FRANCO-NEVADA Business Summary

Franco-Nevada Corp (FNV) operates as the world’s leading gold-focused royalty and streaming company, generating revenue by providing upfront capital to mining and energy operators in exchange for long-term rights to a percentage of production or revenue. This capital-light business model allows the company to capture commodity price upside and exploration optionality while insulating it from the operational risks, capital cost inflation, and labor issues inherent in direct mine ownership. The company’s portfolio is primarily segmented into Precious Metals (Gold, Silver, and PGMs), which typically account for over 80% of revenue, and Diversified Assets, including oil and gas royalties in the Permian Basin and iron ore interests. Positioned as the largest and most diversified player in its peer group, Franco-Nevada maintains a debt-free balance sheet and industry-leading EBITDA margins exceeding 80%, distinguishing itself from direct competitors such as Wheaton Precious Metals, Royal Gold, and Triple Flag Precious Metals through its superior scale and jurisdictional diversification. The company was originally pioneered by legendary mining investors Pierre Lassonde and Seymour Schulich, with the modern iteration founded during its 2007 IPO by David Harquail, who currently serves as the Non-Executive Chair (transitioning to Chair Emeritus in May 2026). The leadership team is led by President and CEO Paul Brink, a veteran executive with over 15 years at the firm and a background in investment banking at BMO Nesbitt Burns and corporate development at Newmont. Supporting him is CFO Sandip Rana, a former international controller for Newmont and a recognized "Top Gun" CFO, and Chief Investment Officer Eaun Gray. The board of directors features high-pedigree industry figures, including Chair Designate Tom Albanese, the former CEO of Rio Tinto and Vedanta Resources, and Dr. Catharine Farrow, a distinguished geoscientist. This deep technical and financial expertise ensures disciplined capital allocation across the company’s global portfolio of over 400 assets.