Franco-Nevada’s record quarterly results benefited from a combination of higher gold prices, strong operations, new acquisitions and the sale of Cobre Panama copper concentrate stockpiles. Our acquisition of six meaningful new gold interests over the last 18 months has positioned us for strong growth over the long-term and boosted our gold price exposure, with 85% of our revenue being from precious metals in the quarter. Following these results, we have narrowed our 2025 Total GEO sales guidance range, toward the higher end of our original guidance. After drawing on our corporate revolver to fund the Arthur Gold royalty acquisition in July, the Company is once again debt-free. We are encouraged by the recent constructive comments by the President of Panama toward resolution of the Cobre Panama mine closure. “Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment,” stated Paul Brink, CEO.

Financial Highlights – Q3 2025 compared to Q3 2024

• $487.7 million in revenue (a new record), +77%
• 138,772 GEOs¹ sold (including 11,208 GEOs from Cobre Panama), +26%
• 125,115 Net GEOs¹ sold, +29%
• $348.0 million in operating cash flow, +63%
• $427.3 million in Adjusted EBITDA² or $2.22/share (new records), +81%
• $287.5 million in net income or $1.49/share (new records), +89%
• $275.0 million in Adjusted Net Income² or $1.43/share (new records), +79%
• $84.4 million in proceeds and $67.4 million in realized gains from sale of equity investments

Financial Highlights – YTD 2025 compared to YTD 2024

• $1,225.5 million in revenue (a new record), +55%
• 377,450 GEOs sold (including 11,208 GEOs from Cobre Panama), +10%
• 340,129 Net GEOs sold, +13%
• $1,067.2 million in operating cash flow (a new record), +82%
• $1,114.9 million in Adjusted EBITDA or $5.79/share (new records), +65%
• $744.4 million in net income or $3.86/share (new records), +98%
• $719.0 million in Adjusted Net Income or $3.73/share (new records), +65%
• $109.9 million in proceeds and $74.7 million in realized gains from sale of equity investments

GEOs Sold and Revenue 

In Q3 2025, we recognized revenue of $487.7 million, an increase of 77% from Q3 2024, and sold 138,772 GEOs, an increase of 26% from Q3 2024. We benefited from record gold prices during the quarter, deliveries from Cobre Panama in connection with the sale of concentrate that had remained on site when production was suspended in November 2023, and contributions from Precious Metal assets which were acquired or commenced production over the past year. Revenue from our Diversified assets was higher than in Q3 2024, reflecting higher natural gas prices than in the prior year quarter. 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 85% of our revenue (72% gold, 11% silver, and 2% PGM). Revenue was sourced 88% from the Americas (40% South America, 18% Central America & Mexico, 18% Canada and 12% 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 during the first nine months of 2025, driven by record gold prices and a robust performance across our portfolio. We further benefited from additional deliveries from Cobre Panama and initial contributions from our recently acquired Côté Gold royalty, both of which were not included in our original guidance. We now expect to exceed our initial Precious Metal GEO sales guidance.

For Total GEO sales, we have narrowed our guidance range, toward the higher end of our original guidance. Total GEOs, which include GEOs from our non-gold assets, are impacted by the relative performance of commodity prices relative to gold. Our 2025 updated guidance is based on the following assumed commodity prices for the remainder of 2025: $3,800/oz Au, $47.50/oz Ag, $1,450/oz Pt, $1,350/oz Pd, $100/tonne Fe 62% CFR China, $60/bbl WTI oil and $3.00/mcf Henry Hub natural gas.

Canada Revenue Agency Audit

On September 11, 2025, we reached a settlement with the Canada Revenue Agency which provided for a final resolution of our tax dispute in connection with the reassessments under transfer pricing rules of the 2013 to 2019 taxation years in relation to our Mexican and Barbadian subsidiaries. Under the terms of the CRA Settlement, no payment of any tax in Canada is required on the foreign earnings of the Company’s Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years. Franco-Nevada has posted security in the form of cash totaling $44.1 million (C$61.4 million) and standby letters of credit totaling $47.4 million (C$66.0 million), which we expect will be released in the short-term.

Cobre Panama Updates

Cobre Panama remains in a phase of Preservation and Safe Management with production halted. Following the approval of the P&SM plan in May 2025 by the Government of Panama, through the Ministry of Commerce and Industries, the shipment of the 122,520 dry metric tonnes of copper concentrate that had remained at site was completed. First Quantum has commenced pre-commissioning of the thermoelectric power plant and the mobilization of specialists to site. The power plant is currently anticipated to restart in Q4 2025, with the first 150MW unit expected to be fired and synchronized with the national grid in November 2025. On October 10, 2025, the Ministry of Environment issued the order for SGS Panama Control Services Inc. to proceed with the integral audit of the Cobre Panama project. MiAmbiente and MICI, together with SGS, are coordinating the audit planning and implementation, which is expected to cover environmental, social, legal and fiscal compliance aspects.

During Q3 2025, Franco-Nevada received 11,208 GEOs in stream deliveries in reference to the shipped copper concentrate that had remained at site, and expects approximately 1,000 GEOs in Q4 2025 or early Q1 2026.

Management Update

Jason O’Connell, Senior Vice President, Diversified, has left the Company to pursue other opportunities. “Jason’s dedication and hard work have been a key contributor to the growth of the Company and we wish him well with his new endeavour,” commented Paul Brink, President & CEO.

Sustainability Updates

We continue to be top rated by Sustainalytics, AA by MSCI and Prime by ISS ESG. During the quarter, we expanded the Franco-Nevada Diversity Scholarship program by awarding four new diversity scholarships to mining engineering students at the University of Toronto, McGill University, and Queen’s University. Franco-Nevada is now providing scholarships to 15 students. Our community initiatives included supporting an initiative led by Fundación Hogar De La Divina Gracia to renovate a girls’ home in Arraiján, Panama, helping improve living conditions for vulnerable young women. We also renewed our funding support for the Enseña Perú education initiative in Peru.

Portfolio Additions

• Acquisition of Royalty on Arthur Gold Project: 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. The contingent cash consideration is payable dependent upon the final award outcome of an arbitration process between Altius and AngloGold related to the coverage of the royalty. The final award decision confirming the extent of the royalty area was received by Altius on August 14, 2025. As such, we expect to make the cash payment of $25.0 million in Q4 2025, following the expiry of any relevant appeal or challenge periods. Funding of the transaction was completed with cash on hand, and a $175.0 million draw from our $1.0 billion revolving credit facility which was repaid prior to quarter-end.
• Acquisition of Additional Royalty on Gold Quarry Gold Mine: On July 11, 2025, we acquired from a third party an additional NSR on Nevada Gold Mines’s Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined NSR which provides an annual minimum payment of at least 1,650 gold ounces tied to mineral reserves and stockpiles attributed to the royalty property. Franco-Nevada expects to receive this annual minimum payment through to the end of the mine life with the potential to increase to a higher level if mineral reserves increase beyond current levels.

Equity Investments and Loans Receivable

• Equity Investments: During the quarter, we disposed of equity investments for gross proceeds of $84.4 million and recognized a gain on fair value of $67.4 million. The proceeds were used to repay our corporate revolver and for general corporate purposes. As our equity investments are accounted for at fair value through other comprehensive income, this fair value gain is presented within shareholders’ equity. This gain is not included in, and is incremental to, net income. The Company has a further $503.5 million of unrealized gains at September 30, 2025.
• Loans receivables: During the quarter, we recognized interest revenue of $4.1 million related to our loans receivable from G Mining Ventures and EMX Royalties. In September 2025, EMX and Elemental Altus Royalties Corp. announced a proposed arrangement whereby Elemental Altus would acquire all of the issued and outstanding shares of EMX. Our term loan with EMX would become fully due and payable upon such change of control. In September 2025, after arranging a $250 million revolving credit facility with a syndicate of commercial banks, Discovery Silver terminated our $100 million term loan facility, which remained undrawn as of the date of termination.

Q3 2025 Portfolio Updates

Precious Metal assets: GEOs sold from our Precious Metal assets were 119,109 GEOs, an increase of 41% from 84,377 GEOs in Q3 2024. This was primarily due to deliveries from Cobre Panama as a result of the sale of copper concentrate that had been stored at site, robust production at Guadalupe-Palmarejo and Tocantinzinho, and contributions from our recently acquired interests in Côté Gold, Western Limb, and Porcupine.

South America: 

• Candelaria (gold and silver stream) – GEOs sold in Q3 2025 were higher than those sold in Q3 2024 primarily due to the timing of deliveries. Production in the quarter also benefited from increased throughput due to higher overall production. Production is expected to continue at similar levels through Q4 2025.
• Antapaccay (gold and silver stream) – GEOs sold in Q3 2025 were consistent with Q3 2024. We expect a stronger Q4 2025, having recovered from the delays in shipments experienced in Q2 2025. Glencore anticipates Q4 2025 production at Antapaccay to continue to benefit from higher grades.
• Antamina (22.5% silver stream) – Silver ounces sold in Q3 2025 were higher than in Q3 2024. During the quarter, operations returned to normal levels following a fatality in Q2 2025. We expect stronger deliveries in Q4 2025.
• Tocantinzinho (gold stream) – GEOs sold in Q3 2025 were higher than Q3 2024, with the mine achieving its highest quarterly gold production since reaching commercial production. In October 2025, G Mining Ventures announced that federal authorities had approved the Tocantinzinho mine for its tax incentive program, thereby reducing the mine’s corporate income tax rate for a period of 10 years.
• Yanacocha (1.8% royalty) – Newmont reported strong production at the mine in Q3 2025 from the use of patented injection leaching technology. The asset continues to significantly outperform compared to our initial expectations at the time of acquisition, with production for 2025 tracking more than 100,000 gold ounces above our initial expectations. Primary mining activities from the active oxide pit are expected to conclude in Q4 2025 as planned, with oxide production continuing thereafter from leaching.
• Salares Norte (1% royalties) – In August 2025, Gold Fields reported that Salares Norte is progressing well with its ramp-up and expects the mine to reach steady-state levels of production in Q4 2025.
• Cascabel (gold stream and 1% royalty) – In October 2025, SolGold reported positive assay results for the Tandayama America deposit, which is covered by Franco-Nevada’s stream and royalty. In July 2025, SolGold released a project execution plan for its Cascabel project, with initial feed for the mill coming from the open pit TAM deposit providing a faster pathway to production. 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.
• Gurupi (1% royalty) – G Mining Ventures has relaunched regional exploration at Gurupi and trenching in prospective areas had yielded positive results. G Mining is engaging with various stakeholders, and has restarted permitting processes.
• Volcan (1.5-3% royalties) – Tiernan Gold, a wholly owned subsidiary of Hochschild Mining, and Railtown Capital announced an arrangement that will result in a reverse takeover of Railtown by Tiernan with the resulting issuer expected to trade on the TSX Venture Exchange. In connection with this transaction, Tiernan and Railtown also announced a proposed brokered best-efforts private placement of up to C$65.0 million, in which Franco-Nevada intends to participate for C$5.0 million. Franco-Nevada also has the option to acquire a further 1% royalty over all concessions at the time of a board-approved construction decision.

Central America & Mexico:

• Guadalupe-Palmarejo (50% gold stream) – GEOs sold from Guadalupe-Palmarejo in Q3 2025 were substantially higher than in Q3 2024, both from higher overall production and higher portion of ore coming from stream ground.
• Cobre Panama (gold and silver stream) – During the quarter, we received and sold 11,208 GEOs from Cobre Panama in connection with the sale of concentrate that had remained on site when production was suspended in November 2023 and expect an additional 1,000 GEOs in Q4 2025 or early Q1 2026.

Canada:

• Detour Lake (2% royalty) – Agnico Eagle commenced excavation of the exploration ramp for the underground project with the first blast completed in July 2025. Exploration drilling in the West Pit zone further defined the high-grade domains that could potentially be mined early in the underground project. Drilling into the West Extension zone at underground depths further confirmed the grades and continuity of mineralization in the western plunge of the deposit.
• Côté Gold (7.5% GMR) – We earned 5,343 GEOs from our recently acquired Côté Gold royalty. In June 2025, IAMGOLD announced that the Côté Gold mine achieved nameplate throughput after operating at 36,000 tonnes per day on average over 30 consecutive days. Costs at the mine and mill are expected to decrease from current levels following the completion of ramp-up and stabilization activities and the installation of an additional secondary crusher in Q4 2025.
• Porcupine (4.25% royalty) – Since acquiring the Porcupine complex in April 2025, Discovery Silver has started capital programs to improve existing operations and pursue growth opportunities.
• Greenstone (3% royalty) – Equinox Gold reported that mining rates and mill grades improved in Q3 2025 and that it expected full-year production to meet the lower of its revised 2025 guidance of 220,000-260,000 gold ounces.
• Magino and Island Gold (0.62-3% royalty) – Alamos Gold reported that the Phase 3+ Expansion at Island Gold continues to progress well with the shaft sinking at 98% of its ultimate planned depth. The Phase 3+ mill expansion and paste plant are also advancing with the overall expansion expected to be completed in H2 2026. Alamos reported that production from Magino and Island Gold in Q4 2025 is expected to be lower than initially expected due to unplanned downtime at the Magino mill and the occurrence of a seismic event at Island Gold subsequent to the quarter.
• Valentine Gold (3% royalty) – Equinox Gold reported that its Valentine Gold mine poured first gold on September 14, 2025. As Valentine Gold continues to ramp-up, the operation is anticipated to produce between 15,000 to 30,000 ounces of gold in Q4 2025 and to deliver consistent nameplate capacity of 2.5 million tonnes per year by Q2 2026. Once operating at design capacity, Valentine is expected to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years of its 14-year reserve life.
• Musselwhite (2% royalty and 5% NPI) – Since acquiring the mine from Newmont in March 2025, Orla Mining launched an aggressive exploration program aimed at testing mine trend extensions, replacing and expanding underground resources, and identifying satellite deposits. In October 2025, Orla Mining announced successful drill results from a program aimed at confirming a potential two-kilometre extension beyond existing resources.
• Canadian Malartic (1.5% royalty) – Development of East Gouldie production levels and support infrastructure progressed on schedule for planned production in H2 2026. Drilling continued to extend the East Gouldie deposit to the east and west in the lower portions of the deposit. Positive exploration drilling in the upper eastern extension of East Gouldie could potentially support a second mining area and utilize excess mill capacity.

U.S.:

• Stibnite (1.7% gold royalty, 100% silver royalty) – In September 2025, Perpetua Resources received its conditional notice to proceed from the U.S. Forest Service for the Stibnite gold project. Perpetua also received an indicative term sheet from the Export-Import Bank of the United States on a potential $2 billion debt financing and raised $474 million in equity to advance the project. In October 2025, Perpetua broke ground on early works construction.
• Copper World (2.085% royalty) – After receiving all major permits required for the development and operations of Copper World in January 2025, Hudbay has been working on a definitive feasibility study which could lead to a potential construction decision in 2026. In August 2025, Hudbay Minerals announced that Mitsubishi Corporation had agreed to acquire a 30% interest in Copper World for an initial cash contribution of $600 million.

Rest of World:

• Western Limb (gold and platinum stream) – Our stream on Sibanye-Stillwater’s Western Limb mining operations delivered 4,838 GEOs in Q3 2025. 82% of the GEOs derived from gold deliveries and 18% from platinum deliveries. Platinum prices have outpaced gold price increases since acquisition of the stream.
• Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were lower than in Q3 2024 due to end of mining operations at the Subika open pit at Ahafo South in July as planned. We expect production from royalty ground to continue from the Subika Underground.
• Ağı Dağı (2% royalty) – In October 2025, Alamos Gold completed the sale of its Turkish development projects, Kirazlı, Ağı Dağı and Çamyurt, to Tümad Madencilik Sanayi ve Ticaret A.Ş, a mining company operating in the Republic of Türkiye for total consideration of $470 million. Franco-Nevada owns a 2% royalty on the Ağı Dağı project.

Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $67.1 million in revenue, compared to $61.2 million in Q3 2024. When converted to GEOs, our Diversified assets contributed 19,663 GEOs, a decrease of 24% from 25,733 GEOs in Q3 2024.

Other Mining:

• Vale Royalty (iron ore royalty) – Revenue from our Vale royalty increased compared to Q3 2024 due to initial contributions from the Southeastern System, where the cumulative sales threshold of 1.7 billion tonnes of iron ore was reached in Q2 2025.
• LIORC – Revenue from our attributable interest on the Carol Lake mine in Q3 2025 was lower than in Q3 2024. Production for the remainder of 2025 is expected to be constrained as IOC focuses on pit health, with lower ore feed to the concentrator.

Energy: 

• U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased compared to Q3 2024. The increase was largely driven by higher production from our SCOOP/STACK interests acquired with Continental and higher realized natural gas prices when compared to Q3 2024.
• Canada (various royalty rates) – Revenue from our Canadian Energy interests was lower than in Q3 2024 primarily due to lower oil 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 December 18, 2025, to shareholders of record on December 4, 2025. 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 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 Q3 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 Q3 2025 quarterly results. Interested investors are invited to participate as follows:

Participants will receive an automated call back after

entering their name and phone number):emportal.ink/4o9qUE5

Webcast:www.franco-nevada.comReplay (available until November 11^th):

Toll‑Free: 1-888-660-6345

International: 289-819-1450

Pass code: 52085#

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 is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.