6-K - FNV - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number 001-35286

FRANCO-NEVADA CORPORATION

(Translation of registrant’s name into English)

199 Bay Street , Suite 2000 , P.O. Box 285 , Commerce Court Postal Station , Toronto , Ontario , Canada **** M5L 1G9

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ☐	Form 40-F ☒

Exhibits 99.2, 99.3 and 99.4 of this Form 6-K are hereby incorporated by reference into the registrant’s registration statements on Form F-3 (File No. 333-264906), Form S-8 (File No. 333-176856) and Form F-10 (File No. 333-280159).

INDEX TO EXHIBITS


99.1	News Release dated August 11, 2025 – Franco-Nevada Reports Record Q2 2025 Results

99.2	Management’s Discussion and Analysis for the three and six months ended June 30, 2025

99.3	Interim Consolidated Financial Statements for the three and six months ended June 30, 2025

99.4	Certification of Chief Executive Officer

99.5	Certification of Chief Financial Officer

101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	XBRL Taxonomy Extension Labels Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

104	Coverage Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FRANCO-NEVADA CORPORATION


	/s/ Lloyd Hong
Date: August 11, 2025	Lloyd Hong

	Chief Legal Officer & Corporate Secretary

Exhibit 99.1


NEWS RELEASE

NEWS RELEASE

Toronto, August 11, 2025

(in U.S. dollars unless otherwise noted)

Franco-Nevada Reports Record Q2 2025 Results

Acquisitions Increase Growth Outlook

“I am very pleased with our record financial results this quarter,” stated Paul Brink, CEO. Our portfolio largely produced as expected for the quarter and higher gold prices contributed to record revenue, operating cash flow, Adjusted EBITDA margins^2^ and earnings. We also saw constructive developments in Panama, including the shipment of the remaining copper concentrate from Cobre Panama. During the quarter, we acquired a royalty on IAMGOLD’s Côté Gold Mine, one of Canada’s newest large-scale gold mines and, post quarter-end, a royalty on AngloGold’s Arthur Project, one of the largest gold discoveries in Nevada. We anticipate new contributions from Côté and growing contributions from Porcupine and Tocantinzinho to be the main drivers for higher GEOs in the second half of the year. Our acquisitions over the last 18 months have positioned us for strong long-term growth that may be further enhanced by a potential restart at Cobre Panama.

Financial Highlights – Q2 2025 compared to Q2 2024

●	$369.4 million in revenue (a new record), +42%
●	112,093 GEOs^1^ sold, +2%
---	---
●	101,876 Net GEOs^1^ sold, +4%
---	---
●	$430.3 million in operating cash flow (a new record), +121%
---	---
●	$365.7 million in Adjusted EBITDA^2^ or $1.90/share (new records), +65%
---	---
●	$247.1 million in net income or $1.28/share (new records), +211%
---	---
●	$238.5 million in Adjusted Net Income^2^ or $1.24/share (new records), +65%
---	---

Financial Highlights – H1 2025 compared to H1 2024

●	$737.8 million in revenue (a new record), +43%
●	238,678 GEOs sold, +2%
---	---
●	215,014 Net GEOs sold, +5%
---	---
●	$719.2 million in operating cash flow (a new record), +93%
---	---
●	$687.6 million in Adjusted EBITDA or $3.57/share (new records), +57%
---	---
●	$456.9 million in net income or $2.37/share (new records), +104%
---	---
●	$444.0 million in Adjusted Net Income or $2.31/share (new records), +58%
---	---

Strong Financial Position

●	High Adjusted EBITDA and Adjusted Net Income Margins^2^ further boosted by gain on sale of gold bullion in the quarter
●	Strong financial position with $1.1 billion in available capital^3^ as at June 30, 2025
---	---
●	Quarterly dividend of $0.38/share effective Q1 2025, an annual increase of 5.6%
---	---

Diverse, Long-Life Portfolio

●	Most diverse royalty and streaming portfolio by asset, operator and country
●	Attractive mix of long-life streams and high optionality royalties
---	---
●	Revenue mix for the quarter comprised of 82% precious metal, 14% energy and 4% iron ore and other
---	---
●	Long-life mineral resources and mineral reserves
---	---

Growth and Optionality

●	Mine expansions and new mines driving 5-year growth profile
●	Long-term optionality in gold, copper and nickel and exposure to some of the world’s greatest mineral endowments
---	---
●	Exposure to greater than 17 million acres of land with strong geological potential
---	---
●	Strong pipeline of precious metal and diversified opportunities
---	---

Sector-Leading Sustainability

●	Industry Top Rated by Sustainalytics, AA by MSCI and Prime by ISS ESG
●	Committed to the World Gold Council’s Responsible Gold Mining Principles
---	---
●	Partnering with our operators on community and sustainability initiatives
---	---

GEOs Sold and Revenue


Quarterly GEOs sold and revenue by commodity
		Q2 2025					Q2 2024
	****	GEOs Sold	****	Revenue		****	GEOs Sold	****	Revenue		****
		#		(in millions)			#		(in millions)
PRECIOUS METALS
Gold		78,738		$	258.4		66,999		$	156.9
Silver		11,520			38.1		12,001			28.1
PGM		2,191			7.5		3,350			8.0
		92,449		$	304.0		82,350		$	193.0
DIVERSIFIED
Iron ore		2,197		$	7.2		5,155		$	12.0
Other mining assets		900			3.0		659			1.7
Oil		10,337			30.6		16,463			35.9
Gas		4,243			16.9		4,009			10.8
NGL		1,967			5.0		1,628			4.2
		19,644		$	62.7		27,914		$	64.6
GEOs and revenue from royalty, stream and working interests		112,093		$	366.7		110,264		$	257.6
Interest revenue and other interest income		—		$	2.7		—		$	2.5
Total GEOs and revenue		112,093		$	369.4		110,264		$	260.1


Year-to-date GEOs sold and revenue by commodity
		H1 2025					H1 2024
	****	GEOs Sold	****	Revenue		****	GEOs Sold	****	Revenue		****
		#		(in millions)			#		(in millions)
PRECIOUS METALS
Gold		164,261		$	504.2		144,561		$	317.8
Silver		24,011			75.2		23,689			53.0
PGM		4,800			15.3		7,118			16.2
		193,072		$	594.7		175,368		$	387.0
DIVERSIFIED
Iron ore		6,085		$	19.6		12,456		$	26.8
Other mining assets		2,457			7.4		2,155			4.7
Oil		23,830			65.5		30,347			62.1
Gas		8,742			34.3		8,874			23.1
NGL		4,492			10.7		3,961			9.5
		45,606		$	137.5		57,793		$	126.2
GEOs and revenue from royalty, stream and working interests		238,678		$	732.2		233,161		$	513.2
Interest revenue and other interest income		—		$	5.6		—		$	3.7
Total GEOs and revenue		238,678		$	737.8		233,161		$	516.9

In Q2 2025, we recognized revenue of $369.4 million, an increase of 42% from Q2 2024, and sold 112,093 GEOs, an increase of 2% from Q2 2024. We benefited from record gold prices during the quarter and contributions from Precious Metal assets which were acquired or commenced production in the past year. Production from our Diversified assets was in-line with expectations, although revenue was slightly lower than in Q2 2024 due to lower commodity prices. The outperformance of the gold price relative to our other commodities resulted in a reduction in GEOs reported from our Diversified assets.

Precious Metal assets accounted for 82% of our revenue (70% gold, 10% silver, and 2% PGM). Revenue was sourced 86% from the Americas (38% South America, 12% Central America & Mexico, 20% Canada and 16% U.S.).

Guidance

Our 2025 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.

We earned record revenue in H1 2025, benefiting from record gold prices and contributions from recently acquired or producing Precious Metal assets. We expect an increase in GEO sales for the latter part of 2025, as we anticipate an increase in deliveries from Antapaccay, a first full quarter of contributions from Porcupine and Côté, and initial contributions from Vale’s Southeastern System. In addition, we expect approximately 10,000 GEOs from Cobre Panama in connection with the sale of concentrate that had remained on site when production was suspended in November 2023. We remain on track to meet our previously announced 2025 GEO sales guidance notwithstanding the impact of the outperformance of gold prices on the conversion of non-gold revenues into GEOs. Our 2025 updated guidance is based on the following assumed commodity prices for the remainder of 2025: $3,250/oz Au, $37/oz Ag, $1,300/oz Pt, $1,150/oz Pd, $90/tonne Fe 62% CFR China, $65/bbl WTI oil and $3.00/mcf Henry Hub natural gas.


	****	****	2025 Guidance	****	****	H1 2025 Actual	****
Precious Metal GEO sales			385,000 to 425,000 GEOs			193,072 GEOs
Total GEO sales			465,000 to 525,000 GEOs			238,678 GEOs

Portfolio Additions

●	Acquisition of Royalty on Arthur Gold Project: Subsequent to quarter-end, on July 23, 2025, we acquired a 1.0% NSR (of an existing 1.5% NSR) on AngloGold Ashanti plc’s Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation for $250.0 million in cash, plus a contingent cash payment of $25.0 million. Funding of the transaction was completed with cash on hand, and a $175.0 million draw from our $1.0 billion revolving credit facility.
●	Acquisition of Additional Royalty on Gold Quarry Gold Mine: Subsequent to quarter-end, on July 11, 2025, we acquired from a third party an additional 1.62% NSR on Nevada Gold Mines LLC’s Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined 8.91% NSR based on production with an annual minimum payment amount tied to Mineral Reserves and stockpiles attributed to the royalty property.
---	---
●	Acquisition of Royalty on Côté Gold Mine: On June 24, 2025, we acquired an existing royalty package on the Côté Gold Mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold Mine. Royalty deductions include cash operating costs but exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold Mine is operated through an unincorporated joint venture by IAMGOLD Corporation and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (30%). IAMGOLD and Sumitomo hold a time-limited option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada’s attributable cost, plus a return, in two equal tranches of 25%.
---	---
●	Financing Package with Discovery Silver on the Porcupine Complex: On April 15, 2025, we acquired a 4.25% NSR for $300.0 million on Discovery Silver Corp.’s Porcupine Complex, located in Ontario, Canada. We also committed to a $100.0 million senior secured term loan and provided $48.6 million (C$70.9 million) of equity financing. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine Complex. No draws have been made against the term loan facility.
---	---

Cobre Panama

Cobre Panama Updates

Cobre Panama remains in a phase of Preservation and Safe Management (“P&SM”) with production halted. First Quantum Minerals Ltd. has been working with the Government of Panama (the “GOP”) and the Ministry of Commerce and Industry (“MICI”) to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panama (the “P&SM Plan”). On May 30, 2025, the GOP, through MICI, approved and formally instructed the execution of the P&SM Plan, including the shipment of 121 thousand dry metric tonnes of copper concentrate that had been stored at site since operations were suspended in November 2023.

The shipments have now been successfully completed. Franco-Nevada expects to receive approximately 10,000 GEOs (9,000 ounces of gold and 105,000 ounces of silver) in reference to the shipped copper concentrate. The deliveries, some of which have already been received subsequent to quarter-end, are largely expected in Q3 2025.

As a result of the approval of the P&SM Plan and the expected stream deliveries, we recorded a partial impairment reversal of $4.1 million in Q2 2025. This carrying value will subsequently be depleted when the ounces are sold.

Arbitration Updates

On June 18, 2025, Franco-Nevada agreed to suspend its arbitration proceeding against the GOP. Franco-Nevada reiterates its hope for a resolution with the State of Panama providing the best outcome for the Panamanian people and all parties involved.

Sustainability Updates

During the quarter, we published our 2025 Sustainability Report, highlighting our 2024 achievements and reaffirming our sustainability commitments. Areas of focus include the sustainability-related performance of operators of our top producing assets, our recent community contributions, our diversity and inclusion initiatives, tracking progress against recently adopted emissions reduction targets, and our alignment with leading sustainability standards and frameworks. Franco-Nevada was also recognized for the third time on Corporate Knights’ list of the Best 50 Corporate Citizens in Canada. We continued to strengthen our community engagement and contributions through operator partnerships, including support for SolGold’s waste management initiative at Cascabel, construction of a community dome project near the Guadalupe project with Coeur Mining, and a bursary program for Webequie and Marten Falls First Nations in partnership with Wyloo.

Q2 2025 Portfolio Updates

Precious Metal assets: GEOs sold from our Precious Metal assets were 92,449 GEOs, up 12% from 82,350 GEOs in Q2 2024, primarily due to strong deliveries from Guadalupe-Palmarejo and contributions from Tocantinzinho, Western Limb Mining Operations, Yanacocha and Porcupine. Contributions from our Hemlo and Musselwhite NPIs increased significantly due to their leverage to gold prices.

South America:

●	Candelaria (gold and silver stream) – GEOs sold in Q2 2025 were slightly higher than those sold in Q2 2024. Production in the quarter benefitted from increased throughput due to softer ore feed and higher ball mill runtime due to rescheduled maintenance in the quarter. Production is expected to continue at similar levels through H2 2025.
●	Antapaccay (gold and silver stream) – GEOs sold were lower in Q2 2025 compared to Q2 2024 due to a delay in shipments. We expect a stronger Q3, having already received significant deliveries in July 2025. Glencore anticipates H2 production at Antapaccay to benefit from higher grades.
---	---
●	Antamina (22.5% silver stream) – Silver ounces sold in Q2 2025 were higher than in Q2 2024. Silver production in Q1 2025, for which deliveries were received in Q2 2025, was higher due to higher silver grades. In April 2025, a fatality occurred at the mine, which resulted in a shutdown of approximately one week. Operations ramped up to full production in June 2025. While annual production guidance provided by Teck remains unchanged, we expect deliveries of silver ounces in Q3 2025 to be lower than initially anticipated.
---	---
●	Tocantinzinho (gold stream) – We sold 4,500 GEOs from Tocantinzinho in Q2 2025. During the quarter, mill performance improved following the installation of new steel liners. Nameplate capacity of 12,890 tonnes per day was reached in July 2025.
---	---
●	Yanacocha (1.8% royalty) – Yanacocha contributed 2,412 GEOs in the quarter. Newmont reported strong production at the mine from the use of patented injection leaching technology which continues to significantly outperform compared to our initial expectations at the time of acquisition.
---	---
●	Salares Norte (1-2% royalties) – In May 2025, Gold Fields exercised its option to buy back 1% of Franco-Nevada’s 2% NSR on Salares Norte, after having paid $6.0 million in cumulative royalty payments since commencing production in Q2 2024. In May 2025, Gold Fields reported that the project continued to ramp-up production during Q1 2025 while advancing preparations for the winter period.
---	---
●	Cascabel (gold stream and 1% royalty) – In July 2025, SolGold released a project execution plan for its Cascabel project, with first production scheduled to begin in 2028. SolGold is advancing early development activities, including securing project funding, drilling at Tandayama-America, and preparing for the commencement of long-lead construction works. Subsequent to quarter-end, on July 17, 2025, Franco-Nevada disbursed the second of three equal-sized payments of $23.3 million to fund pre-construction activities at Cascabel.
---	---
●	Mara Rosa (1% royalty) – In June 2025, Hochschild Mining announced a temporary suspension of the processing plant to carry out maintenance activities while it carries out a comprehensive review of its operations.
---	---

Central America & Mexico:

●	Guadalupe-Palmarejo (50% gold stream) – GEOs sold from Guadalupe-Palmarejo in Q2 2025 were substantially higher than in Q2 2024, reflecting both higher overall production and a greater proportion of production being mined from stream ground.

Canada:

●	Hemlo (3% royalty and 50% NPI) – GEOs earned from Hemlo were significantly higher this quarter as the NPI benefited from higher gold prices and increased production from royalty ground.
●	Detour Lake (2% royalty) – In Q2 2025, Agnico Eagle initiated development of the exploration ramp for the underground project with the mobilization of the contractor, completion of the ramp portal and the first blast for the exploration ramp. Exploration drilling in the West Pit zone further defined high-grade domains and drilling into the Western Extension zone further confirmed grade and continuity of the western plunge of the deposit.
---	---
●	Sudbury (gold and PGM stream) – Since acquiring McCreedy West, Levack and Podolsky in February 2025. Magna has undertaken initiatives aimed at improving operations at McCreedy West and initiated drilling programs at both McCreedy West and Levack. Magna expects to be developing into mining areas from the 700 Copper Zone at McCreedy West that have better grades starting in Q4 2025 and is upgrading mobile equipment and increasing planned underground development.
---	---
●	Macassa (Kirkland Lake) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that gold production at Macassa was higher than planned as a result of a change in mining sequence and positive grade reconciliation. Agnico Eagle continues to focus on asset optimization, with construction of the new paste plant continuing in Q2 2025 with commissioning scheduled in Q3 2025.
---	---
●	Greenstone (3% royalty) – In June 2025, Equinox announced that it was reducing its 2025 guidance for Greenstone to between 220,000 and 260,000 gold ounces, from 300,000 to 350,000 gold ounces previously, due to slower than planned ramp-up.
---	---
●	Magino (3% royalty) and Island Gold (0.62% royalty) – In June 2025, Alamos released a life of mine plan integrating Island Gold and Magino. The life of mine plan, which is based on mineral reserves only, outlines an average annual gold production of 411,000 ounces starting in 2026 over the initial 12 years of the 20-year mineral reserve life. Alamos anticipates releasing an expansion study later this year which is expected to include a larger mineral reserve and a potential further expansion of up to 20,000 tonnes per day.
---	---
●	Canadian Malartic (1.5% royalty) – Agnico Eagle reported that underground development reached a quarterly record, with development of the East Gouldie production levels advancing for the planned production start up in H2 2026. Exploration drilling continued to extend the East Gouldie deposit to the east in both the upper and lower portions of the deposit.
---	---
●	Musselwhite (2% royalty and 5% NPI) – Since acquiring the mine from Newmont in March 2025, Orla Mining has announced it intends to aggressively explore the concession, including following up on historical drilling that suggests 2 to 3 kilometres of mineralized strike potential beyond the current reserves.
---	---
●	Valentine Gold (3% royalty) – Calibre and Equinox completed their business combination in June 2025. Equinox reported in July 2025 that construction at Valentine Gold was progressing on schedule and expects first ore through the mill in late August. First gold is expected approximately a month later with ramp-up anticipated into Q1 2026.
---	---
●	New Prosperity (gold stream) – In June 2025, Taseko announced the signing of an agreement with the Tŝilhqot'in Nation & the province of British Columbia, providing more clarity with respect to the potential development of the copper-gold resource. Franco-Nevada has the right to acquire a 22% gold stream on the New Prosperity project for $350 million.
---	---

U.S.:

●	Copper World (2.085% royalty) – After receiving all major permits required for the development and operations of Copper World in January 2025, Hudbay commenced a process to sell a minority joint venture stake in the project and is working on a definitive feasibility study and potential construction decision in 2026.
●	Stibnite (1.7% gold royalty, 100% silver royalty) – In June 2025, Perpetua Resources announced it had received the Clean Water Act Section 404 permit, the final federal permit for its Stibnite gold project. Perpetua also announced a $474 million equity raise to advance the project.
---	---

Rest of World:

●	Western Limb Mining Operations (gold and platinum stream) – Our recently acquired stream on Sibanye-Stillwater’s Western Limb Mining Operations delivered 3,246 GEOs. In H2 2025, we expect to benefit from the increase in platinum prices, which rallied in June and subsequent to quarter-end.
●	Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were higher than in Q2 2024 reflecting strong production in the first half of 2025. Production at Subika is expected to decrease over the course of the year as mining activities in the Subika open pit are planned to be completed in H2 2025. We expect production from royalty ground to continue from the Subika Underground.
---	---

Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $62.7 million in revenue, compared to $64.6 million in Q2 2024. When converted to GEOs, our Diversified assets contributed 19,644 GEOs, down 30% from 27,914 GEOs in Q2 2024.

Other Mining:

●	Vale Royalty (iron ore royalty) – Revenue from our Vale royalty decreased compared to Q2 2024. Production from the Northern System benefited from record output at S11D and lower shipping cost deductions, offset by lower estimated iron ore prices. We expect contributions from the Southeastern System to commence in H2 2025 once the cumulative sales threshold of 1.7 billion tonnes of iron ore is reached.
●	LIORC – Revenue from our attributable interest on the Carol Lake mine in Q2 2025 was lower than in Q2 2024. Production from IOC increased compared to the prior year quarter with a Q2 record for material moved. The impact of higher production was offset by lower average realized prices.
---	---

●

Vale Royalty (iron ore royalty) – Revenue from our Vale royalty decreased compared to Q2 2024. Production from the Northern System benefited from record output at S11D and lower shipping cost deductions, offset by lower estimated iron ore prices. We expect contributions from the Southeastern System to commence in H2 2025 once the cumulative sales threshold of 1.7 billion tonnes of iron ore is reached.

●

LIORC – Revenue from our attributable interest on the Carol Lake mine in Q2 2025 was lower than in Q2 2024. Production from IOC increased compared to the prior year quarter with a Q2 record for material moved. The impact of higher production was offset by lower average realized prices.

---

Energy:

●	U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased compared to Q2 2024. We benefited from an increase in volumes in the Permian Basin, which more than offset lower realized prices.
●	Canada (various royalty rates) – Revenue from our Canadian Energy interests was lower than in Q2 2024. The decrease is primarily attributable to our Weyburn NRI which is paid net of costs and therefore more heavily impacted by lower commodity prices.
---	---

Dividend Declaration

Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.38 per share. The dividend will be paid on September 25, 2025, to shareholders of record on September 11, 2025 (the “Record Date”). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive “eligible dividends” are entitled to an enhanced gross-up and dividend tax credit on such dividends.

The Company has a Dividend Reinvestment Plan (the “DRIP”) which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company’s website at www.franco-nevada.com. Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent’s self-service web portal at www.investorcentre.com/franco-nevada. Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP.

This press release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company’s profile on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Shareholder Information and Details for Q2 2025 Conference Call

The complete unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

We will host a conference call to review our Q2 2025 quarterly results. Interested investors are invited to participate as follows:

Conference Call and Webcast:	August 11^th^ 10:00 am ET
Dial-in Numbers:	Toll-Free: 1-888-510-2154<br><br>International: 437-900-0527
Conference Call URL (This allows participants to join the conference call by phone without operator assistance. Participants will receive an automated call back after entering their name and phone number):	bit.ly/4eKyqSq

Webcast:	www.franco-nevada.com
Replay (available until August 18^th^):	Toll-Free: 1-888-660-6345<br><br>International: 289-819-1450<br><br>Pass code: 16615#

Corporate Summary

Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada 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. Franco-Nevada is the gold investment that works.

For more information, please go to our website at www.franco-nevada.com or contact:


Sandip Rana
Chief Financial Officer
(416) 306-6303
info@franco-nevada.com

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States 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, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the Canada Revenue Agency (“CRA”), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panama mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives 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 mineral resources and mineral reserves, GEOs or mine lives 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”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (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; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where 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 and control of such operators; relinquishment or sale of mineral properties; 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 the Company 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, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral 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, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein 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 commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its 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 development 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 assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. 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 Franco-Nevada’s most recent Annual Information Form as well as Franco-Nevada’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof 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.

ENDNOTES:

1.	Gold Equivalent Ounces (“GEOs”) and Net Gold Equivalent Ounces (“Net GEOs”):
●	GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs varies depending on the royalty or stream agreement of each particular asset, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. For Q2 2025, the average commodity prices were as follows: $3,279/oz gold (Q2 2024 - $2,338), $33.64/oz silver (Q2 2024 - $28.86), $1,073/oz platinum (Q2 2024 - $981) and $990/oz palladium (Q2 2024 - $972), $98/t Fe 62% CFR China (Q2 2024 - $110), $63.74/bbl WTI oil (Q2 2024 - $80.57) and $3.51/mcf Henry Hub natural gas (Q2 2024 - $2.34). For H1 2025, the average commodity prices were as follows: $3,071/oz gold (H1 2024 - $2,205), $32.77/oz silver (H1 2024 - $26.11), $1,021/oz platinum (2024 - $945) and $976/oz palladium (H1 2024 - $975), $101/t Fe 62% CFR China (H1 2024 - $118), $67.58/bbl WTI oil (H1 2024 - $78.77) and $3.69/mcf Henry Hub natural gas (H1 2024 - $2.22).
---	---
●	Net GEOs are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce.
---	---

Calculation of Net Gold Equivalent Ounces:


(expressed in millions, excepts GEOs and Average Gold Price)	****	Q1 2025		****	****	Q2 2025		****	****	For the six months ended June 30, 2025	****
GEOs			126,585				112,093			238,678
Less:
Cash Costs		$	38.5			$	33.5		$	72.0
Divided by: Average gold price per ounce		$	2,863			$	3,279		$	3,043
			13,447				10,217			23,664
Net GEOs			113,138				101,876			215,014


(expressed in millions, excepts GEOs and Average Gold Price)	****	Q1 2024		****	****	Q2 2024		****	****	For the six months ended June 30, 2024	****
GEOs			122,897				110,264			233,161
Less:
Cash Costs		$	33.6			$	29.1		$	62.7
Divided by: Average gold price per ounce		$	2,072			$	2,338		$	2,187
			16,216				12,447			28,663
Net GEOs			106,681				97,817			204,498

2.	NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards (“IFRS Accounting Standards”) and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the “Non-GAAP Financial Measures” section of Franco-Nevada’s MD&A for the three and six months ended June 30, 2025 dated August 11, 2025 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov.
●	Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share (“EPS”): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; the impact of income taxes on these items; income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates.
---	---
●	Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue.
---	---

●	Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment charges and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses.
●	Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue.
---	---

●

Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment charges and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses.

●

Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue.

---

Reconciliation of Non-GAAP Financial Measures:


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except per share amounts)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Net income		$	247.1			$	79.5			$	456.9			$	224.0
Impairment reversal			(4.1)				—				(4.1)				—
Gain on disposal of royalty interests			—				—				—				(0.3)
Foreign exchange (gain) loss and other (income) expenses			(4.1)				9.8				(9.8)				11.4
Tax effect of adjustments			(0.4)				(2.0)				1.0				(2.0)
Other tax related adjustments
Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate			—				49.1				—				49.1
Q1 2024 retroactive impact of GMT			—				9.9				—				—
Change in unrecognized deferred income tax assets			—				(1.4)				—				(1.4)
Adjusted Net Income		$	238.5			$	144.9			$	444.0			$	280.8
Basic weighted average shares outstanding			192.7				192.3				192.6				192.2
Adjusted Net Income per share		$	1.24			$	0.75			$	2.31			$	1.46


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except Adjusted Net Income Margin)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Adjusted Net Income		$	238.5			$	144.9			$	444.0			$	280.8
Revenue		****	369.4				260.1			****	737.8				516.9
Adjusted Net Income Margin		****	64.6	%			55.7	%		****	60.2	%			54.3	%


		For the three months ended								For the six months ended						****
		June 30,								June 30,
(expressed in millions, except per share amounts)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Net income		$	247.1			$	79.5			$	456.9			$	224.0
Income tax expense			68.6				95.3				128.4				122.8
Finance expenses			0.8				0.6				1.5				1.2
Finance income			(6.6)				(16.2)				(17.7)				(32.2)
Depletion and depreciation			64.0				52.9				132.4				111.1
Impairment reversal			(4.1)				—				(4.1)				—
Gain on disposal of royalty interests			—				—				—				(0.3)
Foreign exchange (gain) loss and other (income) expenses			(4.1)				9.8				(9.8)				11.4
Adjusted EBITDA		$	365.7			$	221.9			$	687.6			$	438.0
Basic weighted average shares outstanding			192.7				192.3				192.6				192.2
Adjusted EBITDA per share		$	1.90			$	1.15			$	3.57			$	2.28


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except Adjusted EBITDA Margin)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Adjusted EBITDA		$	365.7			$	221.9			$	687.6			$	438.0
Revenue		****	369.4				260.1			****	737.8				516.9
Adjusted EBITDA Margin		****	99.0	%			85.3	%		****	93.2	%			84.7	%

3.	AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents and the amount available to borrow under our $1.0 billion revolving credit facility.

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in millions of U.S. dollars)


	At June 30,				At December 31,
	2025		****	****	2024
ASSETS
Cash and cash equivalents	$	160.3			$	1,451.3
Receivables	****	146.7				151.8
Gold and silver bullion and stream inventory		7.0				96.8
Loans receivable	****	17.8				5.9
Other current assets	****	25.5				11.0
Current assets	$	357.3			$	1,716.8

Royalty, stream and working interests, net	$	5,899.8			$	4,098.8
Investments	****	597.8				325.5
Loans receivable		82.5				104.1
Deferred income tax assets	****	25.7				30.8
Other assets	****	57.5				54.4
Total assets	$	7,020.6			$	6,330.4

LIABILITIES
Accounts payable and accrued liabilities	$	33.6			$	28.7
Income tax liabilities	****	50.4				38.8
Current liabilities	$	84.0			$	67.5

Deferred income tax liabilities	$	311.6			$	238.0
Income tax liabilities		13.0				19.8
Other liabilities		10.0				8.5
Total liabilities	$	418.6			$	333.8

SHAREHOLDERS’ EQUITY
Share capital	$	5,789.2			$	5,769.1
Contributed surplus	****	19.3				23.0
Retained earnings	****	806.6				486.5
Accumulated other comprehensive loss	****	(13.1)				(282.0)
Total shareholders’ equity	$	6,602.0			$	5,996.6
Total liabilities and shareholders’ equity	$	7,020.6			$	6,330.4

The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in millions of U.S. dollars and shares, except per share amounts)


		For the three months ended								For the six months ended
		June 30,								June 30,
	****	2025		****	****	2024		****		2025		****	****	2024
Revenue
Revenue from royalty, streams and working interests		$	366.7			$	257.6			$	732.2			$	513.2
Interest revenue			2.7				2.2				5.6				3.1
Other interest income			—				0.3				—				0.6
Total revenue		$	369.4			$	260.1			$	737.8			$	516.9

Costs of sales
Costs of sales		$	33.5			$	29.1		****	$	72.0			$	62.7
Depletion and depreciation			64.0				52.9		****		132.4				111.1
Total costs of sales		$	97.5			$	82.0			$	204.4			$	173.8
Gross profit		$	271.9			$	178.1			$	533.4			$	343.1

Other operating expenses (income)
General and administrative expenses		$	5.7			$	7.6		****	$	14.4			$	11.8
Share-based compensation expenses			2.8				1.8				8.5				4.6
Cobre Panama arbitration expenses			3.9				0.8				4.6				2.3
Impairment reversal			(4.1)				—		****		(4.1)				—
Gain on disposal of royalty interests			—				—		****		—				(0.3)
Gain on sale of gold and silver bullion			(42.2)				(1.1)		****		(49.3)				(2.5)
Total other operating (income) expenses		$	(33.9)			$	9.1		****	$	(25.9)			$	15.9
Operating income		$	305.8			$	169.0		****	$	559.3			$	327.2
Foreign exchange gain (loss) and other income (expenses)		$	4.1			$	(9.8)		****	$	9.8			$	(11.4)
Income before finance items and income taxes		$	309.9			$	159.2		****	$	569.1			$	315.8

Finance items
Finance income		$	6.6			$	16.2		****	$	17.7			$	32.2
Finance expenses			(0.8)				(0.6)		****		(1.5)				(1.2)
Net income before income taxes		$	315.7			$	174.8		****	$	585.3			$	346.8

Income tax expense			68.6				95.3		****		128.4				122.8
Net income		$	247.1			$	79.5			$	456.9			$	224.0

Other comprehensive income (loss), net of taxes

Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment		$	95.7			$	(12.3)		****	$	98.4			$	(51.5)

Items that will not be reclassified subsequently to profit and loss:
Gain on changes in the fair value of equity investments									****
at fair value through other comprehensive income ("FVTOCI"),
net of income tax			31.2				15.4				180.0				17.2
Other comprehensive income (loss), net of taxes		$	126.9			$	3.1		****	$	278.4			$	(34.3)

Comprehensive income		$	374.0			$	82.6			$	735.3			$	189.7

Earnings per share
Basic		$	1.28			$	0.41			$	2.37			$	1.17
Diluted		$	1.28			$	0.41			$	2.37			$	1.16
Weighted average number of shares outstanding
Basic			192.7				192.3				192.6				192.2
Diluted			193.0				192.5				192.9				192.4

The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of U.S. dollars)


		For the three months ended								For the six months ended
		June 30,								June 30,
	****	2025		****	****	2024		** **	****	2025		****	****	2024		** **
Cash flows from operating activities
Net income		$	247.1			$	79.5			$	456.9			$	224.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation		****	64.0				52.9			****	132.4				111.1
Share-based compensation expenses		****	1.0				1.5			****	3.1				2.9
Impairment reversal		****	(4.1)				—			****	(4.1)				—
Gain on disposal of royalty interests		****	—				—			****	—				(0.3)
Unrealized foreign exchange (gain) loss		****	(5.2)				6.7			****	(11.2)				7.8
Deferred income tax expense		****	37.2				50.9			****	46.3				56.3
Gain on sale of gold and silver bullion			(42.2)				(1.1)				(49.3)				(2.5)
Other non-cash items		****	(5.3)				(0.9)			****	(5.6)				(1.5)
Gold and silver bullion from royalties received in-kind			(10.9)				(16.5)				(30.1)				(32.4)
Proceeds from sale of gold and silver bullion			147.1				5.9				177.3				16.6
Changes in other assets		****	—				—			****	—				(17.4)
Operating cash flows before changes in non-cash working capital		$	428.7			$	178.9			$	715.7			$	364.6
Changes in non-cash working capital:
Decrease (increase) in receivables		$	13.5			$	5.8			$	5.1			$	(9.9)
(Increase) decrease in other current assets		****	(20.0)				1.8			****	(11.1)				2.5
Increase in accounts payable and accrued liabilities		****	8.1				7.8			****	9.5				15.7
Net cash provided by operating activities		$	430.3			$	194.3			$	719.2			$	372.9

Cash flows used in investing activities
Acquisition of royalty, stream and working interests		$	(1,360.4)			$	(16.2)			$	(1,865.6)			$	(163.1)
Acquisition of investments			(3.0)				(4.3)				(55.3)				(11.0)
Proceeds from sale of investments		****	15.8				1.1			****	25.5				1.1
Proceeds from repayment of loan receivable		****	10.0				18.9			****	10.0				18.9
Acquisition of property and equipment			(0.1)				—			****	(2.1)				(0.1)
Acquisition of energy well equipment		****	(0.4)				(0.4)			****	(1.6)				(0.7)
Advances of loans receivable			—				(42.3)				—				(83.5)
Proceeds from disposal of royalty interests			—				6.5			****	—				11.2
Net cash used in investing activities		$	(1,338.1)			$	(36.7)			$	(1,889.1)			$	(227.2)

Cash flows used in financing activities
Payment of dividends		$	(67.0)			$	(60.3)			$	(137.2)			$	(119.2)
Proceeds from exercise of stock options		****	0.9				1.9			****	4.3				2.7
Revolving credit facility amendment costs		****	—				(0.8)			****	—				(0.8)
Net cash used in financing activities		$	(66.1)			$	(59.2)			$	(132.9)			$	(117.3)
Effect of exchange rate changes on cash and cash equivalents		$	6.1			$	(11.4)			$	11.8			$	(11.3)
Net change in cash and cash equivalents		$	(967.8)			$	87.0			$	(1,291.0)			$	17.1
Cash and cash equivalents at beginning of period		$	1,128.1			$	1,352.0			$	1,451.3			$	1,421.9
Cash and cash equivalents at end of period		$	160.3			$	1,439.0			$	160.3			$	1,439.0

Supplemental cash flow information:
Income taxes paid		$	45.7			$	35.1			$	93.2			$	42.5
Dividend income received		$	2.2			$	2.1			$	5.5			$	4.2
Interest and standby fees paid		$	0.4			$	0.6			$	1.4			$	1.0

The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website 13

MD&A - Q2 2025

Exhibit 99.2

Management’s Discussion and Analysis

This Management’s Discussion and Analysis (“MD&A”) of financial position and results of operations of Franco-Nevada Corporation (“Franco-Nevada”, the “Company”, “we” or “our”) has been prepared based upon information available to Franco-Nevada as at August 8, 2025 and should be read in conjunction with Franco-Nevada’s unaudited condensed consolidated interim financial statements and related notes as at and for the three and six months ended June 30, 2025 and 2024 (the “financial statements”). The financial statements and this MD&A are presented in U.S. dollars and the financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS Accounting Standards”) applicable to the presentation of condensed interim financial statements, including IAS 34 Interim Financial Reporting.

Readers are cautioned that this MD&A contains forward-looking statements and that actual events may vary from management’s expectations. Readers are encouraged to read the “Cautionary Statement on Forward-Looking Information” at the end of this MD&A and to consult Franco-Nevada’s financial statements which are available on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on Form 6-K furnished to the United States Securities and Exchange Commission (“SEC”) on EDGAR at www.sec.gov. Additional information related to Franco-Nevada, including our Annual Information Form and Form 40-F, are available on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov, respectively. These documents contain descriptions of certain of Franco-Nevada’s producing and advanced royalty and stream assets, as well as a description of risk factors affecting the Company. For additional information, please see our website at www.franco-nevada.com.

Table of Contents


3	Overview
4	Strategy
5	Selected financial information
6	Highlights
10	Guidance
10	Market overview
11	Revenue by asset
12	Review of quarterly financial performance ****
17	Review of year-to-date financial performance
22	Reversal of impairments of royalties, streams and working interests
22	General and administrative, share-based compensation expenses and Cobre Panama arbitration expenses
22	Other income and expenses
24	Summary of quarterly information
25	Balance sheet review
26	Liquidity and capital resources
32	Critical accounting policies and estimates
32	Outstanding share data
33	Internal control over financial reporting and disclosure controls and procedures
33	Gold equivalent ounces and net gold equivalent ounces
34	Non-GAAP financial measures
38	Cautionary statement on forward-looking information	Abbreviations Used in this Report
---

The following abbreviations may be used throughout this MD&A:


Abbreviated Definitions
Periods under review		Measurement		Interest types
"Q4"	The three-month period ended December 31	"GEO"	Gold equivalent ounce	"NSR"	Net smelter return royalty
"Q3"	The three-month period ended September 30	"PGM"	Platinum group metals	"GR"	Gross royalty
"Q2"	The three-month period ended June 30	"NGL"	Natural gas liquids	"ORR"	Overriding royalty
"Q1"	The three-month period ended March 31	"oz"	Ounce	"GORR"	Gross overriding royalty
"H2"	The six-month period ended December 31	"oz Au"	Ounce of gold	"FH"	Freehold or lessor royalty
"H1"	The six-month period ended June 30	"oz Ag"	Ounce of silver	"GMR"	Gross margin royalty
		"oz Pt"	Ounce of platinum	"NPI"	Net profits interest
		"oz Pd"	Ounce of palladium	"NRI"	Net royalty interest
Places and currencies		"62% Fe"	62% Fe iron ore fines, dry metric	"WI"	Working interest
"U.S."	United States		tonnes CFR China
"$" or "USD"	United States dollars	"LBMA"	London Bullion Market Association
"C$" or "CAD"	Canadian dollars	"bbl"	Barrel
"R$" or "BRL"	Brazilian reais	"mcf"	Thousand cubic feet
"A$" or "AUD"	Australian dollars	"WTI"	West Texas Intermediate

For definitions of the various types of agreements, please refer to our most recent Annual Information Form filed on SEDAR+ at www.sedarplus.com or our Form 40-F filed on EDGAR at www.sec.gov.

Overview

Franco-Nevada is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing royalties and streams by commodity, geography, operator, revenue type and stage of project.


Our Portfolio (at August 8, 2025)
	****	Precious Metals	****	Other Mining	Energy	****	TOTAL
Producing		50		14	56		120
Advanced		32		7	—		39
Exploration		161		85	27		273
TOTAL		243		106	83		432

Our shares are listed on the Toronto and New York stock exchanges under the symbol FNV. An investment in our shares is expected to provide investors with yield and exposure to commodity price and exploration optionality while limiting exposure to cost inflation and other operating risks.


Second Quarter 2025 Management’s Discussion and Analysis	3

Strategy

We believe that combining lower risk gold investments with a strong balance sheet, progressively growing dividends and exposure to exploration optionality is the right mix to appeal to investors seeking to hedge market instability. Since our Initial Public Offering over 17 years ago, we have increased our dividend annually and our share price has outperformed the gold price and all relevant gold equity benchmarks. Creating successful long-term partnerships with operators is a core objective. The alignment and the natural flexibility of royalty and stream financing has made it an attractive source of capital for the cyclical resource sector. We also work to be a positive force in all our communities, providing a safe and diverse workplace, promoting responsible mining and contributing to build community support for the operations in which we invest.

Our revenue is generated from various forms of agreements, ranging from net smelter return royalties, streams, profit-based royalty interests, net royalty interests, working interests and other types of arrangements. We do not operate mines, develop projects or conduct exploration. Franco-Nevada has a free cash flow generating business with no additional capital requirements other than the initial commitment, and management is focused on managing and growing its portfolio of royalties and streams. We recognize the cyclical nature of the industry and have a long-term investment outlook. We maintain a strong balance sheet to minimize financial risk and to provide capital to the industry when it is otherwise scarce.

The advantages of this business model are:

●	Exposure to commodity price optionality;
●	A perpetual discovery option over large areas of geologically prospective lands;
---	---
●	No additional capital requirements other than the initial commitment;
---	---
●	Limited exposure to cost inflation;
---	---
●	A free cash-flow business with limited cash calls;
---	---
●	A high-margin business that can generate cash through the entire commodity cycle;
---	---
●	A scalable and diversified business in which a large number of assets can be managed with a small stable overhead; and
---	---
●	Management that focuses on forward-looking growth opportunities rather than operational or development issues.
---	---

Our short-term financial results are primarily tied to the price of commodities and the amount of production from our portfolio of assets. Our attributable production has typically been supplemented by acquisitions of new assets. Over the longer term, our results are impacted by the amount of exploration and development capital available to operators to expand or extend our producing assets or to progress our advanced and exploration assets into production.

The focus of our business is to create exposure to gold and precious metal resource optionality. This principally involves investments in gold mines and providing capital to copper and other base metal mines to obtain exposure to by-product gold, silver and platinum group metals production. We also invest in other metals and energy to expose our shareholders to additional resource optionality. In H1 2025, 84.3% of our revenue was earned from mining assets, of which 80.6% was earned from precious metals.

A strength of our business model is that our margins are not generally impacted when producer costs increase. The majority of our interests are royalty and streams with payments/deliveries that are based on production levels with no adjustments for the operator’s operating costs. In H1 2025, these interests accounted for 91.7% of our revenue. We also have WI, NPI, NRI and GMR royalties which are based on the margin or profit of the underlying operations.


Second Quarter 2025 Management’s Discussion and Analysis	4

Selected Financial Information ****


(in millions, except Average Gold Price, GEOs sold, Net GEOs sold,			For the three months ended							For the six months ended
Adjusted EBITDA Margin, Adjusted Net Income Margin,			June 30,							June 30,
per GEO amounts and per share amounts)	****	****	2025		****	2024		****	****	2025		****	****	2024

Statistical Measures
Average Gold Price			$	3,279		$	2,338			$	3,071			$	2,205
GEOs sold^(1)^			****	112,093			110,264			****	238,678				233,161
Net GEOs sold^(1)^				101,876			97,817				215,014				204,498

Statement of Comprehensive Income
Revenue			$	369.4		$	260.1			$	737.8			$	516.9
Costs of sales			****	33.5			29.1			****	72.0				62.7
Depletion and depreciation			****	64.0			52.9			****	132.4				111.1
Operating income			****	305.8			169.0			****	559.3				327.2
Net income			****	247.1			79.5			****	456.9				224.0
Basic earnings per share			$	1.28		$	0.41			$	2.37			$	1.17
Diluted earnings per share			$	1.28		$	0.41			$	2.37			$	1.16

Dividends declared per share			$	0.38		$	0.36			$	0.76			$	0.72
Dividends declared (including DRIP)			$	72.9		$	69.6			$	146.3			$	139.0
Weighted average shares outstanding			****	192.7			192.3			****	192.6				192.2

Non-GAAP Measures
Cash Costs^(2)^			$	33.5		$	29.1			$	72.0			$	62.7
Cash Costs^(2)^per GEO sold			$	299		$	264			$	302			$	269
Adjusted EBITDA^(2)^			$	365.7		$	221.9			$	687.6			$	438.0
Adjusted EBITDA^(2)^ per share			$	1.90		$	1.15			$	3.57			$	2.28
Adjusted EBITDA Margin^(2)^			****	99.0	%		85.3	%		****	93.2	%			84.7	%
Adjusted Net Income^(2)^			$	238.5		$	144.9			$	444.0			$	280.8
Adjusted Net Income^(2)^ per share			$	1.24		$	0.75			$	2.31			$	1.46
Adjusted Net Income Margin^(2)^				64.6	%		55.7	%			60.2	%			54.3	%

Statement of Cash Flows
Net cash provided by operating activities			$	430.3		$	194.3			$	719.2			$	372.9
Net cash used in investing activities			$	(1,338.1)		$	(36.7)			$	(1,889.1)			$	(227.2)
Net cash used in financing activities			$	(66.1)		$	(59.2)			$	(132.9)			$	(117.3)


			As at				As at
			June 30,				December 31,
(expressed in millions)	****	****	2025		****	****	2024		****	****
Statement of Financial Position
Cash and cash equivalents			$	160.3			$	1,451.3
Total assets			****	7,020.6				6,330.4
Deferred income tax liabilities				311.6				238.0
Total shareholders’ equity				6,602.0				5,996.6
Available capital^(3)^				1,111.9				2,433.6

1	Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs sold and Net GEOs sold. Net GEOs sold are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce.
2	Cash Costs, Cash Costs per GEO sold, Adjusted EBITDA, Adjusted EBITDA per share, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income per share and Adjusted Net Income Margin are non-GAAP financial measures with no standardized meaning under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section of this MD&A for more information on each non-GAAP financial measure.
---	---
3	Available capital comprises our cash and cash equivalents and the amount available to borrow under our $1.0 billion revolving credit facility (the “Corporate Revolver”) as referenced in the “Credit Facility” section of this MD&A.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	5

Highlights ****

Financial Update – Q2 2025 compared to Q2 2024

●	$369.4 million in revenue (a new record), +42.0% from $260.1 million in Q2 2024;
●	112,093 GEOs sold, +1.7% from 110,264 GEOs in Q2 2024;
---	---
●	101,876 Net GEOs sold, +4.1% from 97,817 Net GEOs in Q2 2024;
---	---
●	Cash Costs of $299 per GEO sold, **** compared to $264 per GEO sold in Q2 2024;
---	---
●	$365.7 million, or $1.90 per share, of Adjusted EBITDA (new records), +64.8% and 65.2%, respectively, from $221.9 million, or $1.15 per share, in Q2 2024;
---	---
●	99.0% in Adjusted EBITDA Margin (a new record), **** compared to 85.3% in Q2 2024;
---	---
●	$247.1 million, or $1.28 per share, in net income (new records), +210.8% and +212.2%, respectively, from $79.5 million, or $0.41 per share, in Q2 2024;
---	---
●	$238.5 million, or $1.24 per share, in Adjusted Net Income (new records), +64.6% and +65.3%, respectively, from $144.9 million, or $0.75 per share, in Q2 2024;
---	---
●	64.6% in Adjusted Net Income Margin (a new record), compared to 55.7% in Q2 2024;
---	---
●	$430.3 million in net cash provided by operating activities (a new record), +121.5% from $194.3 million in Q2 2024;
---	---
●	$160.3 million in cash and cash equivalents as at June 30, 2025 (December 31, 2024 – $1,451.3 million);
---	---
●	$1.1 billion in available capital as at June 30, 2025 (December 31, 2024 – $2.4 billion).
---	---

Financial Update – H1 2025 compared to H1 2024

●	$737.8 million in revenue (a new record), +42.7% from $516.9 million in H1 2024;
●	238,678 GEOs sold, +2.4% from 233,161 GEOs in H1 2024;
---	---
●	215,014 Net GEOs sold, +5.1% from 204,498 GEOs in H1 2024;
---	---
●	Cash Costs of $302 per GEO sold, compared to $269 per GEO sold;
---	---
●	$687.6 million, or $3.57 per share, in Adjusted EBITDA (new records), +57.0% and +56.6%, respectively;
---	---
●	93.2% in Adjusted EBITDA Margin (a new record), compared to 84.7%;
---	---
●	$456.9 million, or $2.37 per share, in net income (new records), +104.0% and +102.6%, respectively;
---	---
●	$444.0 million, or $2.31 per share, in Adjusted Net Income (new records), +58.1% and +58.2%, respectively;
---	---
●	60.2% in Adjusted Net Income Margin (a new record), compared to 54.3%;
---	---
●	$719.2 million in net cash provided by operating activities (a new record), +92.9% compared to prior year.
---	---

Corporate Developments

Subsequent to June 30, 2025

Acquisition of Royalty on AngloGold Ashanti plc’s Arthur Gold Project – Nevada, U.S.

Subsequent to quarter-end, on July 23, 2025, we acquired, through a wholly-owned subsidiary, 1.0% NSR (of an existing 1.5% NSR) on AngloGold Ashanti plc’s (“AngloGold”) Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation (“Altius”) for $250.0 million in cash, plus a contingent cash payment of $25.0 million. The contingent cash consideration is payable dependent upon the final award outcome of an ongoing arbitration process between Altius and AngloGold that confirms that the full extent of the royalty beyond the base area of interest is substantially consistent with that of Altius’ interpretation of a partial award of the arbitration tribunal, as disclosed by Altius in its news release dated January 10, 2025.

Pre-construction Funding of Cascabel Stream – Ecuador

Subsequent to quarter-end, on July 17, 2025, our wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”), funded the second of three equal-sized payments in the amount of $23.3 million to SolGold plc (“SolGold”) for pre-construction activities of the Cascabel project. FNBC acquired the Cascabel stream from SolGold in July 2024 with Osisko Gold Royalties Ltd.’s subsidiary, Osisko Bermuda Limited (“Osisko”), on a 70%/30% basis. Subject to the achievement of certain conditions, FNBC will provide a total of $525.0 million and Osisko a total of $225.0 million for a total combined funding of $750.0 million.

Acquisition of Additional Royalty on Gold Quarry Mine – Nevada, U.S.

Subsequent to quarter-end, on July 11, 2025, through a wholly-owned subsidiary, we acquired from a third party an additional 1.62% NSR on Nevada Gold Mines LLC’s Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined 8.91% NSR based on production with an annual minimum payment amount tied to Mineral Reserves and stockpiles attributed to the royalty property. The contingent consideration is payable dependent upon the annual minimum payment.


Second Quarter 2025 Management’s Discussion and Analysis	6

For the six months ended June 30, 2025

Acquisition of Royalty on Côté Gold Mine – Ontario, Canada

On June 24, 2025, we acquired an existing royalty on the Côté Gold Mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold Mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold Mine is operated through an unincorporated joint venture by IAMGOLD Corporation (“IAMGOLD”) and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (“Sumitomo”) (30%). IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada’s attributable cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.10%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada’s Royalty purchase price ($262.5 million).

Financing Package with Discovery Silver Corp. on the Porcupine Complex – Ontario, Canada

On April 15, 2025, we completed a comprehensive financing transaction with Discovery Silver Corp. (“Discovery”) to support its acquisition of the Porcupine Complex located near Timmins, Ontario, from Newmont Corporation. The financing package includes: i) a 4.25% NSR, consisting of two tranches, for $300.0 million, on production from the Porcupine Complex, ii) a $100.0 million senior secured term loan (the “Discovery Term Loan”), and iii) $48.6 million (C$70.9 million) of equity participation. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine Complex.

Porcupine Royalty

The royalty on the Porcupine Complex consists of two tranches: (i) a 2.25% NSR in perpetuity on all minerals produced, and (ii) a 2.00% NSR on all minerals produced until the earlier of royalty payments on the tranche equivalent to 72,000 gold ounces or a cash payment equal to a pre-tax annual internal rate of return of 12% in reference to a $100.0 million attributable purchase price.

Discovery Term Loan

The Discovery Term Loan is a $100.0 million, 7-year term loan with an availability period of 2 years from closing. The loan will bear interest at a rate of 3-Month Secured Overnight Financing Rate (“3-Month SOFR”) +4.50% per annum. Amortization will begin after year 5 at 5% per quarter, with no restrictions on prepayment. The loan provides for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028.

Discovery Common Shares

As part of Discovery’s public offering of subscription receipts of approximately $169.5 million (C$247.5 million) which closed on February 3, 2025, we purchased 78,833,333 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of $48.6 million (C$70.9 million). Upon closing of the acquisition of the Porcupine Complex by Discovery, the subscription receipts were automatically exchanged for common shares of Discovery. Franco-Nevada has agreed to a two-year lock-up period ending on April 15, 2027.

Acquisition of Precious Metals Stream on Sibanye Stillwater Limited’s Western Limb Mining Operations – South Africa

On February 28, 2025, our wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”) completed the acquisition of a precious metals stream (the “Western Limb Mining Operations Stream”) with reference to specific production from Sibanye Stillwater Limited’s (“Sibanye-Stillwater”) Marikana, Rustenburg and Kroondal mining operations (the “Stream Area”) in South Africa for a purchase price of $500.0 million. The Western Limb Mining Operations Stream is primarily comprised of a gold component for the life of mine (“LOM”) and a platinum component for approximately 25 years.

Key terms:

●	Gold stream deliveries to FNBC are initially based off the platinum, palladium, rhodium and gold (“4E PGM”) production from the Stream Area, according to the following schedule:
o	Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then
---	---
o	Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, then
---	---
o	80% of gold contained in concentrate for the remaining LOM.
---	---
●	Platinum stream deliveries to FNBC are based on platinum production from the Western Limb Mining Operations Stream Area, according to the following schedule:
---	---
o	1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then
---	---
o	Step-up to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, then
---	---
o	No further platinum deliveries.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	7

Other terms include:

●	Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold to FNBC.
●	Effective start date of the Western Limb Mining Operations Stream is September 1, 2024. First deliveries related to production from September 1, 2024 to December 31, 2024 were received in March 2025.
---	---

Pandora Royalty – South Africa

On February 28, 2025, Franco-Nevada and Sibanye-Stillwater converted Franco-Nevada’s 5% net profit interest on the Pandora property to a 1% net smelter return royalty. Sibanye-Stillwater’s Pandora property forms a portion of its Marikana operations and includes the currently operating E3 decline.

Acquisition of Royalty on Hayasa Metals Inc.’s Urasar Project – Armenia

On January 21, 2025, we acquired a 0.625% NSR covering all minerals produced from Hayasa Metals Inc.’s (“Hayasa”) Urasar gold-copper project in northern Armenia for $0.55 million, pursuant to a joint acquisition agreement with EMX Royalty Corporation (“EMX”).

Acquisition of Mineral Rights with Continental Resources, Inc. – U.S.

Through a wholly-owned subsidiary, we have a strategic relationship with Continental Resources, Inc. (“Continental”) to acquire, through a jointly-owned entity (the “Royalty Acquisition Venture”), royalty rights within Continental’s areas of operation. Franco-Nevada recorded contributions to the Royalty Acquisition Venture of $2.8 million in Q2 2025 (Q2 2024 and H1 2024 – $5.3 million and $19.1 million, respectively). As at June 30, 2025, Franco-Nevada has remaining commitments of up to $41.9 million.

Credit Facility

As at June 30, 2025, there were no amounts drawn from our $1.0 billion unsecured revolving term credit facility (the “Corporate Revolver”). Subsequent to June 30, 2025, on July 22, 2025, we drew down $175.0 million from the Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project, as referenced above.

There are also four standby letters of credit issued against the Corporate Revolver in relation to the audit by the CRA, totaling $48.4 million (C$66.0 million), as referenced in the “Contingencies” section of this MD&A. These standby letters of credit reduce the available balance under the Corporate Revolver.

As at the date of this MD&A, the available balance on our Corporate Revolver is $776.6 million.

Dividends

In Q2 2025, we declared a quarterly dividend of $0.38 per share, compared to the dividend of $0.36 per share in Q2 2024. During the quarter, we paid total dividends of $72.9 million, of which $67.0 million was paid in cash and $5.9 million was settled in common shares under our Dividend Reinvestment Plan (the “DRIP”).

In H1 2025, we paid total dividends of $146.3 million, of which $137.2 million was paid in cash and $9.1 million was settled in common shares under our DRIP.

Portfolio Updates

Additional updates related to our portfolio of assets are available in our News Release issued on August 11, 2025 available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov.

Cobre Panama Updates

Cobre Panama remains on preservation and safe management (“P&SM”) with production halted since November 2023. First Quantum Minerals Ltd. (“First Quantum”) has been working with the Government of Panama (the “GOP”) and the Ministry of Commerce and Industry (the “MICI”) to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panama (the “P&SM Plan”).

On January 6, 2025, Panama’s Ministry of Environment (“MiAMBIENTE”) released the draft terms of reference for the environmental audit of the Cobre Panama mine. A public consultation process on the terms of reference concluded on February 7, 2025. The overall timeline and final scope for the proposed environmental audit are pending finalization and announcement by MiAMBIENTE. Separately, an independent audit of the copper concentrate stored on site was completed by the GOP in December 2024, which confirmed the quantities of copper concentrate stored at the facilities.

On January 12, 2025, the Minister of Environment and the Minister of Public Security conducted a site visit of Cobre Panama. During the visit, the ministers toured the mine as well as the process, port and power plant facilities to inspect the upkeep of the mine and the status of surrounding communities and the environment. The visit also enabled the ministers to inspect and approve the export of 7,960 tons of ammonium nitrate stored at the mine’s Punta Rincón port. Export of the ammonium nitrate commenced by road in January 2025.


Second Quarter 2025 Management’s Discussion and Analysis	8

On May 30, 2025, the GOP, through the MICI, approved and formally instructed the execution of the P&SM Plan by means of MICI Resolution No. 45. The implementation of the P&SM Plan is now underway and will allow for integral preservation and safe management activities and the associated environmental measures at site, which will be funded through the sale of 121,000 dry metric tonnes of copper concentrate that has been approved by the GOP for export. Exports of the copper concentrate commenced in June 2025 and were completed by the end of July 2025.

The execution of the P&SM Plan also provides for the import of fuel and restart of Cobre Panama’s thermoelectric power plant. First Quantum has commenced pre-commissioning inspections of the power plant and the mobilization of specialists to site. The power plant is currently anticipated to restart in the fourth quarter of 2025 following completion of re-commissioning activities.

Franco-Nevada expects to receive over approximately 10,000 GEOs (over 9,000 ounces of gold and 105,000 ounces of silver) in reference to the shipped copper concentrate. The deliveries, some of which have already been received subsequent to quarter-end, are largely expected in Q3 2025. As a result of the approval of the P&SM Plan and the expected stream deliveries, we recorded a partial impairment reversal of $4.1 million in Q2 2025. This carrying value will subsequently be depleted when the ounces are sold.

Arbitration Proceedings

On March 31, 2025, First Quantum announced it had agreed to discontinue its International Chamber of Commerce arbitration proceedings and has also agreed to suspend its Canada-Panama Free Trade Agreement arbitration.

Fatality at Antamina

Teck Resources Limited reported that a fatality occurred at the Antamina mine on April 22, 2025. Production at Antamina was shutdown for approximately one week while an investigation was ongoing. Operations ramped up to return to full production in June 2025. While annual production guidance provided by Teck remains unchanged, Franco-Nevada expects deliveries of silver ounces in Q3 2025 to be lower than initially anticipated.

Nameplate Capacity Achieved at Côté

In June 2025, IAMGOLD announced that the Côté mine achieved nameplate throughput after operating at 36,000 tonnes per day on average over thirty consecutive days.

Nameplate Capacity Achieved at Tocantinzinho

G Mining Ventures Corp. announced that its Tocantinzinho mine reached nameplate capacity of 12,890 tonnes per day in July 2025. During Q2 2025, mill performance improved following the installation of new steel liners in April 2025.

Revised Guidance at Greenstone

In June 2025, Equinox Gold announced that it was reducing its 2025 guidance for the Greenstone mine to between 220,000 and 260,000 gold ounces, from 300,000 to 350,000 gold ounces previously, due to slower than planned ramp-up.

Salares Norte Royalty Buy-Back

In May 2025, Gold Fields Limited exercised its option to buy back 1% of Franco-Nevada’s 2% NSR on Salares Norte, after having paid $6.0 million in cumulative royalty payments.


Second Quarter 2025 Management’s Discussion and Analysis	9

G****uidance

The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the “Cautionary Statement on Forward-Looking Information” section at the end of this MD&A and the “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov . The 2025 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereo f.

We present our guidance in reference to GEO sales. For streams, our guidance reflects GEOs that have been delivered from the operators of our assets and that we have subsequently sold. Our GEO deliveries may differ from operators’ production based on timing of deliveries and due to recovery and payability factors. Our GEO sales may differ from GEO deliveries based on the timing of the sales. For royalties, GEO guidance reflects the timing of royalty payments or accruals.

Our 2025 guidance is based on the following assumed commodity prices for the remainder of 2025: $3,250/oz Au, $37/oz Ag, $1,300/oz Pt, $1,150/oz Pd, $90/tonne Fe 62% CFR China, $65/bbl WTI oil and $3.00/mcf Henry Hub natural gas.

We remain on track to meet our previously announced 2025 GEO sales guidance notwithstanding the impact of the outperformance of gold prices on the conversion of non-gold revenues into GEOs. For reference, a $100 increase in the price of gold from our initial assumption of $2,800/oz results in a decrease of approximately 4,750 GEOs, with all other commodity prices and production levels held constant.


	****	****	2025 Guidance	****	****	H1 2025 Actual	****
Precious Metal GEO sales			385,000 to 425,000 GEOs			193,072 GEOs
Total GEO sales			465,000 to 525,000 GEOs			238,678 GEOs
1	We expect our streams to contribute between 255,000 and 285,000 of our GEO sales for 2025. For H1 2025, we sold 123,304 GEOs from our streams.
---	---
2	Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental as part of our remaining commitment of $41.9 million.
---	---

Interest revenue : On April 15, 2025, we received a prepayment of $10.0 million from EMX in connection with the term loan of $35.0 million advanced in 2024. Interest revenue from our loans receivable in 2025 is expected to be between $8.0 million and $10.0 million.

Depletion: We expect to be at the higher end of our previously stated depletion and depreciation expense estimate of $265.0 million to $295.0 million due to the addition of Côté and the increase in precious metal prices. In H1 2025, depletion expense was $132.4 million.

Income tax: We expect our annual effective tax rate to be between 19% and 22%.

Capital commitments: As of June 30, 2025, our remaining capital commitment to the Royalty Acquisition Venture with Continental was $41.9 million, of which between $10.0 million and $20.0 million is expected to be deployed in 2025. Subsequent to the quarter, on July 17, 2025, we funded the second of three pre-construction payments for the Cascabel stream. We anticipate making the third pre-construction payment of $23.3 million in late 2025. In addition, refer to the “Commitments” section of this MD&A for further details on our other commitments.

Market Overview

The prices of gold and other precious metals are the largest factors in determining profitability and cash flow from operations for Franco-Nevada. The price of gold can be volatile and is affected by macroeconomic and industry factors that are beyond our control. Major influences on the gold price include interest rates, fiscal and monetary stimulus, inflation expectations, currency exchange rate fluctuations including the relative strength of the U.S. dollar and supply and demand for gold.

Commodity price volatility also impacts the number of GEOs when reflecting revenue from non-gold commodities as GEOs. Silver, platinum, palladium, iron ore, other mining commodities and oil and gas are reflected as GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may refer to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. Refer to the commodity price tables on pages 12 and 17 of this MD&A for further details.

Gold prices reached record highs during the first half of 2025 reflecting strong safe haven demand and increasing concerns of a global recession due to escalating tariffs and trade wars. During this same time period, oil prices fell due to tariff-related volatility, higher OPEC+ production, and U.S. energy policies. Natural gas prices on average remained relatively flat during the period.


Second Quarter 2025 Management’s Discussion and Analysis	10

Revenue by Asset

The following table details revenue for the three and six months ended June 30, 2025 and 2024:


			For the three months ended				For the six months ended
(expressed in millions)		Interest and %	June 30,				June 30,
Property	****	(Gold unless otherwise indicated)	2025		2024		2025		2024
PRECIOUS METALS
South America
Candelaria		Stream 68% Gold & Silver	$	55.0	$	37.6	$	110.9	$	68.1
Antapaccay		Stream (indexed) Gold & Silver		18.8		20.0		47.4		61.2
Antamina		Stream 22.5% Silver	****	23.3		12.7	****	44.6		26.0
Tocantinzinho		Stream 12.5%		14.8		—		29.7		—
Condestable		Stream Gold & Silver, Fixed through 2025		10.1		14.1		19.2		14.1
Yanacocha		NSR 1.8%		7.9		—		13.2		—
Salares Norte		NSR 1%		1.2		0.0		4.3		0.0
Other				2.4		1.8		3.7		3.3
Central America & Mexico
Guadalupe-Palmarejo		Stream 50%	$	43.1	$	16.5	$	79.4	$	40.9
Cobre Panama		Stream (indexed) Gold & Silver		—		0.1		—		0.1
Canada
Detour Lake		NSR 2%	$	10.4	$	6.8	$	20.1	$	13.6
Hemlo		NSR 3%, NPI 50%	****	11.4		4.3	****	29.1		9.1
Porcupine Complex		NSR 4.25%		6.6		—		6.6		—
Musselwhite		NPI 5%		7.7		1.1		8.6		1.8
Kirkland Lake (Macassa)		NSR 1.5-5.5%, NPI 20%	****	3.8		2.3	****	7.3		4.4
Greenstone		NSR 3%		4.9		0.9		7.8		0.9
Sudbury		Stream 50% PGM & Gold		2.7		3.5		5.9		6.5
Brucejack		NSR 1.2%		1.9		1.6		3.5		2.0
Magino		NSR 3%		1.5		1.4		3.4		2.5
Côté		GMR 7.5%		1.4		—		1.4		—
Other			****	2.3		2.2	****	4.5		4.6
United States
Goldstrike		NSR 2-4%, NPI 2.4-6%	$	5.9	$	6.6	$	8.2	$	10.6
Bald Mountain		NSR/GR 0.875-5%	****	3.8		3.6	****	9.1		8.4
Stillwater		NSR 5% PGM	****	3.3		5.3		5.9		11.3
Marigold		NSR 1.75-5%, GR 0.5-4%	****	2.5		0.9	****	4.2		2.0
Gold Quarry		NSR 7.29%	****	0.1		0.6	****	0.3		0.8
Other			****	6.2		2.5	****	10.1		4.8
Rest of World
Western Limb Mining Operations		Stream Gold (indexed) & 1% Platinum	$	10.6	$	—	$	30.4	$	—
Subika (Ahafo)		NSR 2%	****	13.9		7.7		26.0		16.6
Tasiast		NSR 2%	****	6.8		7.4		14.4		13.9
Sabodala		Stream 6%, Fixed to 105,750 oz	****	7.7		5.5	****	14.6		10.4
Duketon		NSR 2%	****	1.6		2.2	****	4.1		5.2
MWS		Stream 25%		—		17.9		—		32.8
Other			****	10.4		5.9	****	16.8		11.1
			$	304.0	$	193.0	$	594.7	$	387.0
DIVERSIFIED
Vale		Various Royalty Rates	$	5.8	$	6.9	$	16.0	$	19.6
LIORC		GORR 0.7% Iron Ore, IOC Equity 1.5%^(1)^		1.4		5.1		3.6		7.2
Other mining assets			****	3.0		1.7	****	7.4		4.7
United States (Energy)
Marcellus		GORR 1%	$	7.3	$	5.7	$	16.2	$	12.9
Haynesville		Various Royalty Rates		8.0		5.1		14.3		11.4
SCOOP/STACK		Various Royalty Rates		9.9		8.4		22.9		16.0
Permian Basin		Various Royalty Rates		13.2		12.0		26.7		19.0
Other			****	0.1		0.1	****	0.2		0.2
Canada (Energy)
Weyburn		NRI 11.71%, ORR 0.44%, WI 2.56%	$	8.9	$	13.1	$	19.5	$	23.4
Orion		GORR 4%		3.2		4.0		6.3		7.2
Other			****	1.9		2.5	****	4.4		4.6
			$	62.7	$	64.6	$	137.5	$	126.2
Revenue from royalty, stream and working interests			$	366.7	$	257.6	$	732.2	$	513.2
Interest revenue and other interest income			$	2.7	$	2.5	$	5.6	$	3.7
Total revenue			$	369.4	$	260.1	$	737.8	$	516.9

1	Includes interest attributable to Franco-Nevada’s 9.9% equity ownership of Labrador Iron Ore Royalty Corporation.


Second Quarter 2025 Management’s Discussion and Analysis	11

Review of Quarterly Financial Performance

The prices of precious metals, iron ore, and oil and gas and production from our assets are the largest factors in determining our profitability and cash flow from operations. The following table summarizes average commodity prices and average exchange rates during the periods presented.



Quarterly average prices and rates	****		****	****	Q2 2025		****	****	Q2 2024		****	Variance
Gold^(1)^		($/oz)			$	3,279			$	2,338		40.2	%
Silver^(1)^		($/oz)			****	33.64				28.86		16.6	%
Platinum^(1)^		($/oz)			****	1,073				981		9.4	%
Palladium^(1)^		($/oz)			****	990				972		1.9	%
Iron Ore Fines 62% Fe CFR China		($/tonne)				98				110		(10.9)	%

Edmonton Light		(C$/bbl)			****	85.81				105.97		(19.0)	%
West Texas Intermediate		($/bbl)				63.74				80.57		(20.9)	%
Henry Hub		($/mcf)				3.51				2.34		50.0	%

CAD/USD exchange rate^(2)^					****	0.7226				0.7308		(1.1)	%
1	Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver.
---	---
2	Based on Bank of Canada daily rates.
---	---

Revenue and GEOs

Revenue and GEO sales by commodity, geographical location and type of interest for the three months ended June 30, 2025 and 2024 were as follows:


			Gold Equivalent Ounces^(1)^								Revenue(in millions)									****
For the three months ended June 30,	****	****	2025	****	****	2024	****	Variance	****	****	2025		****	****	2024		****	Variance		****
Commodity
Gold			78,738			66,999		11,739			$	258.4			$	156.9		$	101.5
Silver			11,520			12,001		(481)			****	38.1				28.1			10.0
PGM			2,191			3,350		(1,159)			****	7.5				8.0			(0.5)
Precious Metals			92,449			82,350		10,099			$	304.0			$	193.0		$	111.0
Iron ore^(2)^			2,197			5,155		(2,958)			$	7.2			$	12.0		$	(4.8)
Other mining assets			900			659		241				3.0				1.7			1.3
Oil			10,337			16,463		(6,126)				30.6				35.9			(5.3)
Gas			4,243			4,009		234				16.9				10.8			6.1
NGL			1,967			1,628		339				5.0				4.2			0.8
Diversified			19,644			27,914		(8,270)			$	62.7			$	64.6		$	(1.9)
Revenue from royalty, stream and working interests			112,093			110,264		1,829			$	366.7			$	257.6		$	109.1
Interest revenue and other interest income			—			—		—			$	2.7			$	2.5		$	0.2
			112,093			110,264		1,829			$	369.4			$	260.1		$	109.3

Geography
South America			42,429			40,125		2,304			$	140.7			$	93.6		$	47.1
Central America & Mexico			13,064			7,166		5,898				43.4				16.8			26.6
United States			18,990			22,227		(3,237)				60.8				51.2			9.6
Canada^(2)^			21,659			20,662		997			****	72.7				51.3			21.4
Rest of World			15,951			20,084		(4,133)			****	51.8				47.2			4.6
			112,093			110,264		1,829			$	369.4			$	260.1		$	109.3

Type
Revenue-based royalties			43,662			43,486		176			$	142.0			$	101.2		$	40.8
Streams			56,004			54,664		1,340			****	186.2				127.8			58.4
Profit-based royalties			9,235			7,702		1,533			****	28.1				17.9			10.2
Interest revenue and other^(2)^			3,192			4,412		(1,220)			****	13.1				13.2			(0.1)
			112,093			110,264		1,829			$	369.4			$	260.1		$	109.3
1	Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs.
---	---
2	Includes interest attributable to Franco-Nevada’s 9.9% equity ownership of Labrador Iron Ore Royalty Corporation.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	12

We recognized $369.4 million in revenue in Q2 2025, up 42.0% from Q2 2024, reflecting record gold prices during the quarter, and contributions from Precious Metal assets which were acquired or commenced production in the past year. Revenue from our Diversified assets was slightly lower than in Q2 2024, as the impact of lower commodity prices more than offset the sustained level of production from our assets. Revenue also includes interest revenue of $2.7 million related to our loans receivable.

In Q2 2025, we earned 82.3% of our revenue from Precious Metals, compared to 74.2% in Q2 2024. Geographically, 86.0% of our revenue was derived from the Americas in Q2 2025, compared to 81.8% in Q2 2024.

We sold 112,093 GEOs in Q2 2025, up 1.7% compared to 110,264 GEOs in Q2 2024. A comparison of our sources of GEOs in Q2 2025 to Q2 2024 is shown below:


Second Quarter 2025 Management’s Discussion and Analysis	13

Precious Metals

Our Precious Metal assets contributed 92,449 GEOs in Q2 2025, up 12.3% compared to 82,350 GEOs in Q2 2024, primarily due to the following:

●	Guadalupe-Palmarejo – We received and sold 12,986 GEOs from Guadalupe-Palmarejo, compared to 7,020 GEOs in Q2 2024, reflecting higher production from Palmarejo and a greater proportion of production being mined from stream ground.
●	Tocantinzinho – We received and sold 4,500 GEOs from Tocantinzinho in Q2 2025. There were no GEOs sold in the comparative period as production at the mine commenced in July 2024. During the quarter, mill performance improved following the installation of new steel liners in April 2025 and the mine reached nameplate capacity of 12,890 tonnes per day.
---	---
●	Western Limb Mining Operations – We received and sold 3,246 GEOs from our recently acquired gold and platinum stream on Western Limb Mining Operations.
---	---
●	Yanacocha – We earned 2,412 GEOs in Q2 2025 from our recently acquired royalty on the Yanacocha mine. Newmont reported strong production at the mine from the use of patented injection leaching technology.
---	---
●	Musselwhite – We earned 2,820 GEOs from our NPI on Musselwhite, compared to 425 GEOs in Q2 2024. Orla Mining Limited acquired the Musselwhite mine from Newmont Corporation in March 2025.
---	---

The above increases were partly offset by the following:

●	MWS – There were no GEO deliveries from MWS as our stream reached its cumulative cap of 312,500 gold ounces in Q4 2024. In the prior year quarter, MWS had delivered 7,650 GEOs.
●	Condestable – We received and sold 2,979 GEOs from our Condestable stream in Q2 2025, compared to 6,149 GEOs in Q2 2024. The prior year period included the sale of GEOs related to Q1 2024 which had been received late in that quarter. Our Condestable stream provides for fixed deliveries until the end of 2025.
---	---
●	Antapaccay – We received sold 5,630 GEOs from our Antapaccay stream in Q2 2025, compared to 8,596 GEOs in Q2 2024, due to a delay in shipments. We expect a stronger Q3, having already received significant deliveries in July 2025. Glencore anticipates H2 production at Antapaccay to benefit from higher grades.
---	---

Diversified

Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $62.7 million in revenue, 2.9% lower than in Q2 2024. While production at our Energy and Iron Ore assets was generally higher than in Q2 2024, the impact was more than offset by lower realized prices. When converted to GEOs, Diversified assets contributed 19,644 GEOs, 29.6% lower than in Q2 2024 due to higher gold prices used in the conversion of non-gold revenue to GEOs.

Iron Ore and Other Mining

Our Iron Ore and Other Mining assets generated $10.2 million in Q2 2025, slightly lower than $13.7 million in Q2 2024.

●

Vale Royalty – We recorded $5.8 million in revenue from our Vale Royalty in Q2 2025 compared to $6.9 million in Q2 2024. Production from the Northern System benefited from record output at S11D and lower shipping cost deductions, offset by lower estimated iron ore prices. Attributable sales from our Vale royalty are expected to increase in 2025, reflecting contributions from the Southeastern System once the cumulative sales threshold of 1.7 billion tonnes of iron ore is reached in the latter part of 2025.

●

LIORC – Labrador Iron Ore Royalty Corporation (“LIORC”) contributed $1.4 million in revenue in Q2 2025, compared to $5.1 million in Q2 2024. LIORC declared a cash dividend of C$0.30 per common share in the current period, compared to C$1.10 in Q2 2024. Production from IOC increased compared to the prior year period with a Q2 record for material moved. The impact of higher production was offset by lower average realized prices.

---

Energy

Our Energy interests contributed $52.5 million in revenue in Q2 2025, 3.1% higher than $50.9 million in Q2 2024.

●	U.S. – Revenue from our U.S. Energy interests increased to $38.5 million in Q2 2025, compared to $31.3 million in Q2 2024. We benefited from an increase in volumes in the Permian Basin, which more than offset lower realized prices.
●	Canada – Revenue from our Canadian Energy interests was $14.0 million in Q2 2025, compared to $19.6 million in the prior year quarter. The decrease in revenue is primarily attributable to our Weyburn NRI which is paid net of costs and therefore more heavily impacted by a lower oil price.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	14

Costs of Sales

The following table provides a breakdown of costs of sales, excluding depletion and depreciation, incurred in the periods presented:


			For the three months ended June 30,
(expressed in millions)	****	****	2025		****	****	2024		Variance		****
Costs of stream sales			$	30.3			$	25.9	$	4.4
Mineral production taxes			****	0.8				0.7		0.1
Mining costs of sales			$	31.1			$	26.6	$	4.5
Energy costs of sales			****	2.4				2.5		(0.1)
			$	33.5			$	29.1	$	4.4

Costs of sales related to our streams increased compared to Q2 2024, reflecting the increase in stream GEOs and higher costs per ounce for streams where the ongoing purchase price varies as a function of spot prices. Costs of sales related to our Energy assets, which include royalties payable and production taxes which vary based on revenue, was relatively consistent with the prior year period. Cost of sales may also vary due to property taxes which are reassessed from time to time. Costs of sales incurred in Q2 2025 compared to Q2 2024 are shown below:


Second Quarter 2025 Management’s Discussion and Analysis	15

Depletion and Depreciation

Depletion and depreciation expense totaled $64.0 million in Q2 2025, compared to $52.9 million in Q2 2024. Depletion expense incurred in Q2 2025 compared to Q2 2024 is shown below:

Gain on Sale of Gold and Silver Bullion

Certain of our royalties are settled in-kind with gold and silver bullion rather than cash payments. During Q2 2025, we liquidated a significant portion of our holdings in anticipation of our acquisition of the Côté royalty in June 2025. We sold 44,484 gold ounces with an average carrying value of $104.9 million for proceeds of $147.1 million, and recognized a corresponding gain of $42.2 million. At June 30, 2025, we hold 2,469 ounces of gold and 11,616 ounces of silver at a cost of $6.3 million and $0.3 million, respectively.

Income Taxes

Income tax expense was $68.6 million in Q2 2025, a decrease compared to $95.3 million in Q2 2024. Income taxes in Q2 2024 were higher due to the enactment of an increase of the Barbados corporate tax rate to 9% and the introduction of a qualified domestic minimum top-up tax, which topped up the Barbados effective tax rate payable by an entity subject to the OECD’s Pillar Two global minimum tax initiative, from 9% to 15%. While the tax measures were effective January 1, 2024, the remeasurement of the opening deferred tax liability of $49.1 million and the retroactive impact pertaining to income earned in Q1 2024 of $9.9 million were recognized in Q2 2024.

Net Income and Adjusted Net Income

Net income for Q2 2025 was $247.1 million, or $1.28 per share, compared to $79.5 million, or $0.41 per share, in Q2 2024. The increase is primarily attributable to higher revenue and a gain of $42.2 million from the sale of gold and silver bullion, partly offset by higher costs of sales and depletion expense. The prior year period also included the retroactive application of tax measures enacted in relation to the OECD’s GMT initiative pertaining to income earned in Q1 2024.

Adjusted Net Income for the same period was $238.5 million, or $1.24 per share, compared to $144.9 million, or $0.75 per share, in Q2 2024. Please refer to the “Non-GAAP Financial Measures” section of this MD&A for further details on the computation of Adjusted Net Income.


Second Quarter 2025 Management’s Discussion and Analysis	16

Review of Year-to-Date Financial Performance

The following table summarizes average commodity prices and average exchange rates during the periods presented.



Average prices and rates	****		****	****	H1 2025		****	****	H1 2024		****	Variance
Gold^(1)^		($/oz)			$	3,071			$	2,205		39.3	%
Silver^(1)^		($/oz)			****	32.77				26.11		25.5	%
Platinum^(1)^		($/oz)			****	1,021				945		8.0	%
Palladium^(1)^		($/oz)			****	976				975		0.1	%
Iron Ore Fines 62% Fe CFR China		($/tonne)				101				118		(14.4)	%

Edmonton Light		(C$/bbl)				90.40				100.71		(10.2)	%
West Texas Intermediate		($/bbl)				67.58				78.77		(14.2)	%
Henry Hub		($/mcf)				3.69				2.22		66.2	%

CAD/USD exchange rate^(2)^					****	0.7098				0.7361		(3.6)	%
1	Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver.
---	---
2	Based on Bank of Canada daily rates.
---	---

Revenue and GEOs

Revenue and GEO sales by commodity, geographical location and type of interest for the six months ended June 30, 2025 and 2024 were as follows:


			Gold Equivalent Ounces^(1)^								Revenue(in millions)									****
For the six months ended June 30,	****	****	2025	****	****	2024	****	Variance	****	****	2025		****	****	2024		****	Variance		****

Commodity
Gold			164,261			144,561		19,700			$	504.2			$	317.8		$	186.4
Silver			24,011			23,689		322			****	75.2				53.0			22.2
PGM			4,800			7,118		(2,318)			****	15.3				16.2			(0.9)
Precious Metals			193,072			175,368		17,704			$	594.7			$	387.0		$	207.7
Iron ore^(2)^			6,085			12,456		(6,371)			$	19.6			$	26.8		$	(7.2)
Other mining assets			2,457			2,155		302				7.4				4.7			2.7
Oil			23,830			30,347		(6,517)				65.5				62.1			3.4
Gas			8,742			8,874		(132)				34.3				23.1			11.2
NGL			4,492			3,961		531				10.7				9.5			1.2
Diversified			45,606			57,793		(12,187)			$	137.5			$	126.2		$	11.3
Revenue from royalty, stream and working interests			238,678			233,161		5,517			$	732.2			$	513.2		$	219.0
Interest revenue and other interest income			—			—		—			$	5.6			$	3.7		$	1.9
			238,678			233,161		5,517			$	737.8			$	516.9		$	220.9

Geography
South America			94,405			88,464		5,941			$	292.2			$	194.4		$	97.8
Central America & Mexico			25,594			19,031		6,563				79.9				41.6			38.3
United States			39,624			44,828		(5,204)				119.0				98.0			21.0
Canada^(2)^			43,436			39,344		4,092			****	137.6				91.5			46.1
Rest of World			35,619			41,494		(5,875)			****	109.1				91.4			17.7
			238,678			233,161		5,517			$	737.8			$	516.9		$	220.9

Type
Revenue-based royalties			90,810			91,435		(625)			$	277.0			$	199.7		$	77.3
Streams			123,304			117,721		5,583			****	382.1				260.0			122.1
Profit-based royalties			18,345			14,422		3,923			****	53.8				31.9			21.9
Interest revenue and other^(2)^			6,219			9,583		(3,364)			****	24.9				25.3			(0.4)
			238,678			233,161		5,517			$	737.8			$	516.9		$	220.9
1	Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs.
---	---
2	Includes interest attributable to Franco-Nevada’s 9.9% equity ownership of Labrador Iron Ore Royalty Corporation.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	17

We recognized $737.8 million in revenue in H1 2025, up 42.7% from H1 2024. Revenue in the current period benefited from higher precious metal prices and higher realized revenue from our Energy assets. Revenue also includes interest revenue and other interest income of $5.6 million related to our loans receivable.

We earned 80.6% of our H1 2025 revenue from Precious Metal assets, compared to 74.9% in H1 2024. Geographically, we remain heavily invested in the Americas, with 85.2% of revenue in H1 2025, compared to 82.3% in H1 2024.

We sold 238,678 GEOs in H1 2025, a 2.4% increase compared to 233,161 GEOs in H1 2024. The conversion of revenue from our non-gold assets into GEOs was impacted by the outperformance of gold prices relative to other commodities. A comparison of our sources of GEOs in H1 2025 to H1 2024 is shown below:


Second Quarter 2025 Management’s Discussion and Analysis	18

Precious Metals

Our Precious Metal assets contributed 193,072 GEOs in H1 2025, up 10.1% from 175,368 GEOs in H1 2024, primarily due to the following:

●	Western Limb Mining Operations – We received and sold 9,786 GEOs from our recently acquired gold and platinum stream on Western Limb Mining Operations. The stream had an effective date of September 1, 2024.
●	Hemlo – We earned 9,908 GEOs in H1 2025 compared to 4,159 GEOs in H1 2024 as the NPI benefited from higher gold prices and increased production from royalty ground. Royalties from the NPI may vary significantly depending on the proportion of production sourced from royalty ground and attributable costs.
---	---
●	Guadalupe-Palmarejo – We received and sold 25,434 GEOs from Guadalupe-Palmarejo, of which 2,216 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024, compared to 18,710 GEOs in H1 2024. The current period also benefited from higher production from Palmarejo and a greater proportion of production being mined from stream ground.
---	---
●	Tocantinzinho – We received and sold 9,662 GEOs from Tocantinzinho in H1 2025, of which 667 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024. There were no GEOs sold in the comparative period as production at the mine commenced in July 2024.
---	---
●	Candelaria – We received and sold 36,320 GEOs from our Candelaria stream, of which 3,333 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024, compared to 30,661 GEOs sold in H1 2024. Production in H1 2025 benefited from increased throughput due to softer ore feed and higher ball mill runtime due to rescheduled maintenance in the quarter. Production is expected to continue at similar levels through H2 2025.
---	---

The above increases were partly offset by the following factors:

●	MWS – There were no GEO deliveries from MWS as our stream reached its cumulative cap of 312,500 gold ounces in Q4 2024. In the prior year period, MWS had delivered 14,836 GEOs.
●	Antapaccay – We received and sold 15,662 GEOs from our Antapaccay stream in H1 2025, compared to 28,466 GEOs in H1 2024, reflecting a delay in the timing of shipments.
---	---

Diversified

Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $137.5 million in revenue in H1 2025, an increase of 9.0% compared to $126.2 million in H1 2024. When converted to GEOs, Diversified assets contributed 45,606 GEOs in H1 2025, down 21.1% compared to H1 2024, almost entirely due to changes in gold prices used in the conversion of non-gold revenue into GEOs.

Iron Ore and Other Mining

Our Iron Ore and Other Mining assets generated $19.6 million in H1 2025, compared to $26.8 million in H1 2024.

●	Vale Royalty – Revenue from Vale was $16.0 million in H1 2025 compared to $19.6 million in H1 2024, reflecting higher iron ore sales in H1 2024, partly offset by lower iron ore prices.
●	LIORC – LIORC contributed $3.6 million in revenue in H1 2025 compared to $7.2 million in H1 2024.
---	---
●	Caserones – Revenue from our effective NSR on the Caserones mine was $3.2 million in H1 2025 compared to $2.1 million in H1 2024.
---	---

Energy

Our Energy interests contributed $110.5 million in revenue in H1 2025, compared to $94.7 million in H1 2024.

●	U.S. – Revenue from our U.S. Energy interests increased to $80.3 million in H1 2025, compared to $59.5 million in H1 2024. We benefited from an increase in realized gas prices, strong performance from our royalties in the Permian Basin and additional volumes from our royalty venture with Continental in the SCOOP/STACK.
●	Canada – Revenue from our Canadian Energy interests decreased to $30.2 million in H1 2025, compared to $35.2 million in H1 2024. The decrease in revenue is primarily attributable to our Weyburn NRI which is paid net of costs and therefore more heavily impacted by a lower oil price.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	19

Costs of Sales

The following table provides a breakdown of costs of sales, excluding depletion and depreciation, incurred in the periods presented:


			For the six months ended June 30,
(expressed in millions)	****	****	2025		****	****	2024		Variance		****
Costs of stream sales			$	63.7			$	56.0	$	7.7
Mineral production taxes			****	1.4				1.2		0.2
Mining costs of sales			$	65.1			$	57.2	$	7.9
Energy costs of sales			****	6.9				5.5		1.4
			$	72.0			$	62.7	$	9.3

Costs of sales related to our streams in H1 2025 increased relative to H1 2024, reflecting the increase in stream GEOs and higher costs per ounce for streams where the ongoing purchase price varies as a function of spot prices. Costs of sales related to our Energy assets include royalties payable and production taxes which vary based on revenue, and property taxes which may be reassessed from time to time. Costs of sales incurred in H1 2025 compared to H1 2024 are shown below:


Second Quarter 2025 Management’s Discussion and Analysis	20

Depletion and Depreciation

Depletion and depreciation expense totaled $132.4 million in H1 2025 compared to $111.1 million in H1 2024, reflecting the increase in GEOs sold in the current period. Depletion expense incurred in H1 2025 compared to H1 2024 is shown below:

Gain on Sale of Gold and Silver Bullion

Certain of our royalties are settled with payments in-kind in the form of gold and silver bullion rather than cash. In H1 2025, we sold 54,984 gold ounces with an average carrying value of $128.0 million for proceeds of $177.3 million, and recognized a corresponding gain of $49.3 million. At June 30, 2025, we hold 2,469 ounces of gold and 11,616 ounces of silver at a cost of $6.3 million and $0.3 million, respectively.

Income Taxes

Income tax expense was $128.4 million in H1 2025, compared to $122.8 million in H1 2024, reflecting higher net income before taxes earned in the current period. The H1 2024 period also included a deferred tax expense of approximately $49.1 million in relation to the remeasurement of our deferred tax liability due to the changes in the Barbados tax rate enacted in Q2 2024.

Net Income and Adjusted Net Income

Net income in H1 2025 was $456.9 million, or $2.37 per share, compared $224.0 million, or $1.17 per share in H1 2024. The increase is primarily attributable to higher revenue and a gain of $49.3 million from the sale of gold and silver bullion, partly offset by higher costs of sales, depletion and income tax expense.

Adjusted Net Income was $444.0 million, or $2.31 per share, compared to $280.8 million, or $1.46 per share, in H1 2024. Please refer to the “Non-GAAP Financial Measures” section of this MD&A for further details on the computation of Adjusted Net Income.


Second Quarter 2025 Management’s Discussion and Analysis	21

Impairment Reversal

Cobre Panama

First Quantum has been working with the GOP and the MICI to implement the P&SM Plan. On May 30, 2025, the GOP, through the MICI, approved and formally instructed the execution of the P&SM Plan, including the shipment of 121 thousand dry metric tonnes of copper concentrate that had been stored at site since operations were suspended in November 2023. Exports of the copper concentrate commenced in June 2025.

We determined that this was an indicator of a partial reversal of the impairment we recorded in 2023 and recorded a partial impairment reversal of $4.1 million in relation to the gold and silver ounces we expect in Q3 2025 as a result of the sale of copper concentrate. We continue to assess our Cobre Panama stream for further indicators of impairment reversals.

General and Administrative, Share-Based Compensation Expense****s and Cobre Panama Arbitration Expenses

The following table provides a breakdown of general and administrative (“G&A”) expenses, share-based compensation (“SBC”) expenses and Cobre Panama arbitration expenses incurred for the periods presented:


			For the three months ended June 30,											For the six months ended June 30,
(expressed in millions)	****	****	2025		****	****	2024		****	Variance		****	****	2025		****	****	2024		****	Variance		****
Salaries and benefits			$	3.0			$	2.5		$	0.5			$	7.6			$	5.0		$	2.6
Professional fees			****	1.3				2.3			(1.0)			****	2.8				3.7			(0.9)
Community contributions				0.1				0.3			(0.2)				0.5				0.4			0.1
Board of Directors' costs				0.1				0.1			—				0.2				0.2			—
Office expenses				0.2				0.1			0.1				0.8				0.4			0.4
Insurance costs				0.2				0.3			(0.1)				0.4				0.5			(0.1)
Other expenses			****	0.8				2.0			(1.2)			****	2.1				1.6			0.5
General and administrative expenses			$	5.7			$	7.6		$	(1.9)			$	14.4			$	11.8		$	2.6
Share-based compensation expenses			****	2.8				1.8			1.0			****	8.5				4.6			3.9
Cobre Panama arbitration expenses				3.9				0.8			3.1				4.6				2.3			2.3
			$	12.4			$	10.2		$	2.2			$	27.5			$	18.7		$	8.8

G&A (including Cobre Panama arbitration expenses and SBC expenses) represented 3.7% of revenue in H1 2025, up from 3.6% in H1 2024. The increase was primarily due to expenses we incurred in relation to our Cobre Panama arbitration prior to its suspension in late June 2025, an increase in salaries and SBC expenses, and higher community contributions.

SBC expenses include expenses related to equity-settled stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”), as well as the mark-to-market gain or loss related to the DSUs which are fair valued based on the Company’s share price. Community contributions relate to the environmental and social initiatives we contribute to for the benefit of the communities where we operate, or own assets. G&A expenses also include business development expenses, which vary based on the level of business development related activities in the period and the timing of the closing of transactions.

Other Income and Expenses

Foreign Exchange Gain (Loss) and Other Income (Expenses)

The following table provides a list of foreign exchange and other income/expenses incurred for the periods presented:


			For the three months ended June 30,									For the six months ended June 30,								****
(expressed in millions)	****	****	2025		****	****	2024		Variance		****	2025		****	****	2024		Variance
Foreign exchange gain (loss)			$	(1.4)			$	(7.3)	$	5.9		$	4.4			$	(8.4)	$	12.8
Gain (loss) on derivative financial instruments			****	5.7				(2.4)		8.1			5.6				(3.0)		8.6
Other expenses			****	(0.2)				(0.1)		(0.1)		****	(0.2)				—		(0.2)
			$	4.1			$	(9.8)	$	13.9		$	9.8			$	(11.4)	$	21.2

The foreign exchange gain of $4.4 million recognized in H1 2025 is largely related to our cash and account receivable balances held in Brazilian Reais received from our Vale royalty, which strengthened relative to the U.S. dollar in the year-to-date period. Under IFRS Accounting Standards, all foreign exchange gains or losses related to monetary assets and liabilities held in a currency other than the functional currency are recorded in net income as opposed to other comprehensive income (loss). The parent company’s functional currency is the Canadian dollar, while the functional currency of certain subsidiaries is the U.S. dollar.

The gain (loss) on derivative instruments includes the mark-to-market of financial instruments that are designed at Fair Value Through Profit and Loss, such as warrants and other derivative instruments the Company holds.


Second Quarter 2025 Management’s Discussion and Analysis	22

Finance Income and Finance Expenses

The following table provides a breakdown of finance income and expenses incurred for the periods presented:


			For the three months ended June 30,										For the six months ended June 30,
(expressed in millions)	****	****	2025		****	****	2024		Variance		****	****	2025		****	****	2024		Variance
Finance income
Interest			$	6.6			$	16.2	$	(9.6)			$	17.7			$	32.2	$	(14.5)
			$	6.6			$	16.2	$	(9.6)			$	17.7			$	32.2	$	(14.5)
Finance expenses
Standby charges			$	0.6			$	0.5	$	0.1			$	1.2			$	1.0	$	0.2
Amortization of debt issue costs			****	0.1				0.1		—			****	0.2				0.2		—
Accretion of lease liabilities			****	0.1				—		0.1			****	0.1				—		0.1
			$	0.8			$	0.6	$	0.2			$	1.5			$	1.2	$	0.3

Finance income is earned on our cash and cash equivalents. The decrease in finance income in H1 2025 is due to a decrease in yields and cash and cash equivalents balances held compared to Q1 2024.

Finance expenses consist of standby charges, which represent the costs of maintaining our Corporate Revolver based on the unutilized portion of our credit facility, fees incurred in connection with standby letters of credit outstanding, and the amortization of costs incurred with respect to the initial set-up or subsequent amendments of our Corporate Revolver. In H1 2025 and H1 2024, we did not incur interest expense as we did not borrow any amounts under our Corporate Revolver.

Subsequent to June 30, 2025, on July 22, 2025, we drew down $175.0 million from the Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project, as referenced above.


Second Quarter 2025 Management’s Discussion and Analysis	23

Summary of Quarterly Information

Selected quarterly financial and statistical information for the most recent eight quarters^(1)^ is set out below:


(in millions, except Average Gold Price, Adjusted EBITDA Margin, Adjusted Net Income Margin, GEOs sold, net GEOs sold,	****		Q2	****	****		Q1	****	****		Q4	****	****		Q3	****	****		Q2	****	****		Q1	****	****		Q4	****	****		Q3
per GEO amounts and per share amounts)			2025				2025				2024				2024				2024				2024				2023				2023
Revenue		$	369.4			$	368.4			$	321.0			$	275.7			$	260.1			$	256.8			$	303.3			$	309.5
Costs and expenses^(2)^		****	63.6				114.9				103.6				93.7				91.1				98.6				1,290.9				122.5
Operating income (loss)		****	305.8				253.5				217.4				182.0				169.0				158.2				(987.6)				187.0
Other income		****	9.9				16.1				4.8				12.9				5.8				13.8				27.8				13.0
Income tax expense		****	68.6				59.8				46.8				42.2				95.3				27.5				22.7				24.9
Net income (loss)		****	247.1				209.8				175.4				152.7				79.5				144.5				(982.5)				175.1
Basic earnings (loss) per share		$	1.28			$	1.09			$	0.91			$	0.79			$	0.41			$	0.75			$	(5.11)			$	0.91
Diluted earnings (loss) per share		$	1.28			$	1.09			$	0.91			$	0.79			$	0.41			$	0.75			$	(5.11)			$	0.91
Net cash provided by operating activities		$	430.3			$	288.9			$	243.0			$	213.6			$	194.4			$	178.6			$	283.5			$	236.0
Net cash used in investing activities			(1,338.1)				(551.0)				(31.1)				(279.0)				(36.7)				(190.5)				(104.2)				(173.7)
Net cash used in financing activities			(66.1)				(66.8)				(62.0)				(61.1)				(59.2)				(58.1)				(59.8)				(56.8)
Average Gold Price^(3)^		$	3,279			$	2,863			$	2,662			$	2,477			$	2,338			$	2,072			$	1,976			$	1,929
GEOs sold^(4)^		****	112,093				126,585				120,063				110,110				110,264				122,897				152,351				160,848
Net GEOs sold^(4)^			101,876				113,138				107,140				97,232				97,817				106,681				129,527				135,498
Cash Costs^(5)^		$	33.5			$	38.5			$	34.4			$	31.9			$	29.1			$	33.6			$	45.1			$	48.9
Cash Costs^(5)^ per GEO sold		$	299			$	304			$	287			$	290			$	264			$	273			$	296			$	304
Adjusted EBITDA^(5)^		$	365.7			$	321.9			$	277.4			$	236.2			$	221.9			$	216.1			$	254.6			$	255.1
Adjusted EBITDA^(5)^ per share		$	1.90			$	1.67			$	1.44			$	1.23			$	1.15			$	1.12			$	1.33			$	1.33
Adjusted EBITDA Margin^(5)^		****	99.0	%			87.4	%			86.4	%			85.7	%			85.3	%			84.2	%			83.9	%			82.4	%
Adjusted Net Income^(5)(6)^		$	238.5			$	205.6			$	183.3			$	153.9			$	144.9			$	136.1			$	172.9			$	175.1
Adjusted Net Income^(5)(6)^ per share		$	1.24			$	1.07			$	0.95			$	0.80			$	0.75			$	0.71			$	0.90			$	0.91
Adjusted Net Income Margin^(5)(6)^		****	64.6	%			55.8	%			57.1	%			55.8	%			55.7	%			53.0	%			57.0	%			56.6	%
1	Sum of the quarters may not add up to yearly total due to rounding.
---	---
2	Includes an impairment reversal of $4.1 million in Q2 2025, and impairment losses on royalty, stream and working interests of $1,173.3 million in Q4 2023.
---	---
3	Based on LBMA Gold Price PM Fix.
---	---
4	Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs sold and Net GEOs sold.
---	---
5	Cash Costs, Cash Costs per GEO sold, Adjusted EBITDA, Adjusted EBITDA per share, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income per share and Adjusted Net Income Margin are non-GAAP financial measures with no standardized meaning under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section of this MD&A for more information on each non-GAAP financial measure.
---	---
6	Adjusted Net Income, Adjusted Net Income per share, and Adjusted Net Income Margin for Q1 2024 were recalculated to include $9.9 million in income tax expense which was recognized in Q2 2024 but related to the retroactive application of tax measures enacted in relation to the OECD’s GMT initiative pertaining to income earned in Q1 2024.
---	---


Second Quarter 2025 Management’s Discussion and Analysis	24

Balance Sheet Review

Summary Balance Sheet and Key Financial Metrics


		At June 30,				At December 31,
(expressed in millions, except debt-to-equity ratio)	****	2025		****	2024
Cash and cash equivalents		$	160.3		$	1,451.3

Current assets		****	357.3			1,716.8
Non-current assets		****	6,663.3			4,613.6
Total assets		$	7,020.6		$	6,330.4

Current liabilities		$	84.0		$	67.5
Non-current liabilities		****	334.6			266.3
Total liabilities		$	418.6		$	333.8

Total shareholders’ equity		$	6,602.0		$	5,996.6

Total common shares outstanding		****	192.7			192.6
Capital management measures
Available capital		$	1,111.9		$	2,433.6
Debt-to-equity		****	—			—

Assets

Total assets were $7,020.6 million as at June 30, 2025 compared to $6,330.4 million as at December 31, 2024. Our non-current asset base is primarily comprised of royalty, stream and working interests, investments and loans receivable, while our current assets are primarily comprised of cash and cash equivalents, receivables and gold and silver bullion and stream inventory.

Current assets decreased compared to December 31, 2024, primarily due to the acquisitions of the Western Limb Mining Operations Stream and the Porcupine and Côté royalties. The Company funded the acquisitions with cash on hand and proceeds from the sale of gold bullion and equity investments.

Non-current assets increased primarily due to the closings of the Western Limb Mining Operations Stream, the Porcupine financing package, and the Côté royalty. These additions were partly offset by the depletion of our royalty, stream and working interests. During the 2025 period, our equity investments, which are marked to market, increase in fair value by $207.4 million.

Liabilities

Total liabilities as at June 30, 2025 increased compared to December 31, 2024, largely due to an increase in current and deferred income tax liabilities as a result of tax measures enacted in relation to the GMT.

Shareholders’ Equity

Shareholders’ equity increased compared to December 31, 2024 as a result of earning net income of $456.9 million in H1 2025 and an increase of $180.0 million in the fair value of our equity investments which are recorded at fair value through other comprehensive income. These were offset by dividends of $146.3 million of which $9.1 million was settled through the issuance of common shares pursuant to the DRIP.


Second Quarter 2025 Management’s Discussion and Analysis	25

Liquidity and Capital Resources

Cash flow for the periods ended June 30, 2025 and 2024 was as follows:


		For the three months ended						For the six months ended						****
		June 30,						June 30,
(expressed in millions)	****	2025		****	2024		****	2025		****	****	2024		****
Net cash provided by operating activities		$	430.3		$	194.3		$	719.2			$	372.9
Net cash used in investing activities		****	(1,338.1)			(36.7)		****	(1,889.1)				(227.2)
Net cash used in financing activities		****	(66.1)			(59.2)		****	(132.9)				(117.3)
Effect of exchange rate changes on cash and cash equivalents			6.1			(11.4)			11.8				(11.3)
Net change in cash and cash equivalents		$	(967.8)		$	87.0		$	(1,291.0)			$	17.1

Operating Activities

Net cash provided by operating activities was $430.3 million in Q2 2025 (Q2 2024 – $194.3 million) and $719.2 million in H1 2025, (H1 2024 – $372.9 million). Operating cash flow in Q2 2025 was higher than in Q2 2024 primarily due to an increase in revenue and higher proceeds from sales of our gold and silver bullion. During the quarter, we sold 44,484 gold ounces for gross proceeds of $147.1 million. The timing of the sale of gold and silver bullion and stream inventory may vary from period to period.

Investing Activities

Net cash used in investing activities was $1,338.1 million in Q2 2025 (Q2 2024 - $36.7 million) and $1,889.1 million in H1 2025 (H1 2024 – $227.2 million). Investing activities in Q2 2025 included the acquisition of the Côté royalty of $1,050.0 million, the closing of the Porcupine royalty of $300.0 million, and in Q1 2025, the acquisition of Discovery subscription receipts of $48.6 million and of the Western Limb Mining Operations Stream of $500.0 million.

Financing Activities

For Q2 2025, net cash used in financing activities was $66.1 million (Q2 2024 – $59.2 million) and $132.9 million in H1 2025 (H1 2024 – $117.3 million). Financing activities primarily related to the payment of dividends, offset by proceeds from the exercise of stock options held by employees of the Company.


Second Quarter 2025 Management’s Discussion and Analysis	26

Capital Resources

Our cash and cash equivalents totaled $160.3 million as at June 30, 2025 (December 31, 2024 – $1,451.3 million). In addition, we held investments of $597.8 million (December 31, 2024 – $325.5 million). Of the total investments held, $581.6 million was held in publicly-traded equity instruments (December 31, 2024 – $316.8 million). Of the $581.6 million held in publicly-traded equity instruments, $131.7 million relates to our holdings of LIORC (December 31, 2024 – $127.3 million) which we consider being equivalent to a royalty and therefore hold as a long-term strategic investment.

As at the date of this MD&A, we have one unsecured revolving credit facility available of $1.0 billion, with an accordion of $250.0 million, and a maturity date of June 3, 2029. As at June 30, 2025, we have four standby letters of credit in the amount of $48.4 million (C$66.0 million) in relation to the audit by the CRA, as referenced in the “Contingencies” section of this MD&A. These standby letters of credit reduce the available balance under the Corporate Revolver such that we have a total of $951.6 million available under the Corporate Revolver.

Subsequent to quarter-end, on July 22, 2025, we used $75.0 million of our cash on hand and $175.0 million from our Corporate Revolver to fund the acquisition of the Arthur Gold Project royalty.

Management’s objectives when managing capital are:

(a)	when capital is not being used for long-term investments, ensure its preservation and availability by investing in low-risk investments with high liquidity; and
(b)	to ensure that adequate levels of capital are maintained to meet Franco-Nevada’s operating requirements and other current liabilities.
---	---

As at June 30, 2025, our cash and cash equivalents are held in cash and term deposits with several financial institutions. Certain investments with maturities upon acquisition of 3 months, or 92 days or less, were classified as term deposits within cash and cash equivalents on the statement of financial position.

Our performance is impacted by foreign currency fluctuations of the Canadian dollar and Australian dollar relative to the U.S. dollar. The largest exposure is with respect to the Canadian/U.S. dollar exchange rates as we hold a significant amount of our assets in Canada and report our results in U.S. dollars. The effect of volatility in these currencies against the U.S. dollar impacts our corporate general and administrative expenses and the depletion of our royalty, stream and working interests incurred in our Canadian and Australian entities due to their respective functional currencies. During Q2 2025, the Canadian dollar traded in a range of $0.6970 to $0.7376, ending at $0.7330, and the Australian dollar traded between $0.6008 and $0.6551, ending at $0.6551.

Our near-term cash requirements include our capital commitments related to the pre-construction funding for the Cascabel project (of which $23.3 million was funded subsequent to quarter-end, on July 17, 2025) and the Royalty Acquisition Venture with Continental, purchase commitments for the ongoing cost per ounce under stream agreements as outlined in the “Contingencies – Purchase Commitments” section of this MD&A, corporate administration costs, certain costs of operations, commitments under our various environmental and social initiatives, payment of dividends and income taxes directly related to the recognition of royalty, stream and working interest revenues. We believe that our current cash resources, available credit facility, and future cash flows will be sufficient to cover the costs of our commitments, operating and administrative expenses, and dividend payments for the foreseeable future.

As a royalty and stream company, we are subject to limited requirements for capital expenditures beyond our initial commitments at the time of entering into our agreements. Other than the capital commitments detailed in the “Contingencies – Capital Commitments” section of this MD&A, the acquisition of additional royalties, streams or other investments are entirely discretionary and will be consummated through the use of cash, as available, or through the issuance of common shares or other equity or debt securities, or the use of our Corporate Revolver.


Second Quarter 2025 Management’s Discussion and Analysis	27

Purchase Commitments

The following table summarizes Franco-Nevada’s commitments to pay for gold, silver and PGM pursuant to the associated precious metal agreements as at June 30, 2025:


		Attributable payable																			****
		production to be purchased						Per ounce cash payment^(1),(2)^										Term of		Date of	****
Interest	****	Gold	****	Silver	****	PGM	****	Gold		****	Silver			PGM			****	agreement^(3)^	****	contract	****
Antamina		—	%	22.5	% ^(4)^	—	%		n/a			5	% ^(5)^		n/a			40 years		7-Oct-15
Antapaccay		—	% ^(6)^	—	% ^(7)^	—	%		20	% ^(8)^		20	% ^(9)^		n/a			40 years		10-Feb-16
Candelaria		68	% ^(10)^	68	% ^(10)^	—	%	$	400		$	4.00			n/a			40 years		6-Oct-14
Cascabel		14	% ^(11)^	—	%	—	%		20	% ^(12)^		n/a			n/a			40 years		15-Jul-24
Cooke 4		7	%	—	%	—	%	$	400			n/a			n/a			40 years		5-Nov-09
Cobre Panama Fixed Payment Stream		—	% ^(13)^	—	% ^(14)^	—	%	$	418	^(15)^	$	6.27	^(16)^		n/a			40 years		19-Jan-18
Cobre Panama Floating Payment Stream		—	% ^(17)^	—	% ^(18)^	—	%		20	% ^(19)^		20	% ^(20)^		n/a			40 years		19-Jan-18
Condestable		—	% ^(21)^	—	% ^(22)^	—	%		20	% ^(23)^		20	% ^(24)^		n/a			40 years		27-Mar-24
Guadalupe-Palmarejo		50	%	—	%	—	%	$	800			n/a			n/a			40 years		2-Oct-14
Karma		4.875	%	—	%	—	%		20	%^(25)^		n/a			n/a			40 years		11-Aug-14
New Prosperity		22	% ^(26)^	—	%	—	%	$	400	^(27)^		n/a			n/a			40 years		12-May-10
Sabodala		—	% ^(28)^	—	%	—	%		20	% ^(29)^		n/a			n/a			40 years		25-Sep-20
Sudbury ^(30)^		50	%	—	%	50	%	$	400			n/a		$	400			40 years		15-Jul-08
Tocantinzinho		12.5	% ^(31)^	—	%	—	%		20	% ^(32)^		n/a			n/a			40 years		18-Jul-22
Western Limb Mining Operations		—	% ^(33)^	—	%	1	% ^(34)^		5	% ^(35)^		n/a			5	%		40 years		28-Feb-25

1	Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Cascabel, Guadalupe-Palmarejo, Karma, Sabodala, Tocantinzinho and Western Limb Mining Operations.
2	Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price.
---	---
3	Subject to successive extensions.
---	---
4	Subject to a fixed payability of 90%. Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement.
---	---
5	Purchase price is 5% of the average silver price at the time of delivery.
---	---
6	Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold has been delivered. Thereafter, percentage is 30% of gold shipped.
---	---
7	Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver has been delivered. Thereafter, percentage is 30% of silver shipped.
---	---
8	Purchase price is 20% of the spot price of gold until 750,000 ounces of gold have been delivered, thereafter the purchase price is 30% of the spot price of gold.
---	---
9	Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver have been delivered, thereafter the purchase price is 30% of the spot price of silver.
---	---
10	Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement.
---	---
11	Percentage decreases to 8.4% after 525,000 ounces of gold have been delivered to Franco-Nevada (Barbados) Corporation under the agreement.
---	---
12	Purchase price is 20% of the spot price of gold at the time of delivery.
---	---
13	Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced until 1,716,188 ounces of gold delivered. Thereafter, 63.4% of the gold in concentrate.
---	---
14	Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter 1,776 ounces of silver per 1 million pounds of copper produced until 29,731,000 ounces of silver delivered. Thereafter, 62.1% of the silver in concentrate.
---	---
15	After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce, subject to an annual inflationary adjustment. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada received a reduction of the applicable fixed gold price of $100 per ounce until the end of Q2 2023.
---	---
16	After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce, subject to an annual inflationary adjustment.
---	---
17	Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced until 429,047 ounces of gold delivered. Thereafter, 15.85% of the gold in concentrate.
---	---
18	Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced until 7,432,750 ounces of silver delivered. Thereafter 15.53% of the silver in concentrate.
---	---
19	After 604,000 ounces of gold delivered, purchase price is 50% of the spot price of gold. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada received a reduction of the applicable floating gold price of $100 per ounce until the end of Q2 2023.
---	---
20	After 9,618,000 ounces of silver delivered, purchase price is 50% of the spot price of silver.
---	---
21	Gold deliveries are fixed at 8,760 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the gold in concentrate until a cumulative total of 87,600 ounces of gold delivered. Thereafter, 37.5% of the gold in concentrate.
---	---
22	Silver deliveries are fixed at 291,000 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the silver in concentrate until a cumulative total of 2,910,000 ounces of silver delivered. Thereafter, 37.5% of the silver in concentrate.
---	---
23	Purchase price is 20% of the spot price of gold at the time of delivery.
---	---
24	Purchase price is 20% of the spot price of silver at the time of delivery.
---	---
25	Purchase price is 20% of the average gold price at the time of delivery.
---	---
26	Franco-Nevada has the right to acquire a 22% gold stream on New Prosperity for $350.0 million.
---	---
27	Purchase price is subject to a 1% annual increase, compounding annually, that commenced in May 2014.
---	---
28	Based on amended agreement with an effective date of September 1, 2020, gold deliveries are fixed at 783.33 ounces per month until 105,750 ounces of gold is delivered. Thereafter, percentage is 6% of gold production (subject to reconciliation after fixed delivery period to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under the original 6% variable stream for such period, entitling the operator to a credit for an over-delivery applied against future stream deliveries or a one-time additional delivery to Franco-Nevada for an under-delivery).
---	---
29	Purchase price is 20% of prevailing market price at the time of delivery.
---	---
30	Franco-Nevada is committed to purchase 50% of the precious metals contained in ore from the properties. Payment is based on gold equivalent ounces. For McCreedy West, effective June 1, 2021, purchase price per gold equivalent ounce is determined based on the monthly average gold spot price: (i) when the gold spot price is less than $800 per ounce, the purchase price is the prevailing monthly average gold spot price; (ii) when the gold spot price is greater than $800 per ounce but less than $1,333 per ounce, the purchase price is $800 per ounce; (iii) when the gold spot price is greater than $1,333 per ounce but
---	---


Second Quarter 2025 Management’s Discussion and Analysis	28

less than $2,000 per ounce, the purchase price is 60% of the prevailing monthly average gold spot price; and (iv) when the gold spot price is greater than $2,000, the purchase price is $1,200 per ounce.
31	Percentage decreases to 7.5% after 300,000 ounces of gold have been delivered under the agreement.
---	---
32	Purchase price is 20% of the spot price of gold at the time of delivery.
---	---
33	Gold deliveries are referenced to platinum, palladium, rhodium and gold (“4E”) ounces contained in concentrate with deliveries of gold ounces initially equal to 1.1% of 4E PGM ounces contained in concentrate, until 87,500 ounces of gold delivered. Thereafter, deliveries of gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate, until a total of 237,000 ounces of gold delivered. Thereafter, 80.0% of gold contained in concentrate.
---	---
34	Percentage increases to 2.1% of platinum contained in concentrate after 48,000 ounces of platinum delivered. Platinum deliveries are capped at 294,000 ounces of platinum.
---	---
35	After 237,000 ounces of gold delivered, purchase price is 10% of the spot price of gold.
---	---

Capital Commitments

As at June 30, 2025, we have the following investment commitments with respect to our royalty and stream interests:


Asset	Commitment	Obligating Event	****
Cascabel stream	$501.6 million	Without limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of SolGold plc, and availability of the remainder of the required project financing
Discovery term loan	$100.0 million	Receipt of written notice from Discovery within two years after closing date of April 15, 2025 and upon completion of customary conditions
Royalty Acquisition Venture with Continental	$41.9 million	Acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company
Yanacocha royalty	118,534 Franco-Nevada common shares (equivalent to $15.0 million at closing)	Achievement of commercial production and receipt of royalty payments from the Conga project for a full year within 20 years of the August 13, 2024 purchase agreement
Copper World royalty	$12.5 million	50% of commitment payable upon the project having all necessary permits and approvals and being free of legal challenges. 50% of commitment payable upon Franco-Nevada receiving royalty payments from the operator. Proportionate reduction of such contingent payments for a smaller-scale mine having anticipated life of mine production of copper contained in concentrate between 550,000 short tons and 1,703,000 short tons
Salares Norte (Rio Baker) royalty	$8.0 million	Receipt of Rio Baker royalty payments (excluding proceeds from the exercise by Gold Fields Limited of a partial buy back option on the royalty) in excess of $15 million
Royalty with EMX Royalty Corporation	$4.9 million	Sourcing by EMX of newly created precious metals and copper royalties meeting specified criteria within three years of the June 27, 2023 joint acquisition agreement
Eskay Creek royalty	C$4.5 million	Skeena Resources having obtained mineral and surface rights to the materials contained in the Albino Lake storage facility, and such materials containing at least 300,000 ounces of contained gold that are contemplated to be mined in a mine plan approved by the board of Skeena Resources

Subsequent to quarter-end, the Company entered into capital commitments related to its royalty interests on the Arthur Gold Project and the Gold Quarry mine, as detailed in the “Corporate Developments” section of this MD&A.

We also have commitments related to environmental and social initiatives in connection with our acquisition of royalty and stream interests.


Second Quarter 2025 Management’s Discussion and Analysis	29

Contingencies

(a)	Cobre Panama

On June 18, 2025, we agreed to suspend the arbitration against the Government of Panama we had filed under the Canada-Panama Free Trade Agreement with the International Centre for Settlement of Investment Disputes on June 27, 2024.

(b)	Canada Revenue Agency Audit

The CRA is conducting an audit of Franco-Nevada for the 2013-2021 taxation years.

Transfer Pricing Reassessments

The Company has received reassessments from the CRA made on the basis of the transfer pricing provisions in the Income Tax Act (Canada) (the “Act”). The following table provides a summary of the CRA audit and reassessment matters further detailed below:


	CRA Position	Taxation Years Reassessed	Potential Exposure for Tax, Interest and Penalties<br><br>(in millions)
Transfer Pricing (Mexico)<br><br>	Transfer pricing provisions in the Act apply such that a majority of the income earned by the Company’s Mexican subsidiary should be included in the income of the Company and subject to tax in Canada.<br><br>	2013-2016	For 2013-2016:<br><br>Tax: $21.9 (C$29.9)<br><br>Transfer pricing penalties: $8.8 (C$12.0)<br><br>Interest and other penalties: $19.4 (C$26.5)<br><br><br><br>The amounts set forth above do not include any potential relief under the Canada-Mexico tax treaty.<br><br><br><br>The Company’s Mexican subsidiary ceased operations after 2016 and no reassessments for this issue are expected for subsequent years.<br><br>
Transfer Pricing (Barbados)<br><br>	Transfer pricing provisions in the Act apply such that a majority of the income relating to certain precious metal streams earned by the Company’s Barbadian subsidiary should be included in the income of the Company and subject to tax in Canada.<br><br>	2014-2019	For 2014-2019:<br><br>Tax: $81.4 (C$111.1)<br><br>Transfer pricing penalties:<br><br>$12.9 (C$17.6) for 2014-2017;<br><br>$17.8 (C$24.4) for 2018-2019 under review<br><br>Interest and other penalties: $41.0 (C$56.2)<br><br><br><br>If the CRA were to reassess the 2020-2024 taxation years on the same basis:<br><br>Tax: $287.9 (C$392.8)<br><br>Transfer pricing penalties: $108.9 (C$148.6)<br><br>Interest and other penalties: $76.6 (C$104.6)
(i)	Mexico (2013-2016)
---	---

In December of 2018, 2019, and 2021, the Company received Notices of Reassessment from the CRA for taxation years 2013 (the “2013 Reassessment”), 2014 and 2015 (the “2014-2015 Reassessments”), and 2016 (the “2016 Reassessment”, collectively with the 2013 Reassessment and the 2014-2015 Reassessments, the “2013-2016 Reassessments”) in relation to its Mexican subsidiary. The reassessments were made on the basis of the transfer pricing provisions in the Act and assert that a majority of the income earned by the Mexican subsidiary should have been included in the income of the Company and subject to tax in Canada. The 2013-2016 Reassessments result in additional Federal and provincial income taxes of $21.9 million (C$29.9 million) plus estimated interest (calculated to June 30, 2025) and other penalties of $19.4 million (C$26.5 million) but before any relief under the Canada-Mexico tax treaty.


Second Quarter 2025 Management’s Discussion and Analysis	30

Subsequently, the CRA issued revised 2013-2016 Reassessments to include transfer pricing penalties of $8.8 million (C$12.0 million). The Company has filed formal Notices of Objection with the CRA against the 2013-2016 Reassessments and has posted security in the form of cash and standby letter of credit for 50% of the reassessed amounts, as referenced in Note 10 and Note 11 of the financial statements. The Company has commenced an appeal in the Tax Court of Canada with respect to the 2013 Reassessment and the 2014-2015 Reassessments.

The Company’s Mexican subsidiary ceased operations after 2016 and no reassessments are expected for subsequent years.

For taxation years 2013 through 2016, the Company’s Mexican subsidiary paid a total of $34.1 million (490.3 million Pesos) in cash taxes, at a 30% tax rate, to the Mexican tax authorities on income earned in Mexico. If required, the Company intends to seek relief from double taxation under the Canada-Mexico tax treaty.

(ii)	Barbados (2014-2021)

The 2014-2015 Reassessments, 2016 Reassessment, and a Notice of Reassessment received by the Company in December 2021 for taxation year 2017 (the “2017 Reassessment”, collectively with the 2014-2015 Reassessments and the 2016 Reassessment, the “2014-2017 Reassessments”) also reassess the Company in relation to its Barbadian subsidiary. The reassessments were made on the basis of the transfer pricing provisions in the Act and assert that a majority of the income relating to certain precious metal streams earned by the Barbadian subsidiary should have been included in the income of the Company and subject to tax in Canada, resulting in additional Federal and provincial income taxes of $34.1 million (C$46.5 million) plus estimated interest (calculated to June 30, 2025) and other penalties of $19.1 million (C$26.3 million).

Subsequently, the CRA issued revised 2014-2017 Reassessments to include transfer pricing penalties of $12.9 million (C$17.6 million). The Company has filed formal Notices of Objection with the CRA against the 2014-2017 Reassessments and has posted security in the form of cash and standby letter of credit for 50% of the reassessed amounts, as referenced in Note 10 and Note 11 of the financial statements. The Company has commenced an appeal in the Tax Court of Canada with respect to the 2014-2015 Reassessments.

In December of 2023 and November of 2024, the Company received Notices of Reassessment for taxation years 2018 (the “2018 Reassessment”) and 2019 (the “2019 Reassessment”, and collectively with the 2013-2016 Reassessments, the 2017 Reassessment, and the 2018 Reassessment, the “Transfer Pricing Reassessments”). The 2018 and 2019 Reassessments reassess the Company in relation to its Barbadian subsidiary on the same basis as the 2014-2017 Reassessments, resulting in additional Federal and provincial income taxes of $47.3 million (C$64.6 million) plus estimated interest (calculated to June 30, 2025) and other penalties of $21.9 million (C$29.9 million). The Company has filed formal Notices of Objection with the CRA against the 2018 and 2019 Reassessments and has posted security in the form of cash and standby letter of credit for 50% of the reassessed amounts, as referenced in Note 10 and Note 11 of the financial statements. The 2018 and 2019 Reassessments did not include transfer pricing penalties which are currently under review. If the CRA were to apply transfer pricing penalties, the Company estimates that the amounts would be approximately $17.8 million (C$24.4 million).

If the CRA were to reassess the Company for taxation years 2020 through 2024 on the same basis and continue to apply transfer pricing penalties, the Company estimates that it would be subject to additional Canadian tax for these years of approximately $287.9 million (C$392.8 million), transfer pricing penalties of approximately $108.9 million (C$148.6 million) plus interest (calculated to June 30, 2025) and other penalties of approximately $76.6 million (C$104.6 million).

For the 2024 taxation year, the Company’s Barbadian subsidiary will pay a total of $54.4 million in cash taxes to the Barbadian tax authorities on income earned in Barbados, as it is subject to an effective 15% tax rate resulting from the Government of Barbados enacting legislation to implement tax measures in response to the OECD Pillar Two Global Minimum Tax initiatives. If required, the Company intends to seek relief from double taxation under the Canada-Barbados tax treaty.

In 2024, the CRA expanded its audit to include the 2020 and 2021 taxation years. The Company has not received any proposal or Notices of Reassessment for these taxation years in connection with this audit.

Management believes that the Company and its subsidiaries have filed all tax returns and paid all applicable taxes in compliance with Canadian and applicable foreign tax laws and, as a result, no liabilities have been recorded in the financial statements of the Company for the Transfer Pricing Reassessments, or for any potential tax exposure that may arise in respect of these matters. The Company does not believe that the Transfer Pricing Reassessments are supported by Canadian tax law and jurisprudence and intends to vigorously defend its tax filing positions.

The CRA audit is ongoing and there can be no assurance that the CRA will not further challenge the manner in which the Company or any of its subsidiaries has filed its tax returns and reported its income. In the event that the CRA successfully challenges the manner in which the Company or a subsidiary has filed its tax returns and reported its income, this could potentially result in additional income taxes, penalties and interest, which could have a material adverse effect on the Company.


Second Quarter 2025 Management’s Discussion and Analysis	31

Critical Accounting Policies and Estimates

The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience. However, actual outcomes may differ from the amounts included in the consolidated financial statements.

Our material accounting policies and estimates are disclosed in Notes 2 and 3 of our 2024 audited consolidated financial statements and Note 2 of our financial statements for the three and six months ended June 30, 2025.

New Accounting Standards Issued But Not Yet Effective

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted.

Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments (“IFRS 9”) and IFRS 7 Financial Instruments: Disclosures (“IFRS 7”). The amendments clarify the date of recognition and derecognition of financial assets and liabilities, clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (“SPPI”) criterion, add new disclosures for financial instruments with contractual terms that can change cash flows, and update the disclosure for equity investments designated at FVTOCI. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. The Company is currently assessing the impact of the amendments.

IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”) was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.

Outstanding Share Data

Franco-Nevada is authorized to issue an unlimited number of common and preferred shares. A detailed description of the rights, privileges, restrictions and conditions attached to each class of authorized shares is included in our most recent Annual Information Form, a copy of which can be found on SEDAR+ at www.sedarplus.com and in our Form 40-F, a copy of which can be found on EDGAR at www.sec.gov.

As of August 8, 2025, the number of common shares outstanding or issuable pursuant to other outstanding securities is as follows:


Common Shares	****	Number	****
Outstanding		192,701,088
Issuable upon exercise of Franco-Nevada options^(1)^		587,476
Issuable upon vesting of Franco-Nevada RSUs^(2)^		108,458
Diluted common shares		193,397,022
1	There were 587,476 stock options under our share compensation plan outstanding to directors, officers, employees and others with exercise prices ranging from C$65.76 to C$231.18 per share. The above table assumes all stock options are exercisable.
---	---
2	There were 35,339 time-based RSUs and 76,020 performance-based RSUs. Vesting of the performance-based RSUs are subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 200% of the number granted. The above table assumes a performance multiplier of 100% of performance-based RSUs granted.
---	---

During the six months ended June 30, 2025, we did not issue or have any outstanding preferred shares.


Second Quarter 2025 Management’s Discussion and Analysis	32

Internal Control Over Financial Reporting and Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining Franco-Nevada’s internal control over financial reporting and other financial disclosure and our disclosure controls and procedures.

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards. Franco-Nevada’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of Franco-Nevada; (ii) are designed to provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards, and that receipts and expenditures of Franco-Nevada are being made only in accordance with authorizations of management and directors of Franco-Nevada; and (iii) are designed to provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Franco-Nevada’s assets that could have a material effect on Franco-Nevada’s financial statements. Internal control over other financial disclosure is a process designed to ensure that other financial information included in this MD&A fairly represents, in all material respects, the financial condition, results of operations and cash flows of Franco-Nevada for the periods presented in this MD&A.

Franco-Nevada’s disclosure controls and procedures are designed to provide reasonable assurance that material information relating to Franco-Nevada, including its consolidated subsidiaries, is made known to management by others within those entities, particularly during the period in which this MD&A is prepared and that information required to be disclosed by Franco-Nevada in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation.

Due to its inherent limitations, internal control over financial reporting and other financial disclosure may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may change.

For the three and six months ended June 30, 2025, there has been no change in Franco-Nevada’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Franco-Nevada’s internal control over financial reporting.

Gold Equivalent Ounces and Net Gold Equivalent Ounces

Gold Equivalent Ounces

GEOs include Franco-Nevada’s attributable share of production from all of our royalties, streams and working interests, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion.

Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. For illustrative purposes, please refer to the average commodity price table on pages 12 and 17 of this MD&A for indicative prices which may be used in the calculation of GEOs for the three and six months ended June 30, 2025 and 2024, respectively.

Net Gold Equivalent Ounces

Net GEOs are GEOs sold, net of direct operating costs, including, for our stream GEOs, the associated ongoing cost per ounce. We use Net GEOs to reflect that GEOs from royalty interests have different economics than GEOs from stream interests due to the ongoing cost per ounce associated with GEOs from streams. We calculate Net GEOs on a quarterly basis by dividing Cash Costs (as defined below in the “Non-GAAP Financial Measures” section) by the average gold price (based on the LBMA PM Fix during the period), and subtracting this total from GEOs sold in the period.


Second Quarter 2025 Management’s Discussion and Analysis	33

Calculation of Net Gold Equivalent Ounces:


(expressed in millions, excepts GEOs and Average Gold Price)	****	Q1 2025		****	****	Q2 2025		****	****	For the six months ended June 30, 2025	****
GEOs			126,585				112,093			238,678
Less:
Cash Costs		$	38.5			$	33.5		$	72.0
Divided by: Average gold price per ounce		$	2,863			$	3,279		$	3,043
			13,447				10,217			23,664
Net GEOs			113,138				101,876			215,014


(expressed in millions, excepts GEOs and Average Gold Price)	****	Q1 2024		****	****	Q2 2024		****	****	For the six months ended June 30, 2024	****
GEOs			122,897				110,264			233,161
Less:
Cash Costs		$	33.6			$	29.1		$	62.7
Divided by: Average gold price per ounce		$	2,072			$	2,338		$	2,187
			16,216				12,447			28,663
Net GEOs			106,681				97,817			204,498

Non-GAAP Financial Measures

Cash Costs and Cash Costs per GEO

Cash Costs and Cash Costs per GEO sold are non-GAAP financial measures. Cash Costs is defined by Franco-Nevada as total costs of sales less depletion and depreciation expense. Cash Costs per GEO sold is calculated by dividing Cash Costs by the number of GEOs sold in the period, excluding prepaid GEOs.

Management uses Cash Costs and Cash Costs per GEO sold to evaluate Franco-Nevada’s ability to generate positive cash flow from its royalty, stream and working interests. Management and certain investors also use this information to evaluate Franco-Nevada’s performance relative to peers in the mining industry who present this measure on a similar basis. Cash Costs and Cash Costs per GEO sold 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 Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Reconciliation of Cash Costs and Cash Costs per GEO sold:


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except per GEO amounts)	****	2025		****	****	2024		****	****	2025		****	****	2024
Total costs of sales		$	97.5			$	82.0			$	204.4			$	173.8
Depletion and depreciation			(64.0)				(52.9)				(132.4)				(111.1)
Cash Costs		$	33.5			$	29.1			$	72.0			$	62.7
GEOs		****	112,093				110,264			****	238,678				233,161
Cash Costs per GEO sold		$	299			$	264			$	302			$	269


Second Quarter 2025 Management’s Discussion and Analysis	34

Adjusted EBITDA and Adjusted EBITDA per Share

Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income and earnings per share (“EPS”):

●	Income tax expense/recovery;
●	Finance expenses;
---	---
●	Finance income;
---	---
●	Depletion and depreciation;
---	---
●	Impairment losses and reversals related to royalty, stream and working interests;
---	---
●	Gains/losses on disposal of royalty, stream and working interests;
---	---
●	Impairment losses and expected credit losses related to investments, loans receivable and other financial instruments;
---	---
●	Changes in fair value of investments, loans receivable and other financial instruments; and
---	---
●	Foreign exchange gains/losses and other income/expenses.
---	---

Management uses Adjusted EBITDA and Adjusted EBITDA per share to evaluate the underlying operating performance of Franco-Nevada 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. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net income and EPS, our investors and analysts use Adjusted EBITDA and Adjusted EBITDA per share to evaluate the results of the underlying business of Franco-Nevada and its ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund acquisitions. 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 Franco-Nevada’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 Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Reconciliation of Net Income to Adjusted EBITDA:


		For the three months ended								For the six months ended						****
		June 30,								June 30,
(expressed in millions, except per share amounts)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Net income		$	247.1			$	79.5			$	456.9			$	224.0
Income tax expense		****	68.6				95.3				128.4				122.8
Finance expenses		****	0.8				0.6				1.5				1.2
Finance income		****	(6.6)				(16.2)				(17.7)				(32.2)
Depletion and depreciation		****	64.0				52.9				132.4				111.1
Impairment reversal		****	(4.1)				—				(4.1)				—
Gain on disposal of royalty interests			—				—				—				(0.3)
Foreign exchange (gain) loss and other (income) expenses		****	(4.1)				9.8				(9.8)				11.4
Adjusted EBITDA		$	365.7			$	221.9			$	687.6			$	438.0
Basic weighted average shares outstanding		****	192.7				192.3			****	192.6				192.2

Basic earnings per share		$	1.28			$	0.41			$	2.37			$	1.17
Income tax expense		****	0.36				0.50				0.67				0.64
Finance expenses		****	—				—				0.01				0.01
Finance income		****	(0.03)				(0.08)				(0.09)				(0.17)
Depletion and depreciation		****	0.33				0.28				0.69				0.58
Impairment reversal		****	(0.02)				—				(0.02)				—
Gain on disposal of royalty interests		****	—				—				—				—
Foreign exchange (gain) loss and other (income) expenses		****	(0.02)				0.04				(0.06)				0.05
Adjusted EBITDA per share		$	1.90			$	1.15			$	3.57			$	2.28


Second Quarter 2025 Management’s Discussion and Analysis	35

Adjusted EBITDA Margin

Adjusted EBITDA Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted EBITDA divided by revenue. Franco-Nevada uses Adjusted EBITDA Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards, our investors and analysts use Adjusted EBITDA Margin to evaluate the Company’s ability to contain costs relative to revenue. Adjusted EBITDA Margin is 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 Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Calculation of Adjusted EBITDA Margin:


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except Adjusted EBITDA Margin)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Adjusted EBITDA		$	365.7			$	221.9			$	687.6			$	438.0
Revenue		****	369.4				260.1			****	737.8				516.9
Adjusted EBITDA Margin		****	99.0	%			85.3	%		****	93.2	%			84.7	%

Adjusted Net Income and Adjusted Net Income per Share

Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income and EPS:

●	Foreign exchange gains/losses and other income/expenses;
●	Impairment losses and reversals related to royalty, stream and working interests;
---	---
●	Gains/losses on disposal of royalty, stream and working interests;
---	---
●	Impairment losses and expected credit losses related to investments, loans receivable and other financial instruments;
---	---
●	Changes in fair value of investments, loans receivable and other financial instruments;
---	---
●	Impact of income taxes on these items;
---	---
●	Income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and
---	---
●	Income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates.
---	---

Management uses Adjusted Net Income and Adjusted Net Income per share to evaluate the underlying operating performance of Franco-Nevada 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. Management believes that, in addition to measures prepared in accordance with IFRS Accounting Standards such as net income and EPS, our investors and analysts use Adjusted Net Income and Adjusted Net Income per share to evaluate the results of the underlying business of Franco-Nevada, particularly since the items that are adjusted for are typically not included in our guidance. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted Net Income and Adjusted Net Income per share are useful measures of Franco-Nevada’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 Net Income and Adjusted Net Income per share are 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 Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.


Second Quarter 2025 Management’s Discussion and Analysis	36

Reconciliation of Net Income to Adjusted Net Income:


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except per share amounts)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Net income		$	247.1			$	79.5			$	456.9			$	224.0
Impairment reversal		****	(4.1)				—			****	(4.1)				—
Gain on disposal of royalty interests		****	—				—				—				(0.3)
Foreign exchange (gain) loss and other (income) expenses		****	(4.1)				9.8			****	(9.8)				11.4
Tax effect of adjustments			(0.4)				(2.0)				1.0				(2.0)
Other tax related adjustments
Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate			—				49.1				—				49.1
Q1 2024 retroactive impact of GMT			—				9.9				—				—
Change in unrecognized deferred income tax assets			—				(1.4)				—				(1.4)
Adjusted Net Income		$	238.5			$	144.9			$	444.0			$	280.8
Basic weighted average shares outstanding		****	192.7				192.3			****	192.6				192.2

Basic earnings per share		$	1.28			$	0.41			$	2.37			$	1.17
Impairment reversal			(0.02)				—				(0.02)				—
Gain on disposal of royalty interests			—				—				—				—
Foreign exchange (gain) loss and other (income) expenses		****	(0.02)				0.05			****	(0.05)				0.05
Tax effect of adjustments			—				(0.01)				0.01				(0.01)
Other tax related adjustments
Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate		****	—				0.26			****	—				0.26
Q1 2024 retroactive impact of GMT			—				0.05			****	—				—
Change in unrecognized deferred income tax assets		****	—				(0.01)			****	—				(0.01)
Adjusted Net Income per share		$	1.24			$	0.75			$	2.31			$	1.46

Adjusted Net Income Margin

Adjusted Net Income Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted Net Income divided by revenue. Franco-Nevada uses Adjusted Net Income Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards, our investors and analysts use Adjusted Net Income Margin to evaluate the Company’s ability to contain costs relative to revenue. Adjusted Net Income Margin is 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 Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Calculation of Adjusted Net Income Margin:


		For the three months ended								For the six months ended
		June 30,								June 30,
(expressed in millions, except Adjusted Net Income Margin)	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Adjusted Net Income		$	238.5			$	144.9			$	444.0			$	280.8
Revenue		****	369.4				260.1			****	737.8				516.9
Adjusted Net Income Margin		****	64.6	%			55.7	%		****	60.2	%			54.3	%


Second Quarter 2025 Management’s Discussion and Analysis	37

Cautionary Statement on Forward-Looking Information

This MD&A contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States 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, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the CRA, the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panama mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives 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 mineral resources and mineral reserves, GEOs or mine lives 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”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (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; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where 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 and control of such operators; relinquishment or sale of mineral properties; 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 the Company 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, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral 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, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein 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 commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its 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 development 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 assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. 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 Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof 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.


Second Quarter 2025 Management’s Discussion and Analysis	38

FRANCO-NEVADA CORPORATION_2025-06-30

Exhibit 99.3

Franco-Nevada Corporation

Condensed Consolidated Statements of Financial Position

(unaudited, in millions of U.S. dollars)


	At June 30,				At December 31,
	2025		****	****	2024

ASSETS
Cash and cash equivalents (Note 4)	$	160.3			$	1,451.3
Receivables	****	146.7				151.8
Gold and silver bullion and stream inventory (Note 7)		7.0				96.8
Loans receivable (Note 6)	****	17.8				5.9
Other current assets (Note 8)	****	25.5				11.0
Current assets	$	357.3			$	1,716.8

Royalty, stream and working interests, net (Note 9)	$	5,899.8			$	4,098.8
Investments (Note 5)	****	597.8				325.5
Loans receivable (Note 6)		82.5				104.1
Deferred income tax assets	****	25.7				30.8
Other assets (Note 10)	****	57.5				54.4
Total assets	$	7,020.6			$	6,330.4

LIABILITIES
Accounts payable and accrued liabilities	$	33.6			$	28.7
Income tax liabilities	****	50.4				38.8
Current liabilities	$	84.0			$	67.5

Deferred income tax liabilities	$	311.6			$	238.0
Income tax liabilities		13.0				19.8
Other liabilities		10.0				8.5
Total liabilities	$	418.6			$	333.8

SHAREHOLDERS’ EQUITY
Share capital (Note 20)	$	5,789.2			$	5,769.1
Contributed surplus	****	19.3				23.0
Retained earnings	****	806.6				486.5
Accumulated other comprehensive loss	****	(13.1)				(282.0)
Total shareholders’ equity	$	6,602.0			$	5,996.6
Total liabilities and shareholders’ equity	$	7,020.6			$	6,330.4

Commitments and contingencies (Notes 24 and 25)
Subsequent events (Note 26)

The accompanying notes are an integral part of these condensed consolidated financial statements.


2025 Second Quarter Financial Statements	2

Franco-Nevada Corporation

Condensed Consolidated Statements of Income and Comprehensive Income

(unaudited, in millions of U.S. dollars and shares, except per share amounts)


		For the three months ended								For the six months ended
		June 30,								June 30,
	****	2025		****	****	2024		****		2025		****	****	2024
Revenue
Revenue from royalty, streams and working interests (Note 12)		$	366.7			$	257.6		****	$	732.2			$	513.2
Interest revenue (Note 6a and b)			2.7				2.2		****		5.6				3.1
Other interest income			—				0.3				—				0.6
Total revenue		$	369.4			$	260.1			$	737.8			$	516.9

Costs of sales
Costs of sales (Note 13)		$	33.5			$	29.1		****	$	72.0			$	62.7
Depletion and depreciation			64.0				52.9		****		132.4				111.1
Total costs of sales		$	97.5			$	82.0			$	204.4			$	173.8
Gross profit		$	271.9			$	178.1			$	533.4			$	343.1

Other operating expenses (income)
General and administrative expenses (Note 14)		$	5.7			$	7.6		****	$	14.4			$	11.8
Share-based compensation expenses (Note 15)			2.8				1.8				8.5				4.6
Cobre Panama arbitration expenses (Note 25a)			3.9				0.8				4.6				2.3
Impairment reversal (Note 9)			(4.1)				—		****		(4.1)				—
Gain on disposal of royalty interests			—				—		****		—				(0.3)
Gain on sale of gold and silver bullion (Note 7)			(42.2)				(1.1)		****		(49.3)				(2.5)
Total other operating (income) expenses		$	(33.9)			$	9.1		****	$	(25.9)			$	15.9
Operating income		$	305.8			$	169.0		****	$	559.3			$	327.2
Foreign exchange gain (loss) and other income (expenses) (Note 17)		$	4.1			$	(9.8)		****	$	9.8			$	(11.4)
Income before finance items and income taxes		$	309.9			$	159.2		****	$	569.1			$	315.8

Finance items (Note 18)
Finance income		$	6.6			$	16.2		****	$	17.7			$	32.2
Finance expenses			(0.8)				(0.6)		****		(1.5)				(1.2)
Net income before income taxes		$	315.7			$	174.8		****	$	585.3			$	346.8

Income tax expense (Note 19)			68.6				95.3		****		128.4				122.8
Net income		$	247.1			$	79.5			$	456.9			$	224.0

Other comprehensive income (loss), net of taxes

Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment		$	95.7			$	(12.3)		****	$	98.4			$	(51.5)

Items that will not be reclassified subsequently to profit and loss:
Gain on changes in the fair value of equity investments									****
at fair value through other comprehensive income ("FVTOCI"),
net of income tax (Note 5)			31.2				15.4				180.0				17.2
Other comprehensive income (loss), net of taxes		$	126.9			$	3.1		****	$	278.4			$	(34.3)

Comprehensive income		$	374.0			$	82.6			$	735.3			$	189.7

Earnings per share (Note 21)
Basic		$	1.28			$	0.41			$	2.37			$	1.17
Diluted		$	1.28			$	0.41			$	2.37			$	1.16
Weighted average number of shares outstanding (Note 21)
Basic			192.7				192.3				192.6				192.2
Diluted			193.0				192.5				192.9				192.4

The accompanying notes are an integral part of these condensed consolidated financial statements.


2025 Second Quarter Financial Statements	3

Franco-Nevada Corporation

Condensed Consolidated Statements of Cash Flows

(unaudited, in millions of U.S. dollars)


		For the three months ended								For the six months ended
		June 30,								June 30,
	****	2025		****	****	2024		** **	****	2025		****	****	2024		** **
Cash flows from operating activities
Net income		$	247.1			$	79.5			$	456.9			$	224.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation		****	64.0				52.9			****	132.4				111.1
Share-based compensation expenses		****	1.0				1.5			****	3.1				2.9
Impairment reversal		****	(4.1)				—			****	(4.1)				—
Gain on disposal of royalty interests		****	—				—			****	—				(0.3)
Unrealized foreign exchange (gain) loss		****	(5.2)				6.7			****	(11.2)				7.8
Deferred income tax expense		****	37.2				50.9			****	46.3				56.3
Gain on sale of gold and silver bullion			(42.2)				(1.1)				(49.3)				(2.5)
Other non-cash items		****	(5.3)				(0.9)			****	(5.6)				(1.5)
Gold and silver bullion from royalties received in-kind			(10.9)				(16.5)				(30.1)				(32.4)
Proceeds from sale of gold and silver bullion			147.1				5.9				177.3				16.6
Changes in other assets		****	—				—			****	—				(17.4)
Operating cash flows before changes in non-cash working capital		$	428.7			$	178.9			$	715.7			$	364.6
Changes in non-cash working capital:
Decrease (increase) in receivables		$	13.5			$	5.8			$	5.1			$	(9.9)
(Increase) decrease in other current assets		****	(20.0)				1.8			****	(11.1)				2.5
Increase in accounts payable and accrued liabilities		****	8.1				7.8			****	9.5				15.7
Net cash provided by operating activities		$	430.3			$	194.3			$	719.2			$	372.9

Cash flows used in investing activities
Acquisition of royalty, stream and working interests		$	(1,360.4)			$	(16.2)			$	(1,865.6)			$	(163.1)
Acquisition of investments			(3.0)				(4.3)				(55.3)				(11.0)
Proceeds from sale of investments		****	15.8				1.1			****	25.5				1.1
Proceeds from repayment of loan receivable		****	10.0				18.9			****	10.0				18.9
Acquisition of property and equipment			(0.1)				—			****	(2.1)				(0.1)
Acquisition of energy well equipment		****	(0.4)				(0.4)			****	(1.6)				(0.7)
Advances of loans receivable			—				(42.3)				—				(83.5)
Proceeds from disposal of royalty interests			—				6.5			****	—				11.2
Net cash used in investing activities		$	(1,338.1)			$	(36.7)			$	(1,889.1)			$	(227.2)

Cash flows used in financing activities
Payment of dividends		$	(67.0)			$	(60.3)			$	(137.2)			$	(119.2)
Proceeds from exercise of stock options		****	0.9				1.9			****	4.3				2.7
Revolving credit facility amendment costs		****	—				(0.8)			****	—				(0.8)
Net cash used in financing activities		$	(66.1)			$	(59.2)			$	(132.9)			$	(117.3)
Effect of exchange rate changes on cash and cash equivalents		$	6.1			$	(11.4)			$	11.8			$	(11.3)
Net change in cash and cash equivalents		$	(967.8)			$	87.0			$	(1,291.0)			$	17.1
Cash and cash equivalents at beginning of period		$	1,128.1			$	1,352.0			$	1,451.3			$	1,421.9
Cash and cash equivalents at end of period		$	160.3			$	1,439.0			$	160.3			$	1,439.0

Supplemental cash flow information:
Income taxes paid		$	45.7			$	35.1			$	93.2			$	42.5
Dividend income received		$	2.2			$	2.1			$	5.5			$	4.2
Interest and standby fees paid		$	0.4			$	0.6			$	1.4			$	1.0

The accompanying notes are an integral part of these condensed consolidated financial statements.


2025 Second Quarter Financial Statements	4

Franco-Nevada Corporation

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(unaudited, in millions of U.S. dollars)


	****			****			****	Accumulated		****			****
								other
		Share capital			Contributed			comprehensive			Retained
		(Note 20)			surplus			loss			earnings			Total equity
Balance at January 1, 2024		$	5,728.2		$	20.6		$	(192.0)		$	212.3		$	5,769.1
Net income			—			—			—			224.0			224.0
Other comprehensive loss, net of taxes			—			—			(34.3)			—			(34.3)
Total comprehensive income														$	189.7

Exercise of stock options		$	3.5		$	(0.8)		$	—		$	—		$	2.7
Share-based payments			—			2.9			—			—			2.9
Vesting of restricted share units			2.4			(2.4)			—			—			—
Transfer of loss on disposal of equity investments at FVTOCI			—			—			3.3			(3.3)			—
Dividend reinvestment plan			19.8			—			—			—			19.8
Dividends declared			—			—			—			(139.0)			(139.0)
Balance at June 30, 2024		$	5,753.9		$	20.3		$	(223.0)		$	294.0		$	5,845.2

Balance at January 1, 2025		$	5,769.1		$	23.0		$	(282.0)		$	486.5		$	5,996.6
Net income			—			—			—			456.9		****	456.9
Other comprehensive income, net of taxes			—			—			278.4			—		****	278.4
Total comprehensive income														$	735.3

Exercise of stock options		$	5.5		$	(1.2)		$	—		$	—		$	4.3
Share-based payments			—			3.0			—			—			3.0
Vesting of restricted share units			5.5			(5.5)			—			—			—
Transfer of gain on disposal of equity investments at FVTOCI			—			—			(9.5)			9.5		****	—
Dividend reinvestment plan			9.1			—			—			—		****	9.1
Dividends declared			—			—			—			(146.3)		****	(146.3)
Balance at June 30, 2025		$	5,789.2		$	19.3		$	(13.1)		$	806.6		$	6,602.0

The accompanying notes are an integral part of these condensed consolidated financial statements.


2025 Second Quarter Financial Statements	5

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 1 - Corporate Information

Franco-Nevada Corporation (“Franco-Nevada” or the “Company”) is incorporated under the Canada Business Corporations Act. The Company is a royalty and stream company focused on precious metals (gold, silver, and platinum group metals) and has a diversity of revenue sources. The Company owns a portfolio of royalty, stream and working interests, covering properties at various stages, from production to early exploration located in South America, Central America & Mexico, United States, Canada, Australia, Europe and Africa.

The Company’s shares are listed on the Toronto Stock Exchange and the New York Stock Exchange and the Company is domiciled in Canada. The Company’s head and registered office is located at 199 Bay Street, Suite 2000, Commerce Court West, Toronto, Ontario, Canada.

Note 2 - Material Accounting Policy Information

(a) Basis of Presentation

These unaudited condensed consolidated interim financial statements include the accounts of Franco-Nevada and its wholly-owned subsidiaries (its “subsidiaries”) (hereinafter together with Franco-Nevada, the “Company”). These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS Accounting Standards”) applicable to the preparation of condensed interim financial statements, including IAS 34 Interim Financial Reporting. These condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2024 and were prepared using the same accounting policies, method of computation and presentation as were applied in the annual consolidated financial statements for the year ended December 31, 2024.

The financial statements included herein reflects all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. Seasonality is not considered to have a significant impact over the condensed consolidated interim financial statements. Taxes on income in the interim period have been accrued using the tax rates that would be applicable to expected total annual income.

These condensed consolidated interim financial statements were authorized for issuance by the Board of Directors on August 8, 2025.

(b) Significant Judgments, Estimates and Assumptions

The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The areas of judgment and estimation are consistent with those reported in the annual consolidated financial statements for the year ended December 31, 2024.

(c) New Accounting Standards Issued But Not Yet Effective

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted.

Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments (“IFRS 9”) and IFRS 7 Financial Instruments: Disclosures (“IFRS 7”). The amendments clarify the date of recognition and derecognition of financial assets and liabilities, clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion, add new disclosures for financial instruments with contractual terms that can change cash flows, and update the disclosure for equity investments designated at FVTOCI. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. The Company is currently assessing the impact of the amendments.


2025 Second Quarter Financial Statements	6

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

IFRS 18 – Presentation and Disclosure in Financial Statements

Note 3 - Acquisitions and Other Transactions

Subsequent to June 30, 2025

(a)	Acquisition of Royalty on AngloGold Ashanti plc’s Arthur Gold Project – Nevada, U.S.

Subsequent to quarter-end, on July 23, 2025, the Company, through a wholly-owned subsidiary, acquired a 1.0% net smelter return (“NSR”) royalty (from an existing 1.5% NSR royalty) on AngloGold Ashanti plc’s (“AngloGold”) Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation (“Altius”) for $250 million in cash, plus a contingent cash payment of $25.0 million. The contingent cash consideration is payable dependent upon the final award outcome of an ongoing arbitration process between Altius and AngloGold that confirms the full extent of the royalty area of interest. Altius holds the remaining 0.5% NSR royalty, over which Franco-Nevada has been granted certain pre-emptive rights on a sale by Altius.

(b)	Pre-construction Funding of Cascabel Stream – Ecuador

Subsequent to quarter-end, on July 17, 2025, the Company, through a wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”), funded the second of three equal-sized payments in the amount of $23.3 million to SolGold plc (“SolGold”) for pre-construction activities of the Cascabel project. FNBC acquired the Cascabel stream from SolGold in July 2024.

(c)	Acquisition of Additional Royalty on Gold Quarry Mine – Nevada, U.S.

Subsequent to quarter-end, on July 11, 2025, the Company, through a wholly-owned subsidiary, acquired from a third party an additional 1.62% NSR on Nevada Gold Mines LLC’s Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined 8.91% NSR based on production with an annual minimum payment amount tied to Mineral Reserves and stockpiles attributed to the royalty property.

For the six months ended June 30, 2025

(d)	Acquisition of Royalty on Côté Gold Mine – Ontario, Canada

On June 24, 2025, the Company acquired an existing royalty on the Côté Gold Mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold Mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold Mine is operated through an unincorporated joint venture by IAMGOLD Corporation (“IAMGOLD”) and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (“Sumitomo”) (30%). IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada’s acquisition cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.10%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada’s royalty purchase price ($262.5 million).

The transaction has been accounted for as an acquisition of a mineral interest.

(e)	Financing Package with Discovery Silver Corp. on the Porcupine Complex – Ontario, Canada

On April 15, 2025, the Company, through a wholly-owned subsidiary, acquired a 4.25% NSR royalty for $300.0 million on Discovery Silver Corp.’s (“Discovery”) Porcupine Complex, located in Ontario, Canada. The Company also agreed to provide a $100.0 million senior secured term loan (the “Discovery Term Loan”). On February 3, 2025, the Company purchased 78,833,333 subscription receipts for $48.6 million (C$70.9 million) which were exchanged for Discovery common shares.


2025 Second Quarter Financial Statements	7

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Porcupine NSR Royalty

The royalty on the Porcupine Complex has been accounted for as an acquisition of a mineral interest.

Discovery Term Loan

No amounts were advanced under the Discovery Term Loan as at June 30, 2025.

Discovery Common Shares

As part of Discovery’s public offering of subscription receipts of approximately $169.5 million (C$247.5 million) which closed on February 3, 2025, the Company purchased 78,833,333 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of $48.6 million (C$70.9 million). On April 16, 2025, the subscription receipts were automatically exchanged for common shares of Discovery. Franco-Nevada has agreed to a two-year lock-up period ending on April 15, 2027.

The Company’s holding of subscription receipts of Discovery has been accounted for as an equity investment designated at FVTOCI.

(f)	Acquisition of Precious Metals Stream on Sibanye Stillwater Limited’s Western Limb Mining Operations – South Africa

On February 28, 2025, the Company’s wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”) completed the acquisition of a precious metals stream (the “Western Limb Mining Operations Stream”) with reference to specific production from Sibanye Stillwater Limited’s (“Sibanye-Stillwater”) Marikana, Rustenburg and Kroondal mining operations (the “Stream Area”) in South Africa for a purchase price of $500.0 million. The Western Limb Mining Operations Stream is primarily comprised of a gold component for the life of mine (“LOM”) and a platinum component until total delivery of 294,000 ounces of platinum.

Key terms:

●	Gold stream deliveries to FNBC are initially based off the platinum, palladium, rhodium and gold (“4E PGM”) production from the Stream Area, according to the following schedule:
o	Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then
---	---
o	Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, then
---	---
o	80% of gold contained in concentrate for the remaining LOM.
---	---
●	Platinum stream deliveries to FNBC are based on platinum production from the Western Limb Mining Operations Stream Area, according to the following schedule:
---	---
o	1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then
---	---
o	Step-up to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, then
---	---
o	No further platinum deliveries.
---	---

Other terms include:

●	Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold to FNBC.
●	Effective start date of the Western Limb Mining Operations Stream is September 1, 2024. First deliveries related to production from September 1, 2024 to December 31, 2024 were received in March 2025.
---	---

The transaction has been accounted for as an acquisition of a mineral interest.


2025 Second Quarter Financial Statements	8

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

(g)	Pandora Royalty – South Africa

On February 28, 2025, the Company and Sibanye-Stillwater converted the Company’s 5% net profit interest on the Pandora property to a 1% net smelter return royalty.

(h)	Acquisition of Royalty on Hayasa Metals Inc.’s Urasar Project – Armenia

On January 21, 2025, the Company acquired a 0.625% NSR covering all minerals produced from Hayasa Metals Inc.’s (“Hayasa”) Urasar gold-copper project in northern Armenia for $0.55 million, pursuant to a joint acquisition agreement with EMX Royalty Corp. (“EMX”).

The transaction has been accounted for as an acquisition of a mineral interest.

(i)	Acquisition of Mineral Rights with Continental Resources, Inc. – U.S.

The Company recorded contributions to the Royalty Acquisition Venture of $2.8 million and $4.4 million in Q1 2025 and H1 2025, respectively (Q1 2024 – $5.3 million and H1 2024 – 19.1 million). As at June 30, 2025, the Company has remaining commitments of up to $41.9 million.

The Royalty Acquisition Venture is accounted for as a joint operation in accordance with IFRS 11*.*

Note 4 - Cash and Cash Equivalents

Cash and cash equivalents comprised the following:


			At June 30,				At December 31,		****
	****	****	2025		****	****	2024		****
Cash deposits			$	160.3			$	788.1
Term deposits			****	—				663.2
			$	160.3			$	1,451.3

As at June 30, 2025 and December 31, 2024, cash and cash equivalents were primarily held in interest-bearing deposits. Interest earned on cash and cash equivalents is presented as finance income, referenced in Note 18.

Note 5 - Investments

Investments comprised the following:


			At June 30,				At December 31,		****
	****	****	2025		****	****	2024		****
Equity investments at FVTOCI			$	590.4			$	324.8
Warrants			****	7.4				0.7
			$	597.8			$	325.5

Equity Investments at FVTOCI

Equity investments comprised the following:


			At June 30,				At December 31,		****
	****	****	2025		****	****	2024		****
G Mining Ventures Corp.			$	232.3			$	133.8
Discovery Silver Corp.				172.2				—
Labrador Iron Ore Royalty Corporation ("LIORC")				131.7				127.3
Other			****	54.2				63.7
			$	590.4			$	324.8

During the three months ended June 30, 2025, the Company disposed of equity investments with a cost of $8.9 million (Q2 2024 – $0.7 million) for gross proceeds of $15.8 million (Q2 2024 – $1.1 million).

During the six months ended June 30, 2025, the Company disposed of equity investments with a cost of $14.6 million (H1 2024 – $12.3 million) for gross proceeds of $25.5 million (H1 2024 – $8.5 million).


2025 Second Quarter Financial Statements	9

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

The change in the fair value of equity investments recognized in other comprehensive income (loss) for the periods ended June 30, 2025 and 2024 were as follows:


		For the three months ended						For the six months ended							****
		June 30,						June 30,
	****	2025		****	2024		****	****	2025		****	****	2024		****
Net gain on changes in the fair value of equity investments at FVTOCI		$	35.9		$	17.8			$	207.4			$	19.8
Income tax expense in other comprehensive (loss) income		****	(4.7)			(2.4)		****		(27.4)				(2.6)
Gain on changes in the fair value of equity investments at FVTOCI, net of income tax		$	31.2		$	15.4			$	180.0			$	17.2

Note 6 – Loans Receivable

Loans receivable comprised the following:


	At June 30,				At December 31,
	2025		****	****	2024
G Mining Ventures Term Loan	$	76.1			$	75.9
EMX Term Loan		24.2				34.1
Loans receivable	$	100.3			$	110.0
Current	$	17.8			$	5.9
Non-Current		82.5				104.1
Loans receivable	$	100.3			$	110.0

(a)	G Mining Ventures Term Loan

The G Mining Ventures Term Loan is a 6-year senior secured term loan, which bears interest at a rate of 3-Month SOFR +5.75% per annum, reducing to 3-Month SOFR +4.75% after completion tests have been achieved at the Tocantinzinho project. Repayment of principal, accrued interest, and accrued fees will begin in December 2025 with equal quarterly repayments followed by a final 25% repayment upon maturity in June 2028.

(b)	EMX Term Loan

The EMX Term Loan is a senior secured term loan which matures on July 1, 2029. Interest is payable monthly at a rate equal to the 3-Month SOFR plus an applicable margin between 3.0% and 4.25% depending on EMX’s net debt to adjusted EBITDA ratio. During each year, EMX may prepay $10.0 million of the principal amount outstanding without penalty, on a cumulative basis.

On April 15, 2025, EMX made a $10.0 million principal prepayment on the EMX Term Loan.

(c)	Discovery Term Loan

The Discovery Term Loan is a $100.0 million, 7-year term loan with an availability period of 2 years from closing. The loan will bear interest at a rate of 3-Month SOFR +4.50% per annum. Amortization will begin after year 5 at 5% per quarter, with no restrictions on prepayment.

The loan provides for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028.

No amounts were advanced under the Discovery Term Loan as at June 30, 2025.


2025 Second Quarter Financial Statements	10

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 7 – Gold and Silver Bullion and Stream Inventory

Gold and silver bullion and stream inventory comprised the following:


			At June 30,				At December 31,
	****	****	2025		****	****	2024
Gold and silver bullion from royalties received in-kind^(1)^			$	6.6			$	89.5
Stream ounces^(2)^				0.4				7.3
			$	7.0			$	96.8
1.	Represents gold and silver bullion received from royalty interests settled in-kind. As at June 30, 2025, the Company holds inventory from royalty interests settled in-kind of 2,469 ounces of gold and 11,616 ounces of silver with a carrying value of $6.3 million and $0.3 million, respectively (December 31, 2024 – 41,673 ounces of gold and 10,117 ounces of silver with a carrying value of $89.3 million and $0.2 million, respectively).
---	---
2.	Represents gold and silver ounces acquired by the Company from its stream arrangements. As at June 30, 2025, the stream ounces inventory consists of 39,357 ounces of silver with a carrying value of $0.4 million (December 31, 2024 – 6,216 ounces of gold and 154,010 ounces of silver with a carrying value of $5.6 million and $1.7 million, respectively).
---	---

During the three months ended June 30, 2025, the Company sold gold and silver bullion from royalties received in-kind with a cost of $104.9 million (Q2 2024 – $4.8 million) for gross proceeds of $147.1 million (Q2 2024 - $5.9 million), resulting in a gain on sale of gold and silver bullion of $42.2 million (Q2 2024 - $1.1 million).

During the six months ended June 30, 2025, the Company sold gold and silver bullion from royalties received in-kind with a cost of $128.0 million (H1 2024 - $14.1 million) for gross proceeds of $177.3 million (H1 2024 - $16.6 million), resulting in a gain on sale of gold and silver bullion of $49.3 million (H1 2024 - $2.5 million).

Note 8 - Other Current Assets

Other current assets comprised the following:


			At June 30,				At December 31,
	****	****	2025		****	****	2024
Tax receivables			$	22.8			$	8.1
Prepaid expenses				2.3				2.5
Debt issue costs			****	0.4				0.4
			$	25.5			$	11.0

Note 9 - Royalty, Stream and Working Interests

(a)	Royalty, Stream and Working Interests

Royalty, stream and working interests, net of accumulated depletion and impairment losses and reversals, comprised the following:


					Accumulated			Impairment
As at June 30, 2025	****	Cost		****	depletion^(1)^		****	reversal^(2)^		****	****	Carrying value		****
Mining royalties		$	3,218.7		$	(824.9)		$	—			$	2,393.8
Streams			5,300.5			(3,597.4)			4.1				1,707.2
Energy			2,095.6			(910.2)			—				1,185.4
Advanced			406.4			(47.0)			—				359.4
Exploration			272.1			(18.1)			—				254.0
		$	11,293.3		$	(5,397.6)		$	4.1			$	5,899.8
1.	Accumulated depletion includes impairment losses recognized prior to the six months ended June 30, 2025.
---	---
2.	Impairment reversal recognized in the six months ended June 30, 2025.
---	---

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
								Impairments
					Accumulated			(losses)
As at December 31, 2024	****	Cost			depletion^(1)^			reversals^(2)^				Carrying value		****
Mining royalties		$	1,818.7		$	(784.4)		$	—			$	1,034.3
Streams			4,801.5			(3,528.2)			—				1,273.3
Energy			2,055.2			(857.4)			—				1,197.8
Advanced			389.2			(45.8)			—				343.4
Exploration			267.7			(17.7)			—				250.0
		$	9,332.3		$	(5,233.5)		$	—			$	4,098.8


2025 Second Quarter Financial Statements	11

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

1.	Accumulated depletion includes impairment losses recognized prior to the year ended December 31, 2024.
2.	Impairment (losses) reversals recognized in the year-ended December 31, 2024.
---	---


2025 Second Quarter Financial Statements	12

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Changes in royalty, stream and working interests for the periods ended June 30, 2025 and December 31, 2024 were as follows:


		Mining
	****	royalties		****	Streams		****	Energy		****	Advanced		****	Exploration		****	Total		****
Balance at January 1, 2024		$	948.7		$	1,359.0		$	1,146.4		$	396.0		$	177.0		$	4,027.1
Additions			140.3			36.2			137.0			8.9			85.0			407.4
Disposals			(10.6)			—			—			—			—			(10.6)
Transfers			44.0			—			—			(36.2)			(7.8)			—
Depletion			(40.0)			(121.9)			(60.9)			(0.2)			—			(223.0)
Impact of foreign exchange			(48.1)			—			(24.7)			(25.1)			(4.2)			(102.1)
Balance at December 31, 2024		$	1,034.3		$	1,273.3		$	1,197.8		$	343.4		$	250.0		$	4,098.8

Balance at January 1, 2025		$	1,034.3		$	1,273.3		$	1,197.8		$	343.4		$	250.0		$	4,098.8
Additions			1,359.3			500.8			4.3			—			1.3			1,865.7
Transfers			0.3			—			—			—			(0.3)			—
Impairment reversal			—			4.1			—			—			—			4.1
Depletion			(28.5)			(71.0)			(31.6)			—			—			(131.1)
Impact of foreign exchange			28.4			—			14.9			16.0			3.0			62.3
Balance at June 30, 2025		$	2,393.8		$	1,707.2		$	1,185.4		$	359.4		$	254.0		$	5,899.8

Of the total net book value as at June 30, 2025, $4,717.9 million (December 31, 2024 - $2,962.4 million) is depletable and $1,181.9 million (December 31, 2024 - $1,136.4 million) is non-depletable.

(b)	Impairment Reversal

Cobre Panama

Cobre Panama currently remains in a phase of preservation and safe management (“P&SM”) with production halted since November 2023. First Quantum Minerals Ltd. (“First Quantum”) has been working with the Ministry of Commerce and Industries (“MICI”) to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panama (the “P&SM Plan”). On May 30, 2025, the Government of Panama, through the MICI, approved and formally instructed the execution of the P&SM Plan, including the sale of the copper concentrate that had remained on site. Exports of the copper concentrate commenced in June 2025 and were completed by the end of July 2025.

The Company determined that this was an indicator of impairment reversal and concluded that a discrete amount of the asset’s FVLCD exceeded its carrying value since the last impairment test was carried out. The Company recorded a partial impairment reversal of $4.1 million in relation to the gold and silver ounces it expects as a result of the sale of copper concentrate. The Company continues to assess its Cobre Panama stream for further indicators of impairment reversals.

Note 10 - Other Assets

Other assets comprised the following:


			At June 30,				At December 31,
	****	****	2025		****	****	2024
Deposits related to CRA audits			$	44.8			$	42.5
Energy well equipment, net				6.3				5.6
Right-of-use assets, net			****	4.4				4.5
Debt issue costs				1.3				1.4
Furniture and fixtures, net			****	0.7				0.4
			$	57.5			$	54.4

Deposits related to CRA audits represent cash on deposit with CRA in connection with the Transfer Pricing Reassessments, as referenced in Note 25.


2025 Second Quarter Financial Statements	13

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 11 - Debt

Corporate Revolver

The Company has a $1.0 billion unsecured revolving term credit facility, with a $250.0 million accordion (the “Corporate Revolver”).

As at June 30, 2025, no amounts were drawn from the Corporate Revolver. The Company has four standby letters of credit in the amount of $48.4 million (C$66.0 million) against the Corporate Revolver in relation to the audit by the CRA of its 2013-2015, and 2019 taxation years, as referenced in Note 25. These standby letters of credit reduce the available balance under the Corporate Revolver.

Subsequent to quarter-end, on July 22, 2025, the Company drew down $175.0 million from the Corporate Revolver to finance part of the royalty acquisition on the Arthur Gold Project, as referenced in Note 3 (a).

Note 12 - Revenue

Disaggregated revenue under revenue contracts with customers classified by commodity, geography and type comprised the following:


		For the three months ended								For the six months ended						****
		June 30,								June 30,
	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Commodity
Gold^(1)^		$	258.4			$	156.9			$	504.2			$	317.8
Silver		****	38.1				28.1			****	75.2				53.0
Platinum group metals^(1)^		****	7.5				8.0			****	15.3				16.2
Precious metals		$	304.0			$	193.0			$	594.7			$	387.0
Iron ore^(2)^		$	7.2			$	12.0			$	19.6			$	26.8
Other mining assets			3.0				1.7				7.4				4.7
Other mining		$	10.2			$	13.7			$	27.0			$	31.5
Oil		$	30.6			$	35.9			$	65.5			$	62.1
Gas			16.9				10.8				34.3				23.1
Natural gas liquids			5.0				4.2				10.7				9.5
Energy		$	52.5			$	50.9			$	110.5			$	94.7
Revenue from royalty, stream and working interests		$	366.7			$	257.6			$	732.2			$	513.2
Interest from loans receivable
Interest revenue		$	2.7			$	2.2			$	5.6			$	3.1
Other interest income			—				0.3				—				0.6
		$	369.4			$	260.1			$	737.8			$	516.9
Geography
South America		$	140.7			$	93.6			$	292.2			$	194.4
Central America & Mexico			43.4				16.8				79.9				41.6
United States		****	60.8				51.2			****	119.0				98.0
Canada^(1)(2)^		****	72.7				51.3			****	137.6				91.5
Rest of World		****	51.8				47.2			****	109.1				91.4
		$	369.4			$	260.1			$	737.8			$	516.9
Type
Revenue-based royalties		$	142.0			$	101.2			$	277.0			$	199.7
Streams^(1)^		****	186.2				127.8			****	382.1				260.0
Profit-based royalties		****	28.1				17.9			****	53.8				31.9
Interest revenue and other^(2)^		****	13.1				13.2			****	24.9				25.3
		$	369.4			$	260.1			$	737.8			$	516.9
1.	For Q2 2025, revenue includes a gain of nil for provisional pricing adjustments for gold and platinum group metals (Q2 2024 – a loss of $0.1 million and a gain of $0.2 million for gold and platinum group metals, respectively). For H1 2025, revenue includes gains of $0.1 million and $0.4 million for provisional pricing adjustments for gold and platinum group metals, respectively (H1 2024 – a gain of nil and a loss of $0.1 million, respectively).
---	---
2.	For Q2 2025, revenue includes dividend income of $1.4 million from the Company’s equity investment in LIORC (Q2 2024 – $5.1 million). For H1 2025, revenue includes dividend income of $3.6 million from the Company’s equity investment in LIORC (H1 2024 – $7.2 million).
---	---


2025 Second Quarter Financial Statements	14

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 13 - Costs of Sales

Costs of sales, excluding depletion and depreciation, comprised the following:


		For the three months ended							For the six months ended						****
		June 30,							June 30,
	****	2025		****	2024		****	****	2025		****	****	2024		****
Costs of stream sales		$	30.3		$	25.9			$	63.7			$	56.0
Mineral production taxes		****	0.8			0.7			****	1.4				1.2
Mining costs of sales		$	31.1		$	26.6			$	65.1			$	57.2
Energy costs of sales		****	2.4			2.5			****	6.9				5.5
		$	33.5		$	29.1			$	72.0			$	62.7

Note 14 – General and Administrative Expenses

General and administrative expenses comprised the following:


			For the three months ended June 30,								For the six months ended June 30,
	****	****	2025		****	****	2024		****	****	2025		****	****	2024		****
Salaries and benefits			$	3.0			$	2.5			$	7.6			$	5.0
Professional fees			****	1.3				2.3			****	2.8				3.7
Community contributions				0.1				0.3				0.5				0.4
Board of Directors' costs				0.1				0.1				0.2				0.2
Office expenses				0.2				0.1				0.8				0.4
Insurance costs				0.2				0.3				0.4				0.5
Other expenses			****	0.8				2.0			****	2.1				1.6
			$	5.7			$	7.6			$	14.4			$	11.8

Note 15 - Share-Based Compensation Expenses

Share-based compensation expenses comprised the following:


		For the three months ended							For the six months ended						****
		June 30,							June 30,
	****	2025		****	2024		****	****	2025		****	****	2024		****
Stock options and restricted share units		$	1.7		$	1.5			$	3.1			$	2.9
Deferred share units		****	1.1			0.3			****	5.4				1.7
		$	2.8		$	1.8			$	8.5			$	4.6

Share-based compensation expenses include expenses related to equity-settled stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”), as well as the mark-to-market gain or loss related to the DSUs.

Note 16 - Related Party Disclosures

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management personnel include the Board of Directors and the executive management team.

Compensation for key management personnel of the Company was as follows:


		For the three months ended							For the six months ended						****
		June 30,							June 30,
	****	2025		****	2024		****	****	2025		****	****	2024		****
Short-term benefits^(1)^		$	1.1		$	0.9			$	2.1			$	1.9
Share-based payments^(2)^		****	1.4			1.5			****	6.7				4.1
		$	2.5		$	2.4			$	8.8			$	6.0
1.	Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period.
---	---
2.	Represents the expense of stock options and RSUs and mark-to-market charges on DSUs during the period.
---	---


2025 Second Quarter Financial Statements	15

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 17 – Foreign Exchange Gain (Loss) and Other Income (Expenses)

Foreign exchange gain (loss) and other income (expenses) comprised the following:


			For the three months ended June 30,							For the six months ended June 30,						****
	****	****	2025		****	****	2024		****	2025		****	****	2024
Foreign exchange (loss) gain			$	(1.4)			$	(7.3)		$	4.4			$	(8.4)
Gain (loss) on derivative financial instruments			****	5.7				(2.4)			5.6				(3.0)
Other expenses			****	(0.2)				(0.1)		****	(0.2)				—
			$	4.1			$	(9.8)		$	9.8			$	(11.4)

For the three months ended June 30, 2025, of the foreign exchange loss of $1.4 million (Q2 2024 - foreign exchange loss of $7.3 million), $5.2 million was an unrealized foreign exchange gain and $6.6 million was a realized foreign exchange loss (Q2 2024 - $6.7 million unrealized foreign exchange loss and $0.6 million realized foreign exchange loss).

For the six months ended June 30, 2025, of the foreign exchange gain of $4.4 million (H1 2024 - foreign exchange loss of $8.4 million), $11.2 million was an unrealized foreign exchange gain and $6.8 million was a realized foreign exchange loss (H1 2024 - $7.8 million unrealized foreign exchange loss and $0.6 million realized foreign exchange loss).

Note 18 - Finance Income and Expenses

Finance income and expenses for the periods ended June 30, 2025 and 2024 were as follows:


			For the three months ended						For the six months ended
			June 30,						June 30,
	****	****	2025		****	****	2024		2025		****	****	2024
Finance income
Interest			$	6.6			$	16.2	$	17.7			$	32.2
			$	6.6			$	16.2	$	17.7			$	32.2
Finance expenses
Standby charges			$	0.6			$	0.5	$	1.2			$	1.0
Amortization of debt issue costs			****	0.1				0.1	****	0.2				0.2
Accretion of lease liabilities			****	0.1				—	****	0.1				—
			$	0.8			$	0.6	$	1.5			$	1.2

Finance income includes interest earned on cash and cash equivalents, referenced in Note 4. Finance expenses include fees and expenses incurred in connection with the Company’s Corporate Revolver, referenced in Note 11.

Note 19 - Income Tax Expense

Income tax expense for the periods ended June 30, 2025 and 2024 was as follows:


		For the three months ended						For the six months ended						****
		June 30,						June 30,						****
	****	2025		2024		****	****	2025		****	****	2024		****
Current income tax expense		$	31.4	$	44.4			$	82.1			$	66.5
Deferred income tax expense			37.2		50.9				46.3				56.3
Income tax expense		$	68.6	$	95.3			$	128.4			$	122.8

Canada Revenue Agency Audit:

The Company is undergoing an audit by the Canada Revenue Agency of its 2013-2021 taxation years, as referenced in Note 25 (b).


2025 Second Quarter Financial Statements	16

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 20 - Shareholders’ Equity

(a)	Share Capital

The Company’s authorized capital stock includes an unlimited number of common shares (192,701,088 common shares issued and outstanding as at June 30, 2025) having no par value and preferred shares issuable in series (issued - nil).

Changes in share capital for the periods ended June 30, 2025 and December 31, 2024 were as follows:


			Number
	****	****	of shares	****	****	Amount
Balance at January 1, 2024		****	192,175,042		$	5,728.2
Exercise of stock options			71,864			3.6
Vesting of restricted share units			18,340			2.7
Dividend reinvestment plan			287,449			34.6
Balance at December 31, 2024			192,552,695		$	5,769.1

Balance at January 1, 2025			192,552,695		$	5,769.1
Exercise of stock options			59,249			5.5
Vesting of restricted share units			32,073			5.5
Dividend reinvestment plan			57,071			9.1
Balance at June 30, 2025			192,701,088		$	5,789.2

(b)	Dividends

For the three months ended June 30, 2025, the Company declared dividends of $0.38 per common share (Q2 2024 – $0.36). For the six months ended June 30, 2025, the Company declared dividends of $0.76 per common share (H1 2024 – $0.72). Dividends paid in cash and through the Company’s Dividend Reinvestment Plan (“DRIP”) were as follows:


		For the three months ended							For the six months ended						****
		June 30,							June 30,						****
	****	2025		****	2024		****	****	2025		****	****	2024		****
Cash dividends		$	67.0		$	60.3			$	137.2			$	119.2
DRIP dividends		****	5.9			9.3			****	9.1				19.8
		$	72.9		$	69.6			$	146.3			$	139.0


2025 Second Quarter Financial Statements	17

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 21 - Earnings per Share ("EPS")


		For the three months ended June 30,															****
		2025										2024					****
	****				****	Shares	****	Per Share		****				Shares	Per Share		****
			Net income			(in millions)		Amount		****	****	Net income		(in millions)	Amount		****
Basic earnings per share			$	247.1		192.7		$	1.28			$	79.5	192.3	$	0.41
Effect of dilutive securities			****	—		0.3		****	—				—	0.2		—
Diluted earnings per share			$	247.1		193.0		$	1.28			$	79.5	192.5	$	0.41


		For the six months ended June 30,														****
		2025									2024					****
	****				****	Shares	****	Per Share		****			Shares	Per Share		****
			Net income			(in millions)		Amount		****	Net income		(in millions)	Amount		****
Basic earnings per share			$	456.9		192.6		$	2.37		$	224.0	192.2	$	1.17
Effect of dilutive securities			****	—		0.3		****	—			—	0.2		(0.01)
Diluted earnings per share			$	456.9		192.9		$	2.37		$	224.0	192.4	$	1.16

For the three months ended June 30, 2025, 2,246 stock options (Q2 2024 – 6,560 stock options) were excluded in the computation of diluted EPS due to being anti-dilutive. For the six months ended June 30, 2025, 4,806 stock options (H1 2024 – 1,282 stock options) were excluded in the computation of diluted EPS due to being anti-dilutive.

Note 22 - Segment Reporting

Prior to Q4 2024, the Company presented two reportable segments: mining (which comprised the precious metal and other mining operating segments) and energy. Starting in Q4 2024, the Company changed to three reportable segments: precious metals, other mining and energy. The prior period amounts have been reclassified for consistency with the current period presentation.

The Company’s reportable segments for purposes of assessing performance are presented as follows:


	For the three months ended June 30,
	2025
	Precious metals			Other mining	Energy		****	Total
Revenue
Revenue from royalty, streams and working interests	$	304.0	$	10.2	$	52.5		$	366.7
Interest revenue		2.7		—		—			2.7
Total Revenue	$	306.7	$	10.2	$	52.5		$	369.4

Expenses
Costs of sales	$	31.1	$	—	$	2.4		$	33.5
Depletion and depreciation		44.8		2.8		16.2			63.8
Segment gross profit	$	230.8	$	7.4	$	33.9		$	272.1


	For the three months ended June 30,
	2024
	Precious metals			Other mining	Energy		****	Total
Revenue
Revenue from royalty, streams and working interests	$	193.0	$	13.7	$	50.9		$	257.6
Interest revenue		2.2		—		—			2.2
Other interest income		0.3		—		—			0.3
Total Revenue	$	195.5	$	13.7	$	50.9		$	260.1

Expenses
Costs of sales	$	26.6	$	—	$	2.5		$	29.1
Depletion and depreciation		35.3		2.9		13.7			51.9
Segment gross profit	$	133.6	$	10.8	$	34.7		$	179.1


2025 Second Quarter Financial Statements	18

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)


		For the six months ended June 30,
		2025
	****	Precious metals			Other mining	****	Energy		****	Total
Revenue
Revenue from royalty, streams and working interests		$	594.7	$	27.0		$	110.5		$	732.2
Interest revenue			5.6		—			—			5.6
Total Revenue		$	600.3	$	27.0		$	110.5		$	737.8

Expenses
Costs of sales		$	65.1	$	—		$	6.9		$	72.0
Depletion and depreciation			91.9		7.7			32.5			132.1
Segment gross profit		$	443.3	$	19.3		$	71.1		$	533.7


		For the six months ended June 30,
		2024
	****	Precious metals			Other mining	****	Energy		****	Total
Revenue
Revenue from royalty, streams and working interests		$	387.0	$	31.5		$	94.7		$	513.2
Interest revenue			3.1		—			—			3.1
Other interest income			0.6		—			—			0.6
Total Revenue		$	390.7	$	31.5		$	94.7		$	516.9

Expenses
Costs of sales		$	57.2	$	—		$	5.5		$	62.7
Depletion and depreciation			73.0		6.5			30.4			109.9
Segment gross profit		$	260.5	$	25.0		$	58.8		$	344.3

A reconciliation of total segment gross profit to consolidated net income before income taxes is presented below:


			For the three months ended				For the six months ended
			June 30,				June 30,
			2025		2024		2025		2024
Total segment gross profit		$	272.1	$	179.1	$	533.7	$	344.3

Other operating expenses (income)
General and administrative expenses		$	5.7	$	7.6	$	14.4	$	11.8
Share-based compensation expense			2.8		1.8		8.5		4.6
Cobre Panama arbitration expense^(1)^			3.9		0.8		4.6		2.3
Impairment reversal(^1)^			(4.1)		—		(4.1)		—
Gain on disposal of royalty interests^(1)^			—		—		—		(0.3)
Gain on sale of gold and silver bullion^(1)^			(42.2)		(1.1)		(49.3)		(2.5)
Depreciation			0.2		1.0		0.3		1.2
Foreign exchange (gain) loss and other (income) expenses			(4.1)		9.8		(9.8)		11.4
Income before finance items and income taxes		$	309.9	$	159.2	$	569.1	$	315.8

Finance items
Finance income		$	6.6	$	16.2	$	17.7	$	32.2
Finance expenses			(0.8)		(0.6)		(1.5)		(1.2)
Net income before income taxes		$	315.7	$	174.8	$	585.3	$	346.8
1.	Amounts were attributed to the precious metals reportable segment for the three and six months ended June 30, 2025 and 2024.
---	---


2025 Second Quarter Financial Statements	19

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 23 - Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis:


	****	Quoted prices in		****	Significant other		****	Significant		****	****			****
		active markets for			observable			unobservable						****
		identical assets			inputs			inputs				Aggregate		****
As at June 30, 2025		(Level 1)			(Level 2)			(Level 3)				fair value		****
Equity investments		$	581.6		$	—		$	8.8			$	590.4
Warrants			—			7.4			—				7.4
Receivables from provisional concentrate sales			—			4.1			—				4.1
		$	581.6		$	11.5		$	8.8			$	601.9


	****	Quoted prices in		Significant other		Significant				****
		active markets for		observable		unobservable				****
****		identical assets		inputs		inputs		Aggregate		****
As at December 31, 2024		(Level 1)		(Level 2)		(Level 3)		fair value		****
Equity investments		$	316.8	$	—	$	8.0	$	324.8
Warrants			—		0.7		—		0.7
Receivables from provisional concentrate sales			—		2.6		—		2.6
		$	316.8	$	3.3	$	8.0	$	328.1

As at June 30, 2025 the carrying values of the G Mining Ventures Term Loan and EMX Term Loan which are measured at amortized cost approximated their fair values. The carrying values of the Company’s remaining financial assets and liabilities, which include cash and cash equivalents, receivables, accounts payable and accrued liabilities approximated their fair values due to their short-term nature or negligible expected credit losses (“ECL”).

There were no transfers between the levels of the fair value hierarchy during the three and six months ended June 30, 2025.

The Company has not offset financial assets with financial liabilities.


2025 Second Quarter Financial Statements	20

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 24 - Commitments

*(a)*Purchase Commitments

The following table summarizes the Company’s commitments to pay for gold, silver and PGM pursuant to the associated precious metal agreements as at June 30, 2025:


		Attributable payable																			****
		production to be purchased						Per ounce cash payment^(1),(2)^										Term of		Date of	****
Interest	****	Gold	****	Silver	****	PGM	****	Gold		****	Silver			PGM			****	agreement^(3)^	****	contract	****
Antamina		—	%	22.5	% ^(4)^	—	%		n/a			5	% ^(5)^		n/a			40 years		7-Oct-15
Antapaccay		—	% ^(6)^	—	% ^(7)^	—	%		20	% ^(8)^		20	% ^(9)^		n/a			40 years		10-Feb-16
Candelaria		68	% ^(10)^	68	% ^(10)^	—	%	$	400		$	4.00			n/a			40 years		6-Oct-14
Cascabel		14	% ^(11)^	—	%	—	%		20	% ^(12)^		n/a			n/a			40 years		15-Jul-24
Cooke 4		7	%	—	%	—	%	$	400			n/a			n/a			40 years		5-Nov-09
Cobre Panama Fixed Payment Stream		—	% ^(13)^	—	% ^(14)^	—	%	$	418	^(15)^	$	6.27	^(16)^		n/a			40 years		19-Jan-18
Cobre Panama Floating Payment Stream		—	% ^(17)^	—	% ^(18)^	—	%		20	% ^(19)^		20	% ^(20)^		n/a			40 years		19-Jan-18
Condestable		—	% ^(21)^	—	% ^(22)^	—	%		20	% ^(23)^		20	% ^(24)^		n/a			40 years		27-Mar-24
Guadalupe-Palmarejo		50	%	—	%	—	%	$	800			n/a			n/a			40 years		2-Oct-14
Karma		4.875	%	—	%	—	%		20	%^(25)^		n/a			n/a			40 years		11-Aug-14
New Prosperity		22	% ^(26)^	—	%	—	%	$	400	^(27)^		n/a			n/a			40 years		12-May-10
Sabodala		—	% ^(28)^	—	%	—	%		20	% ^(29)^		n/a			n/a			40 years		25-Sep-20
Sudbury ^(30)^		50	%	—	%	50	%	$	400			n/a		$	400			40 years		15-Jul-08
Tocantinzinho		12.5	% ^(31)^	—	%	—	%		20	% ^(32)^		n/a			n/a			40 years		18-Jul-22
Western Limb Mining Operations		—	% ^(33)^	—	%	1	% ^(34)^		5	% ^(35)^		n/a			5	%		40 years		28-Feb-25

1	Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Cascabel, Guadalupe-Palmarejo, Karma, Sabodala, Tocantinzinho and the Western Limb Mining Operations.
2	Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price.
---	---
3	Subject to successive extensions.
---	---
4	Subject to a fixed payability of 90%. Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement.
---	---
5	Purchase price is 5% of the average silver price at the time of delivery.
---	---
6	Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold has been delivered. Thereafter, percentage is 30% of gold shipped.
---	---
7	Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver has been delivered. Thereafter, percentage is 30% of silver shipped.
---	---
8	Purchase price is 20% of the spot price of gold until 750,000 ounces of gold have been delivered, thereafter the purchase price is 30% of the spot price of gold.
---	---
9	Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver have been delivered, thereafter the purchase price is 30% of the spot price of silver.
---	---
10	Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement.
---	---
11	Percentage decreases to 8.4% after 525,000 ounces of gold have been delivered to Franco-Nevada (Barbados) Corporation under the agreement.
---	---
12	Purchase price is 20% of the spot price of gold at the time of delivery.
---	---
13	Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced until 1,716,188 ounces of gold delivered. Thereafter, 63.4% of the gold in concentrate.
---	---
14	Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter 1,776 ounces of silver per 1 million pounds of copper produced until 29,731,000 ounces of silver delivered. Thereafter, 62.1% of the silver in concentrate.
---	---
15	After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce, subject to an annual inflationary adjustment. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada received a reduction of the applicable fixed gold price of $100 per ounce until the end of Q2 2023.
---	---
16	After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce, subject to an annual inflationary adjustment.
---	---
17	Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced until 429,047 ounces of gold delivered. Thereafter, 15.85% of the gold in concentrate.
---	---
18	Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced until 7,432,750 ounces of silver delivered. Thereafter 15.53% of the silver in concentrate.
---	---
19	After 604,000 ounces of gold delivered, purchase price is 50% of the spot price of gold. As the mill throughput for 30 consecutive days commensurate with annual capacity of 58 million tonnes per annum was not reached by January 1, 2019, Franco-Nevada received a reduction of the applicable floating gold price of $100 per ounce until the end of Q2 2023.
---	---
20	After 9,618,000 ounces of silver delivered, purchase price is 50% of the spot price of silver.
---	---
21	Gold deliveries are fixed at 8,760 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the gold in concentrate until a cumulative total of 87,600 ounces of gold delivered. Thereafter, 37.5% of the gold in concentrate.
---	---
22	Silver deliveries are fixed at 291,000 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the silver in concentrate until a cumulative total of 2,910,000 ounces of silver delivered. Thereafter, 37.5% of the silver in concentrate.
---	---
23	Purchase price is 20% of the spot price of gold at the time of delivery.
---	---
24	Purchase price is 20% of the spot price of silver at the time of delivery.
---	---


2025 Second Quarter Financial Statements	21

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

25	Purchase price is 20% of the average gold price at the time of delivery.
26	Franco-Nevada has the right to acquire a 22% gold stream on New Prosperity for $350.0 million.
---	---
27	Purchase price is subject to a 1% increase, compounding annually, that commenced in May 2014.
---	---
28	Based on amended agreement with an effective date of September 1, 2020, gold deliveries are fixed at 783.33 ounces per month until 105,750 ounces of gold is delivered. Thereafter, percentage is 6% of gold production (subject to reconciliation after fixed delivery period to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under the original 6% variable stream for such period, entitling the operator to a credit for an over-delivery applied against future stream deliveries or a one-time additional delivery to Franco-Nevada for an under-delivery).
---	---
29	Purchase price is 20% of prevailing market price at the time of delivery.
---	---
30	The Company is committed to purchase 50% of the precious metals contained in ore from the properties. Payment is based on gold equivalent ounces. For McCreedy West, effective June 1, 2021, purchase price per gold equivalent ounce is determined based on the monthly average gold spot price: (i) when the gold spot price is less than $800 per ounce, the purchase price is the prevailing monthly average gold spot price; (ii) when the gold spot price is greater than $800 per ounce but less than $1,333 per ounce, the purchase price is $800 per ounce; (iii) when the gold spot price is greater than $1,333 per ounce but less than $2,000 per ounce, the purchase price is 60% of the prevailing monthly average gold spot price; and (iv) when the gold spot price is greater than $2,000, the purchase price is $1,200 per ounce.
---	---
31	Percentage decreases to 7.5% after 300,000 ounces of gold have been delivered under the agreement.
---	---
32	Purchase price is 20% of the spot price of gold at the time of delivery.
---	---
33	Gold deliveries are referenced to platinum, palladium, rhodium and gold (“4E”) ounces contained in concentrate with deliveries of gold ounces initially equal to 1.1% of 4E PGM ounces contained in concentrate, until 87,500 ounces of gold delivered. Thereafter, deliveries of gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate, until a total of 237,000 ounces of gold delivered. Thereafter, 80.0% of gold contained in concentrate.
---	---
34	Percentage increases to 2.1% of platinum contained in concentrate after 48,000 ounces of platinum delivered. Platinum deliveries are capped at 294,000 ounces of platinum.
---	---
35	After 237,000 ounces of gold delivered, purchase price is 10% of the spot price of gold.
---	---

*(b)*Capital Commitments

As at June 30, 2025, the Company has the following investment commitments with respect to the Company’s royalty and stream interests:


Asset	Commitment	Obligating Event	****
Cascabel stream	$501.6 million	Without limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of SolGold plc, and availability of the remainder of the required project financing
Discovery term loan	$100.0 million	Receipt of written notice from Discovery within two years after closing date of April 15, 2025 and upon completion of customary conditions
Royalty Acquisition Venture with Continental	$41.9 million	Acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company
Yanacocha royalty	118,534 Franco-Nevada common shares (equivalent to $15.0 million at closing)	Achievement of commercial production and receipt of royalty payments from the Conga project for a full year within 20 years of the August 13, 2024 purchase agreement
Copper World royalty	$12.5 million	50% of commitment payable upon the project having all necessary permits and approvals and being free of legal challenges. 50% of commitment payable upon Franco-Nevada receiving royalty payments from the operator. Proportionate reduction of such contingent payments for a smaller-scale mine having anticipated life of mine production of copper contained in concentrate between 550,000 short tons and 1,703,000 short tons
Salares Norte (Rio Baker) royalty	$8.0 million	Receipt of Rio Baker royalty payments (excluding proceeds from the exercise by Gold Fields Limited of a partial buy back option on the royalty) in excess of $15 million
Royalty with EMX Royalty Corporation	$4.9 million	Sourcing by EMX of newly created precious metals and copper royalties meeting specified criteria within three years of the June 27, 2023 joint acquisition agreement
Eskay Creek royalty	C$4.5 million	Skeena Resources having obtained mineral and surface rights to the materials contained in the Albino Lake storage facility, and such materials containing at least 300,000 ounces of contained gold that are contemplated to be mined in a mine plan approved by the board of Skeena Resources


2025 Second Quarter Financial Statements	22

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Subsequent to quarter-end, the Company entered into capital commitments related to its royalty interests on the Arthur Gold Project and the Gold Quarry mine, as detailed in Note 3 (a) and (c), respectively. The Company also funded $23.3 million for pre-construction activities at the Cascabel project, as referenced in Note 3 (b).

In addition to the table above, the Company has commitments related to environmental and social initiatives in connection with its acquisition of royalty and stream interests.

Note 25 - Contingencies

(a)	Cobre Panama Arbitration Proceedings

On June 18, 2025, Franco-Nevada agreed to suspend its arbitration proceeding against the Government of Panama. Franco-Nevada had previously filed a request for arbitration under the Canada-Panama Free Trade Agreement to the International Centre for Settlement of Investment Disputes on June 27, 2024.

(b)	Canada Revenue Agency Audit

The CRA is conducting an audit of Franco-Nevada for the 2013-2021 taxation years.

Transfer Pricing Reassessments



	CRA Position	Taxation Years Reassessed	Potential Exposure for Tax, Interest and Penalties<br><br>(in millions)
Transfer Pricing (Mexico)<br><br>	Transfer pricing provisions in the Act apply such that a majority of the income earned by the Company’s Mexican subsidiary should be included in the income of the Company and subject to tax in Canada.<br><br>	2013-2016	For 2013-2016:<br><br>Tax: $21.9 (C$29.9)<br><br>Transfer pricing penalties: $8.8 (C$12.0)<br><br>Interest and other penalties: $19.4 (C$26.5)<br><br><br><br>The amounts set forth above do not include any potential relief under the Canada-Mexico tax treaty.<br><br><br><br>The Company’s Mexican subsidiary ceased operations after 2016 and no reassessments for this issue are expected for subsequent years.<br><br>
Transfer Pricing (Barbados)<br><br>	Transfer pricing provisions in the Act apply such that a majority of the income relating to certain precious metal streams earned by the Company’s Barbadian subsidiary should be included in the income of the Company and subject to tax in Canada.<br><br>	2014-2019<br><br>	For 2014-2019:<br><br>Tax: $81.4 (C$111.1)<br><br>Transfer pricing penalties: $12.9 (C$17.6) for 2014-2017; $17.8 (C$24.4) for 2018-2019 under review<br><br>Interest and other penalties: $41.0 (C$56.2)<br><br><br><br>If the CRA were to reassess the 2020-2024 taxation years on the same basis:<br><br>Tax: $287.9 (C$392.8)<br><br>Transfer pricing penalties: $108.9 (C$148.6)<br><br>Interest and other penalties: $76.6 (C$104.6)

(i)	Mexico (2013-2016)


2025 Second Quarter Financial Statements	23

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

June 30, 2025) and other penalties of $19.4 million (C$26.5 million) but before any relief under the Canada-Mexico tax treaty.

Subsequently, the CRA issued revised 2013-2016 Reassessments to include transfer pricing penalties of $8.8 million (C$12.0 million). The Company has filed formal Notices of Objection with the CRA against the 2013-2016 Reassessments and has posted security in the form of cash and standby letter of credit for 50% of the reassessed amounts, as referenced in Note 10 and Note 11. The Company has commenced an appeal in the Tax Court of Canada with respect to the 2013 Reassessment and the 2014-2015 Reassessments.

The Company’s Mexican subsidiary ceased operations after 2016 and no reassessments are expected for subsequent years.

(ii)	Barbados (2014-2021)

Subsequently, the CRA issued revised 2014-2017 Reassessments to include transfer pricing penalties of $12.9 million (C$17.6 million). The Company has filed formal Notices of Objection with the CRA against the 2014-2017 Reassessments and has posted security in the form of cash and standby letter of credit for 50% of the reassessed amounts, as referenced in Note 10 and Note 11. The Company has commenced an appeal in the Tax Court of Canada with respect to the 2014-2015 Reassessments.

In December of 2023 and November of 2024, the Company received Notices of Reassessment for taxation years 2018 (the “2018 Reassessment”) and 2019 (the “2019 Reassessment”, and collectively with the 2013-2016 Reassessments, the 2017 Reassessment, and the 2018 Reassessment, the “Transfer Pricing Reassessments”). The 2018 and 2019 Reassessments reassess the Company in relation to its Barbadian subsidiary on the same basis as the 2014-2017 Reassessments, resulting in additional Federal and provincial income taxes of $47.3 million (C$64.6 million) plus estimated interest (calculated to June 30, 2025) and other penalties of $21.9 million (C$29.9 million). The Company has filed formal Notices of Objection with the CRA against the 2018 and 2019 Reassessments and has posted security in the form of cash and standby letter of credit for 50% of the reassessed amounts, as referenced in Note 10 and Note 11. The 2018 and 2019 Reassessments did not include transfer pricing penalties which are currently under review. If the CRA were to apply transfer pricing penalties, the Company estimates that the amounts would be approximately $17.8 million (C$24.4 million).


2025 Second Quarter Financial Statements	24

Franco-Nevada Corporation

Notes to the Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)

Note 26 – Subsequent Events

(a)	Acquisition of Royalty on AngloGold’s Arthur Gold Project – Nevada, U.S.

Subsequent to quarter-end, on July 23, 2025, the Company acquired from Altius a 1.0% NSR on AngloGold’s Arthur Gold Project in Nevada for $250 million in cash plus a contingent cash payment of $25 million, as referenced in Note 3 (a).

(b)	Pre-construction Funding of Cascabel Stream – Ecuador

Subsequent to quarter-end, on July 17, 2025, the Company funded the second of three equal-sized payments in the amount of $23.3 million for pre-construction activities of the Cascabel project, as referenced in Note 3 (b).

(c)	Acquisition of Additional Royalty on Gold Quarry – Nevada, U.S.

(d)	Corporate Revolver Drawdown

Subsequent to quarter-end, on July 22, 2025, the Company drew down $175.0 million from its Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project, as referenced above.


2025 Second Quarter Financial Statements	25

***

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Paul Brink, President & Chief Executive Officer of Franco-Nevada Corporation, certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Franco-Nevada Corporation (the “issuer”) for the interim period ended June 30, 2025.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control — Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

5.2 N/A

5.3 N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: August 11, 2025




/s/ Paul Brink
Paul Brink, President & Chief Executive Officer
Franco-Nevada Corporation

Exhibit 99.5

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Sandip Rana, Chief Financial Officer of Franco-Nevada Corporation, certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Franco-Nevada Corporation (the “issuer”) for the interim period ended June 30, 2025.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 N/A

5.3 N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: August 11, 2025




/s/ Sandip Rana
Sandip Rana, Chief Financial Officer
Franco-Nevada Corporation