Company Performance - Franco-Nevada (FNV) has returned approximately 57.4% since the beginning of the calendar year, significantly outperforming the Basic Materials sector, which has gained an average of 17.7% [4] - The Zacks Consensus Estimate for FNV's full-year earnings has increased by 15.5% over the past quarter, indicating improved analyst sentiment and earnings outlook [3] - Franco-Nevada is currently ranked 2 (Buy) in the Zacks Rank system, which emphasizes earnings estimates and revisions [3] Industry Context - Franco-Nevada operates within the Mining - Gold industry, which consists of 39 individual stocks and is currently ranked 86 in the Zacks Industry Rank [5] - Stocks in the Mining - Gold industry have gained about 78.6% year-to-date, suggesting that while FNV is performing well, it is slightly underperforming its industry peers [5] - In contrast, Intrepid Potash, which belongs to the Fertilizers industry ranked 1, has seen a year-to-date return of 28.4% and a consensus EPS estimate increase of 122.6% over the past three months [5][6]

Group 1: Inflation and Economic Indicators - The Producer Price Index (PPI) in the U.S. increased by 0.9% in July from the previous month and 3.3% year-over-year, marking the largest monthly increase in three years [3][5] - Services were the primary driver of the PPI increase, rising by 1.1% in July, indicating that companies may be passing higher import costs to consumers [5][24] - The PPI report has influenced expectations regarding Federal Reserve rate cuts, with traders still anticipating a reduction in September, but the likelihood of a significant half-point cut has decreased [6][24] Group 2: Gold Market Dynamics - Gold prices have remained resilient, trading near historic highs, with spot prices consolidating in the mid-$3,300s after reaching an all-time high of $3,500 per ounce in April [7][8] - Factors contributing to gold's steady performance include inflation concerns, a weaker U.S. dollar, central bank demand, and expectations of lower interest rates [8][27] - Gold-backed exchange-traded funds (ETFs) saw inflows of $3.2 billion in July, bringing total assets under management to $386 billion, indicating strong investor interest [10] Group 3: Royalty and Streaming Companies - Royalty and streaming companies have reported record quarterly results, with Franco-Nevada achieving revenue of $369.4 million, up 42% year-over-year, and Wheaton Precious Metals generating $503 million in revenue [16][17] - These companies provide upfront financing to miners in exchange for a portion of future production, offering lower risk exposure and strong cash flow [13][14] - The model of royalty and streaming companies is seen as a balanced approach between owning bullion and traditional mining equities, capturing upside in rising gold prices while providing downside protection [15][20] Group 4: Traditional Miners and Market Outlook - Traditional gold miners are regaining favor, with UBS analysts upgrading their outlook on the sector due to improved capital management and rebuilding investor trust [21] - If gold prices remain stable, there is potential for increased stock buybacks and merger and acquisition activity among miners [22] - The ongoing inflationary environment and tariff impacts are expected to shift costs to consumers, reinforcing gold's role as a hedge against inflation [24][25]

Core Insights - Franco-Nevada Corporation (FNV) reported adjusted earnings of $1.24 per share for Q2 2025, exceeding the Zacks Consensus Estimate of $1.10, marking a 65% year-over-year increase [1][7] - The company achieved record revenues of $369 million in the quarter, a 42% increase year-over-year, driven by high gold prices and contributions from Precious Metal assets [2][7] - Adjusted EBITDA surged 64.8% year-over-year to a record $366 million, with an EBITDA margin of 99%, up from 85.3% in the prior-year quarter [3][7] Financial Performance - Franco-Nevada sold 92,449 Gold Equivalent Ounces (GEOs) in the reported quarter, an increase from 82,350 GEOs in the same quarter last year [3] - The company had $0.16 billion in cash at the end of Q2 2025, down from $1.45 billion at the end of 2024, but recorded an operating cash flow of $719 million in the first half of 2025, up from $373 million in the prior-year period [4] - FNV has available capital of $1.1 billion [4] Future Outlook - The company anticipates an increase in GEO sales for the second half of 2025, expecting total GEO sales to range between 465,000 to 525,000 GEOs [5] Stock Performance - Franco-Nevada's shares have increased by 43.8% over the past year, compared to the industry's growth of 53% [6]

Group 1 - Franco-Nevada Corporation (NYSE: FNV) utilizes a royalty and streaming model, allowing it to benefit from rising gold prices without direct exposure to mining risks [1] - The company's unique position in the precious metals sector distinguishes it from traditional mining companies [1] Group 2 - The article does not provide specific financial data or performance metrics related to Franco-Nevada Corporation [2][3]

Core Viewpoint - Analyst upgrades have positively impacted Franco-Nevada's stock performance, reflecting confidence in the company's growth potential following strong earnings results [1][2]. Group 1: Analyst Upgrades - Two analysts raised their price targets for Franco-Nevada to $184 per share from $182, while maintaining hold recommendations [2]. - The stock saw a nearly 1.3% increase, outperforming the S&P 500 index, which rose by 1.1% [1]. Group 2: Earnings Performance - Franco-Nevada reported a quarterly revenue of $369.4 million, marking a 42% year-over-year increase [4]. - GAAP net income more than tripled to $247.1 million, equating to $1.28 per share [4]. - The reported figures were close to analyst estimates of $375.9 million in revenue and $1.13 per share in GAAP net income [5]. Group 3: Future Guidance - Management attributed revenue growth to higher gold prices and a new royalty acquisition in Canada [6]. - For 2025, the company anticipates gold equivalent sales between 385,000 and 425,000 ounces, with total GEOs expected to be between 465,000 and 525,000 [6]. - The first half of the year saw sales of 193,072 and 238,678 GEOs, respectively [6].

Core Insights - The article discusses the author's extensive experience in journalism and the financial sector, highlighting a decade of reporting and analysis in various capacities [3][4]. Group 1 - The author has a diploma in journalism from Lethbridge College and over ten years of reporting experience [3]. - The author has covered territorial and federal politics in Nunavut, Canada, showcasing a diverse background in political reporting [3]. - Since 2007, the author has worked exclusively within the financial sector, starting with the Canadian Economic Press [3].

Financial Data and Key Metrics Changes - Franco Nevada reported record financial results for Q2 2025, with total revenue increasing by 42% to $369.4 million compared to the same quarter in 2024 [21][22] - Adjusted EBITDA also reached a record high, increasing by 65% to $365.7 million from $221.9 million in Q2 2024 [21][22] - Adjusted net income was $238.5 million, or $1.24 per share, reflecting a 65% increase year-over-year [24] - Total GEOs sold increased by 2% to 112,093 compared to 110,264 in Q2 2024, with precious metal GEOs sold rising by 12% to 92,449 [18][21] Business Line Data and Key Metrics Changes - Strong contributions were noted from the Guadalupe and Candelaria operations, alongside recent acquisitions at Yanacocha and West Flint [19][20] - Diversified GEOs sold decreased to 19,644 from 27,914 in the prior year, with diversified revenue slightly lower at $62.7 million compared to $64.6 million [21] - The cash cost per GEO increased to $299 from $264 in the prior year, while the margin per GEO was just shy of $3,000 [25] Market Data and Key Metrics Changes - Average gold prices increased by 40% year-over-year, while silver prices rose by 17% [17] - Prices for platinum and palladium rebounded, while iron ore and oil prices remained volatile and lower compared to the previous year [17] Company Strategy and Development Direction - The company is focused on adding gold assets and maintaining a diversified portfolio, with a strong emphasis on long-term quality assets [95][98] - Franco Nevada is optimistic about growth opportunities from existing projects and potential new developments, particularly in the U.S. [8][14] - The company plans to continue its strategy of being a financial backer to companies with promising assets, enhancing their valuations and success [40][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of the Cobre Panama situation, viewing it as a significant upside opportunity [31][94] - The company remains well-capitalized with approximately $1.35 billion in available capital, allowing for continued acquisitions [26] - Future guidance remains unchanged, with expectations to achieve total GEOs and precious metals GEOs within the previously set ranges [27][60] Other Important Information - The company acquired a royalty on IAMGOLD's Cote Gold Mine, which is expected to contribute significantly to future revenues [11][12] - Franco Nevada has begun receiving deliveries from Cobre Panama, anticipating approximately 10,000 GEOs in Q3 2025 [28] Q&A Session Summary Question: Why did Franco decide to suspend the arbitration proceeding for Cobre Panama? - Management indicated that the best outcome is to see the mine back in operation, aligning with the government's request to suspend arbitration to find a resolution [31] Question: Will the available capital affect deal sizes in the future? - Management stated that the business continues to generate significant cash flow, allowing for flexibility in deal sizes without constraints [32] Question: What impact will platinum price rebounds have on recent acquisitions? - Management noted that the rebound in platinum prices provides a positive tailwind for operations and improves the economics of extension projects [36] Question: What is the outlook for the Permian asset base? - Management expressed that production levels and drilling activity in the Permian are expected to remain consistent, though slight softening may occur with lower oil prices [52] Question: How much gold inventory remains on the balance sheet? - The company reported having 2,469 gold ounces remaining in inventory as of June [57] Question: What are the financial implications if Cobre Panama remains offline into 2026? - Management clarified that Cobre Panama was not included in guidance, viewing it as a free option with no dependency on its operation [94] Question: What is the strategy regarding potential buybacks of royalty streams? - Management highlighted that significant buyback options exist for assets like Cote and Porcupine, which should be monitored closely [73]

Financial Data and Key Metrics Changes - Franco Nevada reported record financial results for Q2 2025, with total revenue increasing by 42% to $369.4 million compared to Q2 2024 [19][20] - Adjusted EBITDA also reached a record high, increasing by 65% to $365.7 million from $221.9 million in the prior year [20][22] - Adjusted net income was $238.5 million, or $1.24 per share, reflecting a 65% increase year-over-year [23] Business Line Data and Key Metrics Changes - Total GEOs sold increased by 2% to 112,093 in Q2 2025, with precious metal GEOs sold rising by 12% to 92,449 [17][19] - Revenue from precious metals accounted for 82% of total revenue, with Candelaria being the largest contributor at 15% [23][24] - Diversified GEOs sold decreased to 19,644 from 27,914 in the prior year, attributed to higher gold prices impacting the conversion of diversified revenue to GEOs [19] Market Data and Key Metrics Changes - Average gold prices increased by 40% year-over-year, while silver prices rose by 17% [16] - Prices for platinum and palladium rebounded, while iron ore and oil prices remained volatile and lower compared to the previous year [16] Company Strategy and Development Direction - The company is focused on long-term growth through the acquisition of high-quality gold assets, with a strong pipeline of potential deals [13][95] - Franco Nevada aims to benefit from the unlocking of mine permitting processes in the U.S., with several projects moving ahead [7] - The company is also exploring opportunities to support companies as a long-term financial backer, reducing their financial risk [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential restart of operations at Cobre Panama, viewing it as a significant upside opportunity [30][94] - The company remains well-capitalized with approximately $1.35 billion in available capital after recent acquisitions [25] - Management indicated that the current pricing environment for gold and silver is favorable, with guidance based on $3,250 gold and $37 silver prices [92] Other Important Information - The company acquired a royalty on IAMGOLD's Cote Gold Mine, which is expected to contribute significantly to future revenues [9][46] - Franco Nevada has begun receiving deliveries from Cobre Panama based on their stream agreement, expecting approximately 10,000 GEOs in Q3 [27] Q&A Session Summary Question: Why did Franco decide to suspend the arbitration proceeding for Cobre Panama? - Management indicated that the best outcome is to see the mine back in operation, and the suspension was requested by the government to find a new solution [30] Question: Will the available capital affect future deal sizes? - Management stated that the business continues to generate significant cash flow, and there are no constraints on capital for future transactions [31] Question: What impact will platinum price rebounds have on recent acquisitions? - Management noted that the rebound in platinum prices has positively affected operations and improved the economics of extension projects [36] Question: What is the outlook for the Permian asset base? - Management expressed that production levels may remain consistent but could soften slightly with lower oil prices [51] Question: How much gold inventory remains on the balance sheet? - The company reported having 2,469 gold ounces remaining in inventory as of June [55] Question: What is the expected contribution from the New Prosperity project? - Management indicated that the project could yield approximately 40,000 to 50,000 ounces of gold per year if developed [63] Question: What are the implications if Cobre Panama remains offline into 2026? - Management stated that they have not built Cobre Panama into their guidance, viewing it as a significant upside opportunity [94] Question: What is the strategy regarding asset acquisitions? - Management confirmed a focus on acquiring quality gold assets while remaining opportunistic for diversified assets [95][98]

Financial Performance - Revenue increased by 42% from $260.1 million in Q2 2024 to $369.4 million in Q2 2025[16, 17] - Adjusted EBITDA increased by 64.8% from $221.9 million in Q2 2024 to $365.7 million in Q2 2025[16, 17] - Adjusted EBITDA per share increased by 65.2% from $1.15 in Q2 2024 to $1.90 in Q2 2025[17] - Net income increased significantly by 210.8% from $79.5 million in Q2 2024 to $247.1 million in Q2 2025[17] - Adjusted net income increased by 64.6% from $144.9 million to $238.5 million[17] - Adjusted net income per share increased by 65.3% from $0.75 to $1.24[17] - Adjusted EBITDA margin increased from 85.3% to 99.0%, a 16.1% increase[17] Production and Pricing - Gold equivalent ounces (GEOs) sold increased by 1.7% from 110,264 in Q2 2024 to 112,093 in Q2 2025[17] - Average gold price increased by 40.2% from $2,338/oz in Q2 2024 to $3,279/oz in Q2 2025[11, 17, 32] Capital and Liquidity - Available capital as of June 30, 2025, is approximately $1.61 billion[25]

Exhibit 99.3 Franco-Nevada Corporation Condensed Consolidated Statements of Financial Position (unaudited, in millions of U.S. dollars) | | | At June 30, | | At December 31, | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | ASSETS | | | | | | Cash and cash equivalents (Note 4) | $ | 160.3 | $ | 1,451.3 | | Receivables | | 146.7 | | 151.8 | | Gold and silver bullion and stream inventory (Note 7) | | 7.0 | | 96.8 | | Loans receivable (Note 6) | | 17.8 | | 5.9 | | Other current assets (Note 8) | | 25.5 ...