New Mine Start-ups and Acquisitions
“Franco-Nevada benefited from record gold prices in the quarter and realized higher revenues and cash from operations
compared to Q1 2024,” stated Paul Brink, CEO. “However, our year over year results were lower without the contribution
from Cobre Panama and due to lower production at Candelaria and Antapaccay. Results for the second quarter include a
catch-up of higher tax rates due to tax measures enacted in response to the OECD’s Global Minimum Tax initiative. In
the second half of the year, we expect stronger contributions from Candelaria and growing contributions from
Tocantinzinho, Greenstone and Salares Norte which have all recently commenced production. We expect to be at the
lower end of our GEO guidance range, taking into account lower relative prices from our other commodities. We are
pleased to have added two potentially long-life assets to the portfolio subsequent to the quarter: a gold stream on
SolGold’s Cascabel copper-gold development project in Ecuador and an existing royalty on Newmont’s Yanacocha
operations in Peru.”
Financial Highlights – Q2 2024 compared Q2 2023
• 110,264 GEOs sold in the quarter, a decrease of 35% (16% decrease excluding Cobre Panama)
• $260.1 million in revenue, a decrease of 21% (1% increase excluding Cobre Panama)
• $221.9 million in Adjusted EBITDA, or $1.15/share, a decrease of 20% (2% increase excluding Cobre Panama)
• $194.4 million in operating cash flow, a decrease of 26%
• $69.8 million of additional income tax expense resulting from tax measures enacted in relation to the Global Minimum
Tax (“GMT”) initiative, of which $23.9 million is current tax expense and $45.9 million is non-cash deferred tax expense
• $79.5 million in net income, or $0.41/share, a decrease of 57%
• $144.9 million in Adjusted Net Income, or $0.75/share, a decrease of 21%
• Quarterly dividend of $0.36/share effective Q1 2024, an increase of 5.88%
• Strong financial position with no debt and $2.4 billion in available capital as at June 30, 2024
Sector-Leading ESG
• Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG
• Committed to the World Gold Council’s Responsible Gold Mining Principles
• Partnering with our operators on community and ESG initiatives
• 40% diverse representation at the Board and top leadership levels as a group
Diverse, Long-Life Portfolio
• Most diverse royalty and streaming portfolio by asset, operator and country
• Attractive mix of long-life streams and high optionality royalties
• Long-life mineral resources and mineral reserves
Growth and Optionality
• Mine expansions and new mines driving 5-year growth profile
• Long-term optionality in gold, copper and nickel and exposure to some of the world’s great mineral endowments
• Strong pipeline of precious metal and diversified opportunities

see & read more on https://s201.q4cdn.com/345177888/files/doc_financials/2024/q2/Franco-Nevada-Reports-Q2-2024-Results-Final-version-2024-08-13.pdf