FRANCO-NEVADA CORPORATION 147 THE GOLD INVESTMENT THAT WORKS “ MMcf/mmcf ” means million cubic feet. “ MMcf/d or mmcf/d ” means million cubic feet per day. “ Mo ” means the chemical symbol for the element molybdenum. “ Moz ” means million ounces. “ Mtpa ” means million tonnes per annum. “ NGLs ” means Natural Gas Liquids. “ NI 43-101 ” means National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators . “ Ni ” means the chemical symbol for the element nickel. “ NPI ” means Net Profit Interest: the profits after deduction of expenses. “ NPR ” means Net Proceeds Royalties: which is a royalty on the profits after deduction of expenses. “ NRI ” means Net Royalty Interest: paid net of operating and capital costs (similar to an NPI). “ NSR ” means Net Smelter Return: Which is the proceeds returned from the smelter and/or refinery to the mine owner less certain costs. “ Oil & Gas Interests ” means the royalty interests, working interests and oil and natural gas mineral rights in oil and natural gas properties owned by Franco-Nevada. “ open pit ” is a surface working open to daylight, such as a quarry. “ ore ” means a natural aggregate of one or more minerals which may be mined and sold at a profit, or from which some part may be profitably separated. “ ORR ” means Overriding Royalty: A percentage share of production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner. “ oz ” represents ounce (troy). 1 troy ounce = 1.097 avoirdupois ounce. “ oz/ton ” represents troy ounces per short ton. “ P&P ” means Proven and Probable. “ Pb ” means the chemical symbol for the element lead. “ Pd ” means the chemical symbol for the element palladium. “ PFS ” means preliminary feasibility study. “ PGM ” means the platinum group of metals, including but not limited to Palladium, Platinum, Rhodium, Osmium, and Rhenium. “ porphyry ” is an igneous rock of any composition that contains conspicuous, large mineral grains (phenocrysts) in a fine-grained matrix. “ preliminary feasibility study ” means a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a qualified person, acting reasonably, to determine if all or part of the mineral resource may be classified as a mineral reserve. “ Probable Reserve ” in respect of Mineral Reserves has the meaning ascribed to the term “probable mineral reserve” pursuant to CIM Definitions. “ Proven Reserve ” in respect of Mineral Reserves has the meaning ascribed to the term “proven mineral reserve” pursuant to CIM Definitions. “ Pt ” means the chemical symbol for the element platinum. “ Qualified Person ” for the purposes of NI 43-101, is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; and has experience relevant to the subject matter of the mineral project; and who is a member in good standing of a recognized self-regulatory organization of engineers or geoscientists. “ Reserves ” means collectively, in respect of Mineral Reserves, Probable Reserves and Proven Reserves. “ Resources ” means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. “ 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 “ run-of-mine ore ” means mined ore which has not been subjected to any pre-treatment, such as washing, sorting or crushing prior to metallurgical processing. “ SAMREC ” means the South African Code for Reporting of Mineral Resources and Mineral Reserves prepared by the South African Mineral Committee under the auspices of the South African Institute of Mining and Metallurgy, as amended. “ smelting ” is an intermediate stage metallurgical process in which metal is separated from impurities by using thermal or chemical separation techniques. “ stope ” means an excavation in an underground mine from which ore is being or has been extracted. “ Streams ” are metal purchase agreements that allow the holder of the agreement to purchase all or a portion of the gold, silver or other products from a mine in exchange for an upfront payment and an additional payment on each delivery. 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. “ strike ” means the trend or direction of the intersection of a dipping a layer of rock, fault, vein or other geologic feature with a horizontal surface. “ tailings ” means material rejected after recoverable valuable minerals have been extracted from the ore or concentrate. “ ton ” is 2,000 pounds. Syn: short ton. “ tonne ” means 1,000 kilograms. “ tpa ” means tonnes per annum. “ vein ” means an epigenetic mineral filling of a fault or other fracture, in tabular or sheet-like form, often with associated replacement of the host rock; a mineral deposit of this form and origin. “ waste ” is rock which is not ore and usually has to be removed during the normal course of mining to get at the ore. “ WI ” means Working Interest. Holders of working interests 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 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. “ Zn ” means the chemical symbol for the element zinc. ADDITIONAL INFORMATION Additional Information