Gold Port: 2023 Gold Exploration

“Franco-Nevada is reporting robust fourth quarter and annual outcomes for 2022. Our Diversified property outperformed because of elevated power costs within the yr, said Paul Brink CEO. We’re happy that First Quantum and the Authorities of Panama have agreed on phrases for a refreshed concession contract and stay up for Cobre Panama reaching its expanded throughput capability later this yr. Valuable metallic GEOs and Diversified manufacturing in 2023 are anticipated to be in step with 2022. We’re nevertheless guiding to decrease whole GEOs for the yr as present power costs are under 2022 ranges. The natural development in our 5 yr outlook comes from each mine expansions and new mines. Franco- Nevada is debt-free, is rising its money balances and has an energetic pipeline of development alternatives.”

Robust Monetary Place

• Earned report GEOs, income, Adjusted Web Revenue, Adjusted EBITDA and working money movement in 2022
• No debt and $2.2 billion in accessible capital as at December 31, 2022
• Generated near $1 billion in working money movement in 2022
• Quarterly dividend elevated 6.25% to $0.34 /share efficient Q1 2023

Sector-Main ESG

• Ranked #1 gold firm by Sustainalytics, AA by MSCI and Prime by ISS ESG
• Named on the Company Knights’ 2022 record of the Greatest 50 Company Residents in Canada
• Dedicated to the World Gold Council’s “Accountable Gold Mining Rules”
• Partnering with our operators on group and ESG initiatives
• Purpose of 40% numerous illustration on the Board and prime management ranges as a bunch by 2025

Numerous, Lengthy-Life Portfolio

• Most numerous royalty and streaming portfolio by asset, operator and nation
• Core property outperforming since time of acquisition
• Lengthy-life reserves and assets

Development and Optionality

• Acquisitions, mine expansions and new mines driving future development
• Lengthy-term optionality in gold, copper and nickel and to among the world’s nice mineral endowments
• Robust pipeline of treasured metallic alternatives

In This autumn 2022, we earned $320.4 million in income, down 2.2% from This autumn 2021. The lower was pushed by decrease contributions from our Valuable Metallic and Iron Ore property, largely offset by our Vitality property because of greater realized oil and gasoline costs. Valuable Metallic income accounted for 70.7% of our income (55.6% gold, 10.2% silver, 4.9% PGM). Income was sourced 90.5% from the Americas (26.8% South America , 22.8% Central America & Mexico , 27.0% U.S. and 13.9% Canada ).

2023 Steerage

Please see our MD&A for the yr ended December 31, 2022 for extra particulars on our steerage and see “Ahead-Wanting Statements” under.

For 2023, we count on GEO gross sales from our Valuable Metallic property to vary between 490,000 and 530,000 GEOs, in step with 2022, however anticipate whole GEOs gross sales to be between 640,000 and 700,000 GEOs, a discount from 2022 based on decrease assumed oil and gasoline costs. With respect to Cobre Panama, based mostly on First Quantum’s most up-to-date 2023 steerage of between 350,000 and 380,000 tonnes of copper, our attributable GEO manufacturing could be between 131,000 and 142,000 GEOs. Following the restriction of focus shipments in February, we have now made a bigger allowance for the influence of cargo timing for the yr. We’ve estimated GEOs delivered and bought from Cobre Panama to be between 115,000 and 135,000 GEOs. We count on greater manufacturing from Antapaccay, MWS and Musselwhite, and preliminary contributions from new mines together with Magino, Séguéla and Salares Norte, partly offset by anticipated decreases in GEO gross sales from Antamina, Hemlo and Candelaria . For our Diversified property, we’re guiding to decrease GEOs, reflecting decrease assumed oil and gasoline costs, partly offset by greater GEO contributions from our Iron Ore and Different Mining property.

We estimate depletion expense to be between $275 and $305 million . Our remaining capital dedication to the Royalty Acquisition Enterprise with Continental is $79.4 million . As well as, we count on to start funding of our $250 million stream on the Tocantinzinho venture on the finish of Q1 2023.

5-Yr Outlook

We count on our portfolio to provide between 760,000 and 820,000 GEOs in 2027, of which 565,000 to 605,000 GEOs are anticipated to be generated from Valuable Metallic property. This outlook assumes the enlargement of the mill throughput capability to 100 million tonnes per yr at Cobre Panama, elevated attributable manufacturing from Vale’s Northern and Southeastern techniques, manufacturing development from the continued growth of our U.S. Vitality property, and assumes the graduation of manufacturing at Stibnite, Copper World and Eskay Creek . In our 5-year outlook, we additionally anticipate that our attributable portion of gold and silver manufacturing from Candelaria will step down from 68% to 40%, and that our stream at MWS could have reached its cap in 2024.

For each our 2023 steerage and 5-year outlook, when reflecting income earned from gold, silver, platinum, palladium, iron ore, oil and gasoline commodities to GEOs, we assumed the next costs: $1,800 /oz Au, $21 /oz Ag, $900 /oz Pt, $1,500 /oz Pd, $120 /tonne Fe 62% CFR China, $80 /bbl WTI oil and $3.00 /mcf Henry Hub pure gasoline. As well as, we don’t assume every other acquisitions and don’t mirror any incremental income from extra contributions we might make to the Royalty Acquisition Enterprise with Continental as a part of our remaining dedication of $79.4 million . The 2023 steerage and 5-year outlook are based mostly on public forecasts and different disclosure by the third-party house owners and operators of our property and our evaluation thereof.

Environmental, Social and Governance (ESG) Updates

Through the quarter, we partnered with Glencore at Antapaccay to assist fund the Alto Huarco group potable water venture in Espinar, Peru and in addition fulfilled our charitable dedication beneath our BlackNorth pledge. We proceed to rank extremely with main ESG ranking businesses. We had been awarded a Sustainalytics International 50 High Rated ranking, given to the highest 50 corporations within the Sustainalytics rankings universe, and acquired our 2022 CDP rating of “B-“.

Portfolio Additions

• Acquisition of Gold Royalties – Australia : Subsequent to year-end, on February 22, 2023 , we acquired a portfolio of 5 primarily gold royalties from Trident Royalties Plc, which features a 1.5% NSR on Ramelius Sources’ Rebecca gold venture situated in Western Australia , for whole consideration of $15.6 million .
• Acquisition of Extra Royalty on Eskay Creek : On December 30, 2022 , we acquired an extra 0.5% NSR on Skeena’s Eskay Creek gold-silver venture for whole consideration of $21.0 million ( C$28.5 million ). We now maintain a 1.5% NSR over Eskay Creek masking the vast majority of the venture’s land package deal, together with the recognized Mineral Useful resource.
• Financing Package deal with Argonaut Gold on the Magino Gold Venture : As beforehand introduced, on October 27, 2022 , we acquired a 2% NSR on Argonaut Gold Inc.’s (“Argonaut”) construction-stage Magino gold venture for a purchase order value of $52.5 million . We additionally accomplished a personal placement with Argonaut of $10.0 million ( C$13.6 million ).

Cobre Panama Replace

As beforehand introduced on February 23, 2023 , ore processing operations at Cobre Panama had been suspended whereas negotiations between First Quantum and the Authorities of Panama on a refreshed concession contract had been ongoing. On March 8, 2023 , First Quantum and the Authorities of Panama agreed and finalized the draft of a concession contract for Cobre Panama. The proposed concession contract is topic to a 30-day public session course of and approvals by the Panamanian Cupboard, Comptroller Normal of the Republic and the Nationwide Meeting. MPSA has acquired authorization from the Panama Maritime Authority and focus loading operations on the Punta Rincón port have resumed. Cobre Panama processing operations have resumed to regular ranges with all three trains working. MPSA continues to remobilize the workforce to full staffing ranges.

This autumn 2022 Portfolio Updates

Valuable Metallic property: GEOs bought from our Valuable Metallic property had been 129,642, in comparison with 138,799 GEOs in This autumn 2021. Greater contributions from Hemlo , Tasiast and Subika (Ahafo) had been greater than offset by decrease deliveries from Antapaccay, Cobre Panama and Guadalupe-Palmarejo.

South America:

• Candelaria (gold and silver stream) – GEOs delivered and bought in This autumn 2022 had been comparatively in step with these bought in This autumn 2021. For 2023, we forecast GEO gross sales of between 60,000 and 70,000 GEOs, a lower in comparison with 69,854 GEOs bought in 2022 because of sequencing of the open pit.
• Antapaccay (gold and silver stream) – GEOs delivered and bought had been decrease in This autumn 2022 in comparison with This autumn 2021 because of anticipated decrease grades in 2022 based mostly on sequencing of the mine. For 2023, we anticipate GEOs bought to extend from 53,023 GEOs in 2022 to between 57,500 and 67,500 GEOs reflecting greater anticipated manufacturing based mostly on the mining sequence.
• Antamina (22.5% silver stream) – GEOs delivered and bought had been decrease in This autumn 2022 in comparison with This autumn 2021, partly because of a much less beneficial silver to gold conversion ratio. For 2023, we anticipate between 2.4 to 2.8 million silver ounces, in comparison with 3.1 million silver ounces bought in 2022, because of silver grades that are forecasted to be decrease than common in 2023.
• Salares Norte (1-2% royalties) – Gold Fields reported whole venture completion of 87% for the development of Salares Norte on the finish of December 2022 . With the graduation of economic manufacturing at Salares Norte now anticipated in This autumn 2023, we don’t anticipate significant royalty funds till 2024.
• Tocantinzinho (gold stream) – G Mining Ventures reported that, as of December 31, 2022 , the venture continues to be on observe and on funds for industrial manufacturing to start out in H2 2024.
• Cascabel (1% royalty) – In February 2023 , SolGold and Cornerstone Capital Sources accomplished the beforehand introduced pleasant merger, consolidating the possession of the Cascabel venture beneath one mixed entity.
• Cerro Moro (2% royalty) – In January 2023 , shareholders of Yamana and Pan American Silver accepted the acquisition of Yamana by Pan American Silver. The transaction is predicted to shut in Q1 2023.
• Posse ( Mara Rosa ) (1% royalty) – Building of Mara Rosa is advancing on schedule and reported to be 50% full as of the top of December 2022 , with first manufacturing anticipated in H1 2024.

Central America & Mexico :

• Cobre Panama (gold and silver stream) – First Quantum reported robust manufacturing in This autumn 2022, with copper manufacturing of 90,000 tonnes and mill throughput of twenty-two.4 million tonnes. New weekly and month-to-month throughput information had been additionally set in December 2022 . Our GEO deliveries had been decrease in This autumn 2022 than within the prior yr interval because of the timing of shipments.
• Guadalupe-Palmarejo (50% gold stream) – GEOs bought from Guadalupe-Palmarejo decreased in This autumn 2022 in comparison with the identical quarter in 2021 because of a decrease proportion of manufacturing being sourced from floor lined by our stream.

U.S.:

• Stillwater (5% royalty) – We count on greater PGM manufacturing in 2023 than in 2022, with manufacturing charges normalizing for the reason that regional flood that occurred in June 2022 . Nevertheless, manufacturing from Stillwater West is predicted to be quickly affected following an incident reported in March 2023 that broken shaft infrastructure. Moreover, we count on a much less beneficial conversion ratio to GEOs based mostly on the commodity costs assumed in our 2023 steerage.
• Marigold (0.5-5% royalties) – SSR Mining plans vital waste stripping actions on the Pink Dot deposit with an purpose to optimize the longer-term manufacturing profile. For 2023, manufacturing is forecasted to extend based mostly on the mine sequencing.
• Stibnite Gold (1.7% royalty ) – With the remark interval on the Supplemental Draft Environmental Influence Assertion for the Stibnite venture closed in January 2023 , Perpetua Sources anticipates a draft Document of Resolution in mid-2023. In December, the Stibnite Gold venture was additionally awarded as much as $24.8 million beneath the U.S. Protection Manufacturing Act.
• Copper World/East Pit ( Rosemont ) (2.085% royalty) – Hudbay continues to advance the pre-feasibility examine for Part I of Copper World, which is now anticipated in H1 2023, with a definitive feasibility examine anticipated in 2024.

Canada:

• Detour Lake (2% royalty) – Detour Lake had report manufacturing of over 732,000 gold ounces in 2022. In 2023, the main target stays on optimizing mill processes and enhancing runtime to realize and probably surpass mill throughput of 28 million tonnes per yr. Exploration efforts are anticipated to deal with extending mineralization to the west and establishing an preliminary underground mineral useful resource. Agnico Eagle additionally expects to supply an replace on the pathway to probably enhance manufacturing to at least one million ounces of gold per yr.
• Hemlo (3% royalty & 50% NPI) – Income from our Hemlo royalties was greater than in This autumn 2021 reflecting improved working efficiency. Barrick introduced that it expects manufacturing from Hemlo to extend in 2023 relative to 2022, however we count on a decrease proportion to be sourced from our royalty floor.
• Brucejack (1.2% royalty) – Newcrest Mining is advancing a debottlenecking idea examine to probably enhance the method plant capability, with a allow software anticipated in H1 2023. Drilling continued to verify the potential for useful resource development on the Valley of the Kings deposit and surrounding space.
• Kirkland Lake (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported the completion of Shaft #4 and of a brand new air flow system at Macassa. Drilling is deliberate to proceed at AK in 2023 from the underground platforms that had been developed in 2022, with a deal with persevering with to improve and enhance the indicated mineral assets. Franco- Nevada has a number of royalties at Macassa that embody AK.
• Canadian Malartic (1.5% royalty) – Agnico Eagle reported that the Odyssey underground venture, which is predicted to increase the lifetime of the complicated to no less than 2039, is progressing on schedule and on funds, with shaft sinking actions anticipated to start in March 2023 .
• Greenstone (Hardrock) (3% royalty) – Equinox Gold reported that development of the venture is on schedule and funds, with the Greenstone venture 65% full as of the top of December 2022 with the primary gold pour anticipated in H1 2024.
• Magino (2% royalty) – Argonaut reported that the development of the venture is roughly 80% full as of the top of December 2022 , with the primary gold pour anticipated in H1 2023.
• Valentine Gold (1.5% royalty) – Marathon Gold reported that the venture stays on schedule for first ore to be delivered to the mill by the top of 2024 and first gold manufacturing in Q1 2025, with general completion at 21% as of the top of January 2023 . In February 2023 , Marathon Gold exercised its possibility for a partial buy-back of our royalty, decreasing our NSR to 1.5%.
• Eskay Creek (1.5% royalty) – Skeena Sources introduced the invention of recent mineralization east of the 22 Zone in an space with no historic drilling, past the extents of Eskay Creek’s at present outlined pit-constrained assets.
• Ring of Hearth (1-3% royalties) – Ring of Hearth Metals introduced it had signed a Memorandum of Understanding with Webequie First Nation, detailing how the 2 events will work collectively to progress ongoing exploration actions in addition to negotiations on a partnership settlement for the proposed Eagle’s Nest mine.

Remainder of World:

• MWS (25% stream) – We count on a rise in GEOs from our stream at MWS in 2023 in comparison with in 2022, the place manufacturing in 2022 was impacted by materials and water provide constraints.
• Tasiast (2% royalty) – We anticipate elevated manufacturing at Tasiast, with Kinross reporting that the Tasiast 24k venture is progressing on schedule to achieve a throughput capability of 24,000 tonnes per day by mid-2023, with ramp-up to function constantly at this designed tonnage by the top of 2023.
• Séguéla (1.2% royalty) – Fortuna Silver Mines reported that development actions are progressing on time and on funds with the general venture 90% full as of the top of January 2023 , with the primary gold pour anticipated in mid-2023.

Diversified property: Our Diversified property, primarily comprising our Iron Ore and Vitality pursuits, generated $94.0 million in income, up from $78.6 million in This autumn 2021, reflecting greater realized oil and gasoline costs referring to our Vitality property.

Iron Ore:

• Vale Royalty (iron ore royalty) – Income from the Vale royalty decreased in comparison with This autumn 2021 because of decrease iron ore costs and attributable gross sales. In 2023, we anticipate a rise in GEOs, reflecting the ramp-up of manufacturing at S11D and a extra beneficial GEO conversion ratio based mostly on the costs we have now assumed for our 2023 steerage.
• LIORC – LIORC declared a money dividend of C$0.70 per widespread share in This autumn 2022, reflecting decrease iron ore costs, in comparison with C$1.15 per widespread share in This autumn 2021. Iron Ore Firm of Canada reported vital capital expenditures to improve present infrastructure on the Carol Lake mine.

Vitality:

• Marcellus (1% royalty) – Income from the Marcellus asset elevated in comparison with This autumn 2021. Revenues benefited from greater NGL and pure gasoline costs and a slight enhance in manufacturing.
• Haynesville (varied royalty charges) – Income from the Haynesville portfolio elevated in comparison with This autumn 2021, because the asset benefited from greater pure gasoline costs and elevated manufacturing from new wells.
• SCOOP/STACK (varied royalty charges) – Income from the SCOOP/STACK elevated in comparison with This autumn 2021 because of greater costs and elevated manufacturing from our pursuits earned by means of the Royalty Acquisition Enterprise with Continental Sources. In November 2022 , Continental Sources accomplished the beforehand introduced merger settlement with an entity privately-owned by the household of Harold G. Hamm , Continental Sources’ founder. The transaction doesn’t straight influence our Royalty Acquisition Enterprise with Continental.
• Permian Basin (varied royalty charges) – Income from the Permian Basin elevated in comparison with This autumn 2021. The rise in income within the present interval displays greater realized costs and better manufacturing from new wells.
• Weyburn (NRI, ORR, WI) – Income from the Weyburn Unit was greater in comparison with This autumn 2021, reflecting the rise in commodity costs, which greater than offset greater working and capital expenditures incurred by means of our NRI and dealing curiosity.

Shareholder Data

The whole audited Consolidated Monetary Statements and Administration’s Dialogue and Evaluation may be discovered on our web site at www.franco-nevada.com , on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .

We’ll host a convention name to evaluate our 2022 outcomes. traders are invited to take part as follows:

Company Abstract

Franco-Nevada Company is the main gold-focused royalty and streaming firm with the most important and most diversified portfolio of cash-flow producing property. Its enterprise mannequin offers traders with gold value and exploration optionality whereas limiting publicity to price inflation. Franco- Nevada is debt-free and makes use of its free money movement to increase its portfolio and pay dividends. It trades beneath the image FNV on each the Toronto and New York inventory exchanges. Franco- Nevada is the gold funding that works.

Ahead- Wanting Statements

This press launch incorporates “forward-looking info” and “forward-looking statements” inside the which means of relevant Canadian securities legal guidelines and america Personal Securities Litigation Reform Act of 1995, respectively, which can embody, however are usually not restricted to, statements with respect to future occasions or future efficiency, administration’s expectations concerning Franco-Nevada’s development, outcomes of operations, estimated future revenues, efficiency steerage, carrying worth of property, future dividends and necessities for added capital, mineral useful resource and mineral reserve estimates, manufacturing estimates, manufacturing prices and income, future demand for and costs of commodities, anticipated mining sequences, enterprise prospects and alternatives, the efficiency and plans of third occasion operators, audits being performed by the CRA, the anticipated publicity for present and future assessments and accessible treatments, the completion of the general public session course of and acquiring all required Panamanian approvals for the proposed concession contract with the Authorities of Panama for the Cobre Panama mine and the phrases of the proposed concession contract. As well as, statements referring to assets and reserves, gold equal ounces (“GEOs”) and mine life are forward-looking statements, as they contain implied evaluation, based mostly on sure estimates and assumptions, and no assurance may be provided that the estimates and assumptions are correct and that such assets and reserves, GEOs or mine life shall be realized. Such forward-looking statements mirror administration’s present beliefs and are based mostly on info at present accessible to administration. Usually, however not all the time, forward-looking statements may be recognized by means of phrases similar to “plans”, “expects”, “is predicted”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “initiatives”, “intends”, “targets”, “goals”, “anticipates” or “believes” or variations (together with detrimental variations) of such phrases and phrases or could also be recognized by statements to the impact that sure actions “might”, “may”, “ought to”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different components, which can trigger the precise outcomes, efficiency or achievements of Franco-Nevada to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Numerous components may trigger precise occasions or outcomes to vary materially from any forward-looking assertion, together with, with out limitation: fluctuations within the costs of the first commodities that drive royalty and stream income (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gasoline); fluctuations within the worth of the Canadian and Australian greenback, Mexican peso, and every other foreign money during which income is generated, relative to the U.S. greenback; modifications in nationwide and native authorities laws, together with allowing and licensing regimes and taxation insurance policies and the enforcement thereof; the adoption of a worldwide minimal tax on companies; regulatory, political or financial developments in any of the nations the place properties during which Franco-Nevada holds a royalty, stream or different curiosity are situated or by means of which they’re held; dangers associated to the operators of the properties during which Franco-Nevada holds a royalty, stream or different curiosity, together with modifications within the possession and management of such operators; relinquishment or sale of mineral properties; affect of macroeconomic developments; enterprise alternatives that grow to be accessible to, or are pursued by Franco-Nevada; decreased entry to debt and fairness capital; litigation; title, allow or license disputes associated to pursuits on any of the properties during which Franco-Nevada holds a royalty, stream or different curiosity; whether or not or not the Firm is set to have “passive international funding firm” (“PFIC”) standing as outlined in Part 1297 of america Inside Income Code of 1986, as amended; potential modifications in Canadian tax remedy of offshore streams; extreme price escalation in addition to growth, allowing, infrastructure, working or technical difficulties on any of the properties during which Franco-Nevada holds a royalty, stream or different curiosity; entry to ample pipeline capability; precise mineral content material might differ from the assets and reserves contained in technical studies; fee and timing of manufacturing variations from useful resource estimates, different technical studies and mine plans; dangers and hazards related to the enterprise of growth and mining on any of the properties during which Franco-Nevada holds a royalty, stream or different curiosity, together with, however not restricted to uncommon or sudden geological and metallurgical situations, slope failures or cave-ins, sinkholes, flooding and different pure disasters, terrorism, civil unrest or an outbreak of contagious illness; the influence of the COVID-19 (coronavirus) pandemic; and the combination of acquired property. The forward-looking statements contained on this press launch are based mostly upon assumptions administration believes to be affordable, together with, with out limitation: the continuing operation of the properties during which Franco-Nevada holds a royalty, stream or different curiosity by the house owners or operators of such properties in a way in step with previous observe; the accuracy of public statements and disclosures made by the house owners or operators of such underlying properties; no materials adversarial change available in the market value of the commodities that underlie the asset portfolio; the Firm’s ongoing revenue and property referring to dedication of its PFIC standing; no materials modifications to present tax remedy; the anticipated software of tax legal guidelines and laws by taxation authorities; the anticipated evaluation and end result of any audit by any taxation authority; no adversarial growth in respect of any vital property during which Franco-Nevada holds a royalty, stream or different curiosity; the accuracy of publicly disclosed expectations for the event of underlying properties that aren’t but in manufacturing; integration of acquired property; and the absence of every other components that might trigger actions, occasions or outcomes to vary from these anticipated, estimated or meant. Nevertheless, there may be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Traders are cautioned that forward-looking statements are usually not ensures of future efficiency. As well as, there may be no assurance as to the result of the continuing audit by the CRA or the Firm’s publicity consequently thereof. Franco- Nevada can’t guarantee traders that precise outcomes shall be in step with these forward-looking statements. Accordingly, traders mustn’t place undue reliance on forward-looking statements because of the inherent uncertainty therein.

For extra info with respect to dangers, uncertainties and assumptions, please check with Franco-Nevada’s most up-to-date Annual Data Type filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most up-to-date Annual Report filed on Type 40-F filed with the SEC on www.sec.gov . The forward-looking statements herein are made as of the date of this press launch solely and Franco-Nevada doesn’t assume any obligation to replace or revise them to mirror new info, estimates or opinions, future occasions or outcomes or in any other case, besides as required by relevant legislation.

ENDNOTES:

1. GEOs: Beginning in This autumn 2021, income from Franco-Nevada’s Vitality property is included within the calculation of GEOs. GEOs for comparative intervals have been recalculated to adapt with the present presentation. GEOs embody Franco-Nevada’s attributable share of manufacturing from our Mining and Vitality property after relevant restoration and payability components. GEOs are estimated on a gross foundation for NSRs and, within the case of stream ounces, earlier than the cost of the per ounce contractual value paid by the Firm. For NPI royalties, GEOs are calculated bearing in mind the NPI economics. Silver, platinum, palladium, iron ore, oil, gasoline and different commodities are transformed to GEOs by dividing related income, which incorporates settlement changes, by the related gold value. The value used within the computation of GEOs earned from a specific asset varies relying on the royalty or stream settlement, which can make reference to the market value realized by the operator, or the typical value for the month, quarter, or yr during which the commodity was produced or bought. For This autumn 2022, the typical commodity costs had been as follows: $1,729 /oz gold (This autumn 2021 – $1,795 ), $21.20 /oz silver (This autumn 2021 – $23.32 ), $971 /oz platinum (This autumn 2021 – $998 ) and $1,940 /oz palladium (This autumn 2021 – $1,935 ), $98 /t Fe 62% CFR China (This autumn 2021 – $108 ), $82.65 /bbl WTI oil (This autumn 2021 – $77.19 ) and $6.09 /mcf Henry Hub pure gasoline (This autumn 2021 – $4.85 ). For 2022 costs, the typical commodity costs had been as follows: $1,801 /oz gold (2021 – $1,800 ), $21.75 /oz silver (2021 – $25.17 ), $961 /oz platinum (2021 – $1,091 ) and $2,107 /oz palladium (2021 – $2,397 ), $122 /t Fe 62% CFR China (2021 – $160 ), $94.23 /bbl WTI oil (2021 – $67.91 ) and $6.51 /mcf Henry Hub pure gasoline (2021 – $3.72 ).
2. NON-GAAP FINANCIAL MEASURES: Adjusted Web Revenue and Adjusted Web Revenue per share, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP monetary measures with no standardized which means beneath Worldwide Monetary Reporting Requirements (“IFRS”) and won’t be corresponding to related monetary measures disclosed by different issuers. For a quantitative reconciliation of every non-GAAP monetary measure to probably the most straight comparable IFRS monetary measure, check with the next tables. Additional info relating to those Non-GAAP monetary measures is included by reference from the “Non-GAAP Monetary Measures” part of Franco-Nevada’s MD&A for the yr ended December 31, 2022 dated March 15, 2023 filed with the Canadian securities regulatory authorities on SEDAR accessible at www.sedar.com and with the U.S. Securities and Alternate Fee accessible on EDGAR at www.sec.gov .

• Adjusted Web Revenue and Adjusted Web Revenue per share are non-GAAP monetary measures, which exclude the next from internet revenue and earnings per share (“EPS”): impairment prices and reversal associated to royalty, stream and dealing pursuits and investments; positive factors/losses on the sale of royalty, stream and dealing pursuits and investments; international change positive factors/losses and different revenue/bills; uncommon non-recurring gadgets; and the influence of revenue taxes on these things.
• Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP monetary measures, which exclude the next from internet revenue and EPS: revenue tax expense/restoration; finance bills and finance revenue; depletion and depreciation; non-cash prices of gross sales; impairment prices and reversals associated to royalty, stream and dealing pursuits and investments; positive factors/losses on the sale of royalty, stream and dealing pursuits and investments; international change positive factors/losses and different revenue/bills; and strange non-recurring gadgets.
• Adjusted EBITA Margin is a non-GAAP monetary measure which is outlined by the Firm as Adjusted EBITDA divided by income.

Reconciliation of Non-GAAP Monetary Measures:

FRANCO- NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in hundreds of thousands of U.S. {dollars})

The consolidated monetary statements and accompanying notes may be present in our 2022 Annual Report accessible on our web site

FRANCO- NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(in hundreds of thousands of U.S. {dollars} and shares, besides per share quantities)

The consolidated monetary statements and accompanying notes may be present in our 2022 Annual Report accessible on our web site

FRANCO- NEVADA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in hundreds of thousands of U.S. {dollars})

The consolidated monetary statements and accompanying notes may be present in our 2022 Annual Report accessible on our web site

SOURCE Franco-Nevada Company

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