Franco-Nevada Reports Record Q1 2026 Results

Tom Albanese appointed Chair

(in U.S. dollars unless otherwise noted)

TORONTO, May 12, 2026 /PRNewswire/ - Franco-Nevada realized record financial results in the first quarter of 2026, driven by higher commodity prices, contributions from newly acquired assets, a partial buy-back and a refund from the Canada Revenue Agency. "The sharp rise in oil prices is expected to positively impact our Q2 revenues, while our royalty and streaming model is largely insulated from the impact of energy prices on cost inflation. Franco-Nevada is unique as a mining equity that benefits from rising oil prices. We look forward to further growth from new assets, additional contributions from Cobre Panamá and the potential for a full resumption of the mine", stated Paul Brink, President & CEO.

At today's AGM, David Harquail gave his last address as Chair before taking on the title of Chair Emeritus. The Board thanked David for leading the IPO of Franco-Nevada and for the tremendous shareholder value he created over the ensuing 18 years.

"After almost 40 years of being in the gold royalty business, I would like to thank all of the shareholders, portfolio managers, the analysts and brokers who believed in us and helped make this latest version of Franco-Nevada "the GOLD Investment that WORKS"", commented David Harquail. "In a world confronted by political volatility and financial market instability, having Franco-Nevada as a lower-risk gold investment that is insulated from inflation and with a strong balance sheet is the right business model. I am proud of the wealth that this strategy has generated for our shareholders and that Franco-Nevada today is a financial powerhouse. I am also proud of the strong management team and Board that is in place to continue to deliver decades more of dividends to shareholders."

Following the meeting, Tom Albanese was appointed as the independent non-executive Chair of its board of directors. Tom has most recently served as the Lead Independent Director of Franco-Nevada. He is a seasoned mining executive including prior CEO roles at both Rio Tinto plc and Vedanta Resources plc and many corporate director positions.

Financial Highlights – Q1 2026 compared to Q1 2025

GEOs Sold and Revenue

Quarterly GEOs sold and revenue by commodity

Q1 2026

Q1 2025

GEOs Sold

Revenue

GEOs Sold

Revenue

(in millions)

PRECIOUS METALS

Gold

91,158

436.9

85,523

245.9

Silver

23,618

113.5

12,490

37.0

PGM

3,204

17.7

2,610

7.8

117,980

568.1

100,623

290.7

DIVERSIFIED

Iron ore

3,794

17.1

3,888

12.4

Other mining assets

1,403

6.1

1,557

4.4

Oil

7,406

33.5

13,494

34.9

Gas

4,579

20.6

4,499

17.3

NGL

1,191

5.3

2,524

5.8

18,373

82.6

25,962

74.8

GEOs and revenue from royalty, stream and working interests

136,353

650.7

126,585

365.5

Interest revenue and other interest income

—

2.9

Total GEOs and revenue

136,353

650.7

126,585

368.4

In Q1 2026, we recognized revenue of $650.7 million, an increase of 77% from Q1 2025, and sold 136,353 GEOs, an increase of 8% from Q1 2025. We benefited from record gold and silver prices achieved during the quarter, strong contributions from Antamina, South Arturo, Hemlo, Musselwhite, and incremental contributions from Côté Gold, Porcupine and Valentine, all of which were acquired or commenced production over the past year. We also benefited from an increase in revenue from our Diversified assets, particularly from our Vale iron ore interest, and our Haynesville and Marcellus gas assets.

Precious Metal assets accounted for 87% of our revenue in Q1 2026 (67% gold, 17% silver, and 3% PGM). Revenue was sourced 87% from the Americas (42% South America, 21% Canada, 15% U.S. and 9% Central America & Mexico).

Portfolio Additions

Cobre Panamá Update

Cobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted. As part of the P&SM plan approved by the government of Panama (the "GOP"), import of energy supplies commenced and Cobre Panamá's power plant was restarted. As of the end of Q1 2026, Units 1 and 2 have been commissioned and synchronized to the national grid, and three coal vessels have been successfully received. Both units of the power plant have demonstrated reliable operation, meeting the power demands of the site and excess energy being sold to the national grid.

The integral audit, carried out by SGS Global, is ongoing, with five interim reports having been published, and the sixth report is expected to be published shortly. The integral audit and final seventh consolidated report are expected to be completed and published in Q2 2026.

Subsequent to quarter-end, on April 7, 2026, the GOP authorized the removal, processing, and export of stockpiled ore currently stored on site at the Cobre Panamá mine pursuant to the P&SM Plan. As a result, First Quantum estimates that Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with the balance to be processed in 2027 for a total of approximately 70,000 tonnes. Based on these estimates, stream deliveries to Franco‑Nevada are expected to total approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries of stream ounces to Franco-Nevada, which are determined based on the sale of copper concentrate by First Quantum under its offtake agreements, are expected to commence in Q3 2026, with the majority of deliveries anticipated in 2027.

Sustainability Updates

During the quarter, we collaborated with the Young Mining Professionals Scholarship Fund to roll-out a dedicated Franco-Nevada Mining Industry Scholarship and, beginning with the 2026/27 academic year, will fund up to C$30,000 annually in renewable, merit-based scholarships for students enrolled in mining related university, college or trade school programs in Canada. During the period, we renewed Franco-Nevada's commitment to Enseña Perú for the 2026/27 campaign in support of educational and community development initiatives in Peru. Subsequent to quarter end, we funded a contribution in partnership with i-80 Gold to support the Boys & Girls Club Early Learning Center in Eureka, Nevada. We continue to rank highly with leading ESG rating agencies, and improved our MSCI ESG rating to "AAA" during the quarter, placing us in the top rating tier.

Available Capital

We had $3.4 billion in Available Capital as at March 31, 2026. This was comprised of $714.7 million in cash and cash equivalents, $1,142.4 million in equity investments and $1.0 billion in unused credit facility with a $500.0 million accordion available directly to Franco-Nevada Corporation. Available credit was further bolstered subsequent to quarter-end by the addition of a second revolving credit facility of $500.0 million with a $250.0 million accordion, entered into by Franco-Nevada International Corporation, our wholly owned subsidiary.

Guidance

The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the "Cautionary Statement on Forward-Looking Information" section at the end of this news release and the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov. Our 2026 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.

We remain on track to achieve our 2026 GEO sales guidance of 510,000 to 570,000 ounces, which does not include any potential contributions from Cobre Panamá.

While we expect to benefit from the recent approval of the processing of stockpiled ore at Cobre Panamá, GEO contributions for 2026 are expected to be relatively moderate, with the majority of deliveries anticipated in 2027. First Quantum estimates it will produce approximately 70,000 tonnes of copper from the processing of stockpiled ore. This would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces.

As a royalty and streaming company, our revenues are largely insulated from the sharp increase in oil prices. Our guidance continues to be based on the commodity price assumptions used at the beginning of the year. Should oil prices remain elevated, we would expect a positive impact on our Energy revenue. An increase of $10 relative to our assumed WTI price of $70 per barrel would be expected to increase oil revenue by approximately 12%. In Q1 2026, oil revenue amounted to $33.5 million. Natural gas liquids, which have seen similar price appreciation, contributed a further $5.3 million.

The following table presents our Q1 2026 actual performance compared to our 2026 guidance.

2026 Guidance (1) (2)

Q1 2026 Actual

Commodity

Gold ounces sold (oz)

360,000 to 400,000

91,158

Silver ounces sold (oz)

4,700,000 to 5,500,000

1,417,077

PGMs ounces sold (oz)

32,000 to 37,000

7,834

Diversified revenue (millions)

$245 to $285

$82.6

GEOs Sold (oz)

510,000 to 570,000

136,353

Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.

Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance does not reflect any buy-backs which may be elected at the discretion of our operators with the exception of the buy-back of the Cascabel royalty and stream, which occurred in March 2026.

Q1 2026 Portfolio Updates

Precious Metal assets: GEOs sold from our Precious Metal assets amounted to 117,980 GEOs for Q1 2026, an increase of 17% from 100,623 GEOs in Q1 2025. This was primarily due to robust production at Antamina and South Arturo, and contributions from Porcupine and Côté Gold which royalties were acquired in April and June 2025, respectively.

South America:

Central America & Mexico:

Canada:

U.S.:

Rest of World:

Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $82.6 million in revenue, compared to $74.8 million in Q1 2025. When converted to GEOs, our Diversified assets contributed 18,373 GEOs, compared to 25,962 GEOs in Q1 2025. The lower GEOs are due to using a higher gold price for conversion ($4,500 per ounce for the current period).

Other Mining:

Energy:

Dividend Declaration

Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.44 per share. The dividend will be paid on June 25, 2026, to shareholders of record on June 11, 2026 (the "Record Date"). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.

The Company has a Dividend Reinvestment Plan (the "DRIP") which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com. Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at www.investorcentre.com/franco-nevada. Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP.

This news release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at www.sec.gov.

Shareholder Information and Details for Q1 2026 Conference Call

The complete Consolidated Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

We will host a conference call to review our Q1 2026 quarterly results. Interested investors are invited to participate as follows:

Conference Call and Webcast:

May 13 th 8:00 am ET

Dial‑in Numbers:

Toll‑Free: 1-888-510-2154

International: 437-900-0527

Conference Call URL (This allows participants to join the conference call by

phone without operator assistance. Participants will receive an automated

call back after entering their name and phone number):

emportal.ink/4eu8kF3

Webcast:

www.franco-nevada.com

Replay (available until May 20 th):

Toll‑Free: 1-888-660-6345

International: 289-819-1450

Pass code: 31601#

Corporate Summary

Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.

Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

ENDNOTES:

1. Gold Equivalent Ounces ("GEOs") and Net Gold Equivalent Ounces ("Net GEOs"):

Calculation of Net Gold Equivalent Ounces:

For the three months ended

March 31,

(expressed in millions, excepts GEOs and Gold Price)

2026

2025

GEOs

136,353

126,585

Less:

Cash Costs

46.5

38.5

Divided by: Gold price per ounce

4,500

2,863

10,333

13,447

Net GEOs

126,020

113,138

2. NON-GAAP FINANCIAL MEASURES:

Reconciliation of Non-GAAP Financial Measures:

For the three months ended

March 31,

(expressed in millions, except per share amounts)

2026

2025

Net income

468.6

209.8

Foreign exchange gain and other income

(12.4)

(5.7)

Tax effect of adjustments

2.1

1.5

Adjusted Net Income

458.3

205.6

Basic weighted average shares outstanding

192.8

192.6

Adjusted Net Income per share

2.38

1.07

For the three months ended

March 31,

(expressed in millions, except Adjusted Net Income Margin)

2026

2025

Adjusted Net Income

458.3

205.6

Divided by: Revenue

650.7

368.4

Adjusted Net Income Margin

70.4

55.8

For the three months ended

March 31,

(expressed in millions, except per share amounts)

2026

2025

Net income

468.6

209.8

Income tax expense

126.3

59.8

Finance income

(5.5)

(11.1)

Finance expenses

0.8

0.7

Depletion and depreciation

77.9

68.4

Gain on buy-back of royalty and stream interests

(63.8)

—

Foreign exchange gain and other income

(12.4)

(5.7)

Adjusted EBITDA

591.9

321.9

Basic weighted average shares outstanding

192.8

192.6

Adjusted EBITDA per share

3.07

1.67

For the three months ended

March 31,

(expressed in millions, except Adjusted EBITDA Margin)

2026

2025

Adjusted EBITDA

591.9

321.9

Divided by: Revenue

650.7

368.4

Adjusted EBITDA Margin

91.0

87.4

3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $714.7 million as at March 31, 2026, our equity investments (excluding our long-term investment in Labrador Iron Ore Company of Canada) of $1,142.4 million and the amount available to borrow under our $1.0 billion corporate revolving credit facility and its accordion of $500.0 million as at March 31, 2026. Subsequent to quarter-end, on May 8, 2026, FNIC entered into a revolving credit facility of $500.0 million with a $250.0 million accordion.

FRANCO-NEVADA CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(in millions of U.S. dollars)

At March 31,

At December 31,

2026

2025

ASSETS

Cash and cash equivalents

714.7

670.9

Receivables

267.5

241.9

Gold and silver bullion and stream inventory

123.3

40.1

Other current assets

22.1

68.5

Current assets

1,127.6

1,021.4

Royalty, stream and working interests, net

6,307.2

6,043.1

Investments

1,322.0

1,141.3

Deferred income tax assets

19.8

23.2

Other assets

21.0

12.4

Total assets

8,797.6

8,241.4

LIABILITIES

Accounts payable and accrued liabilities

49.7

44.9

Income tax liabilities

133.5

78.1

Current liabilities

183.2

123.0

Deferred income tax liabilities

487.0

440.7

Income tax liabilities

12.4

33.8

Other liabilities

8.3

8.6

Total liabilities

690.9

606.1

SHAREHOLDERS' EQUITY

Share capital

5,813.9

5,803.4

Contributed surplus

16.5

21.6

Retained earnings

1,771.6

1,379.8

Accumulated other comprehensive income

504.7

430.5

Total shareholders' equity

8,106.7

7,635.3

Total liabilities and shareholders' equity

8,797.6

8,241.4

The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website

FRANCO-NEVADA CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in millions of U.S. dollars and shares, except per share amounts)

For the three months ended

March 31,

2026

2025

Revenue

Revenue from royalty, streams and working interests

650.7

365.5

Interest revenue

—

2.9

Total revenue

650.7

368.4

Costs of sales

46.5

38.5

Depletion and depreciation

77.9

68.4

Total costs of sales

124.4

106.9

Gross profit

526.3

261.5

Other operating (income) expenses

General and administrative expenses

9.2

9.4

Share-based compensation expenses

6.2

5.7

Gain on buy-back of royalty and stream interests

(63.8)

—

Gain on sale of gold and silver bullion

(3.1)

(7.1)

Total other operating (income) expenses

(51.5)

8.0

Operating income

577.8

253.5

Foreign exchange gain and other income

12.4

5.7

Income before finance items and income taxes

590.2

259.2

Finance items

Finance income

5.5

11.1

Finance expenses

(0.8)

(0.7)

Net income before income taxes

594.9

269.6

Income tax expense

126.3

59.8

Net income

468.6

209.8

Other comprehensive income, net of taxes

Items that may be reclassified subsequently to profit and loss:

Currency translation adjustment

(51.9)

2.7

Items that will not be reclassified subsequently to profit and loss:

Gain on changes in the fair value of equity investments

at fair value through other comprehensive income ("FVTOCI"),

net of income tax

133.7

148.8

Other comprehensive income, net of taxes

81.8

151.5

Comprehensive income

550.4

361.3

Earnings per share

Basic

2.43

1.09

Diluted

2.43

1.09

Weighted average number of shares outstanding

Basic

192.8

192.6

Diluted

193.2

192.9

The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website

FRANCO-NEVADA CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(in millions of U.S. dollars)

For the three months ended

March 31,

2026

2025

Cash flows from operating activities

Net income

468.6

209.8

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion and depreciation

77.9

68.4

Share-based compensation expenses

1.1

2.1

Gain on buy-back of royalty and stream interests

(63.8)

—

Unrealized foreign exchange gain

(1.3)

(6.0)

Deferred income tax expense

33.7

9.1

Gain on sale of gold and silver bullion

(3.1)

(7.1)

Gain on derivative financial instruments

(11.0)

(0.1)

Other non-cash items

(0.2)

Gold and silver bullion from royalties received in-kind

(47.4)

(19.2)

Proceeds from sale of gold and silver bullion

15.1

30.2

Receipt of deposits and interest from Canada Revenue Agency

49.5

—

Increase in other assets

(8.2)

—

Operating cash flows before changes in non-cash working capital

510.9

287.0

Changes in non-cash working capital:

Increase in receivables

(25.6)

(8.4)

(Increase) decrease in other current assets

(3.2)

8.9

Increase in accounts payable and accrued liabilities

38.3

1.4

Net cash provided by operating activities

520.4

288.9

Cash flows used in investing activities

Acquisition of royalty, stream and working interests

(449.4)

(505.2)

Acquisition of investments

(35.3)

(52.3)

Proceeds from buy-back of royalty interest

97.5

—

Acquisition of gold bullion from buy-back of stream interest

(10.2)

—

Acquisition of energy well equipment

(0.3)

(1.2)

Acquisition of property and equipment

(0.2)

(2.0)

Proceeds from sale of investments

—

9.7

Net cash used in investing activities

(397.9)

(551.0)

Cash flows used in financing activities

Payment of dividends

(80.5)

(70.2)

Capitalized debt issue costs

(0.7)

—

Proceeds from exercise of stock options

0.4

3.4

Net cash used in financing activities

(80.8)

(66.8)

Effect of exchange rate changes on cash and cash equivalents

2.1

5.7

Net change in cash and cash equivalents

43.8

(323.2)

Cash and cash equivalents at beginning of period

670.9

1,451.3

Cash and cash equivalents at end of period

714.7

1,128.1

Supplemental cash flow information:

Income taxes paid

58.1

47.5

Dividend income received

1.6

3.3

Interest and standby fees paid

0.8

1.0

The condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2026 Quarterly Report available on our website

SOURCE Franco-Nevada Corporation