GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD 8 2008 2009 2010 2011 2012 2013 2014 2016 2017 2015 2018 2019 2020 2021 2022 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 200.00M 0.00M December 20, 2007, ‘FNV’ opening day at the TSX The IPO Franco-Nevada Corporation (FNV) In 2007, Newmont made the decision to divest its portfolio of royalty assets. Pierre Lassonde, David Harquail and a small team led by management of the original Franco-Nevada, launched an initial public offering on the Toronto Stock Exchange and acquired the royalty portfolio from Newmont for US$1.2 billion. The offering remains the largest mining IPO completed in North America and was the birth of Franco-Nevada Corporation (FNV). The performance of the portfolio of royalties acquired from Newmont has more than justified the price of the IPO. In the past 14 years, the IPO portfolio has paid out over US$1.8 billion in revenue. At the same time, the reserve ounces associated with those same properties has tripled. Key contributors, including Detour Lake and Tasiast, have once again proven the power of the royalty business model and the exploration optionality of being exposed to great geology. Streaming – the New Engine of Growth With an increase in energy prices, oil and gas made up more than 40% of Franco-Nevada’s revenues in 2008. We set out to add gold revenue adding royalties on Newmont’s Gold Quarry operation in Nevada and Subika mine in Ghana. At the end of 2008, in the depth of the financial crisis, we enter ed into our first gold streaming agreement with Coeur Mining. The financing assisted Coeur Mining to complete the construction of the Palmar ejo mine in Mexico. As Franco-Nevada’s revenues became more weighted to precious metals, its share price was rerated upwards. In 2012, we made a US$1 billion gold and silver streaming commitment to support Inmet's construction of the giant Cobre Panama project. A few years later the commitment was expanded to US$1.4 billion with the development of Cobre Panama then in the hands of First Quantum. First Quantum expanded the size of the planned mine and demonstrated its industry-leading project development skill bringing the asset to production in 2019. Cobre Panama is a cornerstone asset for Franco-Nevada today and First Quantum’s plans to expand the mine will be our major growth driver through 2023.