FRANCO NEVADA Corp — Call Transcript 2026

Good afternoon, ladies and gentlemen. I'd like to welcome you to the 2026 annual special meeting of the shareholders of Franco-Nevada Corporation. My name is David Harquail, as Chair of the Board of Directors, I'm gonna chair the formal portion of this meeting. This is my 19th year of presiding over Franco-Nevada Corporation meetings, 13 as CEO and six as your chair. During this meeting, I'm gonna be stepping down as both chair and as a director. This agenda right here is to complete the formal business of the AGM first, then I'm gonna turn it over to Tom Albanese, our new chairman coming in. I hope you get elected. Find out shortly. He'll provide a few remarks, introduce our CEO, then he'll take your questions. We're not planning to do the usual thank you speeches that an outgoing chairman hopefully gets. Instead, during this meeting, instead of doing it here, you're all invited for a better party over on the 68th floor of First Canadian Place. It's the Bank of Montreal building. There we're gonna provide you drinks, we're gonna provide you hors d'oeuvres, and I think that's gonna be more convivial. You'll actually laugh at my jokes when I do my presentations and talk remarks. It's also gonna be an opportunity for you to talk to me individually or the executive and management team that are all gonna be attending as well. Before we start the formal motions, I'd like to make some introductions. At the head table, Paul Brink, our CEO, President, and Director. Sandip Rana, our Chief Financial Officer. Lloyd Hong, our Chief Legal Officer, and also our Corporate Secretary. All of our directors are present this afternoon in person, and I'd like to introduce our directors, and that they say their names, they briefly stand and face the camera, and then face the audience, and then they can sit down. We'll do them in turn. Just to show there's no favors, we're doing them in alphabetical order. Tom Albanese. Hugo Dryland. Derek Evans. Dr. Catherine Farrow. Maureen Jensen. Jennifer Maki. Daniel Malchuk, and Monsieur Jacques Perron. Also here today is almost our entire management team from Canada, the U.S., Australia, and Barbados. That's how we fill in our audience here. Welcome. I would ask Lloyd Hong to act as secretary of the meeting, and Anup Das and David Martin as representatives of Computershare to act as scrutineers. The scrutineers will report on the number of shares represented at this meeting or by proxy. Proof of service has been provided calling this meeting and has been filed. I direct that a copy of the notice and affidavit proving service thereby be annexed to the minutes of this meeting. I have been advised there is a quorum and request that the scrutineers' report be annexed to the minutes of this meeting. I therefore declare that this meeting is regularly called and properly constituted for the transaction of business, and I now ask our Chief Legal Officer, Mr. Hong, or Lloyd, to provide the details on the logistics for this meeting. Thank you, Mr. Chairman. This will be a hybrid meeting allowing both in-person and virtual participation. If you are on the webcast, detailed instructions are displayed on how to vote, ask questions, and get technical assistance if necessary. If you're on the phone line, please note that you cannot vote or ask questions. We will conduct the votes on the matter before us by poll. On a poll, every shareholder entitled to vote on the matter has one vote in respect of each share held by that shareholder. I would now ask Lumi to open the polls for voting on all of the matters of business for this meeting and keep the polls open until after all of the items have been presented and the Chairman has asked for the polls to be closed. As the polls are all open, you are now able to cast your vote on all items of business until the chairman closes the polls at the end of the meeting. You do not need to wait for each specific item of business to vote and are free to vote at any time. Please ensure you have voted on each item of business by the say-on-pay advisory resolution, as the polls will be closed afterwards. Moving on to questions. For those here in person who have any questions on the items of business, please raise your hand at the appropriate time and a microphone will be brought to you. If you're participating on the webcast and have any questions on the items of business, please type your question or comment in the messaging section of the Lumi platform, and I will read the question aloud. We will take applicable questions after each item of business. If your questions are more general in nature, we would ask that you please wait until the formal business of the meeting has been concluded, as we will have a Q&A session afterwards. After all of the matters of business have been presented and the voting has been closed, Computershare will tabulate the results, and the chairman will report them to the meeting. Mr. Chairman, back to you. Lloyd, thank you. I think your script is longer than mine. The first matter of business is to confirm receipt of the financial statements in the auditor's report, the consolidated financial statements of the company and its subsidiaries for the year ended December 31st, 2025. The reports of the directors and auditors thereon have been mailed to all shareholders who requested them, together with a notice of this meeting. The financial statements are also available on our website, and you can request paper copies by phone or email. The next matter of business is the election of directors. The nominees of management of the company were identified in the information circular mailed to each shareholder of the company. I introduced the directors earlier, and I had them stand. Will someone please nominate the directors? Nine directors are required to be nominated. Mr. Chairman, my name is Boris de Vries, I'm a shareholder of the company. I nominate Tom Albanese, Paul Brink, Hugo Dryland, Derek Evans, Catherine Farrow, Maureen Jensen, Jennifer Maki, Daniel Malchuk, and Jacques Perron as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. Thank you, Boris. Could I get a seconder? Mr. Chairman, I'm Nalini Mohan. I'm a shareholder, and I second the nominations. Thank you, Nalini. Are there any questions from the floor? The webcast? I declare the nominations closed. The next matter of business is the appointment of the company's auditors. Will someone please move a resolution for the appointment of auditors and to authorize the directors to fix the remuneration of such auditors? Mr. Chairman, my name is Matthew Begeman, and I am a shareholder of the company. I move that PricewaterhouseCoopers LLP, Chartered Accountants, be appointed auditors of the company until the next annual meeting at such remuneration as may be fixed by the directors of the company, directors being hereby authorized to fix such remuneration. Thank you, Matt. Could I get a seconder? Mr. Chairman, my name is Eric Karrandjas and I am a shareholder of the company, and I second the motion. Thank you, Eric. The next resolution is a say-on-pay advisory resolution. Since the vote is advisory, it will not be binding on the board. However, the board will consider the outcome of the vote as part of its ongoing review of executive compensation matters. Please note that the polls will be closed immediately after this matter of business. Will someone please move a resolution for the say-on-pay advisory resolution? Mr. Chairman, my name is Kevin McElligott. I'm a shareholder of the company. I move that on an advisory basis and not to diminish the role and responsibilities of the board of directors of the company, the shareholders accept the approach to executive compensation as disclosed in the company's management information circular dated March 19th, 2026. Thank you, Kevin. Could I get a seconder? Mr. Chairman, my name is Christian Thatcher, and I'm a shareholder of the company. I second the motion. That was the final item of formal business for this meeting. I declare the voting closed. I would ask that the polls be closed. Do I need any polls here, Lloyd? Nope. Okay. Are there any other items of business that any shareholder and attendants would like to raise? As you know, there'll be a Q&A that follows this session. Is there anything from the webcast? We've received the preliminary results and declare that each of the motions in the meeting has been carried by the votes cast, including the election of directors. I declare the persons nominated have been duly elected as directors of Franco-Nevada Corporation, and the final results of the meeting will be reported on SEDAR by tomorrow. Congratulations, Directors. I can tell you all the numbers are in the high 90s, so this is good. Now, the formal part of the meeting is concluded, and with the election of directors, Tom Albanese has been appointed the new Chair of Franco-Nevada, so congratulations, Tom. Thank you, everybody. It's been an absolute pleasure to be part of this story for the past 19 years, and I look forward to seeing you at the reception that follows. Paul will remind you on the details as we finish. I now invite your new chair of Franco-Nevada to the podium. There we are. Thank you, David. Okay. Thank you, David. I've been at these AGMs since 2013. I'm incredibly proud to be chairing this company. It's a great company. It's got roots that go a long back, and actually I have some stories about those roots that I wanted to spend a little bit of time on. It's the board, the management team, the loyalty of the shareholders, the banks that have been working with us, the finance community in Toronto, the legal community in Toronto, one of the top, what I call mining finance cities in the world. It's a lot to be proud of here. My own roots go back with gold a long time. I was a college student up in Alaska. When I was doing my graduate studies, I started Alaskan placer mining. In my early 20s, I was doing that for a while. All through my 20s, I was, the savings that my wife and I were making, she was a geologist up there, we were putting into Krugerrands and Maple Leafs. Now we're giving them to our granddaughters every Christmas as they get older. As a matter of fact, early in my career, working for a company called NERCO, which ultimately became part of Rio Tinto, we were buying mineral assets from oil and gas companies, and one of the first ones was Oxyna Minerals in 1983. We had a bunch of royalties we were trying to figure out what to do with, and we had this guy from Montreal that was coming down and wanted to buy them. We couldn't figure out what he was doing with them, but we were happy to sell these royalties on to him, and that was my first opportunity to meet Pierre. I didn't have any gray hair there. He didn't have any gray hair, and it was just great to meet him, and that was an early e-evolution of the U.S. mining industry. I've kept up with Pierre over the years. I met David in that course of that period and, you know, the period that Newmont had the reins of Franco. I think that David, the leadership of David and Pierre brought it into Franco-Nevada phase II since 2007, you know, David was the CEO for that and a very important growing part of the business, a huge growth in that period of time. I think David recognizing it's always good to refresh and turn over and get ready the next generation, he stepped into the Chairman role, Paul capably stepped into the CEO role. As a board member, I saw that and I watched that and with a lot of pride, a lot of pride in the organization, in the team, and the board, I'm really excited about the way ahead. I can't tell you what the price of gold's gonna be in a year. I'm not gonna be trying to pretend like. Pierre Pierre, that it was $10,000, or at that time I remember David saying, "Well, I don't know if I'd like to know what the world looks like at $10,000 gold." We have a good balanced view on the board on, you know, what the world looks like, where the world's going, and how do we invest for the benefit of the shareholder for that along the way. For that, I thank you as shareholders. Thank you. Okay. Go ahead, Paul. Thank you, Tom. Good afternoon, everybody. Please heed the cautionary statements. I will make some forward-looking projections. At Franco-Nevada, we believe gold is a risk-off investment, that investors buy gold as a hedge against market volatility. Our objective in creating our business is to provide a lower risk way to invest in the space, expose investors to the exploration optionality of the mining industry, combine that with a strong balance sheet, a progressive dividend, that strategy has worked tremendously well. Over the 18 years that we've been public, by any measure, we've grown the business 12-14x. 12x on revenues, 14x on EBITDA cash flow, 12x on earnings. We've been the leading player amongst our peers over that period in terms of growth. More importantly, we've done it profitably. If you look at the return on investment that we generate, we're the leader of the pack. The numbers I'm showing are the return on assets the last five years. With the run-up we've had in gold prices, those numbers are quite stunning, looking like 20% return on assets for the next two years. That profitable growth has led into industry-leading returns. The CAGR on our share price over the 18 years, this is very simple, is 18%. You can see that is ahead of any of the indexes, the Nasdaq, the S&P 500, which is roughly 12. Interesting, gold bullion itself is 9%, so our returns have been double what you could have achieved just by holding bullion itself, and those returns are well ahead of the gold industry itself. In terms of the dividend, we've increased the dividend every single year, 19 consecutive increases. Dividend yield today getting close to 12% in USD terms. If you'd bought the stock at IPO, almost CAD 16 in Canadian dollar terms. The CAGR on the dividend is 13% per annum of that period. What does the growth outlook look like? What we show is our guidance for 2026, the outlook through to 2030, both with and without Cobre Panama. We're very hopeful that Cobre Panama will come back online in that period. Assuming that is the case, we'll have 40%-50% growth in our portfolio over the next five years. If you look at the last chart, we put on top of that the long-term options that we've got in our portfolio. We detail them here. We've got a very deep portfolio, a lot of large options that could be very meaningful. In total, they could add 220,000 GEOs of annual production. They won't all produce at the same time, but that's the total potential. They have over 6 million ounces of M&I, another two of inferred. These assets have all the firepower that we need, so that beyond our five-year growth, we can, at a very minimum, sustain that growth for the next decade or so, or if the timing works out, even grow it above those levels, just what we have, what we have in-house in the company today. What is the value of all of that? This is probably the simplest way to look at it. If we just take the total gold inventory that we have, both M&I resources plus inferred resources, that is 100% attributable to us. Where it's a stream and we have ongoing payments, we're netting that off to say ounces that are 100% attributable. If you value that at today's gold price, that's $124 billion of value that underlies our company. Compare that with our market cap or our enterprise value today, it's $44 billion. The underlying value of those ounces that we can see today is almost 3x the value of what our company is today. That's not all. That is just the ounces we can see, as we know in our business, the reason that we invest in royalties is because the beauty of mining is we can't see under the ground when we're mining a mine. It's only when we have mined out that full ore body that we reveal the full extent of that ore body. I'm gonna tell just one story to illustrate that why our business has worked so well. The story is Detour. This is a deal that David had done. It's gone back now to the early 2000s. Placer built the Detour mine. It was an underground mine, ran for about a decade. It wasn't a great success. They shut it down. A number of years later, they decided to sell the property. It wasn't worth very much. David did a deal with a small junior company called Pelangio, who acquired the property for $2 million. Pelangio didn't have the $2 million, so David provided the $2 million. The deal was 50/50 JV. Pelangio had 50%, Franco had 50%. Pelangio was able to buy back the 50% JV if they paid back the $2 million. Franco was left with a 2% royalty. They were able to do that, they paid back the $2 million, Franco had a 2% royalty. Nothing happened on the property for a decade. It just sat there until Gerald Panneton came along. Gerald had a vision that this could be a big open pit. He ran the drill program. He drilled up 20 million ounces on the Detour property, raised the capital to build that mine. Detour Gold built the mine. The plan was to produce 600,000, 650,000 ounces a year. It was a super success. Couldn't imagine that it could get any better. That was six or seven years ago. Tony Makuch at Kirkland Lake saw the potential in Detour, acquired the company, he drilled the property. That 20 million ounces became 30 million ounces. Agnico Eagle saw the potential in Detour. They acquired Kirkland Lake. They drilled the property. Today, the inventory at Detour is roughly 43 million ounces. Agnico has a plan where they're gonna take production on that asset to go to 1 million, maybe more ounces per year of production. If you take the resource and our 2% royalty on that, and gold prices today, there's $3 billion-$4 billion of value that'll accrue to us from the Detour royalty. These are the sort of assets that make our business so successful. These are the sort of deals that David has done that has made our business so successful. That is one of our greatest success stories. I'll add along with Goldstrike, which is the earlier success story that we used to tell, and there are a few of them in the portfolio that are not just hundred baggers, they're more than hundred baggers. You ask yourself, what in aggregate does the portfolio do? This is the best example that we have. If we take when we did the IPO, all the assets that we acquired, the total reserves on the asset, just those assets at the time, it was 34 million ounces. If you take what's been produced since then and what their reserves are today, there's 3.6x as much gold as there was 18 years ago. That's the power of the optionality, how those ounces can grow over time. I'm gonna go back. Remember two slides ago, I said the ounces that you can see today, the total value of that, $126 billion. Go forward 18 years. If history repeats itself and we end up with 3.6 x as much, that would be $440 billion. Now, conveniently or coincidentally, that's 10x what the enterprise value of our company is today. We've had a fantastic past, and the future at Franco is looking tremendously bright. With that, I would like to take any questions. As a reminder, for those here in person, please raise your hand and a microphone will be brought to you. If you're participating on the webcast, please type in your questions or comments in the messaging section of the Lumi platform, Lloyd will read the question aloud. Are there any questions from the floor. I see a question there. Hi, I'm Paul Durnin from Burlington. You had a co- commitment to Seabridge Gold last year or the year before, and I see it's not in the book this year. Is there some explanation on that? I always felt it was kind of difficult to think of a gold company that was around for 20 years and never produced any gold. Anyway. They, well, you know, Seabridge has some very large assets, and then the largest being KSM. That's not the asset that we have a royalty on. We have a royalty on a property that is up north called Courageous Lake, also a very big property, probably 10 million ounces in resource. 11 11, you say? They have just spun that asset out into its own independent company. I don't exactly recall the name of the company, but I suspect it is in our book, it's just that the company name will be different. Oh, okay. All right, I got another question, but I'm willing to- Yep go in rotation. Go ahead. Okay, the Ring of Fire, you have a commitment there, and obviously in the popular business media, there is some question marks about it. How do you build a railway and a road on a swamp? Things like that. It will be a huge investment to bring it to finish, and it'll be a long way off. The question of government funding has been kicked around, federal and provincial. Can you give your take on it? How will you play out in it? How is it going right now? What's your outlook? Sure. The, it's almost like we planted that question. Ring of Fire is one of the bigger options that is in our portfolio. For those of you who are not familiar, it is up in northern Ontario. It's a huge area. Saw an exploration boom probably 15 years ago, and a very short amount of time, huge discoveries were made, the biggest being chromite, but also nickel, copper, gold. It's tremendously prospective, but as you point out, it's a very difficult region to get access to. Really for any activity to take place, you need either a railway or a road. The current owner of that property is Wyloo Metals. They've been working with the First Nations, they've been working with the provincial and the federal governments to advance that. The First Nations are actually the proponents to have the road built, and that is the preferred access. The environmental applications are in on the road. They should be approved in the next year or so. In fact, construction has already begun on the roads. The section of the roads that sit on First Nations title land, they've already begun construction. There is a session, it's being hosted by Minister Rickford, it's in the next week or two, I think it is at the Canadian Club. The title of the session is The Ring of Fire: No Longer a Question of If, Just When. You'll be able to find out more on the Ring of Fire, but the bottom line is, it is going ahead. The Ring of Fire in the recent Ontario provincial bill was declared a special development zone, which streamlines what permits are required for the construction of the mine on that property. I think the title of that session is accurate. I think the Ring of Fire, it is not a question of if, just when, and the timeline that has been outlined by Wyloo and the provincial government is probably the early 2030s for first production to come from the first mine to be built, which would be the Eagle's Nest Nickel Mine. Thank you. Mr. Brink, I think we were all inspired by your story of Detour Gold. What other underappreciated assets might you have in your portfolio? I'm gonna hand that question to Sandip. Sure. Good afternoon, everyone. You know, obviously I could go on for quite a while. I think there's a lot of assets that are underappreciated in our portfolio, but I would say first of all is just the depth of the portfolio. You know, we have the largest royalty streaming portfolio in the industry. 441 assets, 121 producing, 44 advanced, but 276 exploration assets. But what's really important there is the amount of land we actually cover. We cover 72,000 sq km or 17.8 million acres of land. To put it in perspective, that is bigger than the country of Ireland. If the land that Franco-Nevada actually covers with our royalties and streams was an independent country, we would be the 118th largest country in the world. That is how much land optionality we provide our shareholders. What's happening on these lands is the amount of exploration drilling. Just from a conservative estimate, we figure there's about $600 million of drilling happening in 2026 on our land, and that's 2.5 million meters of drilling. What I'm pretty comfortable with is that some of that drilling will be successful, you will get resources found, new deposits found, and our assets will either get longer mine lives, which will increase our NAV and thus our share price. I think that is what is truly underappreciated. In terms of specific assets, Paul obviously talked about the Ring of Fire, which we don't think we get the full appreciation of. The other one is New Prosperity. It's a stream that we entered into with a company called Taseko Mines back in 2010. It's a copper gold system in British Columbia. It didn't receive its federal permit. It did get its provincial permits, unfortunately, as I said, it didn't get its federal, and it kinda just sat on the bench for a while. Middle of last year, a deal was reached between the First Nations, Taseko Mines, who was the owner, and the British Columbia government to work out a structure where the First Nations gets 22.5% interest in the property. Now you have, I would say, an objective that's aligned amongst all three parties. Obviously, it's still early to see where it goes, but we're very encouraged that everybody seems to be on the same page. If that asset is actually developed, our commitment is $350 million for 22% of the gold. Based on the mine plan that we had at the time, it was 300,000 ounces of gold a year. That's 66,000 ounces of gold to Franco under the stream agreement. At today's gold price, you can obviously understand how valuable that is. An NAV on that today would be $1.5 billion north of that for a $350 million investment, and I'm pretty sure the value that's reflected in our share price for that asset is very minimal right now. Again, a huge option in the portfolio along with the Ring of Fire, but more so it's just the land package that Franco actually covers and the number of assets. As I said, I could name more, but those are the two largest ones for us. We got another question from the floor? There you go, Christina. Hi. What is your appetite for doing more energy deals? We've got a good appetite for doing more energy deals and the reason is, they worked extremely well for us. Our strategy is our number one commodity is gold and we'll invest in it whenever we can. Gold, like every other commodity is cyclical and there are times when either they're not good deals or it's too expensive, and we've always said, "Give us the latitude to look around, invest in some other commodities where we can get that same resource optionality, be more opportunistic in our entry points." Oil has worked extremely well. We've got some good entry points and now is a point of time. Here we are, oil prices, we're trading around $60 a b. You have the sort of conflict, the sort of volatility in the markets that we all worry about. Oil has spiked. We really are uniquely positioned in the mining industry in that we get a double benefit. Much of the mining industry over time is plagued by operating cost inflation. The biggest component of that are energy prices. When you have higher prices like you have now, we not only are largely not exposed to that cost inflation, we have the double benefit that 6%-10% of our portfolio is made up of oil and we'll get that benefit. We very much like that model and we're open to, at the right time, adding more energy to the portfolio. I don't see any further questions. Lloyd, any questions on the webcast? Nothing from the webcast. Okay. Before we close the meeting, a reminder that we'll be releasing our Q1 results later today and a press release should cross the wire early this evening. We hope you are able to join us for our Q1 conference call, which is scheduled for 8:00 A.M. Toronto time tomorrow morning. Thank you for your support of Franco-Nevada, and have a good evening.

Speaker 3: Good afternoon, ladies and gentlemen. I'd like to welcome you to the 2026 annual special meeting of the shareholders of Franco-Nevada Corporation. My name is David Harquail, as Chair of the Board of Directors, I'm gonna chair the formal portion of this meeting. This is my 19th year of presiding over Franco-Nevada Corporation meetings, 13 as CEO and six as your chair. During this meeting, I'm gonna be stepping down as both chair and as a director. This agenda right here is to complete the formal business of the AGM first, then I'm gonna turn it over to Tom Albanese, our new chairman coming in. I hope you get elected. Find out shortly. He'll provide a few remarks, introduce our CEO, then he'll take your questions. Good afternoon, ladies and gentlemen. good afternoon ladies and gentlemen I'd like to welcome you to the 2026 annual special meeting of the shareholders of Franco-Nevada Corporation. i'd like to welcome you to the 2026 annual special meeting of the shareholders of franco-nevada corporation My name is David Harquail, as Chair of the Board of Directors, I'm gonna chair the formal portion of this meeting. my name is david harquail as chair of the board of directors i'm gonna chair the formal portion of this meeting This is my 19th year of presiding over Franco-Nevada Corporation meetings, 13 as CEO and six as your chair. this is my 19th year of presiding over franco-nevada corporation meetings 13 as ceo and six as your chair During this meeting, I'm gonna be stepping down as both chair and as a director. during this meeting i'm gonna be stepping down as both chair and as a director This agenda right here is to complete the formal business of the AGM first, then I'm gonna turn it over to Tom Albanese, our new chairman coming in. this agenda right here is to complete the formal business of the agm first then i'm gonna turn it over to tom albanese our new chairman coming in I hope you get elected. i hope you get elected Find out shortly. find out shortly He'll provide a few remarks, introduce our CEO, then he'll take your questions. he'll provide a few remarks introduce our ceo then he'll take your questions We're not planning to do the usual thank you speeches that an outgoing chairman hopefully gets. Instead, during this meeting, instead of doing it here, you're all invited for a better party over on the 68th floor of First Canadian Place. It's the Bank of Montreal building. There we're gonna provide you drinks, we're gonna provide you hors d'oeuvres, and I think that's gonna be more convivial. You'll actually laugh at my jokes when I do my presentations and talk remarks. It's also gonna be an opportunity for you to talk to me individually or the executive and management team that are all gonna be attending as well. Before we start the formal motions, I'd like to make some introductions. At the head table, Paul Brink, our CEO, President, and Director. Sandip Rana, our Chief Financial Officer. We're not planning to do the usual thank you speeches that an outgoing chairman hopefully gets. we're not planning to do the usual thank you speeches that an outgoing chairman hopefully gets Instead, during this meeting, instead of doing it here, you're all invited for a better party over on the 68th floor of First Canadian Place. instead during this meeting instead of doing it here you're all invited for a better party over on the 68th floor of first canadian place It's the Bank of Montreal building. it's the bank of montreal building There we're gonna provide you drinks, we're gonna provide you hors d'oeuvres, and I think that's gonna be more convivial. there we're gonna provide you drinks we're gonna provide you hors d'oeuvres and i think that's gonna be more convivial You'll actually laugh at my jokes when I do my presentations and talk remarks. you'll actually laugh at my jokes when i do my presentations and talk remarks It's also gonna be an opportunity for you to talk to me individually or the executive and management team that are all gonna be attending as well. it's also gonna be an opportunity for you to talk to me individually or the executive and management team that are all gonna be attending as well Before we start the formal motions, I'd like to make some introductions. before we start the formal motions i'd like to make some introductions At the head table, Paul Brink, our CEO, President, and Director. at the head table paul brink our ceo president and director Sandip Rana, our Chief Financial Officer. sandip rana our chief financial officer Lloyd Hong, our Chief Legal Officer, and also our Corporate Secretary. All of our directors are present this afternoon in person, and I'd like to introduce our directors, and that they say their names, they briefly stand and face the camera, and then face the audience, and then they can sit down. We'll do them in turn. Just to show there's no favors, we're doing them in alphabetical order. Tom Albanese. Hugo Dryland. Derek Evans. Dr. Catherine Farrow. Maureen Jensen. Jennifer Maki. Daniel Malchuk, and Monsieur Jacques Perron. Also here today is almost our entire management team from Canada, the U.S., Australia, and Barbados. That's how we fill in our audience here. Welcome. I would ask Lloyd Hong to act as secretary of the meeting, and Anup Das and David Martin as representatives of Computershare to act as scrutineers. Lloyd Hong, our Chief Legal Officer, and also our Corporate Secretary. lloyd hong our chief legal officer and also our corporate secretary All of our directors are present this afternoon in person, and I'd like to introduce our directors, and that they say their names, they briefly stand and face the camera, and then face the audience, and then they can sit down. all of our directors are present this afternoon in person and i'd like to introduce our directors and that they say their names they briefly stand and face the camera and then face the audience and then they can sit down We'll do them in turn. we'll do them in turn Just to show there's no favors, we're doing them in alphabetical order. just to show there's no favors we're doing them in alphabetical order Tom Albanese. tom albanese Hugo Dryland. hugo dryland Derek Evans. derek evans Dr. Catherine Farrow. dr catherine farrow Maureen Jensen. maureen jensen Jennifer Maki. jennifer maki Daniel Malchuk, and Monsieur Jacques Perron. daniel malchuk and monsieur jacques perron Also here today is almost our entire management team from Canada, the U.S., Australia, and Barbados. also here today is almost our entire management team from canada the u.s australia and barbados That's how we fill in our audience here. that's how we fill in our audience here Welcome. welcome I would ask Lloyd Hong to act as secretary of the meeting, and Anup Das and David Martin as representatives of Computershare to act as scrutineers. i would ask lloyd hong to act as secretary of the meeting and anup das and david martin as representatives of computershare to act as scrutineers The scrutineers will report on the number of shares represented at this meeting or by proxy. Proof of service has been provided calling this meeting and has been filed. I direct that a copy of the notice and affidavit proving service thereby be annexed to the minutes of this meeting. I have been advised there is a quorum and request that the scrutineers' report be annexed to the minutes of this meeting. I therefore declare that this meeting is regularly called and properly constituted for the transaction of business, and I now ask our Chief Legal Officer, Mr. Hong, or Lloyd, to provide the details on the logistics for this meeting. The scrutineers will report on the number of shares represented at this meeting or by proxy. the scrutineers will report on the number of shares represented at this meeting or by proxy Proof of service has been provided calling this meeting and has been filed. proof of service has been provided calling this meeting and has been filed I direct that a copy of the notice and affidavit proving service thereby be annexed to the minutes of this meeting. i direct that a copy of the notice and affidavit proving service thereby be annexed to the minutes of this meeting I have been advised there is a quorum and request that the scrutineers' report be annexed to the minutes of this meeting. i have been advised there is a quorum and request that the scrutineers' report be annexed to the minutes of this meeting I therefore declare that this meeting is regularly called and properly constituted for the transaction of business, and I now ask our Chief Legal Officer, Mr. Hong, or Lloyd, to provide the details on the logistics for this meeting. i therefore declare that this meeting is regularly called and properly constituted for the transaction of business and i now ask our chief legal officer mr hong or lloyd to provide the details on the logistics for this meeting

Speaker 6: Thank you, Mr. Chairman. This will be a hybrid meeting allowing both in-person and virtual participation. If you are on the webcast, detailed instructions are displayed on how to vote, ask questions, and get technical assistance if necessary. If you're on the phone line, please note that you cannot vote or ask questions. We will conduct the votes on the matter before us by poll. On a poll, every shareholder entitled to vote on the matter has one vote in respect of each share held by that shareholder. I would now ask Lumi to open the polls for voting on all of the matters of business for this meeting and keep the polls open until after all of the items have been presented and the Chairman has asked for the polls to be closed. Thank you, Mr. Chairman. thank you mr chairman This will be a hybrid meeting allowing both in-person and virtual participation. this will be a hybrid meeting allowing both in-person and virtual participation If you are on the webcast, detailed instructions are displayed on how to vote, ask questions, and get technical assistance if necessary. if you are on the webcast detailed instructions are displayed on how to vote ask questions and get technical assistance if necessary If you're on the phone line, please note that you cannot vote or ask questions. if you're on the phone line please note that you cannot vote or ask questions We will conduct the votes on the matter before us by poll. we will conduct the votes on the matter before us by poll On a poll, every shareholder entitled to vote on the matter has one vote in respect of each share held by that shareholder. on a poll every shareholder entitled to vote on the matter has one vote in respect of each share held by that shareholder I would now ask Lumi to open the polls for voting on all of the matters of business for this meeting and keep the polls open until after all of the items have been presented and the Chairman has asked for the polls to be closed. i would now ask lumi to open the polls for voting on all of the matters of business for this meeting and keep the polls open until after all of the items have been presented and the chairman has asked for the polls to be closed As the polls are all open, you are now able to cast your vote on all items of business until the chairman closes the polls at the end of the meeting. You do not need to wait for each specific item of business to vote and are free to vote at any time. Please ensure you have voted on each item of business by the say-on-pay advisory resolution, as the polls will be closed afterwards. Moving on to questions. For those here in person who have any questions on the items of business, please raise your hand at the appropriate time and a microphone will be brought to you. If you're participating on the webcast and have any questions on the items of business, please type your question or comment in the messaging section of the Lumi platform, and I will read the question aloud. As the polls are all open, you are now able to cast your vote on all items of business until the chairman closes the polls at the end of the meeting. as the polls are all open you are now able to cast your vote on all items of business until the chairman closes the polls at the end of the meeting You do not need to wait for each specific item of business to vote and are free to vote at any time. you do not need to wait for each specific item of business to vote and are free to vote at any time Please ensure you have voted on each item of business by the say-on-pay advisory resolution, as the polls will be closed afterwards. please ensure you have voted on each item of business by the say-on-pay advisory resolution as the polls will be closed afterwards Moving on to questions. moving on to questions For those here in person who have any questions on the items of business, please raise your hand at the appropriate time and a microphone will be brought to you. for those here in person who have any questions on the items of business please raise your hand at the appropriate time and a microphone will be brought to you If you're participating on the webcast and have any questions on the items of business, please type your question or comment in the messaging section of the Lumi platform, and I will read the question aloud. if you're participating on the webcast and have any questions on the items of business please type your question or comment in the messaging section of the lumi platform and i will read the question aloud We will take applicable questions after each item of business. If your questions are more general in nature, we would ask that you please wait until the formal business of the meeting has been concluded, as we will have a Q&A session afterwards. After all of the matters of business have been presented and the voting has been closed, Computershare will tabulate the results, and the chairman will report them to the meeting. Mr. Chairman, back to you. We will take applicable questions after each item of business. we will take applicable questions after each item of business If your questions are more general in nature, we would ask that you please wait until the formal business of the meeting has been concluded, as we will have a Q&A session afterwards. if your questions are more general in nature we would ask that you please wait until the formal business of the meeting has been concluded as we will have a q&a session afterwards After all of the matters of business have been presented and the voting has been closed, Computershare will tabulate the results, and the chairman will report them to the meeting. after all of the matters of business have been presented and the voting has been closed computershare will tabulate the results and the chairman will report them to the meeting Mr. Chairman, back to you. mr chairman back to you

Speaker 3: Lloyd, thank you. I think your script is longer than mine. The first matter of business is to confirm receipt of the financial statements in the auditor's report, the consolidated financial statements of the company and its subsidiaries for the year ended December 31st, 2025. The reports of the directors and auditors thereon have been mailed to all shareholders who requested them, together with a notice of this meeting. The financial statements are also available on our website, and you can request paper copies by phone or email. The next matter of business is the election of directors. The nominees of management of the company were identified in the information circular mailed to each shareholder of the company. I introduced the directors earlier, and I had them stand. Will someone please nominate the directors? Nine directors are required to be nominated. Lloyd, thank you. lloyd thank you I think your script is longer than mine. i think your script is longer than mine The first matter of business is to confirm receipt of the financial statements in the auditor's report, the consolidated financial statements of the company and its subsidiaries for the year ended December 31st, 2025. the first matter of business is to confirm receipt of the financial statements in the auditor's report the consolidated financial statements of the company and its subsidiaries for the year ended december 31st 2025 The reports of the directors and auditors thereon have been mailed to all shareholders who requested them, together with a notice of this meeting. the reports of the directors and auditors thereon have been mailed to all shareholders who requested them together with a notice of this meeting The financial statements are also available on our website, and you can request paper copies by phone or email. the financial statements are also available on our website and you can request paper copies by phone or email The next matter of business is the election of directors. the next matter of business is the election of directors The nominees of management of the company were identified in the information circular mailed to each shareholder of the company. I introduced the directors earlier, and I had them stand. the nominees of management of the company were identified in the information circular mailed to each shareholder of the company. i introduced the directors earlier and i had them stand Will someone please nominate the directors? will someone please nominate the directors Nine directors are required to be nominated. nine directors are required to be nominated

Speaker 1: Mr. Chairman, my name is Boris de Vries, I'm a shareholder of the company. I nominate Tom Albanese, Paul Brink, Hugo Dryland, Derek Evans, Catherine Farrow, Maureen Jensen, Jennifer Maki, Daniel Malchuk, and Jacques Perron as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. Mr. Chairman, my name is Boris de Vries, I'm a shareholder of the company. mr chairman my name is boris de vries i'm a shareholder of the company I nominate Tom Albanese, Paul Brink, Hugo Dryland, Derek Evans, Catherine Farrow, Maureen Jensen, Jennifer Maki, Daniel Malchuk, and Jacques Perron as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. i nominate tom albanese paul brink hugo dryland derek evans catherine farrow maureen jensen jennifer maki daniel malchuk and jacques perron as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed

Speaker 3: Thank you, Boris. Could I get a seconder? Thank you, Boris. thank you boris Could I get a seconder? could i get a seconder

Speaker 8: Mr. Chairman, I'm Nalini Mohan. I'm a shareholder, and I second the nominations. Mr. Chairman, I'm Nalini Mohan. mr chairman i'm nalini mohan I'm a shareholder, and I second the nominations. i'm a shareholder and i second the nominations

Speaker 3: Thank you, Nalini. Are there any questions from the floor? The webcast? I declare the nominations closed. The next matter of business is the appointment of the company's auditors. Will someone please move a resolution for the appointment of auditors and to authorize the directors to fix the remuneration of such auditors? Thank you, Nalini. thank you nalini Are there any questions from the floor? are there any questions from the floor The webcast? the webcast I declare the nominations closed. i declare the nominations closed The next matter of business is the appointment of the company's auditors. the next matter of business is the appointment of the company's auditors Will someone please move a resolution for the appointment of auditors and to authorize the directors to fix the remuneration of such auditors? will someone please move a resolution for the appointment of auditors and to authorize the directors to fix the remuneration of such auditors

Speaker 7: Mr. Chairman, my name is Matthew Begeman, and I am a shareholder of the company. I move that PricewaterhouseCoopers LLP, Chartered Accountants, be appointed auditors of the company until the next annual meeting at such remuneration as may be fixed by the directors of the company, directors being hereby authorized to fix such remuneration. Mr. Chairman, my name is Matthew Begeman, and I am a shareholder of the company. mr chairman my name is matthew begeman and i am a shareholder of the company I move that PricewaterhouseCoopers LLP, Chartered Accountants, be appointed auditors of the company until the next annual meeting at such remuneration as may be fixed by the directors of the company, directors being hereby authorized to fix such remuneration. i move that pricewaterhousecoopers llp chartered accountants be appointed auditors of the company until the next annual meeting at such remuneration as may be fixed by the directors of the company directors being hereby authorized to fix such remuneration

Speaker 3: Thank you, Matt. Could I get a seconder? Thank you, Matt. thank you matt Could I get a seconder? could i get a seconder

Speaker 4: Mr. Chairman, my name is Eric Karrandjas and I am a shareholder of the company, and I second the motion. Mr. Chairman, my name is Eric Karrandjas and I am a shareholder of the company, and I second the motion. mr chairman my name is eric karrandjas and i am a shareholder of the company and i second the motion

Speaker 3: Thank you, Eric. The next resolution is a say-on-pay advisory resolution. Since the vote is advisory, it will not be binding on the board. However, the board will consider the outcome of the vote as part of its ongoing review of executive compensation matters. Please note that the polls will be closed immediately after this matter of business. Will someone please move a resolution for the say-on-pay advisory resolution? Thank you, Eric. thank you eric The next resolution is a say-on-pay advisory resolution. the next resolution is a say-on-pay advisory resolution Since the vote is advisory, it will not be binding on the board. since the vote is advisory it will not be binding on the board However, the board will consider the outcome of the vote as part of its ongoing review of executive compensation matters. however the board will consider the outcome of the vote as part of its ongoing review of executive compensation matters Please note that the polls will be closed immediately after this matter of business. please note that the polls will be closed immediately after this matter of business Will someone please move a resolution for the say-on-pay advisory resolution? will someone please move a resolution for the say-on-pay advisory resolution

Speaker 5: Mr. Chairman, my name is Kevin McElligott. I'm a shareholder of the company. I move that on an advisory basis and not to diminish the role and responsibilities of the board of directors of the company, the shareholders accept the approach to executive compensation as disclosed in the company's management information circular dated March 19th, 2026. Mr. Chairman, my name is Kevin McElligott. mr chairman my name is kevin mcelligott I'm a shareholder of the company. i'm a shareholder of the company I move that on an advisory basis and not to diminish the role and responsibilities of the board of directors of the company, the shareholders accept the approach to executive compensation as disclosed in the company's management information circular dated March 19th, 2026. i move that on an advisory basis and not to diminish the role and responsibilities of the board of directors of the company the shareholders accept the approach to executive compensation as disclosed in the company's management information circular dated march 19th 2026

Speaker 3: Thank you, Kevin. Could I get a seconder? Thank you, Kevin. thank you kevin Could I get a seconder? could i get a seconder

Speaker 2: Mr. Chairman, my name is Christian Thatcher, and I'm a shareholder of the company. I second the motion. Mr. Chairman, my name is Christian Thatcher, and I'm a shareholder of the company. mr chairman my name is christian thatcher and i'm a shareholder of the company I second the motion. i second the motion

Speaker 3: That was the final item of formal business for this meeting. I declare the voting closed. I would ask that the polls be closed. Do I need any polls here, Lloyd? That was the final item of formal business for this meeting. that was the final item of formal business for this meeting I declare the voting closed. i declare the voting closed I would ask that the polls be closed. i would ask that the polls be closed Do I need any polls here, Lloyd? do i need any polls here lloyd

Speaker 6: Nope. Nope. nope

Speaker 3: Okay. Are there any other items of business that any shareholder and attendants would like to raise? As you know, there'll be a Q&A that follows this session. Is there anything from the webcast? We've received the preliminary results and declare that each of the motions in the meeting has been carried by the votes cast, including the election of directors. I declare the persons nominated have been duly elected as directors of Franco-Nevada Corporation, and the final results of the meeting will be reported on SEDAR by tomorrow. Congratulations, Directors. I can tell you all the numbers are in the high 90s, so this is good. Now, the formal part of the meeting is concluded, and with the election of directors, Tom Albanese has been appointed the new Chair of Franco-Nevada, so congratulations, Tom. Thank you, everybody. Okay. okay Are there any other items of business that any shareholder and attendants would like to raise? are there any other items of business that any shareholder and attendants would like to raise As you know, there'll be a Q&A that follows this session. as you know there'll be a q&a that follows this session Is there anything from the webcast? is there anything from the webcast We've received the preliminary results and declare that each of the motions in the meeting has been carried by the votes cast, including the election of directors. we've received the preliminary results and declare that each of the motions in the meeting has been carried by the votes cast including the election of directors I declare the persons nominated have been duly elected as directors of Franco-Nevada Corporation, and the final results of the meeting will be reported on SEDAR by tomorrow. i declare the persons nominated have been duly elected as directors of franco-nevada corporation and the final results of the meeting will be reported on sedar by tomorrow Congratulations, Directors. congratulations directors I can tell you all the numbers are in the high 90s, so this is good. i can tell you all the numbers are in the high 90s so this is good Now, the formal part of the meeting is concluded, and with the election of directors, Tom Albanese has been appointed the new Chair of Franco-Nevada, so congratulations, Tom. now the formal part of the meeting is concluded and with the election of directors tom albanese has been appointed the new chair of franco-nevada so congratulations tom Thank you, everybody. thank you everybody It's been an absolute pleasure to be part of this story for the past 19 years, and I look forward to seeing you at the reception that follows. Paul will remind you on the details as we finish. I now invite your new chair of Franco-Nevada to the podium. There we are. It's been an absolute pleasure to be part of this story for the past 19 years, and I look forward to seeing you at the reception that follows. it's been an absolute pleasure to be part of this story for the past 19 years and i look forward to seeing you at the reception that follows Paul will remind you on the details as we finish. paul will remind you on the details as we finish I now invite your new chair of Franco-Nevada to the podium. i now invite your new chair of franco-nevada to the podium There we are. there we are

Speaker 12: Thank you, David. Thank you, David. thank you david Okay. Okay. okay Thank you, David. I've been at these AGMs since 2013. I'm incredibly proud to be chairing this company. It's a great company. It's got roots that go a long back, and actually I have some stories about those roots that I wanted to spend a little bit of time on. It's the board, the management team, the loyalty of the shareholders, the banks that have been working with us, the finance community in Toronto, the legal community in Toronto, one of the top, what I call mining finance cities in the world. It's a lot to be proud of here. My own roots go back with gold a long time. I was a college student up in Alaska. When I was doing my graduate studies, I started Alaskan placer mining. Thank you, David. thank you david I've been at these AGMs since 2013. i've been at these agms since 2013 I'm incredibly proud to be chairing this company. i'm incredibly proud to be chairing this company It's a great company. it's a great company It's got roots that go a long back, and actually I have some stories about those roots that I wanted to spend a little bit of time on. it's got roots that go a long back and actually i have some stories about those roots that i wanted to spend a little bit of time on It's the board, the management team, the loyalty of the shareholders, the banks that have been working with us, the finance community in Toronto, the legal community in Toronto, one of the top, what I call mining finance cities in the world. it's the board the management team the loyalty of the shareholders the banks that have been working with us the finance community in toronto the legal community in toronto one of the top what i call mining finance cities in the world It's a lot to be proud of here. it's a lot to be proud of here My own roots go back with gold a long time. my own roots go back with gold a long time I was a college student up in Alaska. i was a college student up in alaska When I was doing my graduate studies, I started Alaskan placer mining. when i was doing my graduate studies i started alaskan placer mining In my early 20s, I was doing that for a while. All through my 20s, I was, the savings that my wife and I were making, she was a geologist up there, we were putting into Krugerrands and Maple Leafs. Now we're giving them to our granddaughters every Christmas as they get older. As a matter of fact, early in my career, working for a company called NERCO, which ultimately became part of Rio Tinto, we were buying mineral assets from oil and gas companies, and one of the first ones was Oxyna Minerals in 1983. We had a bunch of royalties we were trying to figure out what to do with, and we had this guy from Montreal that was coming down and wanted to buy them. In my early 20s, I was doing that for a while. in my early 20s i was doing that for a while All through my 20s, I was, the savings that my wife and I were making, she was a geologist up there, we were putting into Krugerrands and Maple Leafs. all through my 20s i was the savings that my wife and i were making she was a geologist up there we were putting into krugerrands and maple leafs Now we're giving them to our granddaughters every Christmas as they get older. now we're giving them to our granddaughters every christmas as they get older As a matter of fact, early in my career, working for a company called NERCO, which ultimately became part of Rio Tinto, we were buying mineral assets from oil and gas companies, and one of the first ones was Oxyna Minerals in 1983. as a matter of fact early in my career working for a company called nerco which ultimately became part of rio tinto we were buying mineral assets from oil and gas companies and one of the first ones was oxyna minerals in 1983 We had a bunch of royalties we were trying to figure out what to do with, and we had this guy from Montreal that was coming down and wanted to buy them. we had a bunch of royalties we were trying to figure out what to do with and we had this guy from montreal that was coming down and wanted to buy them We couldn't figure out what he was doing with them, but we were happy to sell these royalties on to him, and that was my first opportunity to meet Pierre. I didn't have any gray hair there. He didn't have any gray hair, and it was just great to meet him, and that was an early e-evolution of the U.S. mining industry. I've kept up with Pierre over the years. I met David in that course of that period and, you know, the period that Newmont had the reins of Franco. We couldn't figure out what he was doing with them, but we were happy to sell these royalties on to him, and that was my first opportunity to meet Pierre. we couldn't figure out what he was doing with them but we were happy to sell these royalties on to him and that was my first opportunity to meet pierre I didn't have any gray hair there. i didn't have any gray hair there He didn't have any gray hair, and it was just great to meet him, and that was an early e-evolution of the U.S. mining industry. he didn't have any gray hair and it was just great to meet him and that was an early e-evolution of the u.s mining industry I've kept up with Pierre over the years. i've kept up with pierre over the years I met David in that course of that period and, you know, the period that Newmont had the reins of Franco. i met david in that course of that period and you know the period that newmont had the reins of franco I think that David, the leadership of David and Pierre brought it into Franco-Nevada phase II since 2007, you know, David was the CEO for that and a very important growing part of the business, a huge growth in that period of time. I think David recognizing it's always good to refresh and turn over and get ready the next generation, he stepped into the Chairman role, Paul capably stepped into the CEO role. As a board member, I saw that and I watched that and with a lot of pride, a lot of pride in the organization, in the team, and the board, I'm really excited about the way ahead. I think that David, the leadership of David and Pierre brought it into Franco-Nevada phase II since 2007, you know, David was the CEO for that and a very important growing part of the business, a huge growth in that period of time. i think that david the leadership of david and pierre brought it into franco-nevada phase ii since 2007 you know david was the ceo for that and a very important growing part of the business a huge growth in that period of time I think David recognizing it's always good to refresh and turn over and get ready the next generation, he stepped into the Chairman role, Paul capably stepped into the CEO role. i think david recognizing it's always good to refresh and turn over and get ready the next generation he stepped into the chairman role paul capably stepped into the ceo role As a board member, I saw that and I watched that and with a lot of pride, a lot of pride in the organization, in the team, and the board, I'm really excited about the way ahead. as a board member i saw that and i watched that and with a lot of pride a lot of pride in the organization in the team and the board i'm really excited about the way ahead I can't tell you what the price of gold's gonna be in a year. I'm not gonna be trying to pretend like. I can't tell you what the price of gold's gonna be in a year. i can't tell you what the price of gold's gonna be in a year I'm not gonna be trying to pretend like. i'm not gonna be trying to pretend like

Speaker 3: Pierre Pierre pierre

Speaker 12: Pierre, that it was $10,000, or at that time I remember David saying, "Well, I don't know if I'd like to know what the world looks like at $10,000 gold." We have a good balanced view on the board on, you know, what the world looks like, where the world's going, and how do we invest for the benefit of the shareholder for that along the way. For that, I thank you as shareholders. Thank you. Pierre, that it was $10,000, or at that time I remember David saying, "Well, I don't know if I'd like to know what the world looks like at $10,000 gold." We have a good balanced view on the board on, you know, what the world looks like, where the world's going, and how do we invest for the benefit of the shareholder for that along the way. pierre that it was $10,000 or at that time i remember david saying "well i don't know if i'd like to know what the world looks like at $10,000 gold." we have a good balanced view on the board on you know what the world looks like where the world's going and how do we invest for the benefit of the shareholder for that along the way For that, I thank you as shareholders. for that i thank you as shareholders Thank you. thank you

Speaker 3: Okay. Go ahead, Paul. Okay. okay Go ahead, Paul. go ahead paul

Speaker 9: Thank you, Tom. Good afternoon, everybody. Please heed the cautionary statements. I will make some forward-looking projections. At Franco-Nevada, we believe gold is a risk-off investment, that investors buy gold as a hedge against market volatility. Our objective in creating our business is to provide a lower risk way to invest in the space, expose investors to the exploration optionality of the mining industry, combine that with a strong balance sheet, a progressive dividend, that strategy has worked tremendously well. Over the 18 years that we've been public, by any measure, we've grown the business 12-14x. 12x on revenues, 14x on EBITDA cash flow, 12x on earnings. We've been the leading player amongst our peers over that period in terms of growth. More importantly, we've done it profitably. Thank you, Tom. thank you tom Good afternoon, everybody. good afternoon everybody Please heed the cautionary statements. please heed the cautionary statements I will make some forward-looking projections. i will make some forward-looking projections At Franco-Nevada, we believe gold is a risk-off investment, that investors buy gold as a hedge against market volatility. at franco-nevada we believe gold is a risk-off investment that investors buy gold as a hedge against market volatility Our objective in creating our business is to provide a lower risk way to invest in the space, expose investors to the exploration optionality of the mining industry, combine that with a strong balance sheet, a progressive dividend, that strategy has worked tremendously well. our objective in creating our business is to provide a lower risk way to invest in the space expose investors to the exploration optionality of the mining industry combine that with a strong balance sheet a progressive dividend that strategy has worked tremendously well Over the 18 years that we've been public, by any measure, we've grown the business 12-14x . 12x on revenues, 14x on EBITDA cash flow, 12x on earnings. over the 18 years that we've been public by any measure we've grown the business 12-14x 12x on revenues 14x on ebitda cash flow 12x on earnings We've been the leading player amongst our peers over that period in terms of growth. we've been the leading player amongst our peers over that period in terms of growth More importantly, we've done it profitably. more importantly we've done it profitably If you look at the return on investment that we generate, we're the leader of the pack. The numbers I'm showing are the return on assets the last five years. With the run-up we've had in gold prices, those numbers are quite stunning, looking like 20% return on assets for the next two years. That profitable growth has led into industry-leading returns. The CAGR on our share price over the 18 years, this is very simple, is 18%. You can see that is ahead of any of the indexes, the Nasdaq, the S&P 500, which is roughly 12. Interesting, gold bullion itself is 9%, so our returns have been double what you could have achieved just by holding bullion itself, and those returns are well ahead of the gold industry itself. If you look at the return on investment that we generate, we're the leader of the pack. if you look at the return on investment that we generate we're the leader of the pack The numbers I'm showing are the return on assets the last five years. the numbers i'm showing are the return on assets the last five years With the run-up we've had in gold prices, those numbers are quite stunning, looking like 20% return on assets for the next two years. with the run-up we've had in gold prices those numbers are quite stunning looking like 20% return on assets for the next two years That profitable growth has led into industry-leading returns. that profitable growth has led into industry-leading returns The CAGR on our share price over the 18 years, this is very simple, is 18%. the cagr on our share price over the 18 years this is very simple is 18% You can see that is ahead of any of the indexes, the Nasdaq, the S&P 500, which is roughly 12. you can see that is ahead of any of the indexes the nasdaq the s&p 500 which is roughly 12 Interesting, gold bullion itself is 9%, so our returns have been double what you could have achieved just by holding bullion itself, and those returns are well ahead of the gold industry itself. interesting gold bullion itself is 9% so our returns have been double what you could have achieved just by holding bullion itself and those returns are well ahead of the gold industry itself In terms of the dividend, we've increased the dividend every single year, 19 consecutive increases. Dividend yield today getting close to 12% in USD terms. If you'd bought the stock at IPO, almost CAD 16 in Canadian dollar terms. The CAGR on the dividend is 13% per annum of that period. What does the growth outlook look like? What we show is our guidance for 2026, the outlook through to 2030, both with and without Cobre Panama. We're very hopeful that Cobre Panama will come back online in that period. Assuming that is the case, we'll have 40%-50% growth in our portfolio over the next five years. If you look at the last chart, we put on top of that the long-term options that we've got in our portfolio. We detail them here. In terms of the dividend, we've increased the dividend every single year, 19 consecutive increases. in terms of the dividend we've increased the dividend every single year 19 consecutive increases Dividend yield today getting close to 12% in USD terms. dividend yield today getting close to 12% in usd terms If you'd bought the stock at IPO, almost CAD 16 in Canadian dollar terms. if you'd bought the stock at ipo almost cad 16 in canadian dollar terms The CAGR on the dividend is 13% per annum of that period. the cagr on the dividend is 13% per annum of that period What does the growth outlook look like? what does the growth outlook look like What we show is our guidance for 2026, the outlook through to 2030, both with and without Cobre Panama. what we show is our guidance for 2026 the outlook through to 2030 both with and without cobre panama We're very hopeful that Cobre Panama will come back online in that period. we're very hopeful that cobre panama will come back online in that period Assuming that is the case, we'll have 40%-50% growth in our portfolio over the next five years. assuming that is the case we'll have 40%-50% growth in our portfolio over the next five years If you look at the last chart, we put on top of that the long-term options that we've got in our portfolio. if you look at the last chart we put on top of that the long-term options that we've got in our portfolio We detail them here. we detail them here We've got a very deep portfolio, a lot of large options that could be very meaningful. In total, they could add 220,000 GEOs of annual production. They won't all produce at the same time, but that's the total potential. They have over 6 million ounces of M&I, another two of inferred. These assets have all the firepower that we need, so that beyond our five-year growth, we can, at a very minimum, sustain that growth for the next decade or so, or if the timing works out, even grow it above those levels, just what we have, what we have in-house in the company today. What is the value of all of that? This is probably the simplest way to look at it. We've got a very deep portfolio, a lot of large options that could be very meaningful. we've got a very deep portfolio a lot of large options that could be very meaningful In total, they could add 220,000 GEOs of annual production. in total they could add 220,000 geos of annual production They won't all produce at the same time, but that's the total potential. they won't all produce at the same time but that's the total potential They have over 6 million ounces of M&I, another two of inferred. they have over 6 million ounces of m&i another two of inferred These assets have all the firepower that we need, so that beyond our five-year growth, we can, at a very minimum, sustain that growth for the next decade or so, or if the timing works out, even grow it above those levels, just what we have, what we have in-house in the company today. these assets have all the firepower that we need so that beyond our five-year growth we can at a very minimum sustain that growth for the next decade or so or if the timing works out even grow it above those levels just what we have what we have in-house in the company today What is the value of all of that? what is the value of all of that This is probably the simplest way to look at it. this is probably the simplest way to look at it If we just take the total gold inventory that we have, both M&I resources plus inferred resources, that is 100% attributable to us. Where it's a stream and we have ongoing payments, we're netting that off to say ounces that are 100% attributable. If you value that at today's gold price, that's $124 billion of value that underlies our company. Compare that with our market cap or our enterprise value today, it's $44 billion. The underlying value of those ounces that we can see today is almost 3x the value of what our company is today. That's not all. That is just the ounces we can see, as we know in our business, the reason that we invest in royalties is because the beauty of mining is we can't see under the ground when we're mining a mine. If we just take the total gold inventory that we have, both M&I resources plus inferred resources, that is 100% attributable to us. if we just take the total gold inventory that we have both m&i resources plus inferred resources that is 100% attributable to us Where it's a stream and we have ongoing payments, we're netting that off to say ounces that are 100% attributable. where it's a stream and we have ongoing payments we're netting that off to say ounces that are 100% attributable If you value that at today's gold price, that's $124 billion of value that underlies our company. if you value that at today's gold price that's $124 billion of value that underlies our company Compare that with our market cap or our enterprise value today, it's $44 billion. compare that with our market cap or our enterprise value today it's $44 billion The underlying value of those ounces that we can see today is almost 3x the value of what our company is today. the underlying value of those ounces that we can see today is almost 3x the value of what our company is today That's not all. that's not all That is just the ounces we can see, as we know in our business, the reason that we invest in royalties is because the beauty of mining is we can't see under the ground when we're mining a mine. that is just the ounces we can see as we know in our business the reason that we invest in royalties is because the beauty of mining is we can't see under the ground when we're mining a mine It's only when we have mined out that full ore body that we reveal the full extent of that ore body. I'm gonna tell just one story to illustrate that why our business has worked so well. The story is Detour. This is a deal that David had done. It's gone back now to the early 2000s. Placer built the Detour mine. It was an underground mine, ran for about a decade. It wasn't a great success. They shut it down. A number of years later, they decided to sell the property. It wasn't worth very much. David did a deal with a small junior company called Pelangio, who acquired the property for $2 million. Pelangio didn't have the $2 million, so David provided the $2 million. The deal was 50/50 JV. It's only when we have mined out that full ore body that we reveal the full extent of that ore body. it's only when we have mined out that full ore body that we reveal the full extent of that ore body I'm gonna tell just one story to illustrate that why our business has worked so well. i'm gonna tell just one story to illustrate that why our business has worked so well The story is Detour. the story is detour This is a deal that David had done. this is a deal that david had done It's gone back now to the early 2000s. it's gone back now to the early 2000s Placer built the Detour mine. placer built the detour mine It was an underground mine, ran for about a decade. it was an underground mine ran for about a decade It wasn't a great success. it wasn't a great success They shut it down. they shut it down A number of years later, they decided to sell the property. a number of years later they decided to sell the property It wasn't worth very much. it wasn't worth very much David did a deal with a small junior company called Pelangio, who acquired the property for $2 million. david did a deal with a small junior company called pelangio who acquired the property for $2 million Pelangio didn't have the $2 million, so David provided the $2 million. pelangio didn't have the $2 million so david provided the $2 million The deal was 50/50 JV. the deal was 50/50 jv Pelangio had 50%, Franco had 50%. Pelangio was able to buy back the 50% JV if they paid back the $2 million. Franco was left with a 2% royalty. They were able to do that, they paid back the $2 million, Franco had a 2% royalty. Nothing happened on the property for a decade. It just sat there until Gerald Panneton came along. Gerald had a vision that this could be a big open pit. He ran the drill program. He drilled up 20 million ounces on the Detour property, raised the capital to build that mine. Detour Gold built the mine. The plan was to produce 600,000, 650,000 ounces a year. It was a super success. Couldn't imagine that it could get any better. That was six or seven years ago. Pelangio had 50%, Franco had 50%. pelangio had 50% franco had 50% Pelangio was able to buy back the 50% JV if they paid back the $2 million. pelangio was able to buy back the 50% jv if they paid back the $2 million Franco was left with a 2% royalty. franco was left with a 2% royalty They were able to do that, they paid back the $2 million, Franco had a 2% royalty. they were able to do that they paid back the $2 million franco had a 2% royalty Nothing happened on the property for a decade. nothing happened on the property for a decade It just sat there until Gerald Panneton came along. it just sat there until gerald panneton came along Gerald had a vision that this could be a big open pit. gerald had a vision that this could be a big open pit He ran the drill program. he ran the drill program He drilled up 20 million ounces on the Detour property, raised the capital to build that mine. he drilled up 20 million ounces on the detour property raised the capital to build that mine Detour Gold built the mine. detour gold built the mine The plan was to produce 600,000, 650,000 ounces a year. the plan was to produce 600,000 650,000 ounces a year It was a super success. it was a super success Couldn't imagine that it could get any better. couldn't imagine that it could get any better That was six or seven years ago. that was six or seven years ago Tony Makuch at Kirkland Lake saw the potential in Detour, acquired the company, he drilled the property. That 20 million ounces became 30 million ounces. Agnico Eagle saw the potential in Detour. They acquired Kirkland Lake. They drilled the property. Today, the inventory at Detour is roughly 43 million ounces. Agnico has a plan where they're gonna take production on that asset to go to 1 million, maybe more ounces per year of production. If you take the resource and our 2% royalty on that, and gold prices today, there's $3 billion-$4 billion of value that'll accrue to us from the Detour royalty. These are the sort of assets that make our business so successful. These are the sort of deals that David has done that has made our business so successful. That is one of our greatest success stories. Tony Makuch at Kirkland Lake saw the potential in Detour, acquired the company, he drilled the property. tony makuch at kirkland lake saw the potential in detour acquired the company he drilled the property That 20 million ounces became 30 million ounces. that 20 million ounces became 30 million ounces Agnico Eagle saw the potential in Detour. agnico eagle saw the potential in detour They acquired Kirkland Lake. they acquired kirkland lake They drilled the property. they drilled the property Today, the inventory at Detour is roughly 43 million ounces. today the inventory at detour is roughly 43 million ounces Agnico has a plan where they're gonna take production on that asset to go to 1 million, maybe more ounces per year of production. agnico has a plan where they're gonna take production on that asset to go to 1 million maybe more ounces per year of production If you take the resource and our 2% royalty on that, and gold prices today, there's $3 billion-$4 billion of value that'll accrue to us from the Detour royalty. if you take the resource and our 2% royalty on that and gold prices today there's $3 billion-$4 billion of value that'll accrue to us from the detour royalty These are the sort of assets that make our business so successful. these are the sort of assets that make our business so successful These are the sort of deals that David has done that has made our business so successful. these are the sort of deals that david has done that has made our business so successful That is one of our greatest success stories. that is one of our greatest success stories I'll add along with Goldstrike, which is the earlier success story that we used to tell, and there are a few of them in the portfolio that are not just hundred baggers, they're more than hundred baggers. You ask yourself, what in aggregate does the portfolio do? This is the best example that we have. If we take when we did the IPO, all the assets that we acquired, the total reserves on the asset, just those assets at the time, it was 34 million ounces. If you take what's been produced since then and what their reserves are today, there's 3.6x as much gold as there was 18 years ago. That's the power of the optionality, how those ounces can grow over time. I'm gonna go back. I'll add along with Gold strike, which is the earlier success story that we used to tell, and there are a few of them in the portfolio that are not just hundred baggers, they're more than hundred baggers. i'll add along with gold strike which is the earlier success story that we used to tell and there are a few of them in the portfolio that are not just hundred baggers they're more than hundred baggers You ask yourself, what in aggregate does the portfolio do? you ask yourself what in aggregate does the portfolio do This is the best example that we have. this is the best example that we have If we take when we did the IPO, all the assets that we acquired, the total reserves on the asset, just those assets at the time, it was 34 million ounces. if we take when we did the ipo all the assets that we acquired the total reserves on the asset just those assets at the time it was 34 million ounces If you take what's been produced since then and what their reserves are today, there's 3.6x as much gold as there was 18 years ago. if you take what's been produced since then and what their reserves are today there's 3.6x as much gold as there was 18 years ago That's the power of the optionality, how those ounces can grow over time. that's the power of the optionality how those ounces can grow over time I'm gonna go back. i'm gonna go back Remember two slides ago, I said the ounces that you can see today, the total value of that, $126 billion. Go forward 18 years. If history repeats itself and we end up with 3.6 x as much, that would be $440 billion. Now, conveniently or coincidentally, that's 10x what the enterprise value of our company is today. We've had a fantastic past, and the future at Franco is looking tremendously bright. With that, I would like to take any questions. As a reminder, for those here in person, please raise your hand and a microphone will be brought to you. If you're participating on the webcast, please type in your questions or comments in the messaging section of the Lumi platform, Lloyd will read the question aloud. Are there any questions from the floor. Remember two slides ago, I said the ounces that you can see today, the total value of that, $126 billion. remember two slides ago i said the ounces that you can see today the total value of that $126 billion Go forward 18 years. go forward 18 years If history repeats itself and we end up with 3.6 x as much, that would be $440 billion. if history repeats itself and we end up with 3.6 x as much that would be $440 billion Now, conveniently or coincidentally, that's 10x what the enterprise value of our company is today. now conveniently or coincidentally that's 10x what the enterprise value of our company is today We've had a fantastic past, and the future at Franco is looking tremendously bright. we've had a fantastic past and the future at franco is looking tremendously bright With that, I would like to take any questions. with that i would like to take any questions As a reminder, for those here in person, please raise your hand and a microphone will be brought to you. as a reminder for those here in person please raise your hand and a microphone will be brought to you If you're participating on the webcast, please type in your questions or comments in the messaging section of the Lumi platform, Lloyd will read the question aloud. if you're participating on the webcast please type in your questions or comments in the messaging section of the lumi platform lloyd will read the question aloud Are there any questions from the floor. are there any questions from the floor I see a question there. I see a question there. i see a question there

Speaker 10: Hi, I'm Paul Durnin from Burlington. You had a co- commitment to Seabridge Gold last year or the year before, and I see it's not in the book this year. Is there some explanation on that? I always felt it was kind of difficult to think of a gold company that was around for 20 years and never produced any gold. Anyway. Hi, I'm Paul Durnin from Burlington. hi i'm paul durnin from burlington You had a co- commitment to Seabridge Gold last year or the year before, and I see it's not in the book this year. you had a co- commitment to seabridge gold last year or the year before and i see it's not in the book this year Is there some explanation on that? is there some explanation on that I always felt it was kind of difficult to think of a gold company that was around for 20 years and never produced any gold. i always felt it was kind of difficult to think of a gold company that was around for 20 years and never produced any gold Anyway. anyway

Speaker 9: They, well, you know, Seabridge has some very large assets, and then the largest being KSM. That's not the asset that we have a royalty on. We have a royalty on a property that is up north called Courageous Lake, also a very big property, probably 10 million ounces in resource. They, well, you know, Seabridge has some very large assets, and then the largest being KSM. they well you know seabridge has some very large assets and then the largest being ksm That's not the asset that we have a royalty on. that's not the asset that we have a royalty on We have a royalty on a property that is up north called Courageous Lake, also a very big property, probably 10 million ounces in resource. we have a royalty on a property that is up north called courageous lake also a very big property probably 10 million ounces in resource

Speaker 10: 11 11 11

Speaker 9: 11, you say? They have just spun that asset out into its own independent company. I don't exactly recall the name of the company, but I suspect it is in our book, it's just that the company name will be different. 11, you say? 11 you say They have just spun that asset out into its own independent company. they have just spun that asset out into its own independent company I don't exactly recall the name of the company, but I suspect it is in our book, it's just that the company name will be different. i don't exactly recall the name of the company but i suspect it is in our book it's just that the company name will be different

Speaker 10: Oh, okay. All right, I got another question, but I'm willing to- Oh, okay. oh okay All right, I got another question, but I'm willing to- all right i got another question but i'm willing to-

Speaker 9: Yep Yep yep

Speaker 10: go in rotation. go in rotation. go in rotation

Speaker 9: Go ahead. Go ahead. go ahead

Speaker 10: Okay, the Ring of Fire, you have a commitment there, and obviously in the popular business media, there is some question marks about it. How do you build a railway and a road on a swamp? Things like that. It will be a huge investment to bring it to finish, and it'll be a long way off. The question of government funding has been kicked around, federal and provincial. Can you give your take on it? How will you play out in it? How is it going right now? What's your outlook? Okay, the Ring of Fire, you have a commitment there, and obviously in the popular business media, there is some question marks about it. okay the ring of fire you have a commitment there and obviously in the popular business media there is some question marks about it How do you build a railway and a road on a swamp? how do you build a railway and a road on a swamp Things like that. things like that It will be a huge investment to bring it to finish, and it'll be a long way off. it will be a huge investment to bring it to finish and it'll be a long way off The question of government funding has been kicked around, federal and provincial. the question of government funding has been kicked around federal and provincial Can you give your take on it? can you give your take on it How will you play out in it? how will you play out in it How is it going right now? how is it going right now What's your outlook? what's your outlook

Speaker 9: Sure. The, it's almost like we planted that question. Ring of Fire is one of the bigger options that is in our portfolio. For those of you who are not familiar, it is up in northern Ontario. It's a huge area. Saw an exploration boom probably 15 years ago, and a very short amount of time, huge discoveries were made, the biggest being chromite, but also nickel, copper, gold. It's tremendously prospective, but as you point out, it's a very difficult region to get access to. Really for any activity to take place, you need either a railway or a road. The current owner of that property is Wyloo Metals. Sure. sure The, it's almost like we planted that question. the it's almost like we planted that question Ring of Fire is one of the bigger options that is in our portfolio. ring of fire is one of the bigger options that is in our portfolio For those of you who are not familiar, it is up in northern Ontario. for those of you who are not familiar it is up in northern ontario It's a huge area. it's a huge area Saw an exploration boom probably 15 years ago, and a very short amount of time, huge discoveries were made, the biggest being chromite, but also nickel, copper, gold. saw an exploration boom probably 15 years ago and a very short amount of time huge discoveries were made the biggest being chromite but also nickel copper gold It's tremendously prospective, but as you point out, it's a very difficult region to get access to. it's tremendously prospective but as you point out it's a very difficult region to get access to Really for any activity to take place, you need either a railway or a road. really for any activity to take place you need either a railway or a road The current owner of that property is Wyloo Metals. the current owner of that property is wyloo metals They've been working with the First Nations, they've been working with the provincial and the federal governments to advance that. The First Nations are actually the proponents to have the road built, and that is the preferred access. The environmental applications are in on the road. They should be approved in the next year or so. In fact, construction has already begun on the roads. The section of the roads that sit on First Nations title land, they've already begun construction. There is a session, it's being hosted by Minister Rickford, it's in the next week or two, I think it is at the Canadian Club. The title of the session is The Ring of Fire: No Longer a Question of If, Just When. They've been working with the First Nations, they've been working with the provincial and the federal governments to advance that. The First Nations are actually the proponents to have the road built, and that is the preferred access. they've been working with the first nations they've been working with the provincial and the federal governments to advance that. the first nations are actually the proponents to have the road built and that is the preferred access The environmental applications are in on the road. the environmental applications are in on the road They should be approved in the next year or so. they should be approved in the next year or so In fact, construction has already begun on the roads. in fact construction has already begun on the roads The section of the roads that sit on First Nations title land, they've already begun construction. the section of the roads that sit on first nations title land they've already begun construction There is a session, it's being hosted by Minister Rickford, it's in the next week or two, I think it is at the Canadian Club. there is a session it's being hosted by minister rickford it's in the next week or two i think it is at the canadian club The title of the session is The Ring of Fire: No Longer a Question of If, Just When. the title of the session is the ring of fire no longer a question of if just when You'll be able to find out more on the Ring of Fire, but the bottom line is, it is going ahead. The Ring of Fire in the recent Ontario provincial bill was declared a special development zone, which streamlines what permits are required for the construction of the mine on that property. I think the title of that session is accurate. I think the Ring of Fire, it is not a question of if, just when, and the timeline that has been outlined by Wyloo and the provincial government is probably the early 2030s for first production to come from the first mine to be built, which would be the Eagle's Nest Nickel Mine. You'll be able to find out more on the Ring of Fire, but the bottom line is, it is going ahead. you'll be able to find out more on the ring of fire but the bottom line is it is going ahead The Ring of Fire in the recent Ontario provincial bill was declared a special development zone, which streamlines what permits are required for the construction of the mine on that property. the ring of fire in the recent ontario provincial bill was declared a special development zone which streamlines what permits are required for the construction of the mine on that property I think the title of that session is accurate. i think the title of that session is accurate I think the Ring of Fire, it is not a question of if, just when, and the timeline that has been outlined by Wyloo and the provincial government is probably the early 2030s for first production to come from the first mine to be built, which would be the Eagle's Nest Nickel Mine. i think the ring of fire it is not a question of if just when and the timeline that has been outlined by wyloo and the provincial government is probably the early 2030s for first production to come from the first mine to be built which would be the eagle's nest nickel mine

Speaker 13: Thank you. Mr. Brink, I think we were all inspired by your story of Detour Gold. What other underappreciated assets might you have in your portfolio? Thank you. thank you Mr. Brink, I think we were all inspired by your story of Detour Gold. mr brink i think we were all inspired by your story of detour gold What other underappreciated assets might you have in your portfolio? what other underappreciated assets might you have in your portfolio

Speaker 9: I'm gonna hand that question to Sandip. I'm gonna hand that question to Sandip. i'm gonna hand that question to sandip

Speaker 11: Sure. Good afternoon, everyone. You know, obviously I could go on for quite a while. I think there's a lot of assets that are underappreciated in our portfolio, but I would say first of all is just the depth of the portfolio. You know, we have the largest royalty streaming portfolio in the industry. 441 assets, 121 producing, 44 advanced, but 276 exploration assets. But what's really important there is the amount of land we actually cover. We cover 72,000 sq km or 17.8 million acres of land. To put it in perspective, that is bigger than the country of Ireland. Sure. sure Good afternoon, everyone. good afternoon everyone You know, obviously I could go on for quite a while. you know obviously i could go on for quite a while I think there's a lot of assets that are underappreciated in our portfolio, but I would say first of all is just the depth of the portfolio. i think there's a lot of assets that are underappreciated in our portfolio but i would say first of all is just the depth of the portfolio You know, we have the largest royalty streaming portfolio in the industry. 441 assets, 121 producing, 44 advanced, but 276 exploration assets. you know we have the largest royalty streaming portfolio in the industry 441 assets 121 producing 44 advanced but 276 exploration assets But what's really important there is the amount of land we actually cover. but what's really important there is the amount of land we actually cover We cover 72,000 sq km or 17.8 million acres of land. we cover 72,000 sq km or 17.8 million acres of land To put it in perspective, that is bigger than the country of Ireland. to put it in perspective that is bigger than the country of ireland If the land that Franco-Nevada actually covers with our royalties and streams was an independent country, we would be the 118th largest country in the world. That is how much land optionality we provide our shareholders. What's happening on these lands is the amount of exploration drilling. Just from a conservative estimate, we figure there's about $600 million of drilling happening in 2026 on our land, and that's 2.5 million meters of drilling. What I'm pretty comfortable with is that some of that drilling will be successful, you will get resources found, new deposits found, and our assets will either get longer mine lives, which will increase our NAV and thus our share price. I think that is what is truly underappreciated. If the land that Franco-Nevada actually covers with our royalties and streams was an independent country, we would be the 118th largest country in the world. if the land that franco-nevada actually covers with our royalties and streams was an independent country we would be the 118th largest country in the world That is how much land optionality we provide our shareholders. that is how much land optionality we provide our shareholders What's happening on these lands is the amount of exploration drilling. what's happening on these lands is the amount of exploration drilling Just from a conservative estimate, we figure there's about $600 million of drilling happening in 2026 on our land, and that's 2.5 million meters of drilling. just from a conservative estimate we figure there's about $600 million of drilling happening in 2026 on our land and that's 2.5 million meters of drilling What I'm pretty comfortable with is that some of that drilling will be successful, you will get resources found, new deposits found, and our assets will either get longer mine lives, which will increase our NAV and thus our share price. what i'm pretty comfortable with is that some of that drilling will be successful you will get resources found new deposits found and our assets will either get longer mine lives which will increase our nav and thus our share price I think that is what is truly underappreciated. i think that is what is truly underappreciated In terms of specific assets, Paul obviously talked about the Ring of Fire, which we don't think we get the full appreciation of. The other one is New Prosperity. It's a stream that we entered into with a company called Taseko Mines back in 2010. It's a copper gold system in British Columbia. It didn't receive its federal permit. It did get its provincial permits, unfortunately, as I said, it didn't get its federal, and it kinda just sat on the bench for a while. Middle of last year, a deal was reached between the First Nations, Taseko Mines, who was the owner, and the British Columbia government to work out a structure where the First Nations gets 22.5% interest in the property. In terms of specific assets, Paul obviously talked about the Ring of Fire, which we don't think we get the full appreciation of. in terms of specific assets paul obviously talked about the ring of fire which we don't think we get the full appreciation of The other one is New Prosperity. the other one is new prosperity It's a stream that we entered into with a company called Taseko Mines back in 2010. it's a stream that we entered into with a company called taseko mines back in 2010 It's a copper gold system in British Columbia. it's a copper gold system in british columbia It didn't receive its federal permit. it didn't receive its federal permit It did get its provincial permits, unfortunately, as I said, it didn't get its federal, and it kinda just sat on the bench for a while. it did get its provincial permits unfortunately as i said it didn't get its federal and it kinda just sat on the bench for a while Middle of last year, a deal was reached between the First Nations, Taseko Mines, who was the owner, and the British Columbia government to work out a structure where the First Nations gets 22.5% interest in the property. middle of last year a deal was reached between the first nations taseko mines who was the owner and the british columbia government to work out a structure where the first nations gets 22.5% interest in the property Now you have, I would say, an objective that's aligned amongst all three parties. Obviously, it's still early to see where it goes, but we're very encouraged that everybody seems to be on the same page. If that asset is actually developed, our commitment is $350 million for 22% of the gold. Based on the mine plan that we had at the time, it was 300,000 ounces of gold a year. That's 66,000 ounces of gold to Franco under the stream agreement. At today's gold price, you can obviously understand how valuable that is. Now you have, I would say, an objective that's aligned amongst all three parties. now you have i would say an objective that's aligned amongst all three parties Obviously, it's still early to see where it goes, but we're very encouraged that everybody seems to be on the same page. obviously it's still early to see where it goes but we're very encouraged that everybody seems to be on the same page If that asset is actually developed, our commitment is $350 million for 22% of the gold. if that asset is actually developed our commitment is $350 million for 22% of the gold Based on the mine plan that we had at the time, it was 300,000 ounces of gold a year. based on the mine plan that we had at the time it was 300,000 ounces of gold a year That's 66,000 ounces of gold to Franco under the stream agreement. that's 66,000 ounces of gold to franco under the stream agreement At today's gold price, you can obviously understand how valuable that is. at today's gold price you can obviously understand how valuable that is An NAV on that today would be $1.5 billion north of that for a $350 million investment, and I'm pretty sure the value that's reflected in our share price for that asset is very minimal right now. Again, a huge option in the portfolio along with the Ring of Fire, but more so it's just the land package that Franco actually covers and the number of assets. As I said, I could name more, but those are the two largest ones for us. An NAV on that today would be $1.5 billion north of that for a $350 million investment, and I'm pretty sure the value that's reflected in our share price for that asset is very minimal right now. an nav on that today would be $1.5 billion north of that for a $350 million investment and i'm pretty sure the value that's reflected in our share price for that asset is very minimal right now Again, a huge option in the portfolio along with the Ring of Fire, but more so it's just the land package that Franco actually covers and the number of assets. again a huge option in the portfolio along with the ring of fire but more so it's just the land package that franco actually covers and the number of assets As I said, I could name more, but those are the two largest ones for us. as i said i could name more but those are the two largest ones for us

Speaker 9: We got another question from the floor? There you go, Christina. We got another question from the floor? we got another question from the floor There you go, Christina. there you go christina

Speaker 14: Hi. What is your appetite for doing more energy deals? Hi. hi What is your appetite for doing more energy deals? what is your appetite for doing more energy deals

Speaker 9: We've got a good appetite for doing more energy deals and the reason is, they worked extremely well for us. Our strategy is our number one commodity is gold and we'll invest in it whenever we can. Gold, like every other commodity is cyclical and there are times when either they're not good deals or it's too expensive, and we've always said, "Give us the latitude to look around, invest in some other commodities where we can get that same resource optionality, be more opportunistic in our entry points." Oil has worked extremely well. We've got some good entry points and now is a point of time. Here we are, oil prices, we're trading around $60 a b. We've got a good appetite for doing more energy deals and the reason is, they worked extremely well for us. we've got a good appetite for doing more energy deals and the reason is they worked extremely well for us Our strategy is our number one commodity is gold and we'll invest in it whenever we can. our strategy is our number one commodity is gold and we'll invest in it whenever we can Gold, like every other commodity is cyclical and there are times when either they're not good deals or it's too expensive, and we've always said, "Give us the latitude to look around, invest in some other commodities where we can get that same resource optionality, be more opportunistic in our entry points." Oil has worked extremely well. gold like every other commodity is cyclical and there are times when either they're not good deals or it's too expensive and we've always said "give us the latitude to look around invest in some other commodities where we can get that same resource optionality be more opportunistic in our entry points." oil has worked extremely well We've got some good entry points and now is a point of time. we've got some good entry points and now is a point of time Here we are, oil prices, we're trading around $60 a b. here we are oil prices we're trading around $60 a b You have the sort of conflict, the sort of volatility in the markets that we all worry about. Oil has spiked. We really are uniquely positioned in the mining industry in that we get a double benefit. Much of the mining industry over time is plagued by operating cost inflation. The biggest component of that are energy prices. When you have higher prices like you have now, we not only are largely not exposed to that cost inflation, we have the double benefit that 6%-10% of our portfolio is made up of oil and we'll get that benefit. We very much like that model and we're open to, at the right time, adding more energy to the portfolio. I don't see any further questions. Lloyd, any questions on the webcast? You have the sort of conflict, the sort of volatility in the markets that we all worry about. you have the sort of conflict the sort of volatility in the markets that we all worry about Oil has spiked. oil has spiked We really are uniquely positioned in the mining industry in that we get a double benefit. we really are uniquely positioned in the mining industry in that we get a double benefit Much of the mining industry over time is plagued by operating cost inflation. much of the mining industry over time is plagued by operating cost inflation The biggest component of that are energy prices. the biggest component of that are energy prices When you have higher prices like you have now, we not only are largely not exposed to that cost inflation, we have the double benefit that 6%-1 0% of our portfolio is made up of oil and we'll get that benefit. when you have higher prices like you have now we not only are largely not exposed to that cost inflation we have the double benefit that 6%-1 0% of our portfolio is made up of oil and we'll get that benefit We very much like that model and we're open to, at the right time, adding more energy to the portfolio. we very much like that model and we're open to at the right time adding more energy to the portfolio I don't see any further questions. i don't see any further questions Lloyd, any questions on the webcast? lloyd any questions on the webcast

Speaker 6: Nothing from the webcast. Nothing from the webcast. nothing from the webcast

Speaker 9: Okay. Before we close the meeting, a reminder that we'll be releasing our Q1 results later today and a press release should cross the wire early this evening. We hope you are able to join us for our Q1 conference call, which is scheduled for 8:00 A.M. Toronto time tomorrow morning. Thank you for your support of Franco-Nevada, and have a good evening. Okay. okay Before we close the meeting, a reminder that we'll be releasing our Q1 results later today and a press release should cross the wire early this evening. before we close the meeting a reminder that we'll be releasing our q1 results later today and a press release should cross the wire early this evening We hope you are able to join us for our Q1 conference call, which is scheduled for 8:00 A.M. we hope you are able to join us for our q1 conference call which is scheduled for 8:00 a.m Toronto time tomorrow morning. toronto time tomorrow morning Thank you for your support of Franco-Nevada, and have a good evening. thank you for your support of franco-nevada and have a good evening