Exhibit 99.2 Management's Discussion and Analysis This Management's Discussion and Analysis ("MD&A") of financial position and results of operations of Franco-Nevada Corporation ("Franco-Nevada", the "Company", "we" or "our") has been prepared based upon information available to Franco- Nevada as at November 8, 2023 and should be read in conjunction with Franco-Nevada's unaudited condensed consolidated interim financial statements and related notes as at and for the three and nine months ended September 30, ...

Financial Data and Key Metrics Changes - In Q2 2023, the company recorded revenue of $329.9 million and adjusted EBITDA of $275.6 million, reflecting a decrease year-over-year due to lower contributions from diversified assets, partially offset by better performance from precious metals [17][20][81] - Adjusted net income was $182.9 million or $0.95 per share, compared to $195.8 million or $1.02 per share in the prior year [20][64] - The cash cost per GEO increased to $280 per GEO from $238 per GEO in Q2 2022 [64] Business Line Data and Key Metrics Changes - Total GEOs sold in Q2 2023 were 168,515, down from the previous year, with precious metal GEOs at 132,033, which was a slight increase from the same quarter last year [83] - Antapaccay and Cobre Panama were key contributors, with Antapaccay selling 19,683 GEOs, significantly higher than just over 10,000 GEOs in Q2 2022, and Cobre Panama selling 36,650 GEOs [84][85] - The energy segment saw a decline in GEOs sold, with 28,683 compared to 50,387 in Q2 2022, due to a sharp fall in oil and gas prices [6][17] Market Data and Key Metrics Changes - WTI averaged $73.78 per barrel in Q2 2023, down 32% year-over-year, while natural gas averaged $2.32 per Mcf, down 69% [6] - The geographic revenue profile showed that 89% of revenue was sourced from the Americas [20] Company Strategy and Development Direction - The company maintains a strong balance sheet with a focus on capital deployment to add assets, while also prioritizing dividends [8][79] - The strategy remains unchanged, with a focus on precious metals but open to opportunities in other commodities, especially during price weaknesses [70][100] Management's Comments on Operating Environment and Future Outlook - Management noted continued volatility in commodity prices, with expectations to meet guidance levels in the second half of the year [39][72] - The company expects to be at the lower end of its guidance range for total GEOs sold due to lower diversified revenues from energy and iron ore [66][72] Other Important Information - The company is debt-free and had $2.3 billion in available capital as of June 30, 2023 [65][79] - The company is actively pursuing royalty financing partnerships, including a collaboration with EMX Royalty Corp for exploration stage companies [77][129] Q&A Session All Questions and Answers Question: How does the decline in diversified commodity prices affect the deal pipeline? - Management indicated that lower commodity prices present opportunities for countercyclical investing, focusing on better entry points for investments [70] Question: What is the strategy for capital utilization given the strong balance sheet? - The company plans to utilize its capital for investments in both precious metals and other commodities, while also considering the current market conditions [71] Question: Can you provide insights on the Pascua-Lama royalty purchase? - The royalty is seen as a long-term investment in a high-quality deposit, with expectations that it will be developed over time [99][100]

Exhibit 99.3 Years Since IPO 2023 Second Quarter Financial Statements For the three and six months ended June 30, 2023 Franco-Nevada Corporation Condensed Consolidated Statements of Financial Position (unaudited, in millions of U.S. dollars) | | | | | At | | --- | --- | --- | --- | --- | | | | At June 30, 2023 | | December 31, 2022 | | ASSETS | | | | | | Cash and cash equivalents (Note 4) | $ | 1,295.1 | $ | 1,196.5 | | Receivables | | 144.4 | | 135.7 | | Gold bullion, prepaid expenses and other current ass ...

Franco-Nevada Corp (NYSE:FNV) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Candida Hayden - IR Contact Paul Brink - President, CEO & Director Sandip Rana - CFO Eaun Gray - SVP, Business Development Jason O’Connell - SVP, Diversified Conference Call Participants Cosmos Chiu - CIBC Heiko Ihle - H.C. Wainwright & Co. Greg Barnes - TD Securities Martin Pradier - Veritas Tanya Jakusconek - Scotiabank Ralph Profiti - Eight Capital John Tumazos - John Tumazos Research Brian MacArth ...

Financial Performance - Revenue for Q1 2023 was $276.3 million, a decrease of 18.4% compared to $338.8 million in Q1 2022[16] - Adjusted EBITDA for Q1 2023 was $229.4 million, a decline of 19.9% from $286.6 million in Q1 2022[16] - Basic earnings per share for Q1 2023 were $0.82, compared to $0.95 in Q1 2022, reflecting a decrease of 13.7%[16] - Franco-Nevada's Q1 2023 revenue was $276.3 million, a decrease of 18.4% compared to the previous year[27] - Adjusted EBITDA for Q1 2023 was $229.4 million, down 20.0% from the same quarter in 2022, with an Adjusted EBITDA Margin of 83.0%[27] - Net income for Q1 2023 was $156.5 million, or $0.82 per share, down from $182.0 million, or $0.95 per share, in Q1 2022[60] - Adjusted Net Income for Q1 2023 was $152.2 million, or $0.79 per share, compared to $177.2 million, or $0.93 per share, in Q1 2022[60] - Revenue for Q1 2023 was $276.3 million, a decrease from $320.4 million in Q4 2022, reflecting a decline of approximately 13.8%[67] - Operating income in Q1 2023 was $172.1 million, down from $188.9 million in Q4 2022, representing a decrease of about 8.9%[67] - Net income for Q1 2023 was $156.5 million, compared to $165.0 million in Q4 2022, indicating a decline of approximately 3.0%[67] Sales and Production - GEOs sold in Q1 2023 totaled 145,331, down 18.6% from 178,614 in Q1 2022[16] - The company sold 145,331 Gold Equivalent Ounces (GEOs) in Q1 2023, a decrease of 33,283 GEOs compared to 178,614 GEOs in Q1 2022[49] - Precious Metals contributed 76.8% of total revenue in Q1 2023, an increase from 71.6% in Q1 2022[52] - The company expects total GEO sales for 2023 to be between 640,000 and 700,000, with Q1 2023 actual sales at 145,331 GEOs[37] - Cobre Panama contributed 28,663 GEOs in Q1 2023, slightly down from 29,495 GEOs in Q1 2022, due to operational curtailments[56] Cash and Investments - Cash and cash equivalents as of March 31, 2023, were $1,248.4 million, an increase from $1,196.5 million at the end of 2022[16] - The company has remaining funding commitments of $159.3 million related to the Tocantinzinho Stream, with $90.7 million funded in Q1 2023[24] - Franco-Nevada's cumulative investment in the Royalty Acquisition Venture with Continental Resources, Inc. reached $443.0 million, with remaining commitments of up to $77.0 million[26] - Net cash provided by operating activities was $209.8 million in Q1 2023, down from $230.6 million in Q1 2022, a decrease of about 9.0%[78] - Net cash used in investing activities was $102.6 million in Q1 2023, significantly higher than $1.6 million in Q1 2022, primarily due to funding of the Tocantinzinho Stream deposit[79] Costs and Expenses - Total costs of sales decreased to $38.2 million in Q1 2023 from $43.6 million in Q1 2022, reflecting a decrease in GEOs[58] - Depletion and depreciation expense was $61.0 million in Q1 2023, down from $74.6 million in Q1 2022, due to a decrease in GEOs[59] - General and administrative expenses increased to $6.2 million in Q1 2023 from $5.6 million in Q1 2022, representing 3.4% of revenue, up from 2.9%[62] - Franco-Nevada's total costs of sales for Q1 2023 were $99.2 million, down from $118.2 million in Q1 2022, resulting in Cash Costs of $38.2 million compared to $43.6 million in the prior year[145] - The number of GEOs sold in Q1 2023 was 145,331, with Cash Costs per GEO sold increasing to $263 from $244 in Q1 2022[145] Market Conditions - The average gold price in Q1 2023 was $1,889 per ounce, slightly up from $1,874 per ounce in Q1 2022[16] - Gold prices averaged $1,889/oz in Q1 2023, relatively consistent with $1,874/oz in Q1 2022, while silver prices decreased by 6.0% year-over-year[43] - The average price of silver decreased by 6.0% to $22.56 per ounce in Q1 2023 from $24.00 per ounce in Q1 2022[47] Tax and Regulatory Matters - The company reached a settlement with the Canada Revenue Agency regarding tax reassessments, vacating potential tax exposure of $19.6 million (C$26.5 million)[106] - The Company reached a settlement with the CRA regarding Canadian Domestic Tax Matters for 2014-2017, resulting in a tax adjustment of $14.6 million (C$19.9 million) and penalties of $5.0 million (C$6.6 million) being vacated[110][111] - The Company has filed formal Notices of Objection with the CRA against various reassessments and has commenced appeals in the Tax Court of Canada[114][120] - The ongoing CRA audit may lead to further challenges, potentially resulting in additional income taxes, penalties, and interest[127] Future Outlook - Franco-Nevada anticipates stronger deliveries in Q2 2023 as operations at Cobre Panama and Antapaccay have returned to full production levels[36] - Management is currently evaluating the implications of the Pillar Two proposals and will assess the impact once Canadian draft legislation is released[132] - The company believes current cash resources and available credit will cover commitments and expenses for the foreseeable future[85] - Management warns that actual results may differ materially from forward-looking statements due to various known and unknown risks[153] - Investors are cautioned against placing undue reliance on forward-looking statements due to inherent uncertainties[154]

Financial Data and Key Metrics Changes - Franco-Nevada reported record financial results for 2022, with total revenue of $1.31 billion and adjusted EBITDA of $1.1 billion, both records for the company [19][20] - In Q4 2022, the company generated $320.4 million in revenue and $262.4 million in adjusted EBITDA, achieving an EBITDA margin of 81.9% [19][20] - The cash cost per GEO was $242, slightly down from $245 in 2021, indicating stable cost management [22] Business Line Data and Key Metrics Changes - Total GEOs sold for 2022 reached 729,960, at the high end of the guidance range, but precious metal GEOs were at the lower end with just over 510,000 sold [15][24] - Diversified assets performed strongly, driven by higher energy prices, contributing 219,575 total diversified GEOs [15][19] - Precious metal GEOs in Q4 2022 were 129,642, down 6.6% from the previous year, primarily due to lower contributions from Cobre Panama, Antapaccay, and Guadalupe [16][18] Market Data and Key Metrics Changes - Precious metal prices were lower for both the quarter and the year, impacting the conversion of metals to GEOs, while energy prices reached multi-year highs [18][19] - The average West Texas Intermediate oil price was $82.65 per barrel in Q4, with natural gas prices averaging over $6 per Mcf [19] Company Strategy and Development Direction - The company aims for ongoing growth through mine expansions and new mines, with significant contributions expected from Tocantinzinho, Vale’s Southeastern Iron Ore Systems, and Hardrock in Ontario [9][10] - Franco-Nevada is focusing on precious metal assets, despite exploring opportunities in energy and other commodities [35][70] - The company has no debt and $2.2 billion in available capital, positioning it well for continued growth in uncertain markets [11][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook driven by the global push for electrification and the potential for new gold mines [10] - The company anticipates a lower total GEOs sold in 2023, with guidance of 640,000 to 700,000 GEOs, primarily due to expected lower contributions from Cobre Panama and other assets [24][25] - Management remains confident in the resilience of their business model, emphasizing the importance of diversifying assets to mitigate risks [55][70] Other Important Information - The company announced a 6% increase in its quarterly dividend to $0.34 per share, marking the 16th consecutive annual dividend increase [6] - The renegotiation of the Cobre Panama concession contract was successfully concluded, alleviating concerns about production disruptions [7] Q&A Session Summary Question: Can you provide insights on Cobre Panama's production shifts? - Management indicated that First Quantum has not adjusted their guidance despite a temporary shutdown, expecting to make up for lost production in Q1 and subsequent quarters [32] Question: Is management focusing more on non-gold or energy acquisitions? - Management clarified that the primary focus remains on precious metal assets, with ongoing interest in providing capital to the gold mining industry [35] Question: When is the Southeastern system expected to start contributing? - The expectation is for contributions from Vale's Southeastern system towards the end of 2024, pending production thresholds [40] Question: What is the size range of deals being pursued? - The pipeline includes medium-sized deals, primarily under $400 million, with a mix of primary gold and byproduct financing opportunities [43] Question: How does the company view operator concentration risk? - Management acknowledged the importance of diversification but expressed willingness to invest in significant assets like Cobre Panama if opportunities arise [55][56]

Exhibit 99.3 Years Since IPO 2022 Financial Statements Management's Report On Internal Control Over Financial Reporting Franco-Nevada Corporation's ("Franco-Nevada") management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in rules 13a-15(f) and 15d-15(f) under the United States Securities Exchange Act of 1934, as amended. Franco-Nevada's management, with the participation of its President & Chief Executive Officer and its Chief Financial Offi ...

CORPORATE PRESENTATION ＤＥＣＥＭＢＥＲ ２０２２ Franco ✈ Nevada FNV: TSX | NYSE ＣＡＵＴＩＯＮＡＲＹ ＳＴＡＴＥＭＥＮＴ Forward Looking Statements This presentains cortains "thered bothing informaister" and "flowerd bebling statements" with the mearing of applicable Caracters were stecutiles thatts Station to More ne statements with negaet to future events or future gencionnance, mayagenerits expactions respections, estable prowdy, estableded istour evenuse, performance policing, speri ninaral reserve and minaral nessure editivales, pro ...

Franco-Nevada Corp (NYSE:FNV) Q3 2022 Earnings Conference Call November 7, 2022 10:00 AM ET Company Participants Bonavie Tek - VP, Finance Paul Brink - President, CEO & Director Sandip Rana - CFO Eaun Gray - SVP, Business Development Conference Call Participants Heiko Ihle - H.C. Wainwright John Tumazos - John Tumazos Very Independent Research Tanya Jakusconek - Scotiabank Operator Good morning, ladies and gentlemen, and welcome to the Franco-Nevada Corporation's Third Quarter 2022 Results Conference Call a ...

Exhibit 99.2 Management's Discussion and Analysis This Management's Discussion and Analysis ("MD&A") of financial position and results of operations of Franco-Nevada Corporation ("Franco-Nevada", the "Company", "we" or "our") has been prepared based upon information available to Franco- Nevada as at November 6, 2022 and should be read in conjunction with Franco-Nevada's unaudited condensed consolidated financial statements and related notes as at and for the three and nine months ended September 30, 2022 an ...