSR 2.418% NSR 2.418% NSR NSR Mineral Reserves Mineral Reserves Mineral Reserves Horseshoe Horseshoe and Resources and Resources and Resources 4% NSR 4% NSR Saga Saga
4% 4% 4% N 4% N 4% NSR NSR* 4% NSR NSR* NSR* NSR* 1 Mile 1 Mile and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
4% NSR* 4% NSR*
Lux/Vantage Lux/Vantage Targets Targets
4% NSR* 4% NSR* North North 4% NSR 4% NSR Additional Information Additional Information Additional Information Block Block ASSET highlighTS: South Block South Block • Record annual production in 2018 South South Block Block • Construction of the Vantage Complex in South Zone Bald progressing Bald Yankee Mountain Yankee Mountain Targets Mine • Consolidated ownership of the JV zone, now Targets Mine referred to as the Central Zone 4% NSR* Excluded from Royalty 4% NSR* Excluded from Royalty * Subject to possible reduction * Subject to possible reduction by third-party royalty by third-party royalty Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 39 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
South Arturo (Au) 2018 2017 2016 south Arturo (Au) Revenue to Franco-Nevada ($ million) $ 4.1 $ 10.7 $ 13.8 Overview Nevada, United states Overview Overview P&P Reserves (koz Au) 1 687 608 203 royalty: GR: 4-9% WITH AMR M&I Resource (koz Au)1 1,460 1,296 206 operator: Barrick Gold / Inferred Resource (koz Au) 1 80 18 2 2 Overview Overview Premier Gold Mines Limited P&P Royalty Ounces (000s) 41 37 12 M&I Royalty Ounces (000s)1, 2 88 78 12 Gold & Gold Equivalents Inf Royalty Ounces (000s)2 5 1 0
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages The South Arturo project consists of a series of sediment hosted by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Carlin-style gold deposits adjacent to and including the former 2 For Royalty Ounce calculation, FNV management estimates 100% of Mineral Dee gold mine, 60 km northwest of Elko, Nevada. The project is Reserves & Mineral Resources are subject to our royalty interest and estimates an operated by a joint venture between Barrick (60%) and Premier average rate of 6.0% is applicable Gold Mines Limited (“Premier”) (40%). Premier purchased its interest in the property in 2015 from Goldcorp. Franco-Nevada Royalty Ounces Royalty Ounces holds a sliding scale gross royalty (4-9%) on production from the Royalty Ounces Dee claims. The royalty rate depends on type of ore (oxide versus non-oxide) as well as the grade (just for the oxide). Franco-Nevada estimates a 4% royalty rate for the oxide mineralization and 6% for the non-oxide. The royalty agreement includes an annual minimum which is credited against any future production royalty
Royalty Ounces Royalty payments. Ounces Royalty The South Arturo mine achieved commercial production in August 2016. The operation is located in close proximity to Barrick’s Goldstrike where the ore is processed at the refractory facilities. The mine produced 52,450 ounces in 2018 versus 142,810 ounces produced in 2017. 2018 production was significantly higher than the expected production of 12,500-25,000 ounces. 2018 production was down significantly year-over-year as the joint venture had previously completed mining of the Phase 2 pit and began processing stockpiled ore. Assets Assets Future production at South Arturo will come from two Assets additional developments underway at the property. Both the Assets
Assets Phase 1 open pit and the El Nino underground mine are under construction with production expected to ramp up late in the second half of 2019 at the El Nino underground. The Phase 1 open-pit is currentlyDee stockpiling heap leach material for potential Dee future processing with4-9% GR a construction of a heap leaching facility 4-9% GR possible in 2020 if approved. Premier forecastsN pre-commercial N
production of 12,500-25,000 ounces of gold in1 Mile 2019 with 1 Mile commercial production expected to begin in 2020. BasedPhase on 2: the Phase 2: Open pit Open pit March 2018 technical report published by Premier, El Ninocompleted and completed El Nino U/G: El Nino U/G: Phase 1 are expected to actively mine over Easta 7 Deeyear periodCurrently and East Dee Currently Mineral Reserves Mineral Reserves Target developing Mineral Reserves Target developing and Resources and Resources
produce approximately 550,000 ounces of gold with two strong and Resources production years of approximately 170,000 ounces each. There is ongoing work being conductedPhase 1 to advance additional mining Phase 1 Pit Pit opportunities which includes the potential Phase 3 pit. South Hinge South Hinge Target Target ASSET highlighTS: and Resources and Resources Phase 3 Phase 3 Mineral Reserves Mineral Mineral Reserves Mineral • Phase 1 open pit and El Nino underground Pit Pit currently in construction • Additional future potential at the Phase 3 open pit
Excluded Excluded from Royalty South Arturo from Royalty South Arturo Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 40 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mesquite (Au) 2018 2017 2016 Mesquite (Au) Revenue to Franco-Nevada ($ million) $ 2.7 $ 2.4 $ 2.4 Overview Overview Overview California, United states P&P Reserves (koz Au) 1 1,129 1,129 1,179 royalty: NSR: 0.5-2% M&I Resource (koz Au)1 2,310 2,310 2,219 operator: Equinox Gold Corp. Inferred Resource (koz Au) 1 107 107 74 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 18 18 19 M&I Royalty Ounces (000s)1, 2 37 37 36 Inf Royalty Ounces (000s)2 2 2 1
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Mesquite is a gold operation located in south-east California, by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves approximately 70 km northwest of Yuma, Arizona and 230 km east 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral of San Diego, California. The mine is an open-pit, run-of-mine, Reserves and Mineral Resources are subject to our royalty interest and estimates heap leach operation. Equinox Gold Corp. (“Equinox”) acquired a rate of 1.60% is applicable the asset from New Gold in October 2018. It was originally started in 1986 and then re-started in January 2008 by Western Goldfields Royalty Ounces Royalty Ounces Royalty Ounces Inc., a predecessor company of New Gold. Franco-Nevada holds royalties on the entire Mesquite mine property that range from a 0.5% to a 2% NSR, depending on the claim block, as shown on the schematic. Mesquite production for the year was approximately 140,000 ounces which was down from the 168,889 ounces produced in 2017.
Royalty Ounces Royalty Ounces Royalty For 2019, Equinox anticipates gold production of 145,000-160,000 ounces. Equinox will complete a $4 million drill program during the year focused on mine life extension, including targets in and peripheral to the existing open pit as well as mineralized waste dumps and leach pads on site. In addition, Equinox is applying for permits to explore and drill new concessions.
ASSET highlighTS: • New owner aimed at extending mine life Assets Assets Assets • Production forecast for 2019 of 145,000-160,000 ounces Assets Assets
Big Chief Rainbow Mineral Reserves Mineral Reserves Mineral Reserves 0.5% and Resources and Resources and Resources Brownie NSR
1% NSR
$500 Gold Pit and Resources
and Resources Vista Mineral Reserves Mineral Mineral Reserves Mineral
N 2% NSR
1 Mile Mesquite Mine Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 41 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Hollister (Au) 2018 2017 2016 Hollister (Au) Revenue to Franco-Nevada ($ million) $ 1.2 $ 0.3 $ – Overview Nevada, United states Overview Overview P&P Reserves (koz Au) 1 8 110 171 royalty: NSR: 3-5% M&I Resource (koz Au)1 190 208 1,100 operator: Hecla Mining Company Inferred Resource (koz Au)1 223 74 715 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) – 3 5 M&I Royalty Ounces (000s)1, 2 6 6 33 Inf Royalty Ounces (000s)2 7 2 21
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages by Hollister is a historic underground mine with past production Mineral Resource category; all M&I categories are inclusive of Mineral Reserves of approximately 425,000 ounces. The mine is located at the 2 For Royalty Ounce calculation, FNV management estimates 100% of Mineral northern end of the Carlin Trend in the Ivanhoe Mining District, Reserves & Mineral Resources are subject to our royalty interest and estimates an Elko County, Nevada, approximately 121 km east-northeast of average rate of 3.0% is applicable Winnemucca, Nevada. Franco-Nevada holds a 3-5% NSR royalty on approximately 28 km2 of the Hollister project as well as a Royalty Ounces Royalty Ounces sliding scale NSR, which is subject to gold price and production Royalty Ounces thresholds and is capped at $3.5 million. Hecla acquired the previous operator, Klondex, in 2018 which included the Hollister mine as well as the Fire Creek/Midas assets highlighted on page 38. Klondex originally purchased the Hollister project due to the potential synergies with the Midas
Royalty Ounces Royalty Mill, offering lower milling costs and reduced Ounces Royalty G&A costs. Hecla does not report the Fire Creek/Midas and Hollister operations separately and instead groups the reporting into “Nevada Operations”. For 2019, Hecla expects to produce 76,000 ounces of gold and 100,000 ounces of silver from the Fire Creek and Hollister mines. Current production is coming from the various veins at the Hollister Deposit including the East Clementine, Central Hollister and Gwenivere veins. Hecla is currently developing a decline to the Hatter Graben exploration target with completion of the initial phase expected Assets Assets in late 2019. Hecla plans a substantial exploration spend for Assets Hollister in 2019 with the goal to convert Mineral Resources to Assets
Assets Mineral Reserves as well as discover new targets.
ASSET highlighTS:
• Restarted operations in Q3 2017 Hillcrest Finley River Block • Developing decline to the Hatter Graben 3% NSR N
exploration target 1 Mile
Hollister Deposit Hollister/Ivanhoe Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources
and Resources 5% NSR
USX Hatter Graben Pits Discovery and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
Hollister Project Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 42 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Rosemont (Cu, Mo, Ag, Au) 2018 2017 2016 rosemont (Cu, Mo, Ag, Au) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview Overview Overview Arizona, United states P&P Reserves (Mlbs Cu)1, 3 5,328 5,328 5,851 royalty: NSR: 1.5% M&I Resource (Mlbs Cu)1, 3 9,086 9,086 7,682 operator: Hudbay Minerals Inc. Inferred Resource (Mlbs Cu)1, 3 493 493 1,112 2, 3 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (millions) 144 144 141 M&I Royalty Ounces (millions)1, 2, 3 245 245 184 Inf Royalty Ounces (millions)2, 3 13 13 26
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 1.5% NSR royalty covering all metals by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves including copper, molybdenum, silver and gold extracted 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral from the majority of claims covering the Rosemont project Reserves and Mineral Resources are subject to our royalty interest and estimate a rate of 1.275% (which factors a NSR smelting charge of 15%). Copper has been which is located in Pima County, approximately 30 miles converted to Royalty Ounces assuming $2.75 per pound ($2.25 per pound in 2016) southeast of Tucson, Arizona. The project is being advanced 3 Does not include silver or molybdenum Mineral Reserve and Mineral Resource by Hudbay Minerals Inc. (“Hudbay”) following its acquisition estimates Royalty Ounces Royalty Ounces Royalty Ounces of Augusta Resource Corporation. The Rosemont property contains three known potentially open-pit mineable deposits (Rosemont, Peach Elgin and Broadtop Butte) and is situated near a number of large porphyry type producing copper mines. Hudbay released a feasibility study for the Rosemont project in March 2017, representing the first update since 2012 which
Royalty Ounces Royalty Ounces Royalty was conducted by the previous operator. The study estimates total payable production of 1,864,000 metric tonnes of copper, 53,370,000 ounces of silver and 37,600 short tons of molybdenum over a 19 year mine life. Hudbay received the Final Record of Decision for the project in June 2017 and in March 2019 received the Section 404 Water Permit from the U.S. Army Corps of Engineers, the final federal permit outstanding according to Hudbay. Following receipt of the permit, Hudbay announced that it will purchase United Copper & Moly LLC’s (“UCM”) 7.95% interest in the project and terminate all Assets Assets Assets of the remaining earn-in and off-take rights with UCM. Hudbay has not provided an update to the planned spending for 2019 but Assets
Assets has stated in the past that efforts would increase significantly if permitting is completed and the project is sanctioned for ASSET highlighTS: development during 2019. • Section 404 Water Permit received in March 2019, the final federal permit • New feasibility study released in March 2017 • Franco-Nevada’s royalty covers all metals including copper, molybdenum, silver and gold Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Unpatented (To US Hwy I-10 Mining and Tucson) Claims
Fee Lands
Copper World Mine Peach Elgin N and Resources and Resources 0 2 Mineral Reserves Mineral
Mineral Reserves Mineral Deposit Km Broadtop Butte Patented Deposit Mining Claims Mine Workings Additional Information Additional Information Additional Information
Rosemont Patented Mining Claims
Highway 83 Property Rosemont Unpatented Mining Claims Deposit 1.5% NSR Fee Lands
(To Highway 82) Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 43 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other United states Assets Overview Overview Overview United states Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview stibnite Gold (Au) Idaho, United states royalty: NSR: 1.7% operator: Midas Gold Corp. Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces In May 2013, Midas Gold Corp. (“Midas Gold”) agreed to sell to Franco-Nevada a newly created 1.7% NSR on the future gold production from Midas Gold’s Stibnite project in Idaho for $15 million. The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise.
Royalty Ounces Royalty It is potentially one of the highest grade Ounces Royalty open-pit deposits in the U.S. Midas Gold has consolidated 107 km2 of unpatented and patented claims. In December 2014, Midas Gold announced the results of an independent pre-feasibility study on the Stibnite project in October 2018 which would allow for a Final Record of project. The study envisages three open-pit mines along with Decision in May 2020. Subsequently, Midas Gold announced that the retreatment of historical tailings supplying a common the Nez Perce Tribe, one of the three tribes being consulted by processing plant. The Stibnite project is expected to have a 12 year the U.S. Forest Service, is formally opposing the project. mine life with annual gold production of 337,000 ounces per year. For Royalty Ounce calculation, FNV management estimates 100% of the In September 2017, seven federal, state and local agencies entered Mineral Reserves and Mineral Resources are subject to our royalty interest into an agreement outlining their commitment to work together and estimates a rate of 1.7% is applicable Assets Assets and coordinate efforts to permit the Stibnite project. Midas Gold Assets provided an updated permitting schedule for the Stibnite Gold Assets Assets Castle Mountain (Au) California, United states royalty: NSR: 2.65% operator: Equinox Gold Corp. Gold & Gold Equivalents Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources The Castle Mountain mining property is located in California, and Resources close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. The project is being advanced by Equinox Gold, which also owns the Mesquite mine described on page 41. Equinox Gold was formed in 2017 following the combination of NewCastle Gold Ltd. (“NewCastle”), Trek Mining and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral and Anfield Gold. NewCastle was the previous owner. In April 2016, Franco-Nevada agreed with NewCastle to restructure the existing royalties into a single 2.65% NSR royalty covering a larger property. The Castle Mountain land holdings total greater than construction around mid-year with objective to achieve first 2 40 km of patented and unpatented claims. The mine was gold production in 2020. In addition, Equinox Gold will continue to previously operated by Viceroy Gold and MK Resources and advance the Phase 2 expansion with aim of completing a feasibility produced over 1.2 million ounces of gold over a 10 year mine Additional Information Additional Information study byAdditional Information year-end 2019. In February 2019, Equinox secured $130 life with residual mining through 2004. Equinox Gold completed million in convertible notes financing, a part of which will be used a prefeasibility study in 2018 which anticipates producing to fund construction of Phase 1 at Castle Mountain. 45,000 ounces of gold per year during Phase 1 (years 1-3) and more than 200,000 ounces of gold per year during Phase 2 For Royalty Ounce calculation, FNV management estimates 100% of (years 4-16). For 2019, Equinox Gold will focus on completing Mineral Reserves & Mineral Resources are subject to our royalty interest engineering and final permitting for Phase 1 in order to commence and estimates an average rate of 2.65% is applicable Additional Information Additional Additional Information Additional 44 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other United states Assets Overview Overview Overview United states Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview sterling (Au) Pinson (Au) Nevada, United states Nevada, United states royalty: NSR: 0.25% royalty: NSR: 1-2% operator: Coeur Mining Inc. operator: Osgood Mining Company LLC Gold & Gold Equivalents and Barrick Gold Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Sterling is a historic gold operation located 185 km northwest The Pinson project is located near Winnemucca, Nevada, at the of Las Vegas, Nevada near Beatty, Nevada. Coeur, who operates intersection of the Getchell Gold Belt and the Battle Mountain- Guadalupe-Palmarejo discussed on page 27, purchased Eureka Trend. Pinson is south of Barrick and Newmont’s Getchell/ Northern Empire Resource Corp. and the Sterling property in Turquoise Ridge mine and 13 km from Newmont’s Twin Creeks 2018. Franco-Nevada holds 1/8th of a 2% NSR, or an effective mine complex. Franco-Nevada holds a 1-2% NSR royalty on
Royalty Ounces Royalty Ounces Royalty 0.25% NSR royalty, on approximately 272 lode mining claims with approximately 20 sections and a smaller royalty on another a small minimum advance royalty. Sterling underground mining half section of checkerboard land in the area covering portions operations were terminated at the end of May 2015. Coeur is of the Pinson project and Getchell properties (owned by Barrick) continuing with Northern Empire Resource Corp’s previous drill in Nevada. The Pinson mine produced 985,000 ounces of gold program with two reverse circulation drill rigs focused on from 1980 through 1999 by open-pit mining. In June 2014, Mineral Resource infill and expansion drilling. Atna Resources Ltd. commenced test mining operations at the Pinson underground mine but all of the ore mined in FNV management has not included Sterling in Royalty Ounce estimates 2014 originated from the Ogee zone, which is not subject to Franco-Nevada’s royalty. Pinson was placed on care and maintenance during 2015. Assets Assets Assets sandman (Au) FNV management has not included Pinson in Royalty Ounce estimates Nevada, United states Assets Assets Royalty: NSR: 0.5674-5% operator: Newmont Mining Corporation Gold & Gold Equivalents
The Sandman project is an advanced exploration project operated by Newmont, located approximately 22 km west of Winnemucca, Nevada. Franco-Nevada’s royalties on the Sandman project consist of: (1) a 0.5674% NSR on the first 200,000 ounces of gold produced Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources from the royalty lands; and (2) a 5% NSR royalty on production from the subleased private lands, payable only after the initial 300,000 ounces of gold have been produced. The Sandman project covers approximately 100 km2 and consists of unpatented mining claims and checkerboard fee lands. Franco-Nevada’s two royalties are on a portion of the project that covers a total of 2 and Resources and Resources approximately 27 km of private lands under a mining sublease Mineral Reserves Mineral Mineral Reserves Mineral and approximately 10 km2 included in some 114 unpatented mining claims.
For Royalty Ounce calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates a rate of 1.5% is applicable Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 45 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other United states Assets Overview Overview Overview United states Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview robinson (Cu, Au) EaglePicher (De) Nevada, United states Nevada, United states royalty: NSR: 0.225% / other royalty: Production Payment operator: KGHM International Ltd. operator: EP Minerals, LLC Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces The Robinson open pit mining complex, operated by KGHM EaglePicher is a diatomaceous earth operation in Pershing produces copper, gold and molybdenum and is located near Ely, County, Nevada about 23 miles northwest of Lovelock. Nevada. Franco-Nevada has three royalties covering the Robinson The royalty is based on a fixed payment per ton which fluctuates mine: 1) a 0.225% NSR on all base metal and associated precious based on the average sales price from the prior year’s sales. metal production; 2) a 10% NSR on 51% of the gold production The royalty covers approximately 15 km2 of checkerboard
Royalty Ounces Royalty from the property in excess of 60,000 Ounces Royalty ounces of gold per year; lands. The intervening lands are public and EaglePicher holds and 3) under a copper agreement, a price participation royalty on unpatented placer claims on those lands as needed for mining. 51% of 40% of each pound of copper production from the property The mine has been in continuous operation since the 1950s with in excess of 130 million pounds of copper produced per annum, approximately 65% of production coming from Franco-Nevada multiplied by the spot price, less $1.00 per pound adjusted for land. The revenue received from Eagle Picher in 2017 and 2018 inflation (based on 1990 dollars). Amounts are only payable in was $50,000 and $161,000, respectively. any year in which the average price of copper during that year exceeds a $1 per pound threshold, as adjusted for inflation FNV management has not included EaglePicher in Royalty Ounce estimates (based on 1990 dollars). Copper production for the first nine months of 2018 was ~82 million pounds while gold production Assets Assets was 28,800 ounces. Despite the increases for 2018 compared to Assets 2017, production is expected to be substantially below the royalty threshold level and thus Franco-Nevada will likely only be paid Assets Assets on the base 0.225% NSR royalty for 2018.
For Royalty Ounce calculation, FNV management estimates 100% of the gold and copper Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average rate of 0.225% is applicable for gold and 0.1913% for copper (which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $2.75 per pound ($2.25 per pound in 2016) Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 46 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Sudbury (PGM & Au) 2018 2017 2016 sudbury (PGM & Au) PGM Revenue to Franco-Nevada ($ million) $ 17.8 $ 23.9 $ 22.4 Overview Overview Overview ontario, Canada Gold Revenue to Franco-Nevada ($ million) $ 5.5 $ 6.4 $ 8.0 stream: 50% Precious Metals Stream PGM P&P Reserves (koz PGM)1 NA 112 112 operator: KGHM International Ltd. PGM M&I Resource (koz PGM)1 NA 161 161 PGM Inferred Resource (koz PGM)1 NA 146 146 Overview Overview Gold & Gold Equivalents Gold P&P Reserves (koz Au)1 NA 16 16 Gold M&I Resource (koz Au)1 NA 29 29 Gold Inferred Resource (koz Au)1 NA 24 24 Franco-Nevada acquired three precious metals streams in the P&P Royalty Ounces (000s)2 11 66 46 Sudbury basin of Ontario with its acquisition of Gold Wheaton M&I Royalty Ounces (000s)1, 2 11 97 68 Gold Corp. (“Gold Wheaton”) in March 2011. Franco-Nevada is Inf Royalty Ounces (000s)2 0 87 61 entitled to purchase 50% of the precious metals contained in 1 KGHM does not provided public Mineral Reserves and Mineral Resources estimates. ore produced from the footwall portions of three separate mines Previous year estimates have not been updated in numerous years and thus Franco-Nevada has chosen to not continue to report the figures. subject to ongoing payments per ounce. At the time of acquisition 2 For Royalty Ounce calculation, FNV management assumes one year of mining Royalty Ounces Royalty Ounces Royalty Ounces by Franco-Nevada, the mines were operated by Quadra FNX Mining from McCreedy assuming $1,300/ounce Au, $825/ounce Pt and $1,500/ounce Pd. Prior Ltd. (“Quadra FNX”) which was acquired by KGHM International Ltd. estimates have estimated 100% of the Mineral Reserves and Mineral Resources are subject to our 50% stream interest to which a 69% factor has been applied to (“KGHM”) in March 2012. The three mines are the Levack (Morrison estimate Royalty Ounces (66.6% in previous years). Note that this stream interest Deposit), Podolsky and McCreedy West mines. The footwall is calculated based on contained ounces in ore as there are no losses associated to deposits are primarily rich in palladium followed by platinum metallurgical recoveries in the calculation of the Royalty Ounce. FNV management has converted all precious metals into Royalty Ounces assuming $950/ounce Pt, and gold. KGHM does not have processing facilities in Sudbury $1,050/ounce Pd and $1,300/ounce Au in 2017 and $950/ounce Pt, $750/ounce Pd
Royalty Ounces Royalty Ounces Royalty and sells the ore to third parties for processing. The stream is and $1,200/ounce Au in 2016 calculated based on contained precious metals in the delivered ore rather than payable metals. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West ceased mining of the precious metal-rich ores in the PM deposit in 2011. In an effort to restart mining at McCreedy, Franco-Nevada agreed to renegotiate the existing contract with KGHM by increasing the ongoing per ounce payment to a fixed amount of $800 per ounce from a price of $400 per ounce Assets Assets Assets until December 31, 2021. McCreedy is expected to be the main source of revenue to Franco-Nevada in 2019 following Levack Assets
Assets (Morrison Deposit) being put on care and maintenance. Levack (Morrison Deposit): This mine has been in production since 2007 but is anticipated to be put on care and maintenance in March 2019. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which operated between 2008 and 2013 and is currently on care and maintenance. KGHM is evaluating possible new processing arrangements.
ASSET highlighTS: Mineral Reserves Mineral Reserves
Mineral Reserves Podolsky and Resources and Resources and Resources • McCreedy West mine expected to replace the stream ounces originally expected from Levack N (Morrison 0 5 Levack (Morrison Deposit) in Coleman Km 2019 Deposit) Strathcona • Levack (Morrison Deposit) McCreedy Mill West and Resources and Resources to be placed on care and Nickel Rim South Mineral Reserves Mineral Mineral Reserves Mineral maintenance effective March 31, 2019
Sudbury Igneous Complex SUDBURY Chelmsford Formation Clarabelle Mill Onaping & Onwatin Formations Additional Information Additional Information Additional Information Smelter Current and Former Mines Mill Copper Cliff Smelter Creighton
Totten Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 47 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Detour Lake (Au) 2018 2017 2016 Detour Lake (Au) Revenue to Franco-Nevada ($ million) $ 15.8 $ 14.3 $ 13.3 Overview Ontario / Quebec, Canada Overview Overview Detour Lake P&P Reserves (koz Au)1 15,444 15,814 16,395 royalty: NSR: 2% Detour Lake M&I Resource (koz Au)1 19,325 19,684 20,281 operator: Detour Gold Corporation Detour Lake Inferred Resource (koz Au)1 1,137 1,188 1,121 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 309 316 328 M&I Royalty Ounces (000s)1, 2 387 394 406 Inf Royalty Ounces (000s)2 23 24 22
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages by Franco-Nevada has a 2% NSR royalty that covers an area of 140 Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 km of the Abitibi greenstone belt located 185 km northeast of 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral Cochrane, Ontario including the Detour Lake mine. Placer Dome Reserves and Mineral Resources are subject to our royalty interest and estimates a Inc. operated a mine on the property from 1983 through 1999 rate of 2.0% is applicable during which time approximately 1.8 million ounces of gold are estimated to have been produced. Royalty Ounces Royalty Ounces Detour Gold Corporation (“Detour”) constructed the current Royalty Ounces mine from 2010 to 2013 and is the current operator. Detour achieved record production of 621,128 ounces of gold in 2018 versus 571,463 ounces in 2017. This production compared to the guidance range of 550,000-600,000 ounces of gold for 2018. A new life of mine plan was released for the Detour mine in
Royalty Ounces Royalty June 2018. The new mine plan assumes Ounces Royalty average annual production of 659,000 ounces of gold during a 22.6 year mine plan which equates to total recovered gold of 14.9 million ounces. For 2019 and 2020, production is expected to dip to between 570,000- 605,000 ounces in 2019 and 587,000 ounces in 2020 before increasing to 620,000 ounces in 2021. Detour stated that the updated mine plan adds permitting flexibility by providing additional time to progress the permits required for the West Detour project. The permitting time for the ASSET highlighTS: West Detour pit remains the same as the previous plan at 2025.
• Record production of 621,128 gold ounces in 2018 Assets Assets Detour has obtained support from three of its four Aboriginal Assets communities for the further development of the Detour Lake pit • Expected gold production of 570-605,000 ounces in 2019 and 587,000 in 2020 Assets
Assets as well as the West Detour project but continues to face challenges with one of the communities. Detour has stated • New mine plan assumes increased LOM gold that it will continue its efforts to engage with the community. production versus previous plan • West Detour pit permitting ongoing
Gowest Property West Detour A Mine Property Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources B D
Detour Sunday Lake Gold Deformation Zone Project C and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Ontario Quebec
Detour Lake Lower Detour Lake Deformation Zone E Royalty Area Other Quebec N royalty claims 2% NSR O 2.5 5 not shown Additional Information Additional Information 0.5-1% NSR Kilometres Additional Information Additional Information Additional Additional Information Additional 48 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Golden Highway (Au) 2018 2017 2016 Golden Highway (Au) Revenue to Franco-Nevada ($ million) $ 8.0 $ 8.7 $ 10.7 Overview Overview Overview ontario, Canada P&P Reserves (koz Au) 1 677 696 833 royalty: NSR: 0.25-10% M&I Resource (koz Au) 1 3,053 3,453 3,511 operator: Kirkland Lake Gold Inc. Inferred Resource (koz Au) 1 2,449 2,350 2,039 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 53 52 59 M&I Royalty Ounces (000s)1, 2 167 180 171 Inf Royalty Ounces (000s)2 158 170 137
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has multiple NSR royalties ranging from by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. 0.25 to 10% over the Destor-Porcupine mineral trend just Mineral Reserves and Mineral Resources are sum of 6 different properties east of Timmins, Ontario spread over more than 120 km and 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral 2 Reserves and Mineral Resources are subject to our royalty interest and estimates estimated to cover over 340 km . Kirkland Lake Gold Inc. (“KLG”) rates of: Holloway 3% (8% in 2017; 6% in 2016); Holt 10% (9% in 2016); Hislop 4%; (see page 52 for additional asset operated by KLG) acquired St Taylor 1% Andrew Goldfields (“St Andrew”) in January 2016 which previously Royalty Ounces Royalty Ounces Royalty Ounces owned and operated most of the properties along the trend on which Franco-Nevada has royalties. The key properties include: Holt: The Holt mine is the main producing asset that KLG acquired as part of the St Andrew transaction and includes the Holt mill complex. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or
Royalty Ounces Royalty Ounces Royalty equal to $500/ounce and increasing in 1% increments for each $100/ounce increase in the gold price, to a maximum of 10%. The operation re-started in 2011. The Holt mine produced 67,770 ounces of gold in 2018, slightly higher than the guidance range of 65,000-75,000 ounces. For 2019, gold production is expected to be within a range of 70,000-75,000 ounces. Taylor: The Taylor mine (1% NSR) achieved commercial production in November 2015. The operation produced to 30,000 ounces in 2020 and 50,000 ounces in 2021. 58,633 ounces of gold in 2018, also slightly better than the Hislop: Franco-Nevada has a 4% NSR on the Hislop mine guidance range for 50,000-55,000 ounces. For 2019, gold which is located approximately 50 km to the west of the Holt mill. Assets Assets Assets production is expected to between 50,000-55,000 ounces. The open-pit Mineral Reserve for the Hislop open-pit was fully Of KLG’s Golden Highway assets, Taylor is expected to receive depleted in 2014. Assets
Assets the majority of the exploration budget as work continues on extending the existing Mineral Resource. Holloway: The Holloway mine is located immediately ASSET highlighTS: north of the Holt property with ore processed at the Holt mill. • Steady production at Holt and Taylor The Holloway mine was placed on care and maintenance at the end of 2016 due to limited economic viability. In an effort to • Reduced royalty rate at Holloway to encourage improve the economics of the operation, in 2019 Franco-Nevada production and exploration agreed to reduce the royalty at Holloway to a flat 3% NSR from • Large land position offers additional potential the previous sliding scale royalty. KLG is forecasting production at higher gold prices of 20,000 ounces in 2019. Production is expected to increase Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources
Stock Mine and Mill Royalty Lake Abitibi 11 1% NSR
ONR Pipestone Fault Frederick Destor-Porcupine Lake House Fault Zone Abitibi Hoyle Pond Lake Holloway Royalty Kidd Creek Kinross 1060 Zone and Resources and Resources N Sliding scale Mineral Reserves Mineral Mineral Reserves Mineral Matheson Taylor Carr Beatty Munro McCool German Stock Rand Lamplugh Frecheville Owl Creek Bell Creek Holloway Mine Stoughton Apollo Jonpol Holt Mine Broulan Reef Black Fox 101 Hallnor Guibord McIntyre Pamour Matheson Hislop Michaud Timmins #1 Ross Mine Porcupine 11 Ludgate Marriot Hollinger Dome Cody Macklem Bond Currie Bowman Garrison Harker Holloway 101 Delnite Paymaster Additional Information Additional Information Additional Information Porcupine Aquarius Royalty Aunor Peninsula Holt Royalty Royal Oak 1-2% NSR Cook Barnet Thackeray Sliding scale Night Taylor Royalty Hislop Royalty Hawk Central Timmins Royalty Claims 20 kilometres Lake 1% NSR 4% NSR Kenogamisis Lake 0.25-1% NSR
Present or past producing mine Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 49 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Hemlo (Au) 2018 2017 2016 Hemlo (Au) Revenue to Franco-Nevada ($ million) $ 7.1 $ 4.4 $ 12.7 Overview ontario, Canada Overview Overview P&P Reserves (koz Au)1 1,924 1,774 1,588 royalty: NSR: 3% / NPI: 50% M&I Resource (koz Au)1 3,498 3,632 3,308 operator: Barrick Gold Corporation Inferred Resource (koz Au)1 653 442 484 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 85 86 72 M&I Royalty Ounces (000s)1, 2 154 175 149 Inf Royalty Ounces (000s)2 29 21 22
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages The Hemlo gold mine has been producing gold for over 30 years by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves and is located just off the Trans-Canada highway near Marathon, 2 For Royalty Ounce calculation, FNV management estimates approximately 20% of Ontario. Barrick is the operator and manages both the open-pit the publicly reported Mineral Reserves and Mineral Resources for Hemlo are on its royalty ground and estimates a rate of 4.40% (4.83% in 2017; 4.52% in 2016) is and underground operations. Franco-Nevada has both a 3% NSR applicable when factoring our NSR and NPI interests royalty and a 50% NPI royalty on a portion of the western down-dip underground extension of the Hemlo ore-body as Royalty Ounces Royalty Ounces shown in the longitudinal schematic. Royalty Ounces Initial mining on the royalty property began in late 2008, but revenues were limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in the third quarter of 2012 after the upfront capital costs had been recovered by Barrick. In 2018, Hemlo produced 171,000 ounces of gold compared
Royalty Ounces Royalty with 196,000 ounces in 2017. All-in sustaining Ounces Royalty costs, which is important to take into consideration with respect to the NPI royalty, increased to $1,318 per ounce in 2018 versus $1,092 per ounce in 2017. Barrick is forecasting improved operating performance in 2019 with estimated production of 200,000-220,000 ounces at an all-in sustaining cost of $1,100-1,200 per ounce. Hemlo’s operational plan assumes that underground production will ramp-up to 1.9 million tonnes per annum from the current 1.2 million tonnes per annum over the next four Assets Assets years as well as expansion of the current tailings impoundment Assets to enable production to continue past 2021. Exploration results Assets
Assets continue to be encouraging and year end Mineral Reserves and M&I mineral resources saw year-over-year increases.
ASSET highlighTS: • Established mine operation in Ontario - Hemlo Barrick’s only Canadian operation Long Section • Underground production rate expected Williams Shaft & Mill to increase over next 4 years Surface ‘C’ Zone Pit • Profit royalties are more levered to Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources gold prices and Resources
9975 ‘C’ Zone
9765 Mined Area and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral 9555
9450 Mined Area Williams Mine Franco-Nevada 9240 Royalty Ground 9160 Additional Information Additional Information 3% NSR Additional Information + ‘B’ Zone 50% NPI Additional Information Additional Additional Information Additional 50 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Musselwhite (Au) 2018 2017 2016 Musselwhite (Au) Revenue to Franco-Nevada ($ million) $ 2.6 $ 3.8 $ 5.1 Overview Overview Overview ontario, Canada P&P Reserves (koz Au)1 2,280 1,850 1,690 royalty: NPI: 5% M&I Resource (koz Au)1 2,610 2,160 2,150 operator: Goldcorp Inc. Inferred Resource (koz Au)1 860 1,170 1,200 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 43 39 33 M&I Royalty Ounces (000s)1, 2 50 46 42 Inf Royalty Ounces (000s)2 16 25 24
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 5% NPI royalty that covers all of the by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves original leased lands at the Musselwhite operation. The area 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral is estimated to cover 120 km2 in northwestern Ontario, 480 km Reserves and Mineral Resources are subject to our royalty interest and estimates a rate of 1.9% (2.19% in 2017; 1.96% in 2016) is applicable assuming an all in cost north of Thunder Bay. The royalty also covers an area of interest of $806/ounce ($750/ounce in 2017; $730/ounce in 2016) surrounding the property as shown in the schematic. The mine is a fly-in/fly out underground operation which began operating Royalty Ounces Royalty Ounces Royalty Ounces in April 1997 and has produced over 3.0 million ounces of gold. In early 2019, Newmont announced plans to acquire the current operator, Goldcorp. Franco-Nevada’s Musselwhite interest is a profit royalty which did not become payable until historical capital and operational costs had been recovered by the operator which
Royalty Ounces Royalty Ounces Royalty occurred in 2011. For 2018, all-in sustaining costs was originally estimated at $775/oz. However, actual all-in sustaining costs were higher than anticipated at $909/oz due to lower tonnes milled as a result of longer haulage distance and greater waste generation associated with the Materials Handling Project described below. Gold production of 205,000 ounces was lower than 2017 production of 236,000 ounces. The Materials Handling Project is expected to reach commercial production in the third quarter of 2019. The project is expected to increase production from 3,600 tonnes per day Assets Assets Assets to 4,300 tonnes per day. The project will enable hoisting of ore through an underground winze which will result in reduced Assets
Assets reliance on high-cost truck haulage leading to improved energy efficiency, reduced ventilation requirements, reduced mining costs and an enhanced production profile. Musselwhite ASSET highlighTS: • Higher costs and lower production negatively impacted NPI payments in 2018 N O 1.5 3
• Materials Handling Project to positively impact Kilometres PQD production and operating costs once complete North Mineral Reserves Mineral Reserves Mineral Reserves Area of Interest Boundary and Resources and Resources and Resources • Large land package with active exploration program Lynx Area Suddle
Opapimiskan Lake
Main Mine Trend and Resources and Resources Mill Mineral Reserves Mineral Mineral Reserves Mineral
Karl Zeemal Zeemel Lake Area Additional Information Additional Information Additional Information
Leased Lands Unpatented Lands Deposits Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 51 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Kirkland Lake (Au) 2018 2017 2016 Kirkland Lake (Au) Revenue to Franco-Nevada ($ million) $ 4.6 $ 4.1 $ 5.2 Overview ontario, Canada Overview Overview P&P Reserves (koz Au)1 2,250 2,030 1,463 royalty: NSR: 1.5-5.5%; NPI: 20% M&I Resource (koz Au)1 3,817 4,706 4,096 operator: Kirkland Lake Gold Inc. / Inferred Resource (koz Au)1 2,867 3,910 1,965 2 Overview Overview Agnico Eagle P&P Royalty Ounces (000s) 34 30 22 M&I Royalty Ounces (000s)1, 2 60 68 59 Gold & Gold Equivalents Inf Royalty Ounces (000s)2 56 46 26
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has various royalties covering approximately by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. 2 170 km of the Larder Lake and Main Breaks in the historic The table above is the sum of reported Agnico Eagle and KLG Mineral Reserves Kirkland Lake gold camp of Ontario. KLG has the main interests and Mineral Resources 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral in the area and operates the Macassa mine which includes Reserves and Mineral Resources are subject to our royalty interest and estimates production from the Main Break, ’04 Break and the high-grade a rate of 1.50% is applicable to the KLG properties and a rate of 2.00% is applicable South Mine Complex (“SMC”). to the Agnico Eagle properties Royalty Ounces Royalty Ounces Franco-Nevada’s royalty interests with KLG include: Royalty Ounces • An overlying 1.5% NSR on all of KLG’s properties (including the Macassa mine) which was acquired in 2013 for $50 million. In 2016, KLG exercised its option to buyback 1% of the overlying 2.5% for aggregate cash consideration of approximately $30.3 million ($36 million less royalty proceeds attributable
Royalty Ounces Royalty to the buyback) Ounces Royalty • An underlying 20% profit-based royalty immediately to the south-west of the SMC as shown in the inset of the schematic • An underlying 2-3% NSR on claims to the west of current operations • An underlying 2% NSR royalty on claims that KLG purchased from Queenston Mining Inc. in July 2012
Macassa produced a record 240,126 ounces of gold in 2018 which was higher than the original guidance range of Assets Assets 220,000-225,000 ounces and surpassing the previous record Assets
of 194,237 ounces in 2017. For 2019, KLG expects to increase Assets Assets production of 230,000-240,000 ounces from Macassa, increasing marginally to 245,000-255,000 ounces by 2021 prior to the impact of the #4 Shaft project discussed below. KLG has started construction of a new shaft at the Macassa mine. The new, 21.5-foot diameter, concrete-lined shaft will support higher levels of production while also de-risking the operation, offer more effective underground exploration to the east of the SMC and improve ventilation and general working conditions. The two phase project is expected be completed by Mineral Reserves Mineral Reserves the endMineral Reserves of 2023 at a total cost of $320 million with a total hoisting and Resources and Resources capacityand Resources of 4,000 tonnes per day and reach an ultimate depth of approximately 7,000 feet. The shaft is a key component of achieving KLG’s goal of increasing production at Macassa to over 400,000 ounces per year over the next five to seven years. Franco-Nevada also has a 2% NSR royalty covering the majority of claims held in the Kirkland Lake gold camp by Agnico Eagle and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Mines Limited (“Agnico Eagle”) from its acquisition of Osisko Mining Corporation (“Osisko”) in April 2014. Agnico Eagle bought out its JV partner Yamana at the end of 2017 and now owns 100% of the claims. Franco-Nevada’s royalties cover the Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Additional Information Additional Information ASSETAdditional Information highlighTS: • Overlying 1.5% royalty purchased in 2013 covers all of KLG’s properties • #4 Shaft could increase production to over 400,000 gold ounces per year • Large land position in historical mining area covering multiple known deposits Additional Information Additional Additional Information Additional 52 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Timmins West (Au) 2018 2017 2016 Timmins West (Au) Revenue to Franco-Nevada ($ million) $ 2.6 $ 3.4 $ 3.2 Overview Overview Overview ontario, Canada P&P Reserves (koz Au)1 653 653 233 royalty: NSR: 2.25% M&I Resource (koz Au)1 1,040 1,040 1,141 operator: Pan American Silver Corp. Inferred Resource (koz Au)1 1,161 1,161 1,208 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 15 15 5 M&I Royalty Ounces (000s)1, 2 23 23 26 Inf Royalty Ounces (000s)2 26 26 27
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada acquired a 2.25% NSR royalty covering a large by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 land package of approximately 130 km to the west of the City of 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral Timmins, Ontario in 2012 from Lake Shore Gold Corp. The Timmins Reserves and Mineral Resources are subject to our royalty interest and estimates West property hosts the Timmins and Thunder Creek deposits a rate of 2.25% is applicable as well as the 144 exploration zones and the Gold River Trend. Lake Shore Gold Corp. was acquired by Tahoe Resources Inc., Royalty Ounces Royalty Ounces Royalty Ounces which were subsequently acquired by Pan American Silver in February 2019. Given the timing of the acquisition by Pan American Silver, public reporting figures for the Timmins properties (including Bell Creek on which Franco-Nevada does not have a royalty) are not available for 2018. The operations produced 167,000
Royalty Ounces Royalty Ounces Royalty gold ounces in 2017 and were forecast to produce between 160,000-175,000 ounces in 2018. Mineral Reserves at Timmins West increased substantially in 2017 which was mainly attributable to the initial Mineral Reserve for the 144 Gap deposit. Mineral Reserves increased from 233,000 ounces (2.0 Mt @ 3.69 g/t) to 738,000 ounces (7.1 Mt @ 3.21 g/t) which may help extend the mine life of the operation. Exploration continues on the property including targeting zones below the Thunder Creek deposit and drilling/test work at the Gold River Trend. Assets Assets Assets
ASSET highlighTS: Assets Assets • Pan American acquired the previous operator, Tahoe Resources, in February 2019
Burrows Benedict Fault Bell Creek Complex Mattagami River Fault Bell Creek Mine & Mill Hoyle Pond Destor-Porcupine Fault N 0 20 Hollinger Pamour Mine McIntyre Km
Mineral Reserves Dome Mineral Reserves Mineral Reserves Mine and Resources and Resources and Resources Timmins
Timmins West UG Mine Shaft Deposits Timmins West and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral 2.25% NSR Timmins Deposit
N Thunder Creek 4 kms 101 Deposit Gold River Trend 144 Gap Zone Deposit Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 53 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Canadian Malartic (Au) 2018 2017 2016 Canadian Malartic (Au) Revenue to Franco-Nevada ($ million) $ 2.5 $ 2.0 $ 2.1 Overview Quebec, Canada Overview Overview P&P Reserves (koz Au)1 5,560 6,378 7,096 royalty: GR: 1.5% M&I Resource (koz Au)1 7,298 7,684 8,384 operator: Yamana Gold / Agnico Eagle Inferred Resource (koz Au)1 4,638 4,612 1,858 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 10 11 13 M&I Royalty Ounces (000s)1, 2 13 14 15 Inf Royalty Ounces (000s)2 8 8 3
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In June 2011, Franco-Nevada purchased a 1.5% gross royalty by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves on part of the Canadian Malartic gold project. The project is 2 For Royalty Ounce calculation, FNV management estimates 12% of the Mineral located in Quebec’s Abitibi mining district and is Canada’s Reserves and Mineral Resources are subject to our royalty interest and estimates largest gold producer. The royalty covers seven claims on a rate of 1.5% is applicable the property including the central portion of the open-pit as shown in the schematic which equates to approximately 3 km2. Royalty Ounces Royalty Ounces Royalty payments are expected to fluctuate annually based on Royalty Ounces the location of mining relative to the royalty property. Yamana and Agnico Eagle are the 50/50 joint operators of the Canadian Malartic mine following the 2014 acquisition of Osisko Mining Corporation. Canadian Malartic produced a record 697,200 ounces in 2018
Royalty Ounces Royalty which was better than the projected production Ounces Royalty of 650,000 ounces and better than 2017 production of 633,462 ounces of gold. For 2019, production is expected to be 660,000 ounces, increasing to between 690,000 - 710,000 ounces for both 2020 and 2021. The production increase will likely not benefit the Franco-Nevada royalty as mining progresses to the Barnat pit which is only partially covered by the Franco-Nevada royalty. The operators are aggressively drilling east of the open pit. The permit allowing for the development of an underground ramp at the Odyssey project was received in December 2018. Assets Assets The operators are currently evaluating the potential for Assets underground mining of the Odyssey and East Malartic deposits ASSET highlighTS: Assets
Assets from surface to a depth of 600 meters. These deposits could • Canada’s largest gold producer–increasing provide higher grade tonnes that could potentially supplement production over next couple years open pit production in the future. Currently, the Odyssey project contains an Inferred Mineral Resource of 1,618,000 ounces • Long life asset in Quebec (23 million tonnes @ 2.19 g/t) while the East Malartic project • Exploration targets partially on royalty ground to has an Indicated Mineral Resource of 722,000 ounces the east (10.6 million tonnes @ 2.13 g/t gold) and Inferred Mineral Resource of 2,800,000 ounces (44 million tonnes @ 1.98 g/t gold). Drilling is ongoing to extend and upgrade the Mineral Resources in these zones. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Canadian Malartic 1.5% Royalty Claims Royalty Exploration Targets
Rail line Area Open Pit Highway 117 Malartic (town site) and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
CMBN
Highway 117 Open Pit
Jeffrey Odyssey Zone Additional Information Additional Information Additional Information Zone Mill
Canadian Malartic 0 N 3.5 Property Km Additional Information Additional Additional Information Additional 54 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Brucejack (Au & Ag) 2018 2017 2016 Brucejack (Au & Ag) Revenue to Franco-Nevada ($ million) $ 0.3 $ – $ – Overview Overview Overview British Columbia, Canada P&P Reserves (koz Au) 1, 3 8,700 8,700 8,700 royalty: NSR: 1.2% M&I Resource (koz Au)1, 3 10,000 10,000 10,000 operator: Pretium Resources Inc Inferred Resource (koz Au)1, 3 3,900 3,900 3,900 2, 3 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 98 98 98 M&I Royalty Ounces (000s)1, 2, 3 114 114 114 Inf Royalty Ounces (000s)2, 3 47 47 477
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In May 2013, Franco-Nevada purchased an existing 1.2% NSR by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves royalty covering Pretium Resources Inc.’s (“Pretium”) Brucejack 2 For Royalty Ounce calculation, FNV management estimates following production gold project in northwestern British Columbia. The project of 500,000 ounces that 100% of the remaining Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a rate of 1.2% is includes two principal deposits, the Valley of the Kings and applicable the West Zone. 3 Does not include silver Mineral Reserves or Mineral Resources Pretium poured first gold from the Brucejack project in Royalty Ounces Royalty Ounces Royalty Ounces June 2017 and achieved commercial production in July 2017. Brucejack produced 376,012 ounces of gold in 2018. As a result, the production threshold of approximately 500,000 ounces was met by the end of the year and Franco-Nevada booked revenue of $0.3 million from the royalty. Gold production for 2019 is expected in the range of 390,000-420,000 ounces with the
Royalty Ounces Royalty Ounces Royalty planned production ramp-up from 2,700 tonnes per day to 3,800 tonnes per day over the course of 2019. An updated Mineral Resource and Mineral Reserve estimate for the Valley of the Kings is expected in the second quarter of 2019 as well as an updated life of mine plan for the Brucejack mining operation. Pretium continues to explore the property with approximately 70,000 meters planned for 2019. Drilling is expected to focus on expanding the current Mineral Resource and Mineral Reserve at the Valley of the Kings targeting zones at depth, to the east, west and north-east. Areas at depth below, to the east and Assets Assets Assets to the north-east of the currently defined Mineral Resource are considered highly prospective for additional Mineral Resource Assets Assets expansion. Brucejack ASSET highlighTS: Project Royalty Area • Production royalty threshold met at the end of 2018 1.2% NSR • 2019 production expected to be between 390,000 - 420,000 ounces N 0 250
• Updated life of mine plan anticipated during the Metres second quarter of 2019 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Pretium Resources
Brucejack West Zone Lake and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Valley of the Kings Zone Brucejack Property
Pretium Resources - Brucejack property (royalty claims) Additional Information Additional Information Additional Information Pretium Resources - other claims
Brucejack Property Stewart Additional Information Additional Additional Information Additional British 2019 Asset Handbook The GOLD Investment that WorksColumbia 55
Vancouver Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Hardrock (Au) 2018 2017 2016 Hardrock (Au) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview ontario, Canada Overview Overview P&P Reserves (koz Au)1 4,648 4,647 4,647 royalty: NSR: 3% M&I Resource (koz Au)1 7,468 6,763 6,763 operator: Premier Gold Mines Limited / Inferred Resource (koz Au)1 2,720 2,590 2,590 2 Overview Overview Centerra Gold Inc. P&P Royalty Ounces (000s) 139 139 139 M&I Royalty Ounces (000s)1, 2 203 203 203 Gold & Gold Equivalents Inf Royalty Ounces (000s)2 78 78 78
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada acquired a 3% NSR on Hardrock as part of its by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves acquisition of a portfolio of approximately 20 royalties from 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral Barrick in November 2013. The Hardrock property is being Reserves, 91% of the M&I Mineral Resource (100% in previous years) and 95% of the Inferred Mineral Resource (100% in previous years) are subject to our royalty advanced by Greenstone Gold Mines L.P. (“Greenstone”), a interest and estimates a rate of 3.0% is applicable 50/50 partnership between Premier and Centerra Gold Inc. As part of the Greenstone partnership, Centerra paid C$96 million Royalty Ounces Royalty Ounces and is responsible for funding the initial C$185 million of capital Royalty Ounces contributions. The Hardrock property is part of the larger Trans-Canada project with Hardrock representing the core project. The district has historic production of 4 million ounces of gold and is host to multiple gold deposits. Greenstone released a feasibility study in November 2016.
Royalty Ounces Royalty The study envisions an open-pit mine Ounces Royalty producing 4.2 million ounces of gold over a 14.5 year mine life. Production is expected to average approximately 300,000 ounces per year during full production and excludes processing of low-grade stockpiles. The economic study only includes the Hardrock open-pit Mineral Resource and does not include any potential from the large underground Mineral Resource on the property. Greenstone announced in December 2018 that the Environmental Assessment has been approved. Greenstone continues to work on de-risking the project as it advances Assets Assets toward a construction decision. A Definitive Agreement with Assets Long Lake #58 First Nation was signed in 2018 and Greenstone Assets
Assets continues to negotiate agreements with the other local Indigenous communities. Greenstone has also engaged financial advisors to begin the process of identifying the various financing options ASSET highlighTS: that may be available for the Hardrock Project. • Advanced project in favourable mining jurisdiction • Environmental Assessment approved by the Federal Government in 2018 • Feasibility outlines potential 14.5 year mine life producing ~300,000 ounces per year Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Hardrock Ontario Royalty Area 3% NSR N 0 3 Royalty Area Kilometres
Hardrock Mineralized zones (Geraldton) and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
Lindsey Errington Geraldton Ashmore Additional Information Additional Information Additional Information
Mosher Shaft
Other Royalty Claims SP Zone Hardrock
Parent Salsberg McKelvie Additional Information Additional Additional Information Additional 56 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Valentine Lake (Au) 2018 2017 2016 Valentine Lake (Au) Revenue to Franco-Nevada ($ million) $ – $ – $ – Overview Overview Overview Newfoundland, Canada P&P Reserves (koz Au)1 – – – royalty: NSR: 2% M&I Resource (koz Au)1 2,691 – – operator: Marathon Gold Corporation Inferred Resource (koz Au)1 1,532 – – 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) – – – M&I Royalty Ounces (000s)1, 2 54 – – Inf Royalty Ounces (000s)2 31 – –
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada purchased a 2% NSR on the Valentine Lake Gold by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Camp in central Newfoundland in February 2019. The project is 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral being advanced by Marathon Gold Corporation (“Marathon Gold”). Resources are subject to our royalty interest and estimates a rate of 2.0% is The royalty is subject to a 0.5% buyback provision for $7 million applicable until December 31, 2022. The Valentine Lake Gold Camp currently hosts four near- Royalty Ounces Royalty Ounces Royalty Ounces surface, mainly pit-shell constrained, deposits with M&I Mineral Resources of 2,691,400 ounces of gold (45.1 Mt @ 1.85 g/t) and Inferred Mineral Resources totaling 1,531,600 ounces of gold (26.9 Mt @ 1.77 g/t). Marathon Gold completed a preliminary economic assessment in October 2018. The study envisioned average annual gold production of approximately 225,000 ounces
Royalty Ounces Royalty Ounces Royalty per year over 12 years. A total of 2.7 million ounces of gold would be recovered over the life of the mine as per the study. Marathon Gold is targeting completion of a prefeasibility study by the end of 2019 and plans an infill drilling program focused on upgrading Inferred Mineral Resources in the Leprechaun and Marathon pits as part of this effort. With the continued support of the provincial government, Marathon Gold is targeting construction of the Valentine Lake project by the ASSET highlighTS: first quarter of 2021. • Purchased royalty in February 2019 Assets Assets Assets • Working on completing prefeasibility study by end
Buchans Junction of 2019
Buchans Assets Assets Millertown • Marathon targeting construction by the first quarter Valentine N of 2021 Lake O 75 Gold Camp Kilometres
Teck Resources N Duck Pond Mine O 20 Springdale Powerline Kilometres Victory Deposit
Sprite Deposit Deer Lake
Leprechaun Deposit Badger Mineral Reserves Mineral Reserves Mineral Reserves Corner Brook Buchans Millertown
Marathon Gold Corporation and Resources and Resources Buchans Junction and Resources Grand Falls Marathon Deposit Buchans Duck Pond Mine Frank Zone Stephenville Millertown Valentine Lake Thrust Fault Valentine Valentine Lake N Granite Canal Property O 75 Hydro Facility Granite Canal Lake Substation Gold Camp Kilometres and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
Teck Resources N Duck Pond Mine O 20 Springdale Powerline Kilometres Victory Deposit Additional Information Additional Information Additional Information Sprite Deposit Deer Lake
Leprechaun Deposit Badger Corner Brook Buchans Millertown Marathon Gold Corporation Grand Falls Marathon Deposit
Duck Pond Mine Frank Zone Stephenville
Valentine Lake Thrust Fault Valentine Lake Granite Canal Property Hydro Facility Granite Canal Substation Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 57 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other Canadian Assets Overview Overview Overview Canada Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview Dublin Gulch (Eagle) (Au) Red Lake (Phoenix) (Au) Yukon, Canada ontario, Canada royalty: NSR: 1.5-2% royalty: NSR: 2% operator: Victoria Gold Corp. operator: Rubicon Minerals Corporation Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Franco-Nevada has a 2% NSR on the Eagle deposit which is Franco-Nevada has a 2% NSR (subject to a buy-back of 0.5%) on being advanced by Victoria Gold Corp. (“Victoria”). The royalty the water claims (which cover the majority of Mineral Resources) is subject to an annual minimum royalty payment of $20,000. of the Phoenix gold project in Red Lake, Ontario operated by The NSR reduces to a 1% NSR once $1,000,000 is paid towards Rubicon Minerals Corporation (“Rubicon”). The Phoenix project the royalty and does not include credit for the minimum is located 10 km north of Goldcorp’s Red Lake mine.
Royalty Ounces Royalty payments received. The Eagle deposit Ounces Royalty is part of the larger Dublin In November 2015, Rubicon announced a temporary shutdown Gulch claim block and is located in central Yukon. In addition, of underground activities to enhance its geologic model and Franco-Nevada has a 1.5% royalty on the Lynx properties (part develop an implementation plan as the gold mineralization of the Dublin Gulch claim) which is subject to a $15,000 annual was more geologically complex than anticipated. This included advance royalty payment and is capped at $1,500,000. Victoria a material reduction to the contained gold ounces estimated. released an updated feasibility study for the Eagle Gold project Rubicon has since reorganized its debts and has put in place in September 2016. The study envisions average yearly production a new management team. Rubicon completed a positive bulk of 190,000 ounces over a 10 year mine life. In March 2018, Victoria sample reconciliation in 2018 which compared favorably with entered into a financing package for C$505 million that will the updated block model estimates from its 2018 updated Mineral fully fund the development of the Eagle Gold project through Resource estimate. The updated Mineral Resource update saw Assets Assets commercial production. Victoria estimates that as of January 2019 a 113%Assets increase to M&I Mineral Resources (281,000 ounces from that construction is 60% complete with first gold pour expected 1.4 Mt @ 6.4 g/t) while the Inferred Mineral Resources increased in the second half of 2019. Franco-Nevada’s royalty is estimated by 80% to 749,000 ounces (3.9 Mt @ 6.0 g/t). Rubicon expects to Assets Assets to cover the entire Eagle deposit which contains Mineral Reserves provide a further update to its Mineral Resource estimate during of 2.463 million ounces (116 Mt @ 0.66 g/t) and a small part of the the first half of 2019 which includes 20,000 meters of infill and smaller satellite Olive Zone which contains Mineral Reserves of step-out drilling as well as deliver a new preliminary economic 0.2 million ounces (7 Mt @0.95 g/t). assessment for the property in mid-to-late 2019.
For Royalty Ounce calculation, FNV management estimates 100% of Mineral For Royalty Ounce calculation, FNV management estimates 100% of Reserves & Mineral Resources are subject to our royalty interest and the Mineral Reserves and Mineral Resources are subject to our royalty estimates an average rate of 2.0% is applicable interest and estimates a rate of 1.5% is applicable given Rubicon’s right to repurchase 0.5% of the 2.0% NSR Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 58 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other Canadian Assets Overview Overview Overview Canada Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview
Ring of Fire - Black Thor (Cr, Ni, Cu) Courageous Lake (Au) ontario, Canada Northwest Territories, Canada royalty: NSR: 2-3% royalty: NSR: 1.02% operator: Noront Resources Ltd. operator: Seabridge Gold Inc. Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces In April 2015, Franco-Nevada acquired royalty rights in the Ring The Courageous Lake project is an advanced gold exploration of Fire mining district of Ontario by providing a loan and royalty project located in the Northwest Territories, Canada. Seabridge financing to Noront Resources Ltd. (“Noront”). The financing Gold Inc. has been advancing the Courageous Lake project and in package enabled Noront to acquire the mining claims held by July 2012, released results of its first preliminary feasibility study subsidiaries of Cliffs Natural Resources Inc. (“Cliffs”) in the for the asset. The study estimated Mineral Reserves of 6.5 million
Royalty Ounces Royalty Ounces Royalty Ring of Fire mining district. Following the close of the transaction, ounces of gold (91 Mt @ 2.20 g/t at the FAT deposit) and projected Noront holds a total of approximately 360 mining claims in the average annual production of 385,000 ounces over a mine life of emerging mining camp, located 500 km northeast of Thunder Bay. 15 years. This project covers only 2 km of a greenstone belt that Franco-Nevada provided Noront with a $25 million loan for stretches 53 km. a period of five years at a 7% interest rate which is secured by The property also hosts the Walsh Lake Deposit (Inferred the acquired Cliffs properties. Franco-Nevada paid an additional Mineral Resource of 4.6 Mt grading 3.24 g/t), which is located $3.5 million in cash as part of the granting of the royalty over 10 km south of the larger FAT deposit. Metallurgical testing the existing Noront property. Franco-Nevada received a demonstrated that the Walsh Lake material is free milling. 3% royalty over the Black Thor chromite deposit, a 2% royalty Based on these factors, the Walsh Lake deposit could be mined over all of Noront’s property in the region (excluding the prior to constructing the processing plant required for the larger, Assets Assets Assets Eagle’s Nest deposit), 2% on certain other properties previously refractory FAT deposit thereby improving the overall economics being advanced by Cliffs as well as a number of other third party of the Courageous Lake project. exploration royalties. The total royalty concession is estimated Assets Assets to cover 1,000 km2. The royalty package provides Franco-Nevada For Royalty Ounce calculation, FNV management estimates 100% of Mineral with a long-term interest in a potential new mining camp with Reserves & Mineral Resources are subject to our royalty interest and exposure to a world-class chromite resource. estimates an average rate of 1.02% is applicable Noront continues to work with the provincial government and first nations to permit and develop roads to provide access to communities in the Ring of Fire and to the project.
For Royalty Ounce calculation, FNV management estimates 100% of the Black Thor Mineral Resources are subject to our royalty interest and
estimates dollarMineral Reserves per tonne value of $1.90/tonne Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 59 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other Canadian Assets Overview Overview Overview Canada Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview Goldfields (Au) Monument Bay (Au) Saskatchewan, Canada Manitoba, Canada royalty: NSR: 2% royalty: NSR: 2-3% operator: Fortune Bay Corp. operator: Yamana Gold Inc. Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces The Goldfields project currently consists of two gold deposits: In June 2015, Yamana acquired Mega Precious Metals Inc. and the Box deposit, which is at the feasibility stage, and the Athona the Monument Bay property, which is located in Manitoba, deposit, which has a completed preliminary feasibility study. approximately 570 km northeast of Winnipeg. Monument Bay Franco-Nevada has a 2% NSR royalty that covers both deposits. consists of 136 contiguous claims and hosts a Measured and Brigus Gold Corp., which was advancing the project, was acquired Indicated Mineral Resource base of 1.787 million ounces of gold in
Royalty Ounces Royalty by Primero Mining Corp. The Goldfields Ounces Royalty project was not part of the 36.6 Mt @ 1.52 g/t. Franco-Nevada holds a 2% NSR royalty on the acquisition and was spun out into a company called Fortune Bay first 1.0 million ounces produced and a 3% NSR on any additional Corp. Limited activity has transpired on either the Box or Athona production. In 2018 16,270 meters of drilling were completed deposit since 2014. The March 2014 pre-feasibility report included a on the Monument Bay project. In addition, during the period a Mineral Reserve of 1.02 million ounces of gold (22,333 Mt @ 1.42 g/t). new geological interpretation of the deposit was formed and is expected to be the basis for an updated block model and Mineral For Royalty Ounce calculation, FNV management estimates 100% of Mineral Resource estimate. Groundwork is continuing and generating Reserves & Mineral Resources are subject to our royalty interest and prospects for follow-up testing in 2019. On September 13, 2018, estimates an average rate of 2.0% is applicable Yamana signed an Exploration Agreement with Red Sucker Lake First Nations in relation to the Monument Bay exploration site. Assets Assets Assets For Royalty Ounce calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and Assets Assets estimates an average rate of 2.0% is applicable for first 1.0 million ounces produced and 3.0% on any additional ounces Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 60 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other Canadian Assets Overview Overview Overview Canada Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview red Mountain (Au) New Prosperity (Au) British Columbia, Canada British Columbia, Canada royalty: NSR: 1% / Production Payment stream: 22% Gold Stream operator: IDM Mining Ltd. operator: Taseko Mines Limited Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Franco-Nevada has a 1% NSR as well as a $10/oz production Franco-Nevada has the right to acquire a 22% gold stream on the payment on gold produced in excess of 1.85 million ounces from Prosperity (now New Prosperity) copper-gold project in British the Red Mountain project near Stewart, B.C. Franco-Nevada Columbia, 100% owned by Taseko Mines Limited (“Taseko”). acquired the royalty as part of the Barrick royalty portfolio in Franco-Nevada committed to provide a $350 million deposit and November 2013. IDM Mining released a feasibility study in June warrant consideration for the construction of New Prosperity when
Royalty Ounces Royalty Ounces Royalty 2017 that estimated an initial mine life of six years producing an the project was fully permitted and financed. On February 27, 2014 average of 78,000 gold ounces per year. The Red Mountain Gold the Government of Canada announced that it would not issue the Project received Federal Environmental Assessment Approval federal authorizations necessary for New Prosperity to proceed. in January 2019 and will proceed to the regulatory phase with Franco-Nevada’s financing commitment remains available to Fisheries and Oceans Canada and Natural Resources Canada. Taseko, but can be terminated at the option of Franco-Nevada. Ascot Resources Ltd. announced plans to acquire IDM Mining which is expected to close in March 2019. FNV management has not included New Prosperity in Royalty Ounce estimates For Royalty Ounce calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest Assets Assets Assets and estimates an average rate of 1.0% is applicable Assets Assets Cariboo (Au) British Columbia, Canada Royalty: NSR: 3% operator: Barkerville Gold Mines Ltd. Gold & Gold Equivalents
Barkerville Gold Mines Ltd. (“Barkerville”) is advancing the Mineral Reserves Mineral Reserves Mineral Reserves Cariboo Gold Project in east-central British Columbia. Barkerville and Resources and Resources and Resources controls 2,120 km2 of mineral rights located 85 km east of the town of Quesnel. The area has historical underground and alluvial production of 4.5 million ounces of gold from 1933 to 1967. Franco-Nevada’s 3% NSR covers the claims to the immediate north-east of the Bonanza Ledge Project, referred to as the and Resources and Resources KL Zone. Franco-Nevada’s 3% royalty interest also includes Mineral Reserves Mineral Mineral Reserves Mineral the Williams Claims which are about 5 km south east of the Bonanza Ledge Project. Barkerville provided a Mineral Resource in June 2018 which included an Indicated Mineral Resource of 1,599,000 ounces (8.1 Mt @ 6.1 g/t) and an Inferred Mineral Resource of 2,155,700 (12.7 Mt @ 5.2 g/t). Barkerville is continuing to aggressively explore the property with 90,000 meters of Additional Information Additional Information Additional Information drilling planned.
FNV management has not included Cariboo in Royalty Ounce estimates Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 61 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
MWS (Au) 2018 2017 2016 MWs (Au) Revenue to Franco-Nevada ($ million) $ 32.9 $ 35.8 $ 27.1 Overview south Africa, rest of World Overview Overview P&P Reserves (koz Au)1 2,240 2,290 2,100 stream: 25% Gold Stream M&I Resource (koz Au)1 2,240 2,330 2,140 operator: AngloGold Ashanti Limited Inferred Resource (koz Au)1 – – 150 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 100 121 133 M&I Royalty Ounces (000s)1, 2 100 121 133 Inf Royalty Ounces (000s)2 – – –
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada, through its acquisition of Gold Wheaton in by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves March 2011, receives 25% of gold produced from the Mine Waste 2 For Royalty Ounce calculation, FNV management estimates 144,517 stream ounces Solutions (“MWS”) project. MWS is a gold and uranium tailings (174,546 in 2017; 198,849 in 2016) to be delivered and factored by 69% (66.6% in recovery operation located near Stilfontein, approximately 2016) to estimate equivalent Royalty Ounces 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area through three Royalty Ounces Royalty Ounces production modules. It also includes a modern tailings storage Royalty Ounces facility approximately 15 km from the gold plant. Franco-Nevada makes ongoing payments equal to the lesser of $400/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. AngloGold Ashanti Limited (“AngloGold Ashanti”) purchased
Royalty Ounces Royalty the operation from First Uranium Corporation Ounces Royalty in July 2012. As part of the AngloGold Ashanti purchase, Franco-Nevada amended the agreement and is now entitled to receive 25% of all the gold produced through the MWS plant including treatment of AngloGold Ashanti’s tailings until Franco-Nevada has received 312,500 ounces of gold, starting on January 1, 2012. In 2018, Franco-Nevada sold 25,917 ounces of gold that had been received under the agreement (28,397 ounces sold in 2017). As at December 31, 2018, Franco-Nevada has received 167,983 ounces of gold of the 312,500 ounce cap since the amendment Assets Assets of the agreement. Assets Assets Assets ASSET highlighTS: MWS 4 • Franco-Nevada entitled to 25% MWS MWS of all gold produced until 312,500 25% Gold Stream MWS 5 N ounces received 12 AngloGold Ashanti • Limited upside given production Dumps cap on payments STILFONTEIN Plant Site Town Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources N Tailings storage 0 2.5 H5 H1 facility site H6 Kilometres Hartebeestfontein H2 and Resources and Resources SPD Mineral Reserves Mineral Mineral Reserves Mineral Buffelsfontein
B2 B1 B5 Vaal East B3 B4
Vaal West Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 62 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Sabodala (Au) 2018 2017 2016 sabodala (Au) Revenue to Franco-Nevada ($ million) $ 28.5 $ 30.5 $ 26.0 Overview Overview Overview senegal, rest of World P&P Reserves (koz Au)1 2,700 2,700 2,640 stream: Fixed gold deliveries / M&I Resource (koz Au)1 4,438 4,438 4,442 6% Gold Stream Inferred Resource (koz Au)1 1,004 1,004 944
2 Overview Overview operator: Teranga Gold Corporation P&P Royalty Ounces (000s) 127 145 150 M&I Royalty Ounces (000s)1, 2 210 228 236 Gold & Gold Equivalents Inf Royalty Ounces (000s)2 48 48 45
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In December 2013, a subsidiary of Franco-Nevada provided by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Teranga Gold Corporation (“Teranga”) with a $135 million deposit 2 For Royalty Ounce calculation, FNV management estimates account for the to fund the acquisition by Teranga of an additional interest of remaining prepaid gold purchase ounces and 100% of the remaining Mineral Reserves & Mineral Resources are subject to a rate of 4.8% (6.0% gold stream the Oromin Joint Venture (“OJVG”). The OJVG owned the adjacent which is factored by 80% to estimate equivalent Royalty Ounce rate) property which hosts several deposits representing future ore sources for Teranga’s neighbouring Sabodala mill. With the Royalty Ounces Royalty Ounces Royalty Ounces acquisition, Teranga now controls a sizable land package of over 950 km2 which includes much of a 70 km strike length along a prospective greenstone belt. Under the terms of the agreement between Franco-Nevada and Teranga, Teranga will deliver 22,500 ounces of gold annually over the first six years of the agreement. Following delivery of
Royalty Ounces Royalty Ounces Royalty 135,000 ounces of gold, Franco-Nevada will receive 6% of gold production that is sourced from either the Sabodala or OJVG properties. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal to 20% of the spot gold price. As of the end of 2018, Teranga has delivered 112,500 ounces. As such, 2019 represents the final year of the fixed deliveries. Sabodala produced 245,230 ounces in 2018 which compares favorably to the 233,267 ounces produced in 2017 and the initial guidance of 210,000-225,000 ounces. For 2019, Teranga expects to produce between 215,000-230,000 ounces from Sabodala. Teranga Assets Assets Assets expects to spend $15 to $20 million in 2019 to continue relocation and construction activities of the Sabodala village. Currently the ASSET highlighTS: Assets Assets Sabodala village sits atop Niakafiri, the largest deposit on the • Fixed payments of 22,500 gold ounces per year Sabodala mine license. for six years • Trailing 6% gold stream • Land package offers significant exploration potential
Mauritania Atlantic Mineral Reserves Mineral Reserves
Mineral Reserves Ocean and Resources and Resources and Resources Senegal Dakar Mali Sabodala Sabodala
Guinea 22.5 K oz/yr for 6 yrs; then 6% Stream
10 kilometres from mill Tailings and Resources and Resources Sabodala Mineral Reserves Mineral Mineral Reserves Mineral Pit Mill Masato Sabodala Deposit Gora Sabodala West Deposit
Sabodala Concession
OJVG Concession
OJVG Deposits Additional Information Additional Information Additional Information N Niakafiri 0 2.5 Deposit Kilometres N Golouma 0 20 Deposits Kilometres Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 63 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Karma (Au) 2018 2017 2016 karma (Au) Revenue to Franco-Nevada ($ million) $ 22.5 $ 23.0 $ 14.4 Overview Burkina Faso, rest of World Overview Overview P&P Reserves (koz Au)1 764 986 1,117 royalty: Fixed gold deliveries / M&I Resource (koz Au)1 2,655 2,871 2,981 4.875% Gold Stream Inferred Resource (koz Au)1 772 909 791
2 Overview Overview operator: Endeavour Mining Corporation P&P Royalty Ounces (000s) 47 67 81 M&I Royalty Ounces (000s)1, 2 121 141 154 Gold & Gold Equivalents Inf Royalty Ounces (000s)2 30 35 31
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In August 2014, a subsidiary of Franco-Nevada and Sandstorm by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Gold Inc. (“Sandstorm”) committed to provide up to $120 million 2 For Royalty Ounce calculation, FNV management accounts for the balance of the in stream financing to assist the construction of the Karma prepaid gold purchase ounces of 75,000 ounces and 100% of the remaining Mineral Reserves & Mineral Resources at Karma are subject to a rate of 3.9% Project in Burkina Faso, West Africa, the first ever syndicated (6.5% gold stream which is factored by 80% to equate to a Royalty Ounce stream transaction. Franco-Nevada committed 75% of the funding as well as Franco-Nevada’s 75% interest) and Sandstorm committed the remaining 25%. Franco-Nevada Royalty Ounces Royalty Ounces ultimately contributed $78.75 million (minimum commitment of Royalty Ounces $75 million and $3.75 million as part of the increase option). The Karma Project was constructed by True Gold Mining Inc. which was acquired by Endeavour Mining Corporation (“Endeavour Mining”) in March 2016. Under the terms of the agreement, Endeavour Mining will
Royalty Ounces Royalty deliver to Franco-Nevada 15,000 ounces Ounces Royalty of gold per year beginning March 31, 2016 and will continue until 75,000 ounces have been delivered. Once reached, Endeavour Mining shall then deliver to Franco-Nevada an amount of refined gold equal to 4.875% of the equivalent amount of gold produced at Karma over the life of the mine in exchange for ongoing payments equal to 20% of the spot price of gold. The increase option was repayed in 8 quarterly deliveries totaling 5,625 ounces of gold. Sandstorm will receive deliveries for its 25% interest from Endeavour Mining directly. The Karma project poured first gold on April 11, 2016 and Assets Assets Assets Karma reached commercial production on October 1, 2016. Karma Gold Stream produced 109,000 gold ounces in 2018. Production is expected Assets
Assets to be unchanged for 2019 with estimated production between 105,000 - 115,000 ounces. Karma Project Area Area of Interest 5 km The agreement covers all of the concessions within the Rounga 856 km2 Karma project and also includes a defined area of Current Exploitation Area interest of 5 km surrounding the borders of the project. Endeavour Mining announced in February 2017 that it had extended the mine Youba life to over 10 years, as infill drilling at the North Kao deposit Tougou added 262,000 gold ounces to Mineral Reserves. More than Bogoya 23,000 meters were drilled in the first nine months of 2018. Nami Pit Drilling has mainly focused on the eastern extension of the Bonguirga Mineral Reserves Mineral Reserves Mineral Reserves Namissiguima and Resources and Resources
North Kao deposit, Yabonsgo and Rambo West where Endeavour and Resources Ouahigouya Ouest Mining hopes to provide updated Indicated Mineral Resources Kao Nord Kao Pit
with its year end results. Kao Sud
ASSET highlighTS: • Fixed gold ounce deliveries over five years with and Resources and Resources
Mineral Reserves Mineral N Mineral Reserves Mineral trailing 4.875% gold stream 0 10 2 Nami Pit • Prospective land package of over 850 km Kilometres
Goulagou I Pit
Goulagou II Pit Rambo Pit
Burkina Faso Additional Information Additional Information Additional Information
North Kao Gold Zone
Kao Pit Additional Information Additional Additional Information Additional 64 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Tasiast (Au) 2018 2017 2016 Tasiast (Au) Revenue to Franco-Nevada ($ million) $ 6.3 $ 6.2 $ 4.4 Overview Overview Overview Mauritania, rest of World P&P Reserves (koz Au)1 7,440 7,861 8,015 royalty: NSR: 2% M&I Resource (koz Au)1 10,361 10,820 11,159 operator: Kinross Gold Corporation Inferred Resource (koz Au)1 420 1,237 345 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 149 157 160 M&I Royalty Ounces (000s)1, 2 207 216 223 Inf Royalty Ounces (000s)2 8 25 7
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 2% NSR royalty on the Tasiast project by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves operated by Kinross that has been payable since the third quarter 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral of 2011. Kinross acquired control of Tasiast in September 2010 Reserves and Mineral Resources are subject to our royalty interest and estimates pursuant to its acquisition of Red Back Mining Inc. The royalty a rate of 2.0% is applicable
originally covered three large permit areas in Mauritania, ALGERIA West Africa of which the most prominent is Tasiast with a Royalty Ounces Royalty Ounces Royalty Ounces currently reported mining license area of 312 km2 and a Original Royalty Area total exploration license area of 3,118 km2. In 2018, Tasiast produced 250,965 ounces of gold compared with 243,240 ounces in 2017. The operation produced a record amount of gold in the fourth quarter 2018 with the completion TASIAST of the Phase One expansion (detailed below). Kinross does not MAURITANIA SENEGAL Royalty Ounces Royalty Ounces Royalty provide individual mine guidance moving forward but stated MALI that it expects Tasiast to continue to deliver strong operational performance in 2019. The Phase One expansion at Tasiast was completed during the third quarter of 2018. Phase One is expected to increase mill capacity from 8,000 tonnes per day to 12,000 tonnes per day with gold production averaging 409,000 ounces per year over 2018-2027. In September 2017, Kinross announced plans to proceed with the Phase Two expansion at Tasiast. Phase Two was subsequently Assets Assets Assets put on hold in 2018 as Kinross analyzes alternative intermediate throughput expansion options and engages in discussion with Assets
Assets the Government of Mauritania. Phase Two was expected to increase mill capacity to 30,000 tonnes per day and produce an average of approximately 812,000 gold ounces per year for the first five years. Tasiast Kinross was not granted an exploitation license for the Main Trend Tasiast Sud project which it was advancing towards pre-feasibility. The study was evaluating potential for a dump leach operation of low grade material from three deposits. Plant Site
ASSET highlighTS: Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources • Phase One expansion completed • Phase Two expansion activities paused N
as Kinross engages in discussions with 25 km the Government of Mauritania • Prospective 75 km long greenstone belt and Resources and Resources Tasiast Permit Area Mineral Reserves Mineral Mineral Reserves Mineral Tasiast License Area, March 2012
Tasiast Mining License Original 2% NSR Gold Prospects Royalty Boundary Trends Resource/Reserve Target Additional Information Additional Information Additional Information Plant Site Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 65 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Subika (Au) 2018 2017 2016 Subika (Au) Revenue to Franco-Nevada ($ million) $ 9.4 $ 6.6 $ 4.8 Overview Ghana, rest of World Overview Overview P&P Reserves (koz Au)1 6,380 6,510 6,220 royalty: NSR: 2% M&I Resource (koz Au)1 8,930 9,180 8,450 operator: Newmont Mining Corporation Inferred Resource (koz Au)1 2,220 2,340 2,370 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 99 102 97 M&I Royalty Ounces (000s)1, 2 131 136 123 Inf Royalty Ounces (000s)2 39 41 41
2 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 2% NSR royalty which covers a 78 km area by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. of Newmont’s Ahafo project in Ghana (shown in the schematic). 2 For Royalty Ounce calculation, FNV management estimates 78% of Mineral Franco-Nevada’s royalty is believed to cover most, if not all, of the Reserves, 80% of the M&I Mineral Resource and 87% of the Inferred Mineral Resource are subject to our royalty interest and estimates an average rate of Subika open-pit as well as a majority of the Subika underground 2.0% is applicable mineralization identified to date. The royalty first became payable to Franco-Nevada in the third quarter of 2012. Royalty Ounces Royalty Ounces Ahafo produced 436,000 gold ounces in 2018, a significant Royalty Ounces increase over the 2017 production of 349,000 gold ounces. Gold production increased due to higher grade milled and higher recovery which was partially due to the Subika Underground project (discussed below) achieving commercial production in the fourth quarter of 2018. Production also benefitted from a
Royalty Ounces Royalty drawdown of in-circuit inventory. Ounces Royalty Newmont completed the Subika Underground project and declared commercial production in the fourth quarter of 2018. The project is expected to increase average annual gold production by 150,000-200,000 gold ounces per year for the first five years with an initial mine life of approximately 11 years. The second major project, the Ahafo Mill Expansion, is designed to improve production margins and accelerate stockpile processing. The expansion is expected to increase average annual gold production by 75,000 - 100,000 ounces per year for the first five Assets Assets years beginning in 2020. Together, these projects are expected Assets Amoma to improve Ahafo’s production to 550,000 - 650,000 ounces Assets
Assets per year for the first five full years of production (2020 to 2024).
ASSET highlighTS: • Commercial production from Subika underground Ntotoroso reached • Mill expansion advancing; first production expected Awonsu in 2019 • Together, projects expected to increase production Apensu to 550,000-650,000 gold ounces per year for first Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources five years of production and Resources Plant and Offices
N and Resources and Resources Subika Mineral Reserves Mineral Mineral Reserves Mineral Kenyase Note: not to scale
2% NSR Royalty Area Subika Additional Information Additional Information Additional Information Project Area Additional Information Additional Additional Information Additional 66 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Duketon (Au) 2018 2017 2016 Duketon (Au) Revenue to Franco-Nevada ($ million) $ 6.0 $ 6.7 $ 7.2 Overview Overview Overview Australia, rest of World P&P Reserves (koz Au)1 1,813 1,933 1,899 royalty: NSR: 2% M&I Resource (koz Au)1 4,087 4,446 4,477 operator: Regis Resources Ltd. Inferred Resource (koz Au)1 998 862 795 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 36 39 38 M&I Royalty Ounces (000s)1, 2 80 87 87 Inf Royalty Ounces (000s)2 20 17 15
2 1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has a 2% NSR royalty that covers 2,678 km of by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves the Duketon gold project in Western Australia. The project is 2 For Royalty Ounce calculation, FNV management estimates 100% of Mineral operated by Regis Resources Ltd. (“Regis”) and includes six Reserves and 97% of the Mineral Resources are subject to our royalty interest operating mines and seven other deposits at various stages of and estimates a rate of 2.0% is applicable development. The royalty covers all known Mineral Reserves and Mineral Resources, except for the Gloster deposit and a portion of Royalty Ounces Royalty Ounces Royalty Ounces the Erlistoun deposit. In August 2018 Regis reported production of 361,373 ounces of gold for the fiscal year ending June 30, 2018, and provided production guidance of 340,000-370,000 ounces of gold for the fiscal year ending June 30, 2019. Duketon Southern Operations (“DSO”): Regis reported DSO production of 261,583 ounces of gold for calendar 2018, all from
Royalty Ounces Royalty Ounces Royalty royalty grounds, except for a small portion of production from Erlistoun. DSO has four operating mines at Garden Well, Rosemont, Erlistoun and Tooheys Well. Garden Well has been in production since September 2012 and has a 5 Mt per annum plant. Rosemont has been in production since October 2013 and has a 2 Mt per annum plant. Milled ore from Rosemont is piped 10 km in a slurry form for leaching at Garden Well. Erlistoun was developed during 2016, with ore hauled 8 km north to Garden Well. Regis has estimated that 89% of Erlistoun Mineral Resources are covered by Franco-Nevada’s royalty. Tooheys Well was developed in 2018, Assets Assets Assets with first ore processed at Garden Well in December 2018. Location Map Development of the Rosemont Underground has been Duketon Royalty Assets
Assets approved, with portal development commencing March 2019, Port Hedland and first ore to Rosemont Mill expected in December 2019. Area Regis also commenced pre-production stripping of the Dogbolter 2% NSR
and Anchor satellite deposits in 2018. Current Royalty Tenements Kalgoorlie Duketon Northern Operations (“DNO”): Regis reported DNO Kambalda production of 97,127 ounces of gold for calendar 2018. DNO has Original Royalty PERTH Norseman Tenements two operating mines at Moolart Well and Gloster. Moolart Well has Deposits been in production since August 2010 and has a 2.4 Mt per annum plant. Gloster was developed during 2016, with first ore processed during Q4 2016. Gloster is not covered by Franco-Nevada’s royalty. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Gloster is expected to provide 4 years of mill feed to the Moolart Gloster Moolart Well Well. Gloster had provided the majority of ore to the Moolart Well N Dogbolter plant since its development. Petra 0 30 Exploration: With an extensive land position, and an active Km Rosemont exploration program, Regis continues to add to the overall Mineral * Additional royalty lands Reserve and Mineral Resource base at Duketon. The exploration to south not shown Garden Well due to scale. and Resources and Resources focus has shifted to underground targets. Regis announced a King John Tooheys Well Mineral Reserves Mineral Mineral Reserves Mineral maiden Mineral Resource at the Rosemont Underground in 2018. Russells Baneygo Find Reichelts Regis is also exploring underground at Garden Well, with an initial Erlistoun Find Mineral Resource estimate expected in 2019. Underground drilling at Tooheys Well and Banyego is expected to follow.
ASSET highlighTS: Additional Information Additional Information Additional Information • Tooheys Well developed during 2018 - first ore delivered to Garden Well mill December 2018 • Rosemont Underground portal development to start March 2019 and first ore expected in December 2019 • Garden Well Underground exploration - initial Mineral Resource Estimate expected in 2019 • Pre-production stripping at Dogbolter and Anchor satellite deposits in 2018 Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 67 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Edikan (Au) 2018 2017 2016 Edikan (Au) Revenue to Franco-Nevada ($ million) $ 4.3 $ 3.7 $ 3.1 Overview Ghana, rest of World Overview Overview P&P Reserves (koz Au)1 1,566 1,943 2,078 royalty: NSR: 1.5% M&I Resource (koz Au)1 3,025 4,869 5,011 operator: Perseus Mining Limited Inferred Resource (koz Au)1 267 900 899 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 23 29 31 M&I Royalty Ounces (000s)1, 2 45 73 75 Inf Royalty Ounces (000s)2 4 14 13
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages In 2011, Franco-Nevada acquired an effective 1.5% NSR royalty on by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Perseus Mining Limited’s (“Perseus”) Edikan gold mine in Ghana, 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral centered on the Ashanti Gold Belt which includes two mining Reserves and Mineral Resources are subject to our royalty interest and estimates leases of approximately 93 km2. a rate of 1.5% is applicable In June 2015, Perseus’ Supplementary Environmental Impact Statement was approved which was required for mining the Fetish, Royalty Ounces Royalty Ounces Chirawewa, Bokitsi (collectively referred to as the “Eastern Pits”) Royalty Ounces and Esuajah North gold deposits. An upgrade to the mill and relocation of housing was successfully completed by the end of 2016. Perseus has increased production in recent years at Edikan. Perseus produced 153,902 ounces in its fiscal 2016, 176,218 ounces in fiscal 2017 and 220,491 ounces in fiscal 2018.
Royalty Ounces Royalty As part of the revised life of mine Ounces Royalty plan announced in August 2018, the Edikan operation will transition from employing two mining contractors on the site to a single mining contractor. The single contractor agreement was fully implemented in January 2019 which is expected to positively impact mining costs over the remaining 6 year mine life. Perseus’ August 2018 life of mine plan estimates average production of 181,000 ounces over the current 6 year mine life.
ASSET highlighTS: Assets Assets Assets • Updated life of mine plan assumes average annual production of 185,000 gold ounces over 6 years Assets Assets
Esuajah Esuajah North South Abnabna Fobinso Edikan Gold Mine Mampon Mill Royalty Area Site Fetish 1.5% NSR Chirawewa Mineral Reserves Mineral Reserves
Mineral Reserves Ataasi and Resources and Resources and Resources Mining License Location Map and Royalty Area Ayanfuri GHANA Exploration License Mine Ayanfuri Dadieso Gold Deposit Licenses Project
Accra and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
N 0 10
Km Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 68 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mt Keith (Ni) 2018 2017 2016 Mt keith (Ni) Revenue to Franco-Nevada ($ million) $ 2.0 $ 1.3 $ 1.3 Overview Overview Overview Australia, rest of World P&P Reserves (Mlbs Ni)1 267 411 587 royalty: NPI: 0.25% / GR: 0.375% M&I Resource (Mlbs Ni)1 2,582 2,876 3,051 operator: BHP Billiton Limited Inferred Resource (Mlbs Ni)1 275 304 370 2 Overview Overview Gold & Gold Equivalents P&P Royalty Ounces (000s) 4 4 8 M&I Royalty Ounces (000s)1, 2 35 37 41 Inf Royalty Ounces (000s) 2 4 4 4
1 Please refer to the tables on pages 124-128 for a breakout of grade and tonnages Franco-Nevada has both a 0.375% GR royalty and a 0.25% NPI by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves royalty on lands including the Mt Keith nickel operation in 2 For Royalty Ounce calculation, FNV management estimates 100% of the Mineral Western Australia, located 460 km north of Kalgoorlie. BHP Billiton Reserves and Mineral Resources are subject to our royalty interest and estimate a rate of 0.50%. FNV also applied a NSR smelting charge of 30%. Nickel has been Limited (“BHP Billiton”) is the operator and the project is a large, converted to Royalty Ounces assuming $5.00 per pound ($4.75 per pound in 2017; low-grade disseminated nickel sulphide ore body with an open-pit $4.50 per pound in 2016) mine. Franco-Nevada’s royalties cover 236 km2 and includes the Royalty Ounces Royalty Ounces Royalty Ounces Jericho Nickel Deposit located approximately 25 km northwest ASSET highlighTS: of Mt Keith. Jericho is a 50/50 joint venture between BHP Billiton • 2 year mine life at Mt Keith and MMC Norilsk Nickel. Mining commenced in 1993 with the first nickel concentrate • Production shifting off royalty ground to Yakabindie produced in 1994. In its June 30, 2018 Annual Report, BHP Billiton deposit during 2019 reported that Mt Keith has an estimated mine life of two years. • Study to expand Mt Keith concentrator to 50Ktpa
Royalty Ounces Royalty Ounces Royalty Mt Keith concentrator ore throughput is approximately • Exploration upside on large land package, including 11.5 Mt per annum with 68% recoveries. Production capacity Betheno target located just north of Yakabindie is 35,000-40,000 tonnes per annum of nickel in concentrate. Mt Keith is part of Nickel West, BHP Billiton’s integrated business unit for Australian nickel assets, along with two other underground mines, a concentrator, a smelter and a refinery. In January 2019, BHP Billiton reported that Nickel West total production for 2018 was 84,800 tonnes of nickel. In August 2018, BHP announced plans to develop Yakabindie Nickel Deposit in 2019, as a satellite operation at Mt Keith. Franco-Nevada’s royalty does not cover Kingston Assets Assets Assets the Yakabindie deposit. Also in August 2018, BHP commenced Royalty Area a concept study to expand the Mt Keith concentrator to 122.5 km2 Assets Assets 50,000 tonnes per annum of nickel in concentrate. Mt Keith Jericho Albion Downs Kingston Royalty Area
Total: 236.5 km2
N
O 5 10 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Kilometres
Mt Keith and Resources and Resources Port Hedland Mineral Reserves Mineral Mineral Reserves Mineral
Wiluna Mt Keith Royalty Area Cliffs Kalgoorlie 114 km2 Perth Additional Information Additional Information Additional Information
Yakabindie Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 69 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other rest of World Assets Overview Overview Overview rest of World Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview Ity (Au) south kalgoorlie (Au) Côte d’Ivoire, rest of World Australia, rest of World royalty: NSR: 1-1.5% royalty: NSR: 1-1.75% operator: Endeavour Mining Corporation operator: Northern Star Resources Limited Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces The Ity gold mine, located in western Côte d’Ivoire, is operated Northern Star Resources Limited (“Northern Star”) operates the by Endeavour Mining. Endeavour Mining increased its ownership South Kalgoorlie Operation (“SKO”) which has been producing gold interests further in 2019 to 85% with the remainder owned by the since 1989. Northern Star acquired SKO from Westgold Resources Government of Côte d’Ivoire and SODEMI (a government-owned Limited in April 2018. SKO is located 15 km south of Kalgoorlie in mining company). Franco-Nevada has a sliding scale royalty which Western Australia. Franco-Nevada holds a 1.75% NSR royalty for 2
Royalty Ounces Royalty increased to an approximate 1.5% NSR Ounces Royalty once cumulative production gold and a 1% NSR royalty for other minerals which covers 470 km from 2001 onwards exceeded 21 tonnes of gold (reached at of the SKO tenements including the northern and central sections beginning of 2015). The royalty ceases once cumulative production of the HBJ deposit and all of the Mt Marion, Pernatty and Mt Martin reaches 35 tonnes of gold. Endeavour Mining is currently deposits. Mining was stopped by the previous owner in 2013 but constructing a CIL processing plant at Ity which is expected to processing continued from a combination of low grade stockpiles pour first gold during the second quarter of 2019. Ity produced and third party ore at the 1.2 Mt per annum Jubilee mill. Open-pit 85,000 ounces in 2018 which was substantially better than mining resumed in January 2015 and underground mining resumed Endeavour Mining budgeted given the focus on the CIL in June 2015. Previous owner Westgold reported attributable gold construction. Mining and stacking activities for the heap production from SKO of 10,086 ounces of gold during the quarter leach operation ceased in December 2018 as the Ity operation ending March 31, 2018. New owner Northern Star combined SKO Assets Assets transitions to CIL processing. Endeavour expects to produce with theAssets nearby Kundana and Kanowna Belle gold mines, and between 160,000 - 200,000 ounces of gold in 2019 once the plant reported total production of 257,911 ounces of gold at the is operational. Up until December 2018, the mine has produced ~30 combined Kalgoorlie Gold Operations for the nine months ending Assets Assets tonnes. As such, it is expected that the royalty cap will be reached December 31, 2018. As Northern Star processes a significant portion towards the end of 2019. of toll-treated ore at the Jubilee mill, Franco-Nevada estimates that the royalty production accounts for 10-15% of total combined For Royalty Ounce calculation, FNV management estimates a rate of Kalgoorlie Gold Operations production. 1.5% is applicable with a production cap of 35 tonnes of gold For Royalty Ounce calculation, FNV management estimates 66.6% of Mineral Reserves and Mineral Resources are subject to our royalty interest at a rate of 1.75%. Please refer to our 2018 and 2017 Asset Handbook for prior year estimates as reporting methodology by the operator has changed. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 70 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other rest of World Assets Overview Overview Overview rest of World Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview Cooke 4 (Au) Pandora (PGM) south Africa, rest of World south Africa, rest of World stream: 7% Gold Stream royalty: NPI: 5% operator: Sibanye-Stillwater operator: Lonmin plc Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Cooke 4, which was formerly known as the Western Areas The Pandora property forms part of the Bushveld complex Gold Mine or Ezulwini, is located near the Town of Westonaria approximately 40 km east of the town of Rustenburg, South approximately 40 km west of Johannesburg, South Africa and Africa and is 100% owned by Lonmin plc following the acquisition owned by Sibanye-Stillwater. Cooke 4 is contiguous to the of Anglo American Platinum’s 42.5% interest in the JV as well South Deep operation of Gold Fields Limited to the south. as Mvelaphanda Resources Proprietary Limited’s 7.5% interest. Subsequently, on December 14, 2017, Sibanye-Stillwater announced Royalty Ounces Royalty Ounces Royalty Franco-Nevada, as a result of its acquisition of Gold Wheaton, is entitled to 7% of the gold produced from the Cooke 4 mine plans to acquire Lonmin plc. Franco-Nevada has a 5% NPI royalty and is required to make ongoing payments equal to the lesser that includes small minimum annual payment of ZAR 100,000. of $400/ounce of payable gold (subject to 1% inflation per annum The mine is an underground operation and exploits the UG2 that commenced in December 2013) and the spot price of gold. reef horizon with access via a decline from surface. A deepening Sibanye announced in 2016 plans to place the mine on care of the decline was completed in 2013 accessing the 9 and 10 and maintenance and allow the mine to flood. While the stream levels. The majority of planned future mining is covered by agreement remains in place, Franco-Nevada has impaired the Franco-Nevada’s 5% NPI royalty. Pandora has not generated majority of its carrying value for this asset. a profit in the last few years. Assets Assets Assets FNV management has not included Cooke 4 in Royalty Ounce estimates For Royalty Ounce calculation, FNV management estimates 80% of the Mineral Reserves and Mineral Resources are subject to our royalty interest. FNV management estimates a NPI rate of 5.00% with applicable all-in Assets Assets sustaining costs. In 2018, FNV management has assumed lower margin for red october (Au) the project than in previous years. PGM ounces are converted into Royalty Australia, rest of World Ounces assuming $825/ounce Pt and $1,500/ounce Pd ($950/ounce Pt and royalty: NSR: 1.75% $1,050/ounce Pd in 2017; $950/ounce Pt and $750/ounce Pd in 2016) operator: Matsa Resources Limited Gold & Gold Equivalents South Kalgoorlie (Lake Cowan) (Au) Australia, rest of World royalty: Production Payment Red October is located in the Laverton region of Western Australia Mineral Reserves Mineral Reserves Mineral Reserves
and Resources operator: Westgold Resourcesand Resources Limited and Resources which historically produced as an open-pit until 2001. Saracen Mineral Holdings Limited, the previous operator, commenced Gold & Gold Equivalents underground mining in 2012. Franco-Nevada’s royalty interest covers 29 km2 surrounding the Red October deposit. Saracen reported production of 10,800 ounces of gold for the six months Effective April 1, 2014, Franco-Nevada acquired a production ending June 2017, when production at Red October ceased. payment royalty on all mineral production from the Lake Cowan and Resources and Resources Saracen sold Red October to Matsa Resources Limited (“Matsa”) Mineral Reserves Mineral Mineral Reserves Mineral Project operated by Westgold located in Western Australia in late March 2018. Matsa is studying a possible re-start of mining northeast of the Higginsville Gold Plant. Westgold was created at Red October in 2019. late in 2016 when Metals X demerged its gold assets into a separate ASX listed company. The Lake Cowan royalty rate is A$1.00 per tonne For Royalty Ounce calculation, FNV management estimates 100% of of ore processed and covers 32 km2 including five small open-pit Mineral Reserves & Mineral Resources are subject to our royalty interest gold deposits. Lake Cowan was in production from September 2014 and estimates a rate of 1.75% is applicable Additional Information Additional Information Additional Information through August 2017 to utilize spare capacity at two processing plants.
FNV management has not included Lake Cowan in Royalty Ounce estimates Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 71 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other rest of World Assets Overview Overview Overview rest of World Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview
Henty (Au) kiziltepe (Au & Ag) Tasmania, rest of World Turkey, rest of World royalty: GR: 1% royalty: NSR: 2.5% operator: Diversified Minerals Pty Ltd operator: Zenit Madencilik Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Henty is an underground gold mine that has historically produced Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver approximately 1.3 million ounces. Franco-Nevada holds a 1% mine located in Turkey which started production in April 2017. gross royalty on Henty located in northwest Tasmania operated Kiziltepe is operated by Zenit Madencilik, a JV owned 50/50 by by Diversified Minerals Pty Ltd (“Diversified Minerals”). All Mineral operators Ariana Resources plc and Proccea Construction Co. Reserves and Mineral Resources on the property are subject to Kiziltepe produced 27,110 ounces of gold in 2018 compared with 2 Royalty Ounces Royalty Franco-Nevada’s royalties which cover Ounces Royalty 160 km . This is a result 10,191 ounces of gold in 2017 (partial first year). The production of a September 2015 agreement whereby Franco-Nevada and for 2018 was significantly better than the 20,000 ounces that then-operator Unity Mining Limited (“Unity”) agreed to consolidate Ariana Resources plc had estimated at the start of the year. Ariana Franco-Nevada’s various royalties at Henty into a single 1% gross Resources plc has previously estimated production of 20,000 royalty over the entire project area. In December 2015, the mine ounces of gold equivalent per year over an 8 year mine life with was placed on care and maintenance. In May 2016 Unity was potential to increase to 11.5 years including satellite deposits. acquired by Diversified Minerals. Diversified Minerals is a private company associated with PYBAR Mining Services, an Australian For Royalty Ounce calculation, FNV management estimates 100% of the based underground mining contractor. Diversified Minerals resumed Mineral Reserves and Mineral Resources are subject to our royalty interest production at Henty late in 2016 and poured first gold in January and estimates a rate of 2.5% is applicable Assets Assets 2017, with steady production of approximately 25,000 ounces Assets per year since that date. Assets Assets For Royalty Ounce calculation, FNV management estimates 100% of the Ag˘i Dag˘i (Au) Mineral Reserves and Mineral Resources are subject to our royalty interest Turkey, rest of World and estimates a rate of 1.0% is applicable royalty: NSR: 2% operator: Alamos Gold Inc. Perama Hill (Au) Gold & Gold Equivalents Greece, rest of World royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Agi Dagi property owned by
operator: Eldorado Gold Corporation Mineral Reserves Mineral Reserves AlamosMineral Reserves Gold Inc. (“Alamos”) and located in northwest Turkey. and Resources and Resources and Resources Gold & Gold Equivalents The NSR covers the Agi Dagi deposit as well as most of the Çamyurt deposit but does not cover the Kirazli project. Alamos released a feasibility study conducted on its Agi Dagi project and a preliminary Franco-Nevada has a 2% NSR on the Perama Hill project currently economic assessment on its Çamyurt project in February 2017. held by Eldorado Gold Corporation (“Eldorado”). The Perama Hill The Agi Dagi study envisioned average annual production of 177,600 ounces of gold over 5 years while the Çamyurt study and Resources and Resources gold project is a late-stage development project in the Thrace region Mineral Reserves Mineral Mineral Reserves Mineral of northeastern Greece and consists of two mining titles covering estimated average annual production of 93,200 ounces of gold an area of 19 km2 and two mining exploration licenses covering an and 403,000 ounces of silver over 4 years. Alamos has stated its area of 18 km2. Eldorado has been challenged in getting needed intention to develop Agi Dagi sequentially after the Kirazli project. approvals to advance its activities in Greece. Perama Hill has an On March 1, 2019, Alamos received its operating permit for Kirazli estimated Mineral Reserve of 975,000 ounces (9.7 Mt @ 3.13 g/t). and expects to start earthworks. When Kirazli is constructed, development focus is then expected to be on Agi Dagi. Additional Information Additional Information For Royalty Ounce calculation, FNV management estimates 100% of Additional Information Mineral Reserves & Mineral Resources are subject to our royalty interest For Royalty Ounce calculation, FNV management estimates 100% of the and estimates a rate of 2.0% is applicable M&I Mineral Resources and 95% of the Inferred Resources are subject to our royalty interest and estimates a rate of 2.0% is applicable Additional Information Additional Additional Information Additional 72 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other rest of World Assets Overview Overview Overview rest of World Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview
Matilda (Wiluna) (Au) Agnew (Vivien) (Au) Australia, rest of World Australia, rest of World royalty: NSR: 3.6% royalty: GR: 3.0% operator: Blackham Resources Limited operator: Ramelius Resources Limited Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Franco-Nevada holds a 3.6% NSR royalty on all gold production The Vivien gold mine is located in the Agnew-Leinster region of from the Matilda/Wiluna Gold Project located in Western Western Australia. Franco-Nevada’s royalty interest covers 1.5 km2. Australia. In December 2016, Franco-Nevada and Blackham Vivien was operated as a small open pit during 1997 and 1998. Resources Limited (“Blackham”) agreed to restructure the royalty Ramelius Resources Limited (“Ramelius”) acquired the project in agreements with the result being that the Franco-Nevada royalty 2013 and commenced redevelopment of Vivien as an underground 2
Royalty Ounces Royalty Ounces Royalty covers all of the 1,150 km property. Wiluna was discovered in gold mine in Q2 2015. First gold pour was in Q1 2016. The 3% 1896 and has produced in excess of 4.0 million ounces of gold royalty applies to production once 25,000 ounces was produced. to date, with nearly continuous production from 1987 to 2013. This threshold was passed in November 2016. Vivien ore is trucked Blackham acquired the Wiluna Gold Operation in March 2014. 300 km to Ramelius’ 1.7 Mt per annum Checkers mill at Mt Magnet. Blackham resumed mining operations at Matilda/Wiluna in Ramelius reported 2018 production from Vivien of 44,551 ounces July 2016. Matilda/Wiluna has a 1.3 Mt per annum treatment of gold. plant and processes ore from several open-pit and underground deposits. Total production for 2018 was 78,089 ounces of gold. FNV management has not included Vivien in Royalty Ounce estimates In January 2019, Blackham provided production guidance of 72,000-80,000 ounces of gold for the fiscal year ending Assets Assets Assets June 30, 2019. Yandal (Bronzewing) (Au)
For Royalty Ounce calculation, FNV management estimates 100% of Australia, rest of World Assets Assets Mineral Reserves & Mineral Resources are subject to a rate of 3.6%. royalty: NSR: 2% operator: Echo Resources Limited Gold & Gold Equivalents
Bronzewing is located in the Yandal Greenstone Belt of Western Australia and has produced 2.19 million ounces of gold from several open-pit and underground deposits from 1994 to 2004, when the operation was placed on care and maintenance. Mineral Reserves Mineral Reserves Mineral Reserves 2 and Resources and Resources and Resources Franco-Nevada’s royalty covers 590 km including all Mineral Resources identified. Navigator Resources Limited (“Navigator”) acquired the project in 2009 and recommissioned mining operations in April 2010. Navigator went into administration in March 2013 and Bronzewing was again placed on care and maintenance. In June 2014, Metaliko Resources Ltd. (“Metaliko”) and Resources and Resources acquired the project which included the processing plant Mineral Reserves Mineral Mineral Reserves Mineral and associated infrastructure, project tenements and Mineral Resources. Metaliko was acquired by Echo Resources Limited (“Echo”) in January 2017. Echo intends to use the Bronzewing mill to process ore from Echo’s Julius Gold deposit. Franco-Nevada has a 1.5% NSR royalty covering the Julius deposit under a separate royalty agreement. In August 2018, Additional Information Additional Information Additional Information Echo released a Bankable Feasibility Study for Bronzewing and Julius, with planned production of 746,000 ounces of gold over a 8.5 year mine life.
For Royalty Ounce calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates a rate of 2.0% is applicable Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 73 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other rest of World Assets Overview Overview Overview rest of World Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview sissingué (Au) Flying Fox (Ni) Côte d’Ivoire, rest of World Australia, rest of World royalty: NSR: 0.5% royalty: GR: 2% operator: Perseus Mining Limited operator: Western Areas Ltd. Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces In 2013, Franco-Nevada acquired a 0.5% NSR on tenements that Franco-Nevada has a 2% gross revenue royalty on the southern comprise the Sissingué gold project located in Côte d’Ivoire portion of Flying Fox nickel mine located in the Forrestania operated by Perseus. Perseus made a construction decision Greenstone belt in Western Australia. Flying Fox is a high-grade in 2016, poured first gold on January 26, 2018 and declared underground nickel mine operated by Western Areas Ltd. which commercial production on April 1, 2018. Sissingué produced has been in production since 2007 and produced 9,995 tonnes of 2
Royalty Ounces Royalty 71,244 ounces in 2018 and generated $0.4 Ounces Royalty million in revenue to nickel in 2018. Franco-Nevada’s royalty covers a total of 400 km Franco-Nevada. Perseus provided an updated life of mine plan in several non-contiguous blocks. for Sissingué in October 2018 which estimated average annual production of 78,000 ounces for the remaining 4.6 years of the FNV management has not included Flying Fox in Royalty Ounce estimates mine life. Perseus continues to explore the property, as well as the nearby Fimbiasso claims (no Franco-Nevada royalty) to potentially increase the mine life. Millmerran (Commodore) (Coal)
For Royalty Ounce calculation, FNV management estimates 100% of Australia, rest of World Mineral Reserves & Mineral Resources are subject to our royalty interest royalty: GR: 5.82-12.47% Assets Assets and estimates a rate of 0.5% is applicable operator:Assets Millmerran Power Management Pty Ltd Gold & Gold Equivalents Assets Assets Aphrodite (Au) Australia, rest of World Franco-Nevada holds a variable rate gross revenue royalty on royalty: GR: 2.5% coal production from the Commodore coal mine located in the Surat Basin in Queensland. The royalty rate is equal to the state operator: Bardoc Gold Limited government royalty rate for coal, a graduated royalty rate of 7% Gold & Gold Equivalents to 15% depending on the value of the coal, of which Franco-Nevada has an 83.125% share. The Commodore coal mine was developed to feed the adjacent Millmerran Power Station, which commenced Aphrodite Gold project is located in Western Australia, 65 km operation in 2003. Both the mine and the power station had an Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources northwest of Kalgoorlie. Franco-Nevada’s 2.5% gross royalty initialand Resources 40 year life. Royalty payments have been received in past covers a 29 km2 area and all Mineral Resources. The royalty area years but mining operations are currently off royalty lands. was reduced from previous years following the termination of a Franco-Nevada has been advised that substantial unmined joint venture agreement on surrounding areas in November 2014. Mineral Reserves remain on royalty ground and mining is A revised scoping study was completed in April 2016 which included expected to return to the royalty lands. a small oxide open pit, to complement the refractory underground and Resources and Resources ore in the original 2012 scoping study. Pre-feasibility study work, FNV management has not included Commodore Coal in Royalty Ounce Mineral Reserves Mineral Mineral Reserves Mineral which had been halted during 2014 due to low gold prices, resumed estimates in 2016. An advance minimum royalty of A$250,000 per annum applies from November 1, 2017 onward. Bardoc Gold Limited acquired the Aphrodite Gold project in January 2018, through the takeover of Aphrodite Gold Limited. Additional Information Additional Information For Royalty Ounce calculation, FNV management estimates 100% of Additional Information Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average a rate of 2.5% is applicable Additional Information Additional Additional Information Additional 74 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
other rest of World Assets Overview Overview Overview rest of World Please refer to the tables on pages 90-94 for a breakout of grade Gold & Gold Equivalents and tonnages by Mineral Resource category. Overview Overview Bowen Basin (Coal) King Vol (Zn) Australia, rest of World Australia, rest of World royalty: Production Payment royalty: Production Payment operator: Peabody Energy / operator: Auctus Minerals LLC Pembroke Resources Gold & Gold Equivalents Gold & Gold Equivalents Royalty Ounces Royalty Ounces Royalty Ounces Effective January 31, 2018, Franco-Nevada purchased a royalty King Vol is an underground zinc mine located in Northern portfolio on tenements in the Bowen Basin coal region of Central Queensland. Auctus Minerals LLC (“Auctus”) acquired the Queensland for A$4.2 million. The royalty portfolio includes the project in 2015, along with other assets in Northern Queensland, southern and western portions of the Moorvale metallurgical through the takeover of Atherton Resources Limited. Auctus coal mine operated by Peabody Energy Corporation. The Moorvale finished construction of the 500,000 tonnes per annum Mungana
Royalty Ounces Royalty Ounces Royalty mine has been in production since 2003, and produced 2.2 million Process Plant in April 2017. King Vol is a satellite deposit to tonnes in 2017. The royalty rate is A$0.117 per tonne of coal mined. Mungana and provides a portion of the annual concentrator The royalty portfolio also includes the entire area of the Olive eed. Auctus developed the King Vol underground deposit during Downs Complex metallurgical coal mine development owned by 2017. In October 2017, Auctus commenced feeding ore mined from Pembroke Resources Pty Ltd. The royalty rate of A$0.10 per tonne King Vol to the Mungana Process Plant. During 2018 Franco-Nevada of coal mined is indexed to CPI adjustments from December purchased a minority interest in the Production Payment from 1997. Franco-Nevada received royalty revenue of approximately a private individual for A$320,000. In addition to a Production A$300,000 in 2018. In addition to the above royalties, the portfolio Payment, Franco-Nevada received a fixed payment of A$500,000 includes 33 other royalty agreements covering tenements in the at commencement of commercial mining operations at King Bowen Basin coal region. Vol and A$650,000 at the first anniversary of commencement. Assets Assets Assets Franco-Nevada is scheduled to receive A$100,000 at the second FNV management has not included Bowen Basin in Royalty Ounce anniversary. Once cumulative production exceeds 666,666 tonnes estimates of ore, the production payment will increase from the current Assets Assets rate of $A1.20 per tonne of ore, to A$1.50 per tonne of ore.
FNV management has not included King Vol in Royalty Ounce estimates
osborne (Cu, Au) Australia, rest of World royalty: NSR: 2% (capped at A$15M) Mineral Reserves Mineral Reserves Mineral Reserves operator: Shanxi Donghui Coal Coking & and Resources and Resources and Resources Chemicals Group Co., Ltd. Gold & Gold Equivalents
Effective July 1, 2013, Franco-Nevada acquired a 2% NSR royalty on the Osborne Copper-Gold project which is now operated and Resources and Resources by Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd. Mineral Reserves Mineral Mineral Reserves Mineral (“Shanxi”), a private company incorporated in China. Royalty payments are capped at A$15 million with A$1.6 million in royalty payments paid prior to acquisition. The A$15 million cap was reached in December 2018. Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 75 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mining Exploration Assets Overview Overview Overview
Franco-Nevada has interests in 202 exploration stage mining properties as at March 15, 2019. Exploration assets Overview Overview represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. some of these assets have associated Mineral resources that, to be economic, may require additional Mineral Resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. some of the properties are in proximity to producing or advanced projects discussed above. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports, public disclosures to determine which properties are in good standing. It is possible some properties may have lapsed. The following table is a list of exploration assets of Franco-Nevada as at March 15, 2019. Assets that have Royalty Ounces Royalty Ounces Royalty Ounces had their terms or leases expire and have been written off are not listed.
Mining Exploration Assets as at March 15, 2019
Asset Operator Interest and % (1)
Royalty Ounces Royalty Latin America Ounces Royalty Mara Rosa, Brazil Amarillo Gold Corporation 1% NSR (Au, Ag) Para South Iron Project, Brazil Talon Metals Corp. 0.5-1% NSR (All Metals) Terra Escura, Brazil Talon Metals Corp. 1-2% NSR (All Metals); 4% Cash Dividends Trairao Iron Project, Brazil Talon Metals Corp. $0.2995 per tonne (Fe) La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) Vizcachitas, Chile Los Andes Copper Limited 0.5-2% NSR (All Minerals) Volcan (Ojo de Agua), Chile Hochschild Mining plc 1.5% NSR (All Minerals) Hispaniola, Dominican Republic Everton Resources Inc. 0.6% NSR (All Minerals) Ayahuanca, Peru Apumayo SAC 1% NSR (Au) Assets Assets Choreveco, Peru Minera del Norte S.A./Aruntani Assets S.A.C. 0.1-0.3% NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Dorato, Peru Xiana Mining Inc. 2% NSR (All Minerals) Assets Assets Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Mansa Musa (Minasnioc), Peru Peruvian Metals Corp. 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining PLC 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Nexa Resources (Compania Minera Milpo S.A.A.) 1-2% NSR (All Minerals) Yanamina, Peru Wealth Minerals Ltd. 5% NSR (All Minerals)
United States Zeolites, Arizona Imagin Minerals et al $1.50/ton plus escalator (Clay) Darwin, California Project Darwin LLC 5% NSR plus other (Au, etc.) Mineral Reserves Mineral Reserves Mineral Reserves
Cripple Creek, Colorado Searchlight Exploration LLC 3% NSR (Au, Ag) and Resources and Resources and Resources Corbin Wickes, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 5% NSR (Au) Elkhorn, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 1.1875% NSR (Au) Bald Mountain (White Pine), Nevada Kinross Gold Corporation (KG Mining (Bald Mountain) Inc.) 1-5% GR (Au) Carlin (Currant Creek), Nevada Carlin Gold Corp. 3% NSR (All Minerals) Carlin (Willow Creek), Nevada Carlin Gold Corp. 1% NSR (All Minerals) EaglePicher Diatomite II, Nevada EP Minerals, LLC $0.25/short ton plus other and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Getchell, Nevada Barrick Gold Corporation 2% NSR (Au) Goldstrike (Rodeo Creek), Nevada Barrick Gold Corporation 4% NSR; capped at $500K (Au, Ag) Limousine Butte, Nevada McEwen Mining Inc. 1.5-2.5% NSR (Au) Marigold (SAR), Nevada SSR Mining Inc. 5% NSR (Au) Marigold (Trout Creek/Valmy), Nevada Newmont Mining Corporation/SSR Mining Inc. 3% NSR (Au) Mountain View, Nevada Clover Nevada, LLC 1% NSR (All Minerals) Preble, Nevada Barrick Gold Corporation 10% NP (Au) Additional Information Additional Information Additional Information Preble (Pinson Fee), Nevada Barrick Gold Corporation 1.5-7.5% NSR (Au, Ag) Railroad, Nevada Gold Standard Ventures Corp. 1% NSR (All Minerals) Tonkin Springs, Nevada McEwen Mining Inc. 1-2% NSR (Au) Boling Dome, Texas Total E&P USA/H&L Newgulf $0.0028225 per long ton (Sulfur) Hobson Pearson, Texas Bridge Oil 20% OR (Uranium) Kings Canyon, Utah Pine Cliff Energy Ltd. (Geomark Exploration Ltd.) 4% NSR (Au) Additional Information Additional Additional Information Additional 76 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Asset Operator Interest and % (1) United States, continued Overview Overview Overview
Silver Bell, Utah Unico, Inc. 5% NSR plus other (Au, Cu, Pb, Zn) Tintic, Utah Keystone Surveys 1% NSR (All Minerals) Shirley Basin (Davy Crockett), Wyoming Ur-Energy Inc. (Pathfinder Mines Corporation) 4% on FMV (Uranium) Overview Overview
Canada Eskay Creek, British Columbia Skeena Resources Inc. 1% NSR (Au, Ag, Pb) Tide, British Columbia 0945473 B.C. Ltd. 1.5% NSR (All Minerals) Trout Lake (MAX Moly Mine), British Columbia Roca Mines Inc. (Forty Two Metals Inc.) 2.5% NSR (All Minerals) Maverick (Nokomis), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Oxford Lake, Manitoba Alto Ventures Ltd. 1.5-2.5% NSR (All Minerals) Clarence Stream, New Brunswick Galway Metals Inc. 1% NSR (All Minerals) Royalty Ounces Royalty Ounces Royalty Ounces Golden Ridge, New Brunswick Tri-Star Resources plc 2% NSR (All Minerals) LabMag (Taconite), Newfoundland & Labrador New Millennium Iron Corp. 1.666% GR (Iron Ore-Taconite) Clan Lake (Sito Lake), NWT Roland T. Trenaman 2% NSR (All Minerals) Redstone (Coates Lake), NWT Copper North Mining Corp. (Redbed Resources Corp.) 3-4% NSR (Cu, Ag) Bull Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% NSR (All Minerals) Butler and Sanderson (Diagnos), Ontario MacDonald Mines Exploration Ltd. ROFR on Diagnos Royalty (Diamonds/Base Metals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2-3% NSR (All Minerals) Royalty Ounces Royalty Ounces Royalty Catharine 4, Ontario Canadian Exploration Services/Northstar Gold 2-3% NSR (All Minerals) Cline Lake, Ontario Trillium Mining Corp. 0.75% NSR (All Minerals) Detour (Gowest), Ontario Detour Gold Corporation 1% NSR (All Minerals) (buy-back option on 0.5%) Detour (Mikwam), Ontario & Quebec Aurelius Minerals Inc. 0.4824% NSR (All Minerals) Diagnos, Ontario Debut Diamonds Inc. 2% NSR (All Minerals) Folson Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% NSR (All Minerals) Golden Highway (Aquarius), Ontario Kirkland Lake Gold Inc. 1-2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Kirkland Lake Gold Inc. 0-1% NSR (All Minerals) Golden Highway (Kerrs Leases), Ontario Sheltered Oak Resources Corp. 1-2% NSR (Au) Golden Highway (Stock), Ontario McEwen Mining Inc. 1% NSR (All Minerals) Assets Assets Assets Golden Highway (Stoughton), Ontario Harte Gold Corp. 0.5-2.5% NSR (Au) Hemlo (JOA), Ontario Osisko Mining Inc. 0.5-1% NSR (Au) Kirkland Lake (Agnico 2% NSR), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Assets Assets Kirkland Lake (KLG Underlying 2% NSR A&D), Ontario Kirkland Lake Gold Inc. 2% NSR (Au) Kirkland Lake (KLG Underlying 3% NSR B), Ontario Kirkland Lake Gold Inc. 2-3% NSR (Au) Kyle, Ontario Renforth Resources Inc. 2% NSR (All Minerals) Larose, Ontario Tashota Resources Inc. 0.5% NSR (All Minerals) MacFadyen & Pele, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% NSR (All Minerals) Marathon PGM (Par Lake), Ontario Sibanye Gold Ltd. 2% NSR (Pt, Pd) Red Lake (Madsen: Aiken-Russet claims), Ontario Pure Gold Mining Inc. 1% NSR; capped at C$1M (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario Pure Gold Mining Inc. 1.5-2% NSR (All Minerals) Red Lake (Newman-Todd), Ontario Confederation Minerals/Redstar Gold 1.5-2% NSR (Au) Red Lake (Skinner), Ontario Sabina Gold & Silver Corp. 1% NSR (All Minerals) Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Ring of Fire (Original Noront Properties), Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% GR (Cr) plus other Shining Tree (Creso), Ontario Premet Inc. Option to acquire 2% NSR (All Minerals) Shining Tree (Knight), Ontario Timothy A. Young 2-3% NSR (Au) Sudbury-Podolsky, Ontario KGHM International Ltd. Stream 50% PGM & Gold Sungold, Ontario Interbanc Capital Corp. 2% NSR (All Minerals) Timmins (Cripple Creek), Ontario Alamos Gold Inc. 0.3825-1.75% NSR (Au) Timmins (Project 81), Ontario Noble Mineral Exploration Inc. Option to purchase 2.25% NSR (Au, Other Minerals) and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Timmins (Sewell), Ontario GFG Resources Inc. 1.5-2.5% NSR (Au) Timmins (West Porcupine), Ontario GFG Resources Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Goldcorp Inc. 2.5% NSR (All Minerals) Verneuil, Ontario Viking Gold Exploration Inc. 0.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Barry, Quebec Metanor Resources Inc. 0.5% NSR (All Minerals) (buy-back option on 0.25%) Additional Information Additional Information Additional Information Benoist, Quebec Cartier Resources Inc. 1% NSR (All Minerals) (buy-back option on 0.5%) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Caribou-Estrees), Quebec Yorbeau Resources Inc. 1.275-2.125% NSR (Au, Base Metals) Casa Berardi (Dieppe), Quebec Agnico Eagle Mines Limited 2-3% NSR (Au) Dalhousie, Quebec Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% NSR (All Minerals) Destiny (Rochebaucourt), Quebec Alto Ventures Ltd. 3% NSR (All Minerals) Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 77 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mining Exploration Assets, continued Overview Overview Overview Asset Operator Interest and % (1) Canada, continued Eastmain, Quebec Eastmain Mines Inc. 1-1.15% NSR on initial 250K oz (Au) Overview Overview Galinee, Quebec Glencore Canada Corporation 1.5-2% NSR (Au) Norlartic-Camflo, Quebec Monarques Gold Corporation 25% NPI (All Minerals) Radisson, Quebec Eastmain Resources Inc. 2% NSR (All Minerals) Brewery Creek, Yukon Golden Predator Mining Corp. $40/oz; capped at 300K oz (Au)
Australia Brown’s Creek, New South Wales Australian Native Landscapes/Hargraves 2.25% NSR (All Minerals) Brown’s Creek (Blayney), New South Wales Aeris Resources Limited 2.25% NSR (All Minerals) Brocks Creek (Zapopan), Northern Territory Kirkland Lake Gold Ltd. $20/oz (Au) Royalty Ounces Royalty Ounces Legend, Northern Territory Legend International Holdings,Royalty Ounces Inc 1% GR (All Minerals) Mt Fitch, Northern Territory Northern Territories Resources Pty Ltd. 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) Reynolds Range, Northern Territory ABM Resources NL 1-2.5% NSR (Au) Rover, Northern Territory Andromeda Metals/Emmerson earning 70% 1.5-2.5% NSR (All Minerals) Tennant Creek, Northern Territory Emmerson Resources Limited 1.29% NSR (Au) Tennant Creek (Chariot), Northern Territory Emmerson Resources Limited A$17.10 or A$30/oz (Au)
Royalty Ounces Royalty Agate Creek, Queensland Ounces Royalty Laneway Resources Limited 1% NSR (All Minerals) Bowen Basin (Amaroo), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Bombandy-Peabody), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Bombandy Extended-Peabody) Peabody Energy Corp Production Payment (Coal) Bowen Basin (Bombandy-Pembroke), Queensland Pembroke Resources South Pty Ltd Production Payment (Coal) Bowen Basin (Bombandy Extended-Pembroke) Pembroke Resources South Pty Ltd Production Payment (Coal) Bowen Basin (Capricorn), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Codrilla A), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Codrilla B), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Consuelo), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Consuelo Extended), Queensland Peabody Energy Corp Production Payment (Coal) Assets Assets Bowen Basin (Coppabella North), Queensland Peabody Energy Corp Assets Production Payment (Coal) Bowen Basin (Coxendean), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Dabin), Queensland Peabody Energy Corp Production Payment (Coal) Assets Assets Bowen Basin (Deepdale), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Deepdale Extended), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Deverill), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Freitag Creek), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Gundyer), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Mulgrave), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (North Burton), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Olive Downs North A), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Olive Downs North B), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (Serecold), Queensland Peabody Energy Corp Production Payment (Coal) Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Bowen Basin (Vermont East-Peabody), Queensland Peabody Energy Corp and Resources Production Payment (Coal) Bowen Basin (Vermont East-Pembroke), Queensland Pembroke Resources South Pty Ltd Production Payment (Coal) Bowen Basin (Vermont Park), Queensland Pembroke Resources South Pty Ltd Production Payment (Coal) Bowen Basin (West Burton), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (West Burton Extended), Queensland Peabody Energy Corp Production Payment (Coal) Bowen Basin (West Walker), Queensland Peabody Energy Corp Production Payment (Coal) and Resources and Resources Bowen Basin (West Walker Extended), Queensland Peabody Energy Corp Production Payment (Coal) Mineral Reserves Mineral Mineral Reserves Mineral Bowen Basin (Willunga), Queensland Pembroke Resources South Pty Ltd Production Payment (Coal) Bowen Basin (Yeerun), Queensland Peabody Energy Corp Production Payment (Coal) Millmerran (Power Station), Queensland Millmerran Power Partnership 8.3125% NPI of cashflow; NPV threshold (Coal) Mt Carlton, Queensland Evolution Mining Limited 2.75% GR (All Minerals) Mt Carlton (Crush Creek), Queensland Basin Gold Pty Ltd 2.75% GR (All Minerals) Top Camp, Queensland Orion Metals Limited 0.5% GR (Au)/NPI (Other Minerals) Additional Information Additional Information Twin Hills, Queensland Shandong Tyan Home Co., Ltd. Additional Information 2.5% NSR (Au) Peculiar Knob, S. Australia GFG Alliance Production Payment Third Plain, S. Australia Perilya/Minotaur Exploration 0.5% NSR (Zn) White Dam (Drew Hill Gold), S. Australia Washington H. Soul Pattinson and Company Limited 13.48% of $0.25/dry tonne; capped at 10M dry tonnes (All Minerals) Moina, Tasmania Niuminco Group Limited A$125k lump sum at commencement of mining Additional Information Additional Additional Information Additional 78 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Asset Operator Interest and % (1) Australia, continued Overview Overview Overview Rosebery Extension, Tasmania MMG Limited 2.6305% (Au, Ag, Other Minerals) Admiral Hill, W. Australia Focus Minerals Ltd. Production Payment Agnew, W. Australia Gold Fields Limited 2.5% GR (All Minerals) Overview Overview Agnew (Cox), W. Australia Gold Fields Limited 5% GR (Au) Agnew (Miranda Gold), W. Australia Gold Fields Limited 3% GR (Au) Agnew (Miranda Nickel), W. Australia Gold Fields Limited 0.5% of production (Ni) Agnew (Miranda Nickel No2), W. Australia Ramelius Resources Limited 0.5% of production (Ni) Bullabulling, W. Australia Zijin Mining Group Co Ltd 1% GR (Au) Camelback, W. Australia GME Resources Limited $0.50/tonne (Ni) Day Dawn (Big Bell Gold), W. Australia Westgold Resources Limited 1% GR (Au) Duketon (Southwest), W. Australia Duketon Mining Limited 2% NSR (All Minerals) Duketon (West), W. Australia Duketon Mining Limited 2% NSR (All Minerals) Flushing Meadow, W. Australia Orex Mining/Nemex/Maximus Resources 1% NSR (Au, Other Minerals) Royalty Ounces Royalty Ounces Royalty Ounces FMG Hamersley, W. Australia Fortescue Metals Group Ltd. $0.05/tonne; capped at A$1M (Fe) Glenburgh, W. Australia Gascoyne Resources Ltd. 1.5% NPI (All Minerals) Granny Smith (Windich South), W. Australia Gold Fields Limited 1% NSR (All Minerals) Gum Creek (Gidgee/Wyooda Thangoo), W. Australia Horizon Gold Limited A$0.60/tonne (Au) Gum Creek (Sandstone II/Howards), W. Australia Horizon Gold Limited $0.35/dry tonne (All Minerals) Heather Bore/Mount Clifford, W. Australia Independence Group NL 1-2% NSR (Cu, Zn, Other Metals) Jeffreys Gold, W. Australia Mincor Resources NL 2% GP (Au) Royalty Ounces Royalty Ounces Royalty Kalgoorlie Super Pit (Western Lease), W. Australia KCGM Pty Ltd (Newmont/Barrick) 2.5% GR (Au) Karonie (Aldiss), W. Australia Silver Lake Resources Limited $10-20/oz (Au) Lake Maitland, W. Australia Toro Energy/Mega Uranium/Oz Minerals 1% NSR (All Minerals) Lake Percy, W. Australia Poseidon Nickel Limited 2% NPI (All Minerals) Marvel Loch (May Queen), W. Australia China Hanking Holdings Limited $0.50-1.00/cubic metre (Au) Moyagee, W. Australia Musgrave Minerals Ltd 1.575-2.1% NSR (All Minerals) Mt Newman-Victory, W. Australia St Barbara/Astro Resources 0.07% GR (All Minerals) Mungari (Carbine North/Chadwin’s Dam), W. Australia Evolution Mining Limited 3% NPI (All Minerals) Mungari (Lady Jane), W. Australia Evolution Mining Limited 4.5% GR (Au) Munni Munni, W. Australia Platina Resources Limited/Artemis earning 70% One-time payment on production (Au and/or Pt) Assets Assets Assets Murrin Murrin Gold, W. Australia Zeta Resources Limited 2.625% NSR (Au and Sulfides) Paddington (Breakaway Dam/12 Mile), W. Australia Zijin Mining Group Co., Ltd. $1/ton (All Minerals) Paddington (Matt Dam), W. Australia Zijin Mining Group Co., Ltd. A$0.60/tonne (Au) Assets Assets Polar Bear, W. Australia S2 Resources 2% NSR (All Minerals) Randwick Gold Hill, W. Australia E Bouverie, Trindal P/L, Lucas Gold P/L et al 1-1.5% GR (Au) Red October (Butcher Well), W. Australia Saracen Mineral Holdings Limited 1% NSR; 50k oz production threshold (Au) Red October (Butcher Well Area), W. Australia Saracen Mineral Holdings Limited /AngloGold Ashanti earning 70% 0.68-1% NSR (Au) Red October (Yundamindera), W. Australia Nex Metals Explorations Ltd 1% NSR (Au) South Kalgoorlie (Goldjet), W. Australia Goldjet Investments Pty Ltd 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) South Kalgoorlie (Location 48), W. Australia BHP Billiton Limited 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) South Kalgoorlie (St Ives), W. Australia Gold Fields Limited 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) Western Tamani (Coyote), W. Australia Northern Star Resources Limited $5-15/oz on production between 300K-1M oz (Au) Yandal (Julius/Red Lake), W. Australia Echo Resources Limited 0.5 or 1.5% NSR (All Minerals) Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Rest of World Maibulak deposit, Kazakhstan KAZ Minerals PLC $10.41/oz plus escalator (Au) NPI, Philippines Nickel Asia Corporation Production Payment; capped at $1M/yr Cooke 4, South Africa Sibanye Gold Limited 7% Gold Stream Demirci, Turkey Ariana Resources PLC 2% NSR (Au) and Resources and Resources Hasandagi, Turkey Koza Altin 2% NSR (Au) Mineral Reserves Mineral Mineral Reserves Mineral Karadag, Turkey Koza Altin 2.5% NSR (Au) Torul, Turkey Koza Altin 1.5% NSR (Au) Kasese, Uganda MFC Bancorp Ltd. 10% of free cash flow (Co); capped at $10M 1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales. Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 79 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Energy Assets Overview Overview Overview Franco-Nevada and its predecessor companies have been active investors in energy for over 25 years. We manage our business with an objective that gold and gold equivalents represent a majority of our business over the long
Overview term while energy allows us to diversify our portfolio. Our longer-term target is to manage energy revenues to be Overview no more than 20% of our business. Energy revenue was 13% of Franco-Nevada’s overall revenue in 2018 providing some scope to further increase Franco-Nevada’s energy interests. Similar to the gold industry, the energy sector has many active participants from senior to junior companies which provides a broad range of royalty opportunities. Our experience is that when gold and gold equivalent investments are expensive, the energy sector can provide an attractive alternative for new royalty investments. Franco-Nevada manages its energy division with four dedicated employees. Until 2016, Franco-Nevada’s focus was primarily on the Western Canadian sedimentary basin. In late 2016, Franco-Nevada began to increase the Royalty Ounces Royalty Ounces scope of its energy royalty investment activities to include the SCOOP/STACK and Midland/Delaware basins in Royalty Ounces the U.S. due to their attractive economics, regulatory environment and access to market.
Major Producing Assets as at March 29, 2019
Royalty Ounces Royalty UNITED STATES SCOOP/S Ounces Royalty TACK (Continental) Continental Resources SCOOP/STACK (Other) Various Permian Basin Various
CANADA Weyburn Unit Whitecap Resources Orion Osum Oil Sands Assets Assets Assets Assets Assets Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information
Weyburn processing facility Additional Information Additional Additional Information Additional 80 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Northwest Territories Nunavut Overview Overview Overview
Alberta Saskatchewan Manitoba British Rainbow South Columbia Overview Overview
Hotchkiss Oil Assets Paradise Liege Gas Assets Fort Dixonville St. John Exploration Assets Fort Granor Other Interests Flackrock McMurray Kimiwan Lesser Slave Laglace Royce Portage Widewater W Grande Cindy/Belloy e Royalty Ounces Royalty Ounces Royalty Ounces Prairie st W. Calling Lake er n Devil Ca na Big Bend da Inverness Se dim ent Greencourt Touchwood ary Basin Orion Edson Edmonton Royalty Ounces Royalty Ounces Royalty
Hanlan Ferrybank Killam
Lone Pine E. Crossfield Saskatoon Ghost Pine Watts/Craig.
Provost Harmattan Carbon Area Lochend Melville Huntoon Swalwell Cessford Rocanville Calgary Qu’Appelle Long Coulee Viewfield Swift Current Regina Assets Assets Assets Enchant Innes Turner Tidewater. Stoughton Queensdale Assets Assets Claresholm Medicine Hat Colgate Elswick Oungre Alida Steelman Manitoba Washington Idaho Montana Macoun Carnduff Benson Alameda North Dakota Weyburn Midale
Colorado Mineral Reserves Mineral Reserves Mineral Reserves Kansas Missouri and Resources and Resources and Resources
Arctic Gas S TACK Oklahoma Arkansas New Anadarko Mexico Basin SCOOP and Resources and Resources Delaware Mineral Reserves Mineral Mineral Reserves Mineral Orion Midland Edson Permian Weyburn Basin Louisiana Midale Texas
STACK SCOOP Delaware Midland Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 81 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
SCOOP/STACK (Continental) (Oil) 2018 2017 2016 SCOOP/STACK (Continental) (Oil) Revenue to Franco-Nevada ($ million) 1 $ 1.7 $ – $ – Overview Overview Overview Oklahoma, United states Production (Mboe) 2 50 – – royalty: Royalty Acquisition Venture 1 revenue refers only to payments made to Franco-Nevada after Closing operator: Continental Resources 2 Net to the oil & Gas Interests. Overview Overview Energy
In the fourth quarter of 2018, Franco-Nevada and Continental Resources, Inc. entered into a unique strategic relationship to jointly acquire royalty rights in the SCOOP and STACK oil & gas plays of Oklahoma. In exchange for a partial capital carry in favour of Continental, the venture provides Franco-Nevada with an opportunity to acquire royalty rights at the grass-roots Royalty Ounces Royalty Ounces level, leverage the value of Continental’s drilling plans, and Royalty Ounces benefit from the company’s knowledge of local land title and geology. In addition, Continental will manage the assets and Franco-Nevada will not incur any additional administrative As at December 2018, Franco-Nevada has contributed burden. The venture was established to acquire royalty rights approximately $262 million to the venture for the acquisition of in areas primarily within acreage operated by Continental. royalty rights and has committed, subject to satisfaction of agreed
Royalty Ounces Royalty These areas offer excellent economics, Ounces Royalty proximity to infrastructure upon development thresholds, to spend up to $100 million in 2019, and future upside via stacked hydrocarbon-bearing horizons. $100 million in 2020, and $58 million in 2021, to acquire additional Franco-Nevada is responsible for funding 80% of the interests. acquisition capital and Continental is responsible for the Franco-Nevada received some distributions from the venture remaining 20%. Franco-Nevada is entitled to receive a minimum at the end of 2018, however, the revenue disclosed represents only of 50% of revenue from the venture and up to 75% of revenue, partial payments from the time of closing and is not representative depending on performance against mutually agreed performance of a full year of distributions from the royalty venture. thresholds. Continental is entitled to minimum of 25% of revenue and up to 50% of revenue depending on performance against those performance thresholds. Assets Assets Assets New Strategy Assets Assets Working with Operator to Purchase Mineral Rights
TYPICAL JOINT Royalty Approach Royalty Approach
Royalty Operator Portfolio Development Developed Royalty Operator VALUE UPLIFT Royalties Portfolio Development Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources
in the money in the money overlap overlap and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral ASSET highlighTS: Operator is incentivized to direct mineral rights and drilling plans • Royalty acreage to achieve the highest returns concentrated in the core of the SCOOP/ sTACk resource play Additional Information Additional Information • Continental is a top Additional Information tier operator with an exceptional land position • Royalty volumes are supported by targets from Continental Additional Information Additional Additional Information Additional 82 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
SCOOP/STACK (Oil) 2018 2017 2016 SCOOP/STACK (Other) (Oil) Revenue to Franco-Nevada ($ million) 1 $ 14.0 $ 3.4 $ 0.9 Overview Overview Overview Oklahoma, United states Production (Mboe) 2 393 107 27 royalty: Various Royalty Rates 1 revenue refers only to payments made to Franco-Nevada operator: Encana Corporation, Devon 2 Net to the oil & Gas Interests Overview Overview Energy, Continental Resources, Others Energy
In the fourth quarter of 2016, Franco-Nevada purchased royalty rights in the STACK shale play in Oklahoma’s Anadarko basin for $100 million. STACK is an acronym for Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties, and the play has been gaining momentum over the past couple of years due to its status as one of the most economic shale plays in North America. Royalty Ounces Royalty Ounces Royalty Ounces The current focus is on the Meramec formation, although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. In the second quarter of 2017, Franco-Nevada announced an acquisition of additional mineral title and royalty interests for $27.6 million, which added to its existing position in the STACK
Royalty Ounces Royalty Ounces Royalty and provided new exposure to the SCOOP shale play to the south. SCOOP is an acronym for South Central Oklahoma Oil Province. In total, the assets consist of GORRs and mineral title rights Full field development had begun in both plays at the end of 2017 which apply to approximately 1,480 acres (net after royalties). and continues to ramp-up. The top three operators of the acreage are Encana Corporation, In 2018, Franco-Nevada recorded revenue of $14.0 million. Devon Energy, and Continental Resources. All three companies Revenue is expected to increase as full-field development have made the SCOOP/STACK a major focus of their capital continues. spending, a portion of which will be on the royalty lands. COLORADO KANSAS MISSOURI
NEW OKLAHOMA MEXICO STACK SCOOP/STACK Oklahoma City Assets Assets Assets SCOOP Gross SCOOP/STACK Royalty Exposure Anadarko ARKANSAS Basin TEXAS Assets Assets MAJOR GARFIELD
Pressure Transition Black Oil
PAYNE Volatile Oil Condensate
LOGAN DEWEY KINGFISHER CREEK
N 0 40 Dry Gas Kilometres 0 25
Miles CUSTER BLAINE STACK LINCOLN ASSET highlighTS: OKLAHOMA
Mineral Reserves Mineral Reserves OKFUSKEE Mineral Reserves and Resources and Resources and Resources • Royalty acreage CANADIAN positioned in the core CADDO of the SCOOP/STACK WASHITA resource play CLEVELAND POTTAWATOMIE GRADY • SCOOP/STACK SEMINOLE and Resources and Resources represents one of MCCLAIN Mineral Reserves Mineral Mineral Reserves Mineral the highest return HUGHES
plays in North AmericaGREER • Revenues to KIOWA ramp-up with full-field SCOOP development PONTOTOC COMANCHE GARVIN JACKSON Additional Information Additional Information Additional Information COAL
STEPHENS MURRAY
TILLAMAN
JOHNSTON COTTON ATOKA CARTER
WILBARGER WICHITA CLAY JEFFERSON MARSHALL
LOVE BRYAN Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 83 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Permian Basin (Oil) 2018 2017 2016 Permian Basin (oil) Revenue to Franco-Nevada ($ million) 1 $ 23.1 $ 2.3 $ – Overview Overview Overview Texas, United states Production (Mboe) 2 508 54 – royalty: Various Royalty Rates 1 revenue refers only to payments made to Franco-Nevada operator: Pioneer Natural Resources, Anadarko, 2 Net to the oil & Gas Interests Overview Overview Occidental Petroleum, Cimarex, others Energy
Franco-Nevada has exposure to the Permian Basin in West Texas, through both the Midland and Delaware sub-basins. Both of these basins are considered among the most economic and prolific shale plays in the U.S. and are the key drivers behind U.S. production growth during the last several years. Effective in the first quarter of 2017, Franco-Nevada purchased Royalty Ounces Royalty Ounces a package of royalties in the Midland Basin for approximately Royalty Ounces $115 million. The Midland Basin comprises the eastern portion of the broader Permian Basin. The Permian is the most active shale play in North America. The royalty acreage is very diversified, covering a significant portion of the core of the Midland basin providing exposure to multiple benches in the Wolfcamp and
Royalty Ounces Royalty Spraberry formations. The royalties consist Ounces Royalty of approximately 97% mineral title rights, along with some GORR interests, which apply GORR interests, which apply to approximately 675 acres (net after to approximately 970 acres (net after royalties). The acreage is royalties. There are various operators across the acreage, and host to numerous operators, however, Pioneer Natural Resources companies continue to direct capital toward the Delaware Basin, is the operator for the largest portion of royalty acreage. Pioneer which is expected to result in increased production levels going is one of the largest companies operating in the basin. Pioneer is forward. focused solely on its Midland Basin acreage and achieves some In 2018, Franco-Nevada generated $23.1M from the Permian of the best well results in the area. Basin royalties. In the third quarter of 2017, Franco-Nevada agreed to acquire a package of royalties in the Delaware Basin for approximately ASSET highlighTS: Assets Assets Assets $101 million. The Delaware Basin comprises the western portion • Royalties provides exposure to Midland & of the broader Permian Basin, which is located in West Texas and Delaware Basins Assets
Assets southeast New Mexico. Sitting to the west of the Midland Basin, the Delaware Basin shares many similarities geologically, but the • Permian represents one of most active and Delaware Basin has been increasing in focus for operators, due to economic plays in North America the stacked pay potential and premier economics. The royalties • Revenues expected to ramp-up as royalty acreage consist of approximately 94% mineral title rights, along with some is developed
Permian Delaware Midland Basin Basin Basin Northwest Shelf San Simon Channel
Gross Royalty Acreage Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources DAWSON BORDEN
N 0 16
Kilometres LEA MARTIN HOWARD 0 10 EDDY ANDREWS Miles
Central Basin Platform Net Royalty Acres by County New Mexico and Resources and Resources GLASSCOCK 3% Eddy 1.% Lea Mineral Reserves Mineral Mineral Reserves Mineral 3% Culberson 1% Other Texas 3% Ward ECTOR LOVING WINKLER 4% Upton MIDLAND 23% Reeves 5% Reagan CULBERSON
7% Loving
8% Howard WARD 16% Martin 11% Midland CRANE 15% Glasscock UPTON REAGAN Additional Information Additional Information Additional Information IRION
REEVES
New Mexico CROCKETT Midland Basin Delaware Texas Basin JEFF DAVIS PECOS
Permian Basin Additional Information Additional Additional Information Additional 84 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Weyburn Unit (Oil) 2018 2017 2016 Weyburn Unit (oil) Revenue to Franco-Nevada ($ million) 1 $ 35.6 $ 32.2 $ 23.6 Overview Overview Overview Saskatchewan, Canada Production (Mboe) 2 699 714 663 royalty: NRI: 11.71% / ORR: 0.44% / 1 revenue refers only to payments made to Franco-Nevada WI: 2.56% 2 Net to the Oil & Gas Interests based on 0.44% ORR, 11.71% NRI and 2.56% WI. NrI is accounted for net of all costs Overview Overview operator: Whitecap Resources Inc. Energy
The Weyburn Unit is located approximately 129 km southeast of Regina, Saskatchewan and encompasses approximately 216 km2 on a gross basis (net 31 km2) in which the Mississippian Midale beds are unitized. As of December 31, 2018, Franco-Nevada held an 11.71% NRI, a 0.44% ORR and a 2.56% WI in the Weyburn Unit. Collectively, these interests provide Franco-Nevada with Royalty Ounces Royalty Ounces Royalty Ounces the second largest economic interest in the Weyburn Unit after Whitecap. Production commenced from the Midale zone within the unitized area in 1955 under primary depletion (solution gas expansion). Formation of the Weyburn Unit occurred in 1963 for the purpose of implementing an waterflood pressure maintenance scheme. In 2000, Cenovus, the operator at that time, began
Royalty Ounces Royalty Ounces Royalty injecting CO2 in a portion of the Weyburn Unit as an enhanced oil
recovery (“EOR”) method. Some of the injected CO2 remains in the reservoir and the Weyburn Unit is recognized as one of the world’s
largest geological CO2 storage projects. Current gross production of the Weyburn Unit is approximately 25,000 Boe/d at an average water cut of 88.0%. Weyburn has a R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 reserve life of approximately 50 years and is a highly economic
T8 T8 reservoir that has generated robust operating margins in most Weyburn, SK oil price environments. For 2018, revenue received by Franco-Nevada from the T7 T7 Assets Assets Assets Weyburn Unit was $35.6 million. Oil production, including NGLs, net to Franco-Nevada was 1,916 Boe/d. Franco-Nevada takes Assets
Assets product-in-kind for its WI and NRI share of this production T6 T6
and markets it through a third party marketer. N Note: not to scale Midale, SK ASSET highlighTS: T5 T5 • CO Eor project commenced in 2000 2 Weyburn
T4 Unit T4 • CO2 EOR project continues to be rolled out with Unitized land
~60% of the Weyburn Unit under CO2 flood
• In 2014, added SaskPower’s Boundary Dam Power T3 T3 station as second source of Co
Mineral Reserves 2 Mineral Reserves Mineral Reserves R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 and Resources and Resources and Resources
T7 and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral
N Note: T6 not to scale Additional Information Additional Information Additional Information Weyburn Unit Unitized land wells
T5
R14W2 R13W2 R12W2 Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 85 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Orion (Oil) 2018 2017 2016 orion (oil) Revenue to Franco-Nevada ($ million) 1 $ 3.7 $ 1.5 $ – Overview Overview Overview Alberta, Canada Production (Mboe) 2 124 43 – royalty: Royalty Rate 4% 1 revenue refers only to payments made to Franco-Nevada operator: Osum Oil Sands Corp. 2 Net to the oil & Gas Interests Overview Overview Energy
In the third quarter of 2017, Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from Osum Oil Sands Corp. (“Osum”) for C$92.5M. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent costs associated with getting the product to market. Royalty Ounces Royalty Ounces Orion is a Steam Assisted Gravity Drainage (SAGD) operation Royalty Ounces that began commercial production in 2007. The asset has a large resource base capable of supporting the production of heavy oil for many decades. At year-end 2018, Orion was producing approximately ~15,000 barrels per day of bitumen. Production is set to increase as Osum carries out the implementation of phased
Royalty Ounces Royalty expansions. The company recently completed Ounces Royalty Phases 2A through 2C, which are expected to increase production to approximately 18,000 barrels per day by the end of 2019. Osum has regulatory approval for and is targeting production of up to 20,000 barrels per day with the completion of Phase 2D. Franco-Nevada recorded revenue of $3.7 million in 2018. Orion realized prices are based on the WCS benchmark which experienced wider than normal differentials during the back half of the year, and which led to government mandated volume ASSET highlighTS: curtailments, both of which negatively impacted royalty revenues. • Long life resource located in Canada Assets Assets Revenue is expected to increase going forward as the WCS Assets • Stable year over year production volumes differential improves, government curtailments are removed, • Revenues expected to increase as operation is Assets Assets and the production capacity is further expanded. expanded
Orion Alberta Saskatchewan
Athabaska Peace River
N Mineral Reserves Mineral Reserves Mineral Reserves Fort and Resources and Resources
and Resources McMurray
Orion Grand Prairie
Orion Cold Lake Cold Lake and Resources and Resources
Mineral Reserves Mineral Edmonton Mineral Reserves Mineral Edmonton Lloydminster Lloydminster Hardisty
Alberta Saskatchewan
Hardisty Calgary
Liquids Pipeline Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 86 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Other Producing Oil & Gas Assets 2018 2017 2016 other Producing Energy Assets Revenue to Franco-Nevada ($ million) 1 $ 8.1 $ 7.5 $ 5.6 Overview Overview Overview BC / AB / SK / MB, Canada Production (Mboe) 2 314 334 313 royalty: ORR/FH: 0.5-20 1 Revenue refers only to payments made to Franco-Nevada; includes operator: Various revenue received from lease and bonus payments 2 Net to the oil & Gas Interests Overview Overview Energy ASSET highlighTS:
Franco-Nevada has significant interests in Western Canada which • Primarily quality oil plays in Saskatchewan and generate revenues primarily through lessor royalties and GORRs. Manitoba Aside from the major producing assets of Weyburn and Orion, • Exposure to shallow gas and deeper conventional Franco-Nevada has 46 Other Producing Assets that generate gas in Alberta and BC revenue for the Company. These interests cover more than 2,315 km2. • Interests cover more than 2,315 km2 In Saskatchewan and Manitoba, the assets are focused Royalty Ounces Royalty Ounces Royalty Ounces primarily in high quality oil plays and are operated by companies such as Crescent Point Energy, TORC Oil & Gas Ltd., and CNRL. The most significant producing assets are comprised of the Midale Unit and the Tidewater royalties. Franco-Nevada holds Montney a 1.14% gross override royalty interest and a 1.59% working Peace River Athabasca Oil Sands interest in the Midale Unit in Southeast Saskatchewan where Oil Sands
Royalty Ounces Royalty Ounces Royalty Cardinal Energy produces approximately 4,000 Boe/d through CO2 Enhanced Oil Recovery (EOR) techniques. The Tidewater royalties in Saskatchewan generate oil production from the Shaunavon and other formations and are managed by various operators. ALBERTA In Alberta and BC, the interests generate revenue primarily Duvernay Deep Redwater Basin Cardium Viking from natural gas production from shallow gas formations such Cold Lake as Milk River and Medicine Hat. In northern Alberta, the interests Edson Oil Sands EDMONTON provide exposure to deeper conventional gas targets including the Shunda, Grosmont and Elkton formations. Franco-Nevada’s most significant assets in the region are the Edson property operated Assets Assets Assets by CNRL and the Medicine Hat Consolidated Unit No.1, operated by Lloydminster Canlin Resources Partnership. Franco-Nevada has an approximate N Heavy Oil 0 80
Kilometres Assets
Assets 15% overriding royalty in the Edson property where CNRL extracts gas and natural gas liquids by exploiting resources in the Cardium Alberta/ Formation. The Medicine Hat Unit has been producing gas since British Columbia CBM 1963 and is located approximately 257 kilometres southeast of Oil & Gas CALGARY (HSCN) Interests Shallow Calgary. Other production comes from unitized and non-unitized Gas wells, including gross overriding royalty positions in ten different Company Core Land Company Non Core Land Units across Alberta. Other operators on the interests include, Major City Canadian Natural Resources Ltd. and Imperial Oil. BRITISH COLUMBIA Alberta Revenue from the Other Producing assets represented 9.4% Bakken SASKATCHEWAN of total oil and gas revenue for the year. WASHINGTON IDAHO MONTANA Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources
Saskatchewan/Manitoba Lloydminster Oil & Gas Interests Heavy Oil and Resources and Resources MANITOBA N Mineral Reserves Mineral Mineral Reserves Mineral 0 80 SASKATCHEWAN Kilometres Dodsland Viking SE Saskatchewan Lower Bakken Torquay Oil & Mississippian Oil
REGINA Shaunavon Additional Information Additional Information Additional Information Oil ALBERTA Shallow Gas Weyburn/ Williston Basin Midale Bakken NORTH DAKOTA Spearfish Company Core Land Sanish Oil MONTANA Oil Company Non Core Land Major City Additional Information Additional Additional Information Additional 2019 Asset Handbook The GOLD Investment that Works 87 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Other Producing Energy Assets Overview Location Overview Location Overview Alameda Oil Saskatchewan Lone Pine Gas Alberta Alida Oil Saskatchewan Macoun Oil Saskatchewan Benson Oil Saskatchewan Manitoba Oil Manitoba Overview Overview Carbon Area Gas Alberta Medicine Hat Gas Alberta Carnduff Oil Saskatchewan Midale Royalties Oil Saskatchewan Cessford Gas Alberta Midale WI Oil Saskatchewan Claresholm Gas Alberta Montreal Trust Oil Saskatchewan E. Crossfield Gas Alberta Oungre Oil Saskatchewan Edson Gas Alberta Pearmac - AB Gas Alberta Elswick Oil Saskatchewan Pearmac - MB Oil Manitoba Enchant Gas Alberta Pearmac - SK Oil Saskatchewan Ferrybank Gas Alberta Prudential - AB Gas Alberta Royalty Ounces Royalty Ounces Ghost Pine Gas Alberta PrudentialRoyalty Ounces - MB Oil Manitoba Hanlan Gas Alberta Qu’Appelle Oil Saskatchewan Harmattan Gas Alberta Queensdale Oil Saskatchewan Harvest - AB Gas Alberta Rainbow South Oil Alberta Huntoon Oil Saskatchewan Rocanville Oil Saskatchewan Innes Oil Saskatchewan Royce Gas Alberta Inverness Oil Alberta Stoughton Oil Saskatchewan Royalty Ounces Royalty Ounces Royalty Kimiwan Gas Alberta Swalwell Gas Alberta Laglace Gas Alberta Tidewater Oil Saskatchewan Lesser Slave Oil Alberta Watts/Craig Oil Alberta Lochend Gas Alberta Viewfield Oil Saskatchewan Assets Assets Assets Assets Assets Energy Exploration Assets Exploration Assets AB/MB/SK/QC/ Location Canada Arctic, Canada Arctic Gas Nunavut royalties: 15-18% and WI: 3-15% Big Bend Alberta operator: Various Cindy/Belloy Alberta Colgate Saskatchewan Energy Devil Alberta Dixonville Alberta In addition to its producing assets in Western Canada, Flatrock British Columbia Mineral Reserves Mineral Reserves Franco-Nevada has exposure to a portfolio of undeveloped, GranorMineral Reserves Alberta and Resources and Resources non-producing oil & gas interests. These are grouped into Greencourtand Resources Alberta 25 different assets covering an area of over 1,290 km2 and are Harvest - SK Saskatchewan located in Alberta, Saskatchewan and Manitoba. Much of the Hotchkiss Alberta interests consist of mineral title which is currently unleased. Killam Alberta Apart from Western Canada, Franco-Nevada also has Liege Alberta interests in the Canadian Arctic in the form of dry natural gas Long Coulee Alberta and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral interests in the Drake Point, Hecla, King Christian and Roche Point Melville Saskatchewan gas fields located on and offshore Melville Island. Paradise British Columbia Portage Alberta ASSET highlighTS: Provost Alberta Prudential - SK Saskatchewan • Numerous future opportunities in Western Canada Steelman Saskatchewan • Interest in long-term Arctic gas resources Swift Current Saskatchewan Additional Information Additional Information Additional Information Touchwood Alberta Turner Alberta W. Calling Lake Alberta Widewater Alberta
Additional Information Additional Additional Information Additional 88 FNV TSX NYSE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty Assets Assets Assets Assets Assets
Mineral Reserves & Resources Gold Mineral Reserves Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Gold Mineral Resources Silver, PGM and Other Mineral Reserves and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 89 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Gold Mineral reserves Overview Overview Overview
Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Overview Overview Gold - Latin America Cobre Panama 4 345,600 0.10 1,122 2,837,000 0.06 5,819 3,182,600 0.07 6,941 Candelaria 1,5 532,696 0.12 2,086 101,282 0.15 488 633,978 0.13 2,574 Antapaccay 6 236,000 0.10 731 411,000 0.09 1,173 647,000 0.09 1,904 Guadalupe - Palmarejo 1,3,7 1,164 2.89 108 7,364 2.47 585 8,528 2.53 693 Cerro Moro 8 43 10.57 15 1,766 11.64 661 1,809 11.61 675 Salares Norte 1, 9 – – – 21,100 5.16 3,500 21,100 5.16 3,500 Calcatreu 10 – – – – – – – – – CentroGold (Gurupi) 11 – – – – – – – – – San Jorge 12 – – – – – – – – – Taca Taca 13 – – – – – – – – – Royalty Ounces Royalty Ounces Volcan 1,14 – – – – – – – – – Royalty Ounces Gold - United States Goldstrike 1,15 55,514 3.65 6,513 12,381 5.05 2,012 67,895 3.91 8,525 Gold Quarry 1,16 not available not available not available Marigold 1,17 – – – 201,500 0.51 3,300 201,500 0.51 3,300 Midas/Fire Creek 3,18 22 41.43 29 83 15.07 40 104 20.57 69 Bald Mountain 1,19 2,666 0.98 84 63,984 0.61 1,263 66,650 0.63 1,347
Royalty Ounces Royalty South Arturo 1,20 3,762 3.20 387 3,343 2.79 300 7,105 3.01 Ounces Royalty 687 Mesquite 21 5,627 0.49 89 59,491 0.54 1,040 65,119 0.54 1,129 Hollister 3,22 2 34.29 2 8 22.86 6 10 24.93 8 Stibnite Gold 3,23 – – – 88,964 1.60 4,578 88,964 1.60 4,578 Castle Mountain 24 136,611 0.58 2,559 60,978 0.51 1,004 197,589 0.56 3,563 Pinson 1,3,25 5,717 0.91 168 1,056 5.19 176 6,856 1.56 344 Robinson 26 110,513 0.15 533 8,860 0.12 34 119,374 0.15 576 Sandman 27 – – – – – – – – – Gold - Canada Sudbury 1,28 not available not available not available Detour Lake 29 85,200 1.24 3,384 413,200 0.91 12,060 498,400 0.96 15,444 Golden Highway - Holt 30 1,930 4.10 253 1,660 4.50 238 3,580 4.30 491 31 Assets Assets Golden Highway - Taylor – – – 751 4.90 117 751 4.90 117 Assets Golden Highway - Holloway 32 24 3.80 3 233 4.40 33 257 4.30 36 Golden Highway - Hislop 33 – – – 176 5.80 33 176 5.80 33 Hemlo 1,34 1,425 4.17 191 22,677 2.38 1,733 24,102 2.48 1,924 Assets Assets Musselwhite 35 3,590 6.57 760 7,310 6.46 1,520 10,910 6.49 2,280 Kirkland Lake 36 288 21.71 201 2,900 21.99 2,050 3,190 21.94 2,250 Timmins West 37 407 3.59 47 6,055 3.11 606 6,462 3.14 653 Canadian Malartic 1,38 46,058 0.89 1,316 111,598 1.18 4,244 157,658 1.10 5,560 Brucejack 1,39 4,700 12.57 1,900 13,800 15.33 6,800 18,500 14.63 8,700 Hardrock 40 – – – 141,700 1.02 4,648 141,700 1.02 4,648 Valentine Lake 41 – – – – – – – – – Red Lake (Phoenix) 42 – – – – – – – – – Courageous Lake 43 12,000 2.41 1,000 79,000 2.17 5,500 91,000 2.20 6,500 Dublin Gulch (Eagle Deposit) 44 27,000 0.80 685 90,000 0.62 1,778 116,000 0.66 2,463 Goldfields 45 1,228 1.90 75 21,105 1.39 945 22,333 1.42 1,020 Red Mountain 46 1,308 7.82 329 645 6.93 144 1,953 7.53 473 Monument Bay 47 – – – – – – – – – Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Gold - Australia and Resources Duketon 1,48 9,000 0.86 249 40,800 1.19 1,563 49,800 1.13 1,813 Henty 49 55 4.90 8 10 5.20 2 65 5.40 10 Aphrodite 50 – – – – – – – – – Yandal (Bronzewing) 51 1,400 2.11 95 14,200 1.67 761 15,600 1.71 856 Bullabulling 1,52 – – – – – – – – – Edna May 1,53 3,398 0.69 75 458 4.28 63 3,856 1.11 138 and Resources and Resources Glenburgh 54 – – – – – – – – – Mineral Reserves Mineral Mineral Reserves Mineral Red October 55 – – – – – – – – – South Kalgoorlie 1,56 492 1.64 26 2,973 2.91 278 3,465 2.73 304 Matilda (Wiluna) 57 570 0.90 16 25,910 1.80 1,514 26,480 1.80 1,530 Gold - Rest of World MWS 58 115,780 0.22 800 172,570 0.26 1,440 288,350 0.24 2,240 Sabodala 59 18,450 0.98 580 43,170 1.53 2,130 61,610 1.36 2,700 Karma 60 1,300 0.63 24 26,200 0.88 740 27,500 0.86 764 Additional Information Additional Information Tasiast 61 34,749 1.20 1,335 85,168 2.20 6,105 119,917 1.90 7,440 Additional Information Subika 1,62 53,900 1.36 2,360 56,200 2.22 4,020 110,100 1.80 6,380 Edikan 63 18,300 1.00 587 26,400 1.15 979 44,700 1.09 1,566 Agi Dagi 64 1,450 0.76 36 52,911 0.66 1,130 54,361 0.67 1,166 Ity 1,65 – 2.90 2 60,700 1.56 3,036 60,800 1.55 3,039 Perama Hill 66 2,477 4.44 354 7,220 2.68 621 9,697 3.13 975 Kiziltepe 67 – – – – – – – – – Sissingue 1,68 4,600 1.53 226 100 3.11 10 4,700 2.03 306 Total Gold Mineral Reserves 31,342 92,820 124,231 Additional Information Additional Additional Information Additional 90 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Gold Mineral resources Inclusive of Reserves Overview Overview Overview
Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Overview Overview Gold - Latin America Cobre Panama 4 336,000 0.10 1,080 3,358,000 0.06 6,373 7,453 1,051,000 0.03 1,135 Candelaria 1,5 775,700 0.14 3,604 176,775 0.17 972 4,577 52,718 0.12 206 Antapaccay 6 249,000 0.11 869 640,000 0.10 2,115 2,983 169,000 0.11 578 Guadalupe - Palmarejo 1,2,3,7 1,712 2.91 160 14,208 2.17 992 1,151 5,330 2.24 384 Cerro Moro 2,8 61 10.71 21 2,990 8.98 863 883 1,706 3.85 211 Salares Norte 1,9 – – – 21,100 5.16 3,500 3,500 4,500 2.76 400 Calcatreu - Au 10 – – – 8,816 2.43 690 690 7,571 1.41 343 CentroGold (Gurupi) 11 – – – 24,000 2.14 1,653 1,653 8,800 1.99 564 San Jorge 12 79,518 0.22 584 104,091 0.19 626 1,211 11,235 0.16 59 Taca Taca 13 – – – 2,165,000 0.08 5,560 5,560 921,000 0.05 1,570 Royalty Ounces Royalty Ounces Royalty Ounces Volcan 1,14 – – – – – – – 18,600 0.85 510 Gold - United States Goldstrike 1,2,15 59,086 3.84 7,288 16,973 5.26 2,869 10,157 1,817 8.11 474 Gold Quarry 1,16 not available not available not available Marigold 1,17 – – – 354,500 0.49 5,560 5,560 33,600 0.37 400 Midas/Fire Creek 3,18 246 21.38 169 39,913 1.22 1,564 1,733 29,796 1.65 1,582 Bald Mountain 1,2,19 17,651 0.69 394 225,897 0.58 4,247 4,641 62,982 0.40 845
Royalty Ounces Royalty Ounces Royalty South Arturo 1,2,20 9,755 1.88 590 20,392 1.33 870 1,460 1,900 1.31 80 Mesquite 2,21 9,924 0.46 148 135,350 0.50 2,162 2,310 8,871 0.38 107 Hollister 3,22 96 31.70 98 131 21.90 92 190 499 13.90 223 Stibnite Gold 3,23 4,623 2.54 377 100,289 1.62 5,234 5,610 23,174 1.29 959 Castle Mountain 24 160,643 0.58 2,993 81,351 0.51 1,339 4,332 171,395 0.40 2,195 Pinson 1,3,25 19,223 1.21 746 4,130 2.54 338 1,085 1,080 4.88 169 Robinson 26 317,942 0.18 1,840 40,173 0.15 194 2,072 11,942 0.18 69 Sandman 27 – – – 1,200 1.23 50 50 1,100 1.85 60 Gold - Canada Sudbury 1,28 not available not available not available Detour Lake 2,29 101,900 1.25 4,106 508,800 0.93 15,220 19,325 42,900 0.82 1,137 Golden Highway - Holt 2,30 5,966 4.07 780 4,507 4.18 605 1,386 8,253 4.85 1,286 2,31 Assets Assets Assets Golden Highway - Taylor – – – 23,877 1.53 1,176 1,176 1,988 5.27 337 Golden Highway - Holloway 2,32 310 3.81 38 2,142 4.20 289 326 5,479 4.12 726 Golden Highway - Hislop 2,33 – – – 1,323 3.88 165 165 800 3.89 100 Hemlo 1,2,34 2,017 3.86 250 59,555 1.70 3,248 3,498 6,023 3.37 653 Assets Assets Musselwhite 2,35 3,880 6.49 810 9,210 6.08 1,800 2,610 5,170 5.17 860 Kirkland Lake 2,36 741 19.69 469 7,371 14.13 3,349 3,817 17,607 5.06 2,867 Timmins West 37 247 4.91 39 7,814 3.99 1,001 1,040 6,391 5.65 1,161 Canadian Malartic 1,2,38 49,828 0.93 1,482 138,828 1.30 5,816 7,298 72,420 1.99 4,638 Brucejack 1,39 5,900 12.65 2,400 15,500 15.45 7,700 10,000 8,600 14.11 3,900 Hardrock 2,40 4,060 1.07 140 178,460 1.28 7,328 7,468 27,360 3.09 2,720 Valentine Lake 41 16,620 2.18 1,167 28,526 1.66 1,525 2,691 26,857 1.77 1,532 Red Lake (Phoenix) 42 188 6.78 41 1,186 6.29 240 281 3,884 6.00 749 Courageous Lake 43 13,401 2.53 1,090 93,914 2.28 6,884 7,974 53,227 2.29 3,914 Dublin Gulch (Eagle Deposit) 44 36,061 0.72 829 162,659 0.62 3,253 4,083 12,781 0.50 205 Goldfields 45 858 2.04 56 20,002 1.51 971 1,027 4,564 1.54 226 Red Mountain 46 1,828 8.92 524 943 5.95 181 705 316 6.04 61 Monument Bay 47 – – – 36,581 1.52 1,787 1,787 41,946 1.32 1,781 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources Gold - Australia Duketon 1,48 14,200 0.83 380 122,200 0.94 3,707 4,087 30,600 1.01 998 Henty 49 846 4.60 125 423 4.30 58 183 297 5.00 48 Aphrodite 50 – – – 12,611 2.37 960 960 7,566 2.48 603 Yandal (Bronzewing) 51 1,800 2.15 124 18,000 2.03 1,172 1,297 4,100 2.06 272 Bullabulling 1,52 – – – 68,805 0.99 2,190 2,190 26,595 1.19 1,020 Edna May 1,53 2,758 0.60 53 20,900 0.98 657 710 5,100 0.83 136 and Resources and Resources Glenburgh 54 2,900 1.94 181 4,600 1.56 231 412 13,900 1.32 591 Mineral Reserves Mineral Mineral Reserves Mineral Red October 55 – – – 3,670 1.65 195 195 3,200 1.65 170 South Kalgoorlie 1,56 1,536 3.38 167 27,001 2.14 1,855 2,022 25,222 2.03 1,645 Matilda (Wiluna) 57 100 2.49 8 70,000 1.73 3,895 3,903 26,400 3.31 2,812 Gold - Rest of World MWS 58 115,510 0.22 800 172,340 0.26 1,440 2,240 – – – Sabodala 59 21,174 1.15 783 65,445 1.74 3,655 4,438 17,248 1.81 1,004 Karma 60 1,300 0.63 28 74,000 1.10 2,627 2,655 17,900 1.34 772 Additional Information Additional Information Additional Information Tasiast 2,61 39,325 1.14 1,441 155,277 1.79 8,920 10,361 5,984 2.20 420 Subika 1,2,3,62 55,300 1.34 2,390 91,500 2.22 6,540 8,930 21,800 3.17 2,220 Edikan 63 37,300 1.20 1,445 47,600 1.04 1,588 3,025 6,800 1.22 267 Agi Dagi 1,2,64 2,516 0.74 60 104,453 0.63 2,132 2,192 19,551 0.52 330 Ity 1,65 1,400 0.97 44 72,200 1.55 3,602 3,646 19,100 1.34 823 Perama Hill 66 3,064 4.30 424 9,375 3.18 958 1,382 8,766 1.96 554 Kiziltepe 67 922 3.34 99 1,342 1.89 82 181 1,549 1.53 76 Sissingue 1,68 7,500 1.70 409 500 1.37 22 430 100 0.93 3 Total Gold Mineral Resources* 44,143 156,885 200,956 56,741
*Total excludes New Prosperity Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 91 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mineral reserves and resources Overview Overview Overview
Silver Mineral Reserves Overview Overview Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Silver Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Cobre Panama 69 345,600 1.33 14,791 2,837,000 1.36 123,612 3,182,500 1.35 138,402 Candelaria 1,70 532,696 1.75 29,891 101,282 1.88 6,108 633,978 1.77 35,999 Antapaccay 71 236,000 1.57 11,934 411,000 1.96 25,922 647,000 1.82 37,856 Antamina 1,72 234,800 10.44 78,832 254,200 10.58 86,468 489,100 10.56 166,007 Cerro Moro 73 43 619.90 857 1,766 653.46 37,102 1,809 652.66 37,959 Salares Norte 1,74 – – – 21,100 57.93 39,300 21,100 57.93 39,300 Fire Creek 3,75 22 38.57 27 83 11.30 30 104 16.99 57 Calcatreu 76 – – – – – – – – – Total Silver Mineral Reserves 136,331 318,542 455,580 Royalty Ounces Royalty Ounces Royalty Ounces
Silver Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Silver Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Cobre Panama 69 336,000 1.35 14,584 3,358,000 1.32 142,062 156,646 1,051,000 1.08 36,449 Candelaria 1,70 775,700 1.97 49,200 176,775 2.13 12,080 61,280 52,718 1.07 1,806 Royalty Ounces Royalty Ounces Royalty Antapaccay 71 249,000 1.86 14,917 638,000 2.48 50,940 65,856 169,000 0.96 5,192 Antamina 1,2,72 346,800 9.96 111,009 707,200 11.36 258,217 369,933 1,273,752 11.35 464,856 Cerro Moro 2,73 61 797.47 1,564 2,990 541.96 52,099 53,663 1,706 257.78 14,139 Salares Norte 1,74 – – – 21,100 57.93 39,300 39,300 4,500 30.41 4,400 Fire Creek 3,75 246 165.61 1,309 39,913 4.49 5,766 7,075 29,796 5.11 4,893 Calcatreu 76 – – – 8,816 23.78 6,740 6,740 7,571 14.12 3,438 Total Silver Mineral Resources 192,582 567,204 760,493 535,173
PGM Mineral Reserves Proven Probable Proven & Probable Assets Assets PGM Assets Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Sudbury 1,77 not available not available not available 1,78 Assets Assets Stillwater 5,000 17.08 2,745 36,700 16.24 19,158 41,800 16.30 21,903 Pandora 1,79 2,195 4.25 244 19,756 4.08 2,683 21,951 4.09 2,927 Total PGM Mineral Reserves 2,989 21,841 24,830
PGM Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred PGM Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Sudbury 1,77 not available not available not available Stillwater 1,78 7,100 18.46 4,214 49,600 16.82 26,821 31,035 92,500 16.63 49,443 Pandora 1,79 22,195 4.81 3,415 147,317 4.60 21,707 25,122 21,220 4.72 3,171 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Total PGM Mineral Resources and Resources 7,649 48,528 56,157 52,614
Copper Mineral Reserves Proven Probable Proven & Probable Copper Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % M lbs 000s % M lbs 000s % M lbs and Resources and Resources Rosemont 3,80 426,110 0.48% 4,509 110,971 0.31% 758 537,080 0.45% 5,328 Mineral Reserves Mineral Mineral Reserves Mineral NuevaUnion (Relincho) 81 552,200 0.34% 4,139 899,800 0.36% 7,141 1,452,100 0.35% 11,280 Taca Taca 82 – – – – – – – – – Robinson 83 110,513 0.42% 1,023 8,860 0.28% 55 119,373 0.41% 1,078 Vizcachitas 84 ––– ––– ––– Total Copper Mineral Reserves 9,672 7,954 17,687
- Inclusive of Reserves Additional Information Additional Information Copper Mineral ResourcesAdditional Information Copper Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s % M lbs 000s % M lbs M lbs 000s % M lbs Rosemont 3,80 632,667 0.44% 6,137 514,462 0.26% 2,949 9,086 74,479 0.30% 493 NuevaUnion (Relincho) 2,81 684,600 0.32% 4,810 1,229,000 0.35% 9,391 14,202 589,800 0.37% 4,811 Taca Taca 82 – – – 2,165,000 0.44% 21,150 21,150 921,000 0.37% 7,550 Robinson 83 317,943 0.47% 3,294 40,173 0.34% 301 3,596 11,942 0.38% 100 Vizcachitas 84 – – – 1,038,000 0.37% 8,539 8,539 318,000 0.34% 2,415 Total Copper Mineral Resources 14,242 42,330 56,572 15,369 Additional Information Additional Additional Information Additional 92 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mineral reserves and resources Overview Overview Overview
Nickel Mineral Reserves Overview Overview Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Nickel Notes 000s % M lbs 000s % M lbs 000s % M lbs Mt Keith 85 18,300 0.56% 227 4,030 0.45% 40 22,330 0.54% 267 Falcondo 86 44,900 1.28% 1,267 26,300 1.36% 789 71,200 1.31% 2,056 Total Nickel Mineral Reserves 1,494 829 2,323
Nickel Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Nickel Notes 000s % M lbs 000s % M lbs M lbs 000s % M lbs Royalty Ounces Royalty Ounces Royalty Ounces Mt Keith 85 151,000 0.54% 1,814 67,000 0.52% 768 2,582 24,000 0.52% 275 Falcondo 86 40,500 1.42% 1,268 31,100 1.53% 1,049 2,320 4,900 1.40% 151 Total Nickel Mineral Resources 3,082 1,817 4,902 426
Chromite Mineral Reserves
Royalty Ounces Royalty Ounces Royalty Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Chromite Notes 000s % Cr2O3 Mt 000s % Cr2O3 Mt 000s % Cr2O3 Mt Ring of Fire 87 – – – – – – – – – Total Chromite Mineral Reserves – – –
Chromite Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Chromite Inferred Mineral Resources
Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Chromite Notes 000s % Cr2O3 Mt 000s % Cr2O3 Mt Mt 000s % Cr2O3 Mt Assets Assets Assets Ring of Fire 87 140,200 32.53% 45.6 52,600 29.83% 15.7 61.3 54,600 30.77% 16.8 Total Chromite Mineral Resources 45.6 15.7 61.3 16.8 Assets Assets
Notes and Sources 1 Franco-Nevada’s royalties or stream interests 10 Patagonia Gold Plc - Half Yearly Financial may not cover the operator’s entire property or Statements September 25, 2018 • All Mineral Reserves and Resources have been all estimated Mineral Reserves and Resources 11 Oz Minerals Ltd; Investor Presentation calculated in accordance with acceptable foreign or a combination of both codes, including CIM, SEC, JORC, or SAMREC March 27, 2018 guidelines 2 Mineral Resources shown by operator exclusive 12 Coro Mining Corp.; NI 43-101 Technical Report, of Mineral Reserves. The Company’s QP Preliminary Feasibility Study, San Jorge 25kt/y • Mineral Resources which are not Mineral determined the inclusive Mineral Resources Reserves do not have demonstrated economic Copper Leach Project, March 2012 by adding the exclusive Measured and 13 First Quantum Minerals Ltd.; Annual viability Indicated Mineral Resources to the Proven
Mineral Reserves Information Form March 27, 2018 Mineral Reserves Mineral Reserves • Unless otherwise noted, Mineral Resources were
andand Resources Probable Reserves and Resources and Resources reported by the operator inclusive of Mineral 14 Hochchild Mining Plc; Corporate Website, 3 Mineral Reserves and Resources are February 2019 Reserves reported by the operator in non-metric units. • Contained ounces do not take into account The Company’s QP calculated the metric 15 Barrick Gold Corporation; Reserves and recovery losses conversion using 1 opt=34.286 g/t, 1 short ton = Resources Year End 2018 • Mineral Reserves and Resources based on 0.9018 metric tonnes, 1 oz = 31.1035 g 16 In accordance with certain provisions of the publicly disclosed information as of March 15, royalty agreement, the Company is not able
and Resources 4 First Quantum Minerals Ltd.; NI 43-101 Technical and Resources Mineral Reserves Mineral Mineral Reserves Mineral 2019 Report, Cobre Panama Project June 30, 2015 to disclose Mineral Reserves and Resources for Gold Quarry • Rows and columns may not add up due to 5 Lundin Mining Corp.; Technical Report for rounding the Candelaria Copper Mining Complex, 17 SSR Mining Inc.; Statement of Mineral Reserves • Inferred Resources are in addition to Measured November 28, 2018 and Resources December 31, 2018 and Indicated Resources. Inferred Resources 6 Glencore; Resources & Reserves as at 31 18 Hecla Mining Company Press Release: have a great amount of uncertainty as their December 2018 February 14, 2019 existence and whether they can be mined 19 Kinross Gold Corporation; 2018 fourth-quarter Additional Information Additional Information Additional Information 7 Coeur Mining Inc.; Company Release, legally or economically. It cannot be assumed February 20, 2019 and full-year results press release that all or any part of the Inferred Resources (February 13, 2019) 8 Yamana Gold; News Release February 14, 2019 will ever be upgraded to a higher category. 20 Barrick Gold Corporation; Reserves and See “Cautionary Note to US Investors Regarding 9 Goldfields Ltd; Media Release February 15, Resources Year End 2018 Reserve and Resource Reporting Standards”. 2019 (distribution of Mineral Reserves and Resources by category has not been disclosed at time of publication so estimated by Franco-Nevada) Continued on next page Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 93 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview
Notes and Sources 41 Marathon Gold Corp.; Technical Report 64 Alamos Gold Inc.; Press Release Continued from page 93 Preliminary Economic Assessment, February 19, 2019 October 30, 2018 65 Endeavour Mining Corp.; News Release 42 Rubicon Minerals Corp.; NI 43-101 Technical March 5, 2019 21 Equinox Gold Corp.; Corporate Presentation Report June 13, 2018 66 Eldorado Gold Corp.; Mineral Reserves and January 9 2019 43 Seabridge Gold Inc.; Mineral Reserves and Resources as of September 30, 2018 Royalty Ounces Royalty Ounces 22 Hecla Mining Company Press Release:Royalty Ounces Resources updated March 11, 2014 67 Ariana Resources plc; Press Release May 3, 2017 February 14, 2019 44 Victoria Gold Corp. - Mineral Reserve: NI 43-101 68 Perseus Mining Limited; October 29, 2018 23 Midas Gold Corp.; News Releases December 15, Feasibility Study Technical Report for the Press Release 2014 and February 15, 2018 Eagle Gold Project, October 26, 2016; Mineral 69 First Quantum Minerals Ltd.; NI 43-101 Technical 24 Equinox Gold Corp.; Corporate Presentation Resource: December 5, 2018 Press Release Report, Cobre Panama Project June 30, 2015 January 9 2019 45 Fortune Bay Corp.; 43-101 Technical Report 70 Lundin Mining Corp.; Technical Report for
Royalty Ounces Royalty Ounces Royalty 25 Atna Resources; NI 43-101 Technical Report, Pre-feasibility Study, Re-issue March 13, 2014 the Candelaria Copper Mining Complex, Pinson Project, Preliminary Feasibility Study, 46 IDM Mining Ltd.; NI 43-101 Feasibility Study November 28, 2018 June 30, 2014 Technical Report for the Red Mountain Project, 71 Glencore; Resources & Reserves as at 26 KGHM; Mineral Resources and Reserves Report, August 10, 2017, and Mineral Resource Update December 31, 2018 December 31, 2014 July 31, 2018 72 Teck Resources Limited; Annual Information 27 Newmont Mining Corporation; News Release 47 Yamana Gold; News Release February 14, 2019 Form February 25, 2019 February 21, 2019 48 Regis Resources Limited; Mineral Resource and 73 Yamana Gold; News Release February 14, 2019 28 KGHM does not provide updated Mineral Ore Reserve Statement, July 27, 2018 Reserve and Mineral Resource estimates. 74 Goldfields Ltd; Media Release 49 Unity Mining Limited; Annual Reserves and February 15, 2019 (distribution of Mineral As such, Franco-Nevada has chosen not to Resources Update, September 11, 2015 display the historical figure moving forward Reserves and Resources by category has Assets Assets Assets 50 Spitfire Materials Limited Press Release, not been disclosed at time of publication 29 Detour Gold - Press Release - March 7, 2019 November 13, 2018 so estimated by Franco-Nevada) 30 Kirkland Lake Gold Inc.; News Release 51 Echo Resources Limited; ASX Announcement, 75 Hecla Mining Company Press Release: Assets Assets February 21, 2019 November 30, 2018 February 14, 2019 31 Kirkland Lake Gold Inc.; News Release 52 Norton Gold Fields Limited; Corporate website 76 Patagonia Gold Plc - Half Yearly Financial February 21, 2019 Taylor) and News Release January 30, 2019 Statements September 25, 2018 February 20, 2018 (Aquarius) 53 Ramelius Resources; Press Release September 77 KGHM; Mineral Resources and Reserves Report, 32 Kirkland Lake Gold Inc.; News Release 18, 2018 December 31, 2014 February 21, 2019 (Holloway), and 54 Gascoyne Resources Limited; Annual Genera February 20, 2018 (Canamax) 78 Sibanye Stillwater; Mineral Resource and Meeting Presentation November 28, 2018 Mineral Reserves Report 2017 33 Kirkland Lake Gold Inc.; News Releases 55 Saracen Mineral Holdings Limited; Press February 21, 2019 and February 20, 2018 79 Lonmin Plc; Mineral Resource and Mineral Release August 1, 2018 Reserve Statement 2017 34 Barrick Gold Corporation; Reserves and Mineral Reserves Mineral Reserves Mineral Reserves 56 Northern Star Resources Ltd; ASX 80 Hudbay Minerals Inc.; NI 43-101 Technical and Resources and Resources Resources Year End 2018 and Resources Announcement August 2, 2018 Report, Feasibility Study, March 30, 2017 35 Goldcorp Inc.; News Release October 24, 2018 57 Blackham Resources Limited; Investor 81 Teck Resources Limited; Annual Information 36 Kirkland Lake Gold Inc. - News Release Presentation November 2018 Form, February 25, 2019 February 21, 2019; Agnico Eagle Mines Limited - 58 AngloGold Ashanti Ltd.; Mineral Resource and News Release February 14, 2019 82 First Quantum Minerals Ltd.; Annual Ore Reserve Report 2017 Information Form March 27, 2018 37 Tahoe Resources Inc.; News Release 59 Teranga Gold Corporation; Technical Report on and Resources and Resources February 15, 2018 83 KGHM; Mineral Resources and Reserves Report, Mineral Reserves Mineral Mineral Reserves Mineral the Sabodala Project, August 30, 2017 December 31, 2014 38 Yamana Gold; News Release February 14, 2019 60 Endeavour Mining Corp.; News Release 84 Los Andes Copper Limited; MD&A for year 39 Pretium Resources Inc.; Corporate Website March 5, 2019 ended September 30, 2013 - Brucejack Project Reserves and Resources 61 Kinross Gold Corporation; 2018 fourth-quarter Update (December 2016); News Releases 85 BHP Billiton Ltd.; Annual Report 2018 and full-year results press release December 14, 2016, July 21, 2016, June 19, 2014 & 86 Glencore; Resources & Reserves Report as at (February 13, 2019) Technical Report dated December 19, 2013 December 31, 2014 Additional Information Additional Information Additional Information 62 Newmont Mining Corporation; News Release 40 Premier Gold Mines - Press Release: 87 Noront Resources; Corporate Presentation February 21, 2019 February 25, 2019 4Q2018 63 Perseus Mining Limited; August 29, 2018 Press Release Additional Information Additional Additional Information Additional 94 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty Ounces Royalty Assets Assets Assets Assets Assets Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources and Resources and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Additional Information Additional Information Additional Information Additional Information Asset Counts, Acreage, Mine Life Index Corporate, Management Organization Glossary Technical & Third Party Information Cautionary Statements Board of Directors Corporate Information Additional Information Additional Additional Information Additional Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Asset Counts Overview Overview Overview Overview Overview
Franco-Nevada’s assets are categorized by commodity and stage of development. By commodity, assets are either “Mining” or “Energy”. Mining includes “Precious Metals” such as gold, silver and PGMs as well as other mining or mineral assets. In some of our reporting we refer to the collective of Mining Assets as Gold & Gold Equivalents. Energy assets include oil, gas and NGls. “Producing” assets are those that have generated revenue from steady-state operations for Franco-Nevada or are expected to in the next year. “Advanced” assets are interests on projects which are not yet producing, but where in management’s view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. “Exploration” assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Management uses the following criteria in its assessment of technical feasibility and commercial viability: Royalty Ounces Royalty Ounces (i) Geology: there is a known mineral deposit which contains mineral reserves or resources; or the project is adjacent to a mineral Royaltydeposit Ounces that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral reserves or resources. (ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable. For accounting purposes, the number of assets has been counted in different manners depending on the category. royalties on a producing or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the Royalty Ounces Royalty Ounces Royalty property, such as at the Goldstrike complex. streams covering a group of mines in close proximity and operated by a common operator such as the sudbury streams have also been counted as one asset. However, royalties and streams on producing properties that have significant co-products have been counted twice, such as the robinson royalties for gold and copper or the sudbury streams for gold and PGM. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada’s oil & gas interests are subdivided into Producing Assets, which are assets that are currently producing oil or natural gas, or Exploration Assets, which are undeveloped assets that are not producing oil or natural gas. Franco-Nevada’s oil & gas interests consist of a variety of working interests and royalty interests which are derived from a large number of underlying leases, contractual agreements and mineral title covering land positions in western Canada, the Canadian Arctic, oklahoma and Texas. For accounting purposes, these leases, contracts and mineral title have been grouped into distinct land areas Assets Assets and tabulated as individual assets. In many cases, Franco-Nevada owns multiple royalties or working interests that pertain toAssets the same land area, and in these circumstances, the interests are counted as a single asset. As of March 15, 2019, Franco-Nevada estimates that it holds 290 Mining Assets and 80 Energy Assets for a total of 370 assets. Assets Assets Franco-Nevada Asset Tabulation at March 15, 2019 Gold & Gold Equivalents Energy ToTAl Producing 51 55 106 Advanced 37 – 37 Exploration 202 25 227 ToTAl 290 80 370 Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Acreage of Assets and Resources The following is a tabulation of the acreage of Gold & Gold Equivalents and Energy lands subject to Franco-Nevada’s royalty, stream or other interests as at March 15, 2019. Acreage amounts are approximate or estimated and are compiled from information contained in asset agreements and updated when possible using various sources including government recording offices, operator information such as technical reports, presentations and other sources. Acreage has been converted into standard measure by Franco-Nevada. and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Franco-Nevada Acreage Tabulation (1) Producing Advanced Exploration ToTAl Gold & Gold Equivalents latin America 391,150 352,425 802,311 1,545,886 United states 156,982 69,455 94,848 321,285 Canada 152,489 228,233 849,617 1,230,339 Australia 1,304,102 201,744 2,003,657 3,509,503 Additional Information Additional Information rest of World 1,898,432 16,119 314,774 Additional Information 2,229,325 Total Gold & Gold Equivalents 3,903,155 867,976 4,065,207 8,836,338 Energy (2) United states 827,520 – – 827,520 Canada 630,700 – 320,000 950,700 Total Energy (2) 1,458,220 – 320,000 1,778,220 Total Estimated Acreage 10,614,558 Total km2 42,956 (1) represents management’s best available information as at March 15, 2019. (2) Gross Acreage. Additional Information Additional Additional Information Additional 96 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Mine life Index Overview Overview Overview Overview Overview
Franco-Nevada’s asset portfolio is comprised of a large variety of properties and operations with a range of projected production profiles. The table below provides an estimated mine life index for producing and development assets with published Mineral reserve and Mineral resource estimates. For the assets that are in production, management has estimated a mine life index by dividing the Proven and Probable Mineral reserves as well as the Measured and Indicated Mineral resources (inclusive of Mineral reserves) by the stated 2018 production as reported by the operators. For the assets that are in development, management has estimated a mine life index by dividing the Proven and Probable Mineral reserves as well as the Measured and Indicated Royalty Ounces Royalty Ounces Royalty Ounces Mineral resources (inclusive of Mineral reserves) by the stated average forward looking production estimates. This metric is to provide analysts and investors with an indication of the potential for the assets in which Franco-Nevada has interests and should not be viewed as a defined mine life estimate. Certain assets within the portfolio are either currently more significant, or are likely to be more significant over time, than other assets and it would be inaccurate to take a simple average of the mine life indexes.
Royalty Ounces Royalty Ounces Royalty In an effort to provide a more accurate picture for the mine life index of the overall portfolio, Franco-Nevada has divided the total M&I royalty ounces by the projected royalty ounce production in 5 years time. The weighted average mine life index of the mining portfolio using the methodology above is approximately 30 years. In the chart below we have provided mine life index estimates assuming just Mineral reserves as well as mine life indexes assuming M&I Mineral resources (inclusive of Mineral reserves) to show the potential of some of our assets. Franco-Nevada has not included any Inferred Mineral resources in the analysis. our significant producing oil and gas assets in Canada and the U.s. have long lives and are expected to generate revenue to Franco-Nevada for several decades. Assets Assets Assets
Based on P&P Based on M&I Precious Metals - LATIN AMERICA (inclusive of P&P) Assets Assets Cobre Panama Candelaria Antapaccay Antamina Guadalupe - Palmarejo Salares Norte Cerro Moro Precious Metals - USA Goldstrike Stillwater Mineral Reserves Mineral Reserves
Mineral Reserves Marigold and Resources and Resources and Resources Bald Mountain Mesquite Precious Metals - CANADA Detour Lake Golden Highway - Holt Golden Highway - Taylor and Resources and Resources Hemlo Mineral Reserves Mineral Mineral Reserves Mineral Musselwhite Kirkland Lake Timmins West Canadian Malartic Brucejack Hardrock Additional Information Additional Information Additional Information Precious Metals - REST OF WORLD MWS Sabodala Karma Tasiast Subika Duketon Edikan
0 5 10 15 20 YEARS Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 97 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Corporate organization Overview Overview Overview Overview Overview
Franco-Nevada Corporation (Canada)
100% 100% 100% 100% Royalty Ounces Royalty Ounces Royalty Ounces
Franco-Nevada U.S. Franco-Nevada Franco-Nevada Franco-Nevada Corporation Australia Pty Ltd. (Barbados) Canada Holdings (US) (Australia) Corporation Corp. (Barbados) (Canada)
100% 100%
Royalty Ounces Royalty Franco-Nevada Ounces Royalty FN Holdings ULC Delaware LLC (Alberta) (US)
Intermediate holding companies omitted Assets Assets Assets 1 Franco-Nevada 2 Franco-Nevada 3 Franco-Nevada 4 Franco-Nevada 5 Franco-Nevada 6 Franco-Nevada 7 FN Holdings Corporation U.S. Corporation Australia Pty GLW Holdings (Barbados) Canada Holdings ULC Assets Assets Ltd. Corp. Corporation Corp. Properties in Canada Properties in the US Properties in Australia Properties in Canada Properties in South Africa Properties in Canada Properties in Peru unless noted unless noted unless noted unless noted unless noted unless noted unless noted
Producing: Producing: Producing: Producing: Producing: Producing: Producing: • Brucejack • Bald Mountain • Agnew • Fire Creek • Antapaccay • Detour • Antamina • Canadian Malartic • EaglePicher (Vivien Gold Mine) - US - Peru • Kirkland Lake • Cerro San Pedro • Gold Quarry • Bowen Basin • Midas • Candelaria • Tasiast - Mexico • Goldstrike (Moorvale) - US - Chile - Mauritania • Edikan • Hollister • Duketon • Sudbury-Levack • Guadalupe-Palmarejo - Ghana • Marigold • Flying Fox (Morrison) - Mexico • Golden Highway • Mesquite • Henty Other Advanced • Karma • Hemlo • Robinson • King Vol - Burkina Faso Mineral Reserves Mineral Reserves
& Exploration Mineral Reserves and Resources and Resources
• Ity • South Arturo • Matilda and Resources • MWS - Cote d’ivoire • Stillwater • Matilda • Sabodala • Kirkland Lake Other Advanced (Wiluna) - Senegal (Macassa) & Exploration • Mt Keith Advanced: • Kiziltepe • Osborne • Cobre Panama - Turkey • Red October - Panama • Musselwhite • South Kalgoorlie Other Exploration • Pandora (New Celebration) and Resources and Resources - South Africa Mineral Reserves Mineral Mineral Reserves Mineral Other Advanced • Sissingue & Exploration - Cote d’Ivoire • Timmins West Other Advanced & Exploration 8 Franco-Nevada 9 Minera Global 10 FN Subco 11 Franco-Nevada 12 Franco-Nevada 13 Franco-Nevada Oil & Gas Assets LRC Holdings Copper Chile Inc. Idaho Delaware LLC Texas LP Corp. S.A. Corporation Management team, May 2018 Additional Information Additional Information Properties in Chile Properties in Ghana Additional Information Properties in the US Properties in the US Properties in the US Advanced: unless noted unless noted unless noted unless noted unless noted • NuevaUnión (Relincho) - Chile Exploration: Producing: Advanced: Producing: Producing: • San Jorge • Volcan • Subika • Stibnite Gold • SCOOP/STACK • Midland/Delaware - Argentina (O&G) (O&G) • Taca Taca - Argentina Exploration: • Vizcachitas - Chile Additional Information Additional Additional Information Additional 98 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Management Team Overview Overview Overview Overview Overview
Franco-Nevada Corporation
David Harquail Chief Executive Officer Royalty Ounces Royalty Ounces Royalty Ounces Sandip Rana Paul Brink Lloyd Hong Chief Financial President & Chief Chief Legal Officer Operating Officer Officer
Bonavie Tek Eaun Gray Jason O’Connell Christian Thatcher Director of Finance VP, VP, Oil & Gas Legal Counsel Royalty Ounces Royalty Ounces Royalty Business Development
Stefan Axell Philip Wilson Cindy Smith Donna Andrejek Director, VP, Technical Land Manager Manager, Corporate Corporate Affairs & Mineral Assets
Adrian Wong Kerry Sparkes KristinaKristina Molodova Candida Hayden Director, Taxation VP, Geology OilOil & Gas Analyst Corporate Affairs Assets Assets Assets Lena Miller Matthew Begeman Kelli McQuesten Catherine Chan Controller Manager, Oil & Gas Land Office Manager Business Development Supervisor Assets Assets
Alex Goncalves Franco-Nevada Franco-Nevada U.S. Corporation Australia PTY Ltd. Senior Financial Analyst Jeff Jenkins Kevin McElligott Director of Finance, Managing Director, Anoja Visvanathan US Operations Australia (Perth) Junior Accountant Mineral Reserves Mineral Reserves Mineral Reserves Debbie McEnaney James Gardiner Franco-Nevada Tom Ogryzlo and Resources and Resources and Resources Consultant President & Director (Barbados) Corporation Managing Director Business Development
Mike Pantofaru Information Technology Matthew Clarke Boris de Vries John Blanchette Consultant Director of Finance VP, VP, and Resources and Resources Business Development Business Development Mineral Reserves Mineral Mineral Reserves Mineral
Marlene Nicholas Alicia Sobers Nalinie Mahon Accounting Financial Analyst Director of Toronto Supervisor Business Operations Additional Information Additional Information Additional Information Barbados Shaneta Spencer Kathy Ann Worrell Corporate Accountant Receptionist / Other Foreign Office Administrative Assistant Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 99 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Technical and Third Party Information Overview Overview Overview
Philip D. Wilson, Vice President, Technical of Franco-Nevada is the qualified person that approved the scientific or technical information Overview Overview contained in this Asset Handbook related to mineral projects that are material (for purposes of NI 43-101) to Franco-Nevada.
Except where otherwise stated, the disclosure in this Asset Handbook relating to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at March 15, 2019 (except where stated otherwise), and none of this information has been independently verified by Franco-Nevada. specifically, as a royalty or stream holder, Franco-Nevada has limited, if any, access to properties included in its asset portfolio. Additionally, Franco-Nevada may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Franco-Nevada is dependent on the operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare required disclosure pertaining to properties and operations on the properties on which Franco- Nevada holds royalty or stream interests and generally has limited or no ability to independently verify such information. Although Royalty Ounces Royalty Ounces Franco-Nevada does not have any knowledge that such information may notRoyalty Ounces be accurate, there can be no assurance that such third party information is complete or accurate. some information publicly reported by operators may relate to a larger property than the area covered by Franco-Nevada’s royalty or stream interest. Franco-Nevada’s royalty or stream interests often cover less than 100% and sometimes only a portion of the publicly reported Mineral reserves, Mineral resources and production of the property.
Reconciliation to CIM Definitions Royalty Ounces Royalty In this Asset Handbook, Franco-Nevada Ounces Royalty has disclosed a number of resource and reserve estimates covering properties related to the mining assets that are not based on Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions, but instead have been prepared in reliance upon JorC, sAMrEC and sEC Industry Guide 7 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. sEC Industry Guide 7, the existing standard for the sEC, is being replaced by the adoption of new legislation under sub-part of regulation s-k under the U.s. securities Act (“Modernization of Property disclosure of Mining registrants standards”), which will be mandatory for issuers subject to U.s. reporting standards for the first fiscal year beginning on or after January 1, 2021. None of the reserve or resource estimates presented herein have been prepared in accordance with the Modernization of Property disclosure of Mining registrants standards. In each case, the Mineral resources and Mineral reserves reported in this Asset Handbook are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Franco-Nevada is not able to reconcile the resource and reserve estimates prepared in reliance on an Acceptable Foreign Assets Assets Code with that of CIM definitions. Franco-Nevada previously sought confirmationAssets from one of its technical advisory firms, that is comprised of engineers experienced in the preparation of resource and reserve estimates using CIM and each of the Acceptable Foreign Codes, of the extent to which an estimate prepared under an Acceptable Foreign Code would differ from that prepared under Assets Assets CIM definitions. Franco-Nevada was advised that, while the CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. such advisors further confirmed, without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are reproduced in this Asset Handbook were conducted, that in the course of their preparation of a resource or reserve estimate they would effectively use the same procedures to prepare and report the resource or reserve estimate regardless of the reliance on CIM or any of the Acceptable Foreign Codes. such advisors noted two provisos to this confirmation, being (i) sEC Industry Guide 7 prohibits the reporting of resources, and will only permit reporting of reserves, and (ii) it is now generally accepted practice that staff at the sEC expect to see metals prices based on historic three year average prices, while each of CIM and the other Acceptable Foreign Codes permits the author of a resource or reserve estimate to use his or her discretion to establish a reasonable assumed metal price in such calculations. see “Cautionary Note regarding Mineral and oil and Gas reserve and resource Estimates”. Mineral Reserves Mineral Reserves Mineral Reserves and Resources and Resources Forward Looking Information and Resources This Asset Handbook contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the U.s. Private securities litigation reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, audits being conducted by the Canada and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral revenue Agency and available remedies, and the remedies relating to and consequences of the ruling of the supreme Court of Panama in relation to the Cobre Panama project. In addition, statements (including data in tables) relating to reserves and resources, gold equivalent ounces and royalty equivalent units are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources and gold equivalent ounces will be realized. such forward looking statements reflect management’s current beliefs and are based on information currently available to management. often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, Additional Information Additional Information “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variationsAdditional Information (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso and any other currency in which revenue is generated, relative to the U.s. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory and political or economic developments in any of the countries where Additional Information Additional Additional Information Additional 100 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership Overview Overview Overview and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not Franco-Nevada is determined to have “passive foreign investment company” (“PFIC”) status as defined in section 1297 of the United states Internal revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, Overview Overview permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious diseases; and the integration of acquired assets. The forward looking statements contained in this Asset Handbook are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the Royalty Ounces Royalty Ounces Royalty Ounces commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of our PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the de- velopment of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assur- ance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are not guarantees of future Royalty Ounces Royalty Ounces Royalty performance. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly, investors should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the “risk Factors” section of our most recent Annual Information Form as well as our most recent Management’s discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and contained in Franco-Nevada’s Form 40-F filed with the sEC on www.sec.gov. The forward looking statements herein are made as of March 15, 2019 only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
Cautionary Note Regarding Mineral Reserve and Resource Estimates This Asset Handbook has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.s. securities laws. Unless otherwise indicated, all mineral resource and reserve estimates included Assets Assets Assets in this Asset Handbook have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. NI 43-101 is a rule developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of Assets Assets scientific and technical information concerning mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available. Canadian standards, including NI 43-101, differ significantly from the requirements of the sEC under sEC Industry Guide 7, and reserve and resource information contained herein may not be comparable to similar information disclosed by U.s. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under sEC Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The sEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or Mineral Reserves Mineral Reserves Mineral Reserves “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute and Resources and Resources and Resources “reserves” by U.s. standards in documents filed with the sEC in compliance with sEC Industry Guide 7. U.s. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the sEC normally only permits issuers to report mineralization that does not constitute “reserves” under sEC Industry Guide and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral 7 as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the sEC, and reserves reported by the Corporation in compliance with NI 43-101 may not qualify as “reserves” under sEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.s. standards. sEC Industry Guide 7, the existing standard for the sEC, is in the process of being replaced by the adoption of the Modernization of Property disclosure of Mining registrants standards, which will be mandatory for issuers subject to U.s. reporting standards for the first fiscal year beginning on or after January 1, 2021. None of the reserve or resource estimates presented herein have been prepared in accordance with the Modernization Additional Information Additional Information Additional Information of Property disclosure of Mining registrants standards. In addition to NI 43-101, a number of resource and reserve estimates have been prepared in accordance with the JorC Code or the sAMrEC Code (as such terms are defined in NI 43-101), which differ from the requirements of NI 43-101 and U.s. securities laws. Accordingly, information containing descriptions of the Corporation’s mineral properties set forth herein may not be comparable to similar information made public by U.s. companies subject to the reporting and disclosure requirements under the U.s. federal securities laws and the rules and regulations thereunder. For more information, see “reconciliation to CIM definitions”.
Oil & Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 101 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Board of directors Overview Overview Overview Overview Overview
Pierre lassonde, Chair Pierre lassonde is the independent Chair of the Board. Mr. lassonde formerly served as President of Newmont Mining Corporation (“Newmont”) from 2002 to 2006 and as a director and Vice-Chair of Newmont until November 30, 2007. Previously, Mr. lassonde served as a director and President (1982 to 2002) and Co-CEo (1999 to 2002) of Franco-Nevada Mining Corporation limited (“old Royalty Ounces Royalty Ounces Franco-Nevada”). Mr. lassonde also served as PresidentRoyalty Ounces and CEo of Euro-Nevada Mining Corporation limited from 1985 to 1999, prior to its amalgamation with old Franco-Nevada. Mr. lassonde served as a director of Normandy Mining limited from 2001 to 2002 and of New Gold Inc. from 2008 to 2016. Mr. lassonde is past Chair and a past director of the World Gold Council, past Chair of the Quebec National Art Museum and a director of Enghouse systems limited. Mr. lassonde received his Chartered Financial Analyst designation from the CFA Institute in 1984, a P. Eng (Association of Professional Engineers of ontario) in 1976, a Master of Business Administration from the Royalty Ounces Royalty Ounces Royalty University of Utah in 1973, a B.sc. (Electrical Engineering) from Ecole Polytechnique in 1971 and a B.A. from seminaire de st. Hyacinthe/Université de Montréal in 1967. Mr. lassonde was appointed a Member of the order of Canada in 2002, was inducted into the Canadian Mining Hall of Fame in 2013, was appointed Chair of the Canadian Council for the Arts in July 2015 and was awarded the Mining and Metallurgical society of America’s (the “MMsA”) gold medal in February 2019, the highest honor awarded by the MMsA.
david Harquail, Chief Executive officer david Harquail has been Chief Executive officer and a director of Franco-Nevada since 2007 Assets Assets and Chair of the World Gold Council since 2017. HeAssets served in senior executive roles at Newmont Mining from 2002-2007. Prior to the acquisition by Newmont of old Franco-Nevada in 2002, Mr. Harquail was with old Franco-Nevada for a period of 15 years with the final position of senior Assets Assets Vice President responsible for the metals royalty division and corporate development. He has also held roles as President and CEo of redstone resources Inc., as a director of Inco limited, Echo Bay Mines limited, kinross Gold Corporation and the Prospectors and developers Association of Canada and as a task force advisor to the Toronto stock Exchange. Mr. Harquail holds a B.A.sc. in Geological Engineering from the University of Toronto, an MBA from McGill University and is a registered Professional Engineer in ontario. He is also a major benefactor of the school of Earth sciences and its Mineral Exploration research Centre (MErC) at laurentian University in sudbury as well as the Centre for Neuromodulation at sunnybrook Health sciences in Toronto. Mineral Reserves Mineral Reserves Tom Albanese Mineral Reserves and Resources and Resources and Resources Tom Albanese is a director of Franco-Nevada. He served as CEo of Vedanta resources plc (2014 to 2017), CEo of Vedanta limited (2014 to 2017) and was CEo of rio Tinto plc (2007 to 2013). Mr. Albanese is the lead independent director of Nevada Copper Corp. and previously served on the boards of Vedanta resources plc, Vedanta limited, rio Tinto plc, Ivanhoe Mines limited, Palabora Mining Company and Turquoise Hill resources limited. Mr. Albanese holds a Master’s of science degree in Mining and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Engineering and a Bachelor of science degree in Mineral Economics both from the University of Alaska Fairbanks.
derek Evans derek Evans is President & CEo of MEG Energy Corp. (a Canadian oil sands company) and is a director of Franco-Nevada. He served as President and CEo and a director of Pengrowth Energy Corporation (an oil and natural gas company) from 2009 until March 15, 2018. From May to Additional Information Additional Information Additional Information september 2009, Mr. Evans was President and Chief operating officer of Pengrowth Energy Trust. Mr. Evans served as President and CEo of Focus Energy Trust from May 2002 until March 2008. Mr. Evans has over 30 years of experience in a variety of operational and senior management positions in the oil and gas business in Western Canada. Mr. Evans holds a Bachelor of science degree in Mining Engineering from Queen’s University and is a registered Professional Engineer in Alberta. Mr. Evans is also a member of the Institute of Corporate directors. Additional Information Additional Additional Information Additional 102 FNV TsX NYsE Franco-Nevada Corporation Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
dr. Catharine Farrow Overview Overview Overview Catharine Farrow is a Professional Geoscientist (APGo) with more than 25 years of mining industry experience. she currently serves as a director of Franco-Nevada and Chair of the Board of Exiro Minerals Corp. she is President of FarExGeoMine ltd. (her private consulting company), is an Advisory Board Member of Behr Technologies Inc., is Chair of the Advisory Board of the Mineral Exploration Overview Overview research Centre, Harquail school of Earth sciences, laurentian University, is a member of laurentian’s Goodman school of Mines Advisory Board, and has been an Adjunct Professor at laurentian since 1995. From 2012 to 2017 she was Founding CEo, director and Co-Founder of TMAC resources Inc., the first producing gold miner with operations in kitikmeot region, Nunavut, in Canada’s High Arctic. Before TMAC, Catharine was Chief operating officer of kGHM International (formerly Quadra FNX Mining ltd.). Previously at Quadra FNX and FNX Mining Company Inc. she held multiple senior executive roles in a wide range of disciplines including operations, technical services, corporate development and exploration. Before FNX, Catharine was with both Inco ltd. and the ontario Geological survey. Catharine has served on the Board of a number of not-for-profit and government Advisory Boards including the PdAC Royalty Ounces Royalty Ounces Royalty Ounces and the Canadian Breast Cancer Foundation – ontario region, and is currently a Program director of the osgoode Mining law Program. she has been honoured as one of the 100 Global Inspirational Women in Mining (2015 and 2018) and is a past recipient of the William Harvey Gross Medal of the Geological Association of Canada (2000). Catharine obtained her Bsc (Hons) from Mount Allison University, her Msc from Acadia University and her Phd from Carleton University.
Royalty Ounces Royalty Ounces Royalty louis Gignac louis Gignac is Chair of G Mining services Inc. (a private consultancy) and is a director of Franco-Nevada. Mr. Gignac previously served as President, CEo and a director of Cambior Inc. from its creation in 1986 until its acquisition by IAMGold Corporation in 2006. Mr. Gignac previously held management positions with Falconbridge Copper Company and Exxon Minerals Company and has served as a director of several companies including domtar Corporation, st Andrew Goldfields ltd., Marengo Mining limited and Gaz Métro Inc. Mr. Gignac also served as a professor in mining engineering at laval University from 1979 to 1981. Mr. Gignac is a member of the ordre des ingénieurs du Québec. Mr. Gignac holds a doctorate of Engineering in Mining Engineering from the University of Missouri rolla, Assets Assets Assets a Master’s degree in Mineral Engineering from the University of Minnesota, and a Bachelor of science degree in Mining Engineering from laval University. Mr. Gignac was inducted into the Canadian Mining Hall of Fame Assets Assets in 2016.
randall oliphant randall oliphant has worked in natural resources in many capacities for over 30 years. From 1999 to 2003, Mr. oliphant was the President and Chief Executive officer of Barrick Gold Corporation, and since that time he has served on the boards of numerous public companies and not-for-profit organizations. Mr. oliphant was the Chairman of Western Goldfields Inc. from 2006 until its business combination with New Gold in 2009. Mr. oliphant served as the Executive
Chairman ofMineral Reserves New Gold from the time of the business combination to January 2017. Mr.Mineral Reserves oliphant presently serves Mineral Reserves and Resources and Resources and Resources on the advisory board of Metalmark Capital llC, a leading private equity firm, and the board of directors of Franco-Nevada Corporation. In addition, Mr. oliphant served as Chairman of the World Gold Council from 2013 to 2017. Mr. oliphant is a CPA, CA and was granted the designation of FCPA in 2016 in recognition of his outstanding contribution to his profession. and Resources and Resources Hon. david r. Peterson Mineral Reserves Mineral Mineral Reserves Mineral david Peterson is Chairman Emeritus at the law firm Cassels Brock & Blackwell llP and is a director of Franco-Nevada. He was the Premier of the Province of ontario from 1985 to 1990. He was the founding Chair of the Toronto raptors of the National Basketball Association and was the Chair of the successful Toronto Bid for the 2015 Pan Am Games and was the Chair of the 2015 Pan American and Parapan American Games organizing Committee. Mr. Peterson also serves as a director of Additional Information Additional Information Additional Information rogers Communications Inc. Mr. Peterson is Chancellor Emeritus of the University of Toronto and a director of st. Michael’s Hospital Foundation. Mr. Peterson holds an ll.B. from the University of Toronto, was called to the Bar of ontario in 1969, appointed Queen’s Counsel in 1980 and summoned by Her Majesty to the Privy Council in 1992. Additional Information Additional Additional Information Additional 2019 Asset Handbook The Gold Investment that Works 103 Overview Royalty Ounces Assets Mineral R&R Additional Info Left Hand PAGEs Page 1 Overview Royalty Ounces Assets Mineral R&R Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL
Corporate Information Overview Overview Overview Overview Overview
Executive Management Head Office Auditors
David Harquail 199 Bay street, suite 2000 PricewaterhouseCoopers LLP Chief Executive officer P.o. Box 285 Toronto, Canada Commerce Court Postal station Royalty Ounces Royalty Ounces Paul Brink Toronto, Canada M5l 1G9Royalty Ounces President & Tel: (416) 306-6300 Listings Chief operating officer Toronto Stock Exchange Sandip Rana New York Stock Exchange Chief Financial officer Barbados Office - Common shares: FNV Royalty Ounces Royalty Ounces Royalty Ground Floor, Balmoral Hall, Lloyd Hong Balmoral Gap, Chief legal officer & Hastings, Christ Church Share Capital Corporate secretary Barbados, BB14034 As at March 19, 2019 Tel: (246) 434-8200 Common shares Directors outstanding 187,079,821 Pierre Lassonde reserved for: U.S. Office options & other 1,109,905 Assets Assets Chair Assets 1745 shea Center drive, suite 400 Fully diluted: 188,189,726 David Harquail Highlands ranch, Colorado, UsA Assets Assets Chief Executive officer 80129 Tel: (720) 344-4986 Transfer Agent Tom Albanese Computershare Investor Services Derek Evans Inc. Australia Office 100 University Avenue, 8th Floor Dr. Catharine Farrow 44 kings Park road, suite 41 Toronto, Canada M5J 2Y1 West Perth, WA 6005, Australia Toll Free: (800) 564-6253 Louis Gignac Mineral Reserves Mineral Reserves Mineral Reserves Tel: (514) 982-7555 and Resources and Resources Tel: 61-8-6263-4425 and Resources Randall Oliphant [email protected]
Hon. David R. Peterson Investor Information and Resources and Resources Mineral Reserves Mineral Mineral Reserves Mineral Candida Hayden Corporate Affairs
[email protected] www.franco-nevada.com
Tel: (416) 306-6323 Additional Information Additional Information Additional Information Toll Free: (877) 401-3833 Additional Information Additional Additional Information Additional 104 FNV TsX NYsE Franco-Nevada Corporation 2019 Asset Handbook The GOLD Investment that Works www.franco-nevada.com
FNV TsX/NYsE