FRANCO-NEVADA CORPORATION 35 THE GOLD INVESTMENT THAT WORKS Precious Metals Assets 38 South America 48 Central America and Mexico 52 United States 66 Canada 84 Rest of World 97 Precious Metals Exploration Assets PRECIOUS METALS A NSR provides the highest margins and most downside protection A Stream provides leverage to changes in the commodity price A NPI or WI provides the most leverage to commodity price.