<SEC-DOCUMENT>0001558370-25-000425.txt : 20250127
<SEC-HEADER>0001558370-25-000425.hdr.sgml : 20250127
<ACCEPTANCE-DATETIME>20250127071941
ACCESSION NUMBER:		0001558370-25-000425
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250127
FILED AS OF DATE:		20250127
DATE AS OF CHANGE:		20250127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANCO NEVADA Corp
		CENTRAL INDEX KEY:			0001456346
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35286
		FILM NUMBER:		25555775

	BUSINESS ADDRESS:	
		STREET 1:		199 BAY STREET, SUITE 2000
		STREET 2:		COMMERCE COURT WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5L 1G9
		BUSINESS PHONE:		416-306-6317

	MAIL ADDRESS:	
		STREET 1:		199 BAY STREET, SUITE 2000
		STREET 2:		COMMERCE COURT WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5L 1G9
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>fnv-20250127x6k.htm
<DESCRIPTION>6-K
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 1/27/2025 11:08:11 AM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:1pt;padding-top:1pt;border-bottom:1.0pt solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">FORM&#160;6-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">PURSUANT TO RULE&#160;13a-16 OR 15d-16 UNDER THE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">For the month of January 2025</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Commission File Number 001-35286</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">FRANCO-NEVADA CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">(Translation of registrant&#8217;s name into English)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">199 Bay Street, Suite&#160;2000, P.O.&#160;Box 285, Commerce Court Postal Station, Toronto, Ontario, Canada M5L 1G9</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">(Address of principal executive offices)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form&#160;40-F</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">Form&#160;20-F&#160;&#160;&#160;<font style="font-family:'Times New Roman';">&#9723;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">Form&#160;40-F&#160;&#160;&#160;<font style="font-family:'Times New Roman';">&#8999;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:1pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.19;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">INDEX TO EXHIBITS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:5.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;"><a name="StartOfCellsToJoin"></a><a name="CellsToJoin"></a>99.1</p></td><td style="vertical-align:top;width:94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="fnv-20250127xex99d1.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">News Release dated January 27, 2025 &#8212; Franco-Nevada Announces Financing Package with Discovery Silver on the Porcupine Complex</font></a></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-weight:bold;line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:27.35pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">FRANCO-NEVADA CORPORATION</b></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">/s/ Lloyd Hong</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Date: January 27, 2025</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Lloyd Hong</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Chief Legal Officer&#160;&amp; Corporate Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:27.35pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fnv-20250127xex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 1/27/2025 11:08:13 AM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:4.47%;padding-right:4.47%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-align:right;margin:0pt 0pt 0pt 22.5pt;"><b style="color:#17365d;font-weight:bold;">Exhibit 99.1&#160;&#160;</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-align:right;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17365d;font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#17365d;font-weight:bold;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.3pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';"><img src="fnv-20250127xex99d1001.jpg" alt="Graphic" style="display:inline-block;height:80.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:239.4pt;"></font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-align:right;margin:0pt;"><img src="fnv-20250127xex99d1002.jpg" alt="Graphic" style="display:inline-block;height:65.03pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:68.79pt;"></p></td></tr></table></div><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><b style="color:#17365d;font-weight:bold;">NEWS RELEASE</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.3pt;"><font style="color:#17365d;">Toronto, January 27, 2025</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.3pt;"><i style="color:#17365d;font-style:italic;">(in U.S. dollars unless otherwise noted)</i></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.3pt;"><font style="color:#17365d;font-style:italic;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 9.1pt 22.5pt;"><b style="color:#17365d;font-size:18pt;font-weight:bold;">Franco-Nevada Announces Financing Package with Discovery Silver on the Porcupine Complex</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><a name="_Hlk69058781"></a><font style="color:#17375e;">Franco-Nevada Corporation (&#8220;</font><b style="color:#17375e;font-weight:bold;">Franco-Nevada</b><font style="color:#17375e;">&#8221; or the &#8220;</font><b style="color:#17375e;font-weight:bold;">Company</b><font style="color:#17375e;">&#8221;) (TSX:FNV)(NYSE:FNV) is pleased to announce that it has entered into a comprehensive financing transaction with Discovery Silver Corporation (&#8220;</font><b style="color:#17375e;font-weight:bold;">Discovery</b><font style="color:#17375e;">&#8221;) to support its proposed acquisition of the Porcupine Complex located near Timmins, Ontario from Newmont Corporation. The transaction includes: i) a 4.25% net smelter return royalty (the &#8216;</font><b style="color:#17375e;font-weight:bold;">Royalty</b><font style="color:#17375e;">&#8221;) for $300M, consisting of two tranches, on production from the Porcupine Complex, ii) a $100M senior secured term loan (the &#8220;</font><b style="color:#17375e;font-weight:bold;">Loan</b><font style="color:#17375e;">&#8221;) available to be drawn by Discovery within two years of closing, and iii) approximately $49M of equity participation with a cornerstone investment in a concurrent C$225M (approximately $155M) Discovery equity raise. The financing package provides Discovery with proceeds to acquire the Porcupine Complex and fund the planned capital program for the Complex to achieve its full potential. </font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><a name="_Hlk182946246"></a><font style="color:#17375e;">&#8220;We are delighted to support Discovery in this transformative transaction to acquire the Porcupine Complex in Ontario and add another cash flowing gold asset to Franco-Nevada&#8217;s portfolio,&#8221; said Paul Brink, President &amp; CEO of Franco-Nevada. &#8220;Tony has assembled an experienced team and we expect that under their leadership the Porcupine Complex will be revitalized and continue its production legacy for decades to come. The Porcupine Complex is host to some of Ontario&#8217;s most successful historical gold producers and its extensive mineral resources present compelling upside potential</font><a name="_Hlk68093812"></a><a name="_Hlk69058965"></a><a name="_Hlk69058819"></a><a name="_Hlk69059039"></a><font style="color:#17375e;">.&#8221;</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="color:#17375e;">Tony Makuch, CEO of Discovery, commented: &#8220;We are honoured that Franco-Nevada has chosen to support us with the acquisition of the Porcupine Complex, which is a transformational achievement for Discovery Silver. We very much appreciate the confidence that Paul and his team have placed in us. We believe our strategic partnership will lead to significant value creation for both companies and all stakeholders. Our team at Discovery largely has its roots in Northern Ontario, and we know the Timmins Camp very well. We are excited about the significant exploration upside that exists within the 140,000-hectare land position in one of the world&#8217;s most prolific gold mining regions. We also have a well-developed understanding of the many opportunities that exist to discover new resources, build reserves, expand production and mine life and lower costs at the existing operations. Our overall aim is to re-establish the Porcupine Complex as a Tier 1 mining asset in the gold space, one that we will operate with an overriding commitment to responsible mining and sustainability.&#8221; </font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><b style="color:#17365d;font-size:12pt;font-weight:bold;">Transaction Highlights</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><b style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:bold;">Immediate Gold Revenues from the Established Timmins Region: </b><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">The Royalty will add immediate gold revenues from a well-established operating complex in Ontario. The Porcupine Complex has been producing gold for more than 100 years and has extensive infrastructure in place including a central mill, the active Hoyle Pond and Borden underground mines, the new Pamour open pit mine which is under development and is expected to commence production in 2025, and the Dome open pit project. The Royalty expands Franco-Nevada&#8217;s industry leading royalty coverage of many of Ontario&#8217;s most significant gold mines and deposits. Discovery has prepared a technical report </font><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">dated effective January 13, 2025 (the &#8220;</font><b style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:bold;">Technical Report</b><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">&#8221;) </font><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">in relation to the Porcupine Complex that outlines a mine plan for the Hoyle Pond, Borden and Pamour mines which combined are expected to produce approximately 285 koz Au on average over the next 10 years and to produce a total of approximately 4.9 Moz Au over a 22 year mine life (see Technical Report for details).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><b style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:bold;">Experienced Management Team: </b><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Discovery is led by Tony Makuch who has extensive history operating in the Timmins camp and a proven track record of optimizing operations. The Discovery team is uniquely suited to operate, optimize and explore these assets.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><b style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:bold;">Significant Expansion Potential:</b><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;"> Discovery has identified a number of opportunities to increase production over and above the profile in the Technical Report. These opportunities include:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:76.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Expand the Pamour open pit by incorporating Pamour West. There is also further potential through planned exploration at Pamour, which is open at depth and along strike</font></td></tr></table></div><div style="clear:both;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.47%;margin-right:4.47%;margin-top:30pt;page-break-after:always;width:91.06%;border-width:0;"><div style="max-width:100%;padding-left:4.47%;padding-right:4.47%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:76.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Higher underground throughput at the Hoyle Pond and Borden mines and extending the lives of these two mines through planned drilling of known mineralization and identified exploration targets </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:76.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Increasing the throughput of the Dome mill</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:76.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Development of the Dome open pit project which hosts approximately 11 Moz Au of inferred resources (229.3 Mt at 1.49 g/t Au) (see Technical Report for details) </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><b style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:bold;">Large Mineral Resource with Exploration Potential: </b><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">The Porcupine Complex hosts extensive mineral resources of 3.9 Moz Au M&amp;I (69.7 Mt at 1.76 g/t Au) and 12.5 Moz Au inferred (254.5 Mt at 1.53 g/t Au). The scale of the resources represents one of the largest known gold resource endowments in Canada. The operations have seen limited exploration in recent years and Discovery plans an extensive exploration program across the large 140k hectare property position. A number of exploration targets are planned to be drilled, including high grade mineralization at depth between the historically producing Hollister and McIntyre Mines.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;"><a name="_Hlk108355556"></a></font><b style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:bold;">Gold Focused Royalty in Canada</b><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">: The majority of the financing is in the form of a royalty in Ontario. Not only does this increase our long-term gold exposure in a stable jurisdiction, but also adds to Franco-Nevada&#8217;s already extensive royalty coverage of Ontario&#8217;s major gold camps.</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><b style="color:#17365d;font-size:12pt;font-weight:bold;">Key Terms:</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-indent:22.4pt;margin:0pt 0pt 6pt 0pt;"><b style="color:#17365d;font-weight:bold;">$300M Royalty Details</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Two tranche royalty consisting of: </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:76.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">2.25% of net smelter returns in perpetuity on all minerals produced </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:76.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">2.00% of net smelter returns on all minerals produced until the earlier of i) royalty payments equivalent to 72,000 gold ounces (attributable solely to the 2.00% net smelter return royalty) or ii) a cash payment equal to a pre-tax annual IRR of 12% in reference to a $100M attributable purchase price</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Royalty will be registered on title as an interest in land</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-indent:22.4pt;margin:0pt 0pt 6pt 0pt;"><b style="color:#17365d;font-weight:bold;">$100M Senior Secured Loan</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">3-month SOFR + 450 bps</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Available for 2 years post-closing</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">7-year maturity with amortization of 5% per quarter after year 5, with no restrictions on pre-payment </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Loan provides for an </font><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and</font><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;"> the issuance by Discovery of US$1M of</font><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;"> 3-year common share purchase warrants</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Loan Agreement includes conditions to initial and ongoing loan advances</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-indent:22.4pt;margin:0pt 0pt 6pt 0pt;"><b style="color:#17365d;font-weight:bold;">$49M Equity Participation</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">As part of a concurrent C$225M (or approximately $155M) public offering, Franco-Nevada has committed to purchase 76,388,888 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of approximately C$68.8M (or $47.9M) or, if the over-allotment option is exercised by the underwriters, a total of 78,833,333 subscription receipts for an aggregate purchase price of approximately C$71.0M (or $49.4M)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Upon closing of the acquisition, Franco-Nevada will receive one Discovery common share per subscription receipt and Franco-Nevada will own approximately 9.9% of Discovery&#8217;s issued and outstanding common shares</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Franco-Nevada has agreed to a two-year lock-up in respect of Discovery common shares acquired in the offering commencing on the closing of the acquisition</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-indent:22.4pt;margin:0pt 0pt 6pt 0pt;"><b style="color:#17365d;font-weight:bold;">Additional Considerations</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Franco-Nevada will maintain a right of first refusal on future streams and royalties related to the Porcupine Complex, including a surrounding area of interest</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17375e;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Franco-Nevada will also have the right to purchase a matching 2.25% perpetual royalty should certain claims adjacent the operations be acquired in the future </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Franco-Nevada will partner with Discovery on environmental and social initiatives in the project area</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Franklin Gothic Book';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:40.5pt;"></td><td style="color:#17365d;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">Closing of the transactions are subject to customary conditions, including the successful completion of the acquisition by Discovery </font><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">(which is itself subject to conditions, including, without limitation, receipt of certain regulatory consents and approvals)</font><font style="color:#17365d;font-family:'Franklin Gothic Book';font-size:10pt;font-style:normal;font-weight:normal;">, which is expected to occur in H1 2025 </font></td></tr></table><div style="margin-top:6pt;"></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.47%;margin-right:4.47%;margin-top:30pt;page-break-after:always;width:91.06%;border-width:0;"><div style="max-width:100%;padding-left:4.47%;padding-right:4.47%;position:relative;"><div style="width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;text-align:right;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17365d;font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.3pt;"><a name="_Hlk188806857"></a><b style="color:#17365d;font-size:12pt;font-weight:bold;">Financing the Transactions</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="color:#17375e;">Franco-Nevada intends to finance the transactions from cash on hand. Franco-Nevada remains debt-free and well-positioned to continue to expand its portfolio. </font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><b style="color:#17365d;font-size:12pt;font-weight:bold;">Franco-Nevada Corporate Summary</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><font style="color:#17365d;">Franco-Nevada Corporation is among the leading gold-focused royalty and streaming companies with the 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 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.</font></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><b style="color:#17375e;font-family:'Franklin Gothic Book';font-weight:bold;">For more information, please go to our website at </b><b style="color:#17375e;font-family:'Franklin Gothic Book';font-weight:bold;">www.franco-nevada.com</b><b style="color:#17375e;font-family:'Franklin Gothic Book';font-weight:bold;"> or contact:</b></p><div style="padding-left:9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:98.37%;"><tr style="height:1pt;"><td colspan="3" style="vertical-align:top;width:29.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:1pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="3" style="vertical-align:top;width:28.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="font-size:1pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="font-size:1pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="font-size:1pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:24.21%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 13.65pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">Paul Brink</font></p></td><td colspan="4" style="vertical-align:top;width:31.02%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">Eaun Gray</font></p></td><td colspan="3" style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">Matt Begeman</font></p></td></tr><tr><td style="vertical-align:top;width:24.21%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 13.65pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">President &amp; CEO</font></p></td><td colspan="4" style="vertical-align:top;width:31.02%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">SVP, Business Development</font></p></td><td colspan="3" style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">VP, Business Development</font></p></td></tr><tr><td style="vertical-align:top;width:24.21%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 13.65pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">416-306-6305</font></p></td><td colspan="4" style="vertical-align:top;width:31.02%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">416-306-6342</font></p></td><td colspan="3" style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 0pt 22.5pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">647-535-2642</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:26.36%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 6pt 13.65pt;"><font style="color:#17375e;font-family:'Franklin Gothic Book';">info@franco-nevada.com</font></p></td><td colspan="2" style="vertical-align:top;width:26.36%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="3" style="vertical-align:top;width:26.37%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="font-size:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:12pt 0pt 6pt 22.4pt;"><b style="color:#17365d;font-size:12pt;font-weight:bold;">About Discovery</b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><a name="_Hlk188806086"></a><font style="color:#17365d;">Discovery is a precious metals company engaged in the acquisition, development and operation of high-quality assets, including its 100%-owned Cordero project, one of the world&#8217;s largest undeveloped silver deposits, which is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. The Feasibility Study completed in February 2024 demonstrates that Cordero has the potential to be developed into a large-scale, long-life project that generates attractive economic returns and delivers substantial socio-economic benefits for local stakeholders.</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><b style="color:#17365d;font-size:12pt;font-weight:bold;">Additional Information </b></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="color:#17365d;">This news release includes disclosure required pursuant to Part 3 of National Instrument 62-103. A copy of the Early Warning Report in respect of Franco-Nevada&#8217;s acquisition of subscription receipts will be filed on SEDAR+ under Discovery&#8217;s profile.</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="color:#17365d;">Discovery&#8217;s head and registered office is located at 55 University Avenue, Suite 701, Toronto, Ontario M5J 2H7. Franco-Nevada&#39;s head and registered office is located at Suite 2000, Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1G9.</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="color:#17365d;">Information relating to the Porcupine Complex contained in this news release has been provided by Discovery, including pursuant to their Technical Report.</font></p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.5pt;"><font style="color:#17365d;">Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, Vice President, Mining</font><font style="color:#17365d;"> of Franco-Nevada</font><font style="color:#17365d;">, a non-independent qualified person under National Instrument 43-101.</font> </p><p style="font-family:'Franklin Gothic Book';font-size:10pt;margin:0pt 0pt 6pt 22.4pt;"><b style="color:#17375e;font-size:12pt;font-weight:bold;">Forward-Looking Statements </b></p><p style="font-family:'Franklin Gothic Book';font-size:8pt;padding-left:0.35pt;text-indent:-0.35pt;margin:0pt 0pt 0pt 22.15pt;"><i style="color:#17375e;font-size:8.5pt;font-style:italic;">This press release contains &#8220;forward-looking information&#8221; and &#8220;forward-looking statements&#8221; 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, including the expected timing of closing the transactions, the expected future performance of the Porcupine Complex assets and the Royalty, and production and mine life estimates relating to the Porcupine Complex assets. In addition, statements relating to reserves and resources, gold equivalent ounces (&#8220;GEOs&#8221;) and mine life 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 reserves and resources, GEOs or mine life will be realized. Such forward-looking statements reflect management&#8217;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 &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;budgets&#8221;, &#8220;potential for&#8221;, &#8220;scheduled&#8221;, &#8220;estimates&#8221;, &#8220;forecasts&#8221;, &#8220;predicts&#8221;, &#8220;projects&#8221;, &#8220;intends&#8221;, &#8220;targets&#8221;, &#8220;aims&#8221;, &#8220;anticipates&#8221; or &#8220;believes&#8221; or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions &#8220;may&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; 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, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, 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; the adoption 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 &#8220;passive foreign investment company&#8221; (&#8220;PFIC&#8221;) 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 reserves and resources contained in technical reports; rate and timing of production differences from 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 </i></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.47%;margin-right:4.47%;margin-top:30pt;page-break-after:always;width:91.06%;border-width:0;"><div style="max-width:100%;padding-left:4.47%;padding-right:4.47%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Franklin Gothic Book';font-size:8pt;margin:0pt 0pt 6pt 22.5pt;"><i style="color:#17375e;font-size:8.5pt;font-style:italic;">unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements contained in this press release 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&#8217;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 the outcome of the ongoing audit by the CRA or the Company&#8217;s exposure as a result thereof. 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. </i></p><p style="font-family:'Franklin Gothic Book';font-size:8pt;padding-left:0.35pt;text-indent:-0.35pt;margin:0pt 0pt 0pt 22.15pt;"><i style="color:#17365d;font-size:8.5pt;font-style:italic;">For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada&#8217;s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada&#8217;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 of this press release 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.</i></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:4.47%;margin-right:4.47%;margin-top:30pt;page-break-after:avoid;width:91.06%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>fnv-20250127xex99d1001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fnv-20250127xex99d1001.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !L 3\# 2(  A$! Q$!_\0
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M8S#',3DR*N.&/<CK5>Z_9V^%][H-KHD_P^\.2Z-:W37L%@VF1>1'.W#.J;<
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(H **** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>fnv-20250127xex99d1002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fnv-20250127xex99d1002.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" "$ (P# 2(  A$! Q$!_\0
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MPE>BKSCI]YN4445[9QA1110 4444 %%%% !2,P4$D@ <DF@D*"2< <DFO/\
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MWB/3UKH-<TJVU5T>0&.>,YCN8FVR(?9AV]CP>XKF[F[>63^RM8:,SR*5M-0
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
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
