Q 3 2 0 2 4 R E S U L T S P R E S E N T A T I O N N O V E M B E R 7 , 2 0 2 4 C A U T I O N A R Y S T A T E M E N T 2 Forward-Looking Statements This presentation contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations ...

Financial Data and Key Metrics Changes - The company reported a revenue of $275.7 million for Q3 2024, down from $309.5 million in the prior year, but up by $33.5 million or 14% year-over-year when excluding Cobre Panama from prior year revenue [17][19] - Adjusted EBITDA for Q3 2024 was $236.2 million, compared to $255.1 million in Q3 2023, while adjusted net income was $153.9 million, down from $175.1 million in the prior year [19] - The cash cost per GEO was $290 per GEO in Q3 2024, down from $304 per GEO in Q3 2023, indicating improved margins [24] Business Line Data and Key Metrics Changes - Total GEOs sold were 110,110 for Q3 2024, compared to 160,848 in the prior year, with a significant decrease attributed to lower deliveries from Candelaria and Antapaccay [11][19] - Precious metal GEOs sold were 84,377, down from 90,370 in the prior year, representing approximately 77% of total GEOs for the quarter [16] - Energy GEOs were lower at 19,137 due to weaker natural gas prices and the impact of converting energy revenue to GEOs by higher gold prices [17] Market Data and Key Metrics Changes - The average gold price increased by 28% year-over-year, contributing to a margin of approximately $2,200 per ounce in Q3 2024 [25] - The company expects total GEOs sold for 2024 to be between 445,000 to 465,000, down from the original guidance of 480,000 to 540,000 [27] Company Strategy and Development Direction - The company is focused on diversifying its portfolio, with a strong deal pipeline for adding precious metal assets and potentially entering the potash market [9][34] - The management expressed confidence in the long-term performance of the portfolio, despite short-term challenges in 2024 [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the inflation-protected business model is performing well, with record gold prices positively impacting revenues [5] - The company remains optimistic about the reopening of Cobre Panama, with discussions expected to take place in early 2025 [8][60] Other Important Information - The company is currently debt-free, with available capital of $2.3 billion as of September 30, 2024 [25] - The effective tax rate for the quarter was 21.6%, with expectations to average around 20% going forward [22] Q&A Session Summary Question: What could be a driver for you to either hit the higher end of the revised guidance range or come in on the lower end? - Management indicated that gold price performance and timing of deliveries from key assets like Candelaria will influence the outcome [30] Question: Can you clarify the company's interest in potash and potential opportunities? - The company is strategically interested in potash due to its long reserve life and is considering options for acquiring royalties [34] Question: What is the expected impact of the U.S. election on the company's operations? - Management anticipates positive impacts, particularly regarding permitting processes for mines in which the company holds royalties [66]

Financial Performance - Franco-Nevada reported revenue of $275.7 million for Q3 2024, a decrease of 10.9% compared to $309.5 million in Q3 2023[14]. - Operating income for Q3 2024 was $182.0 million, compared to $187.0 million in Q3 2023, reflecting a decrease of 0.5%[14]. - Net income for Q3 2024 was $152.7 million, down 12.8% from $175.1 million in Q3 2023[14]. - Adjusted EBITDA for Q3 2024 was $236.2 million, or $1.23 per share, reflecting a 7.4% decline[18]. - Year-to-date 2024 revenue was $792.6 million, a decrease of 13.4%, but a 9.7% increase when excluding Cobre Panama[19]. - Net income in YTD 2024 was $376.7 million, or $1.96 per share, down from $516.1 million, or $2.69 per share in YTD 2023, a decrease of 27.0%[99]. - Adjusted Net Income for YTD 2024 was $434.7 million, or $2.26 per share, compared to $510.2 million, or $2.66 per share in YTD 2023, a decrease of 15.0%[100]. Revenue Breakdown - Franco-Nevada's revenue from precious metals accounted for 75.5% of total revenue in YTD 2024[12]. - Revenue from Cobre Panama was $275.7 million in Q3 2024, compared to $67.3 million in Q3 2023, indicating a significant increase[59]. - Revenue from the South America region for Q3 2024 was $100.6 million, slightly down from $98.6 million in Q3 2023[59]. - The Guadalupe-Palmarejo asset in the United States generated $22.0 million in Q3 2024, an increase from $20.3 million in Q3 2023, marking an 8.4% growth[59]. - Revenue from U.S. Energy interests decreased to $29.3 million in Q3 2024, compared to $30.7 million in Q3 2023[73]. - Revenue from U.S. Energy interests decreased to $88.8 million in YTD 2024 from $102.2 million in YTD 2023, a decrease of 13.2%[94]. Production and Sales - Franco-Nevada sold 110,110 gold equivalent ounces (GEOs) in Q3 2024, down 31.5% from 160,848 GEOs in Q3 2023[14]. - The company expects its streams to contribute between 227,500 and 242,500 of its GEO sales for 2024, with YTD 2024 sales from streams at 172,526 GEOs[58]. - The Tocantinzinho mine is expected to average annual gold production of 174,700 ounces over a 10.5-year mine life, with Franco-Nevada owning a 12.5% gold stream on production[47]. - The Greenstone mine's production estimate was revised to between 110,000 and 130,000 gold ounces for 2024, down from 175,000 to 205,000 ounces[48]. - The Salares Norte mine's estimated 2024 gold equivalent production was revised to between 40,000 and 50,000 ounces, down from 220,000 to 240,000 ounces[49]. Costs and Expenses - Cash costs per GEO sold were $290 in Q3 2024, a slight decrease from $304 in Q3 2023[14]. - Costs of sales for Q3 2024 were $31.9 million, down from $48.9 million in Q3 2023, reflecting a decrease in GEOs sold[75]. - Depletion and depreciation expense totaled $54.2 million in Q3 2024, down from $68.1 million in Q3 2023[77]. - Cash costs per GEO sold for the three months ended September 30, 2024, were $290, compared to $304 for the same period in 2023, a decrease of 4.6%[151]. Assets and Equity - As of September 30, 2024, total assets were $6,299.6 million, an increase from $5,994.1 million as of December 31, 2023[15]. - Total shareholders' equity increased to $5,986.8 million as of September 30, 2024, compared to $5,769.1 million at the end of 2023[15]. - Cash and cash equivalents decreased to $1,317.3 million as of September 30, 2024, from $1,421.9 million as of December 31, 2023[119]. Dividends - In Q3 2024, the company declared a quarterly dividend of $0.36 per share, a 5.9% increase from $0.34 per share in Q3 2023, resulting in total dividends of $69.3 million for the quarter[38]. - For the nine months ended September 30, 2024, the company paid total dividends of $208.3 million, with $180.3 million paid in cash and $28.0 million settled in common shares under the Dividend Reinvestment Plan[38]. Taxation and Legal Matters - The company recognized an additional income tax expense of $30.6 million due to changes in Barbados tax legislation for the nine months ended September 30, 2024[41]. - Total income tax expense for Q3 2024 was $42.2 million, compared to $24.9 million in Q3 2023, with a total of $165.0 million for the nine months ended September 30, 2024, compared to $79.5 million in the same period of 2023[41]. - The company is pursuing legal remedies to protect its investment in Cobre Panama, including arbitration under the Canada-Panama Free Trade Agreement[129]. - The Company has filed formal Notices of Objection with the CRA against the reassessments and has posted security for 50% of the reassessed amounts[132]. Forward-Looking Statements - Forward-looking statements indicate management's expectations regarding future growth and performance, but actual results may differ due to various risks and uncertainties[164]. - Management believes that fluctuations in commodity prices and currency values could significantly affect revenue and performance[164].

Core Viewpoint - The company reported record gold prices leading to higher revenues, Adjusted EBITDA, and earnings in Q3 2024 compared to Q2 2024, despite a decline in GEO sales compared to Q3 2023 due to the absence of contributions from Cobre Panama and the impact of record gold prices on non-gold revenue conversion [1][2]. Financial Summary - Revenue for Q3 2024 was $275.7 million, down 11% compared to Q3 2023, but up 14% when excluding Cobre Panama [2]. - GEOs sold in the quarter totaled 110,110, a decrease of 32% compared to Q3 2023, with 22% attributed to Cobre Panama and 3% due to record gold prices [2]. - Operating cash flow was $213.6 million, down 9% from Q3 2023 [2]. - Net income was $152.7 million or $0.79 per share, down 13% from Q3 2023 [2]. - Adjusted EBITDA was $236.2 million or $1.23 per share, down 7% from Q3 2023, but up 16% excluding Cobre Panama [2]. - Adjusted Net Income was $153.9 million or $0.80 per share, down 12% from Q3 2023, but up 12% excluding Cobre Panama [2]. - The company declared a quarterly dividend of $0.36 per share, marking a 5.88% annual increase [2]. Sector-Leading ESG - The company is rated 1 in the precious metals sector and 1 gold company by Sustainalytics, with an AA rating from MSCI and Prime status from ISS ESG [3]. - It is committed to the World Gold Council's Responsible Gold Mining Principles and has a 40% diverse representation at the Board and top leadership levels [3]. Growth and Optionality - The company has a strong growth profile driven by mine expansions and new mines, with a diverse portfolio of long-life streams and high optionality royalties [4]. - The Tocantinzinho mine in Brazil has recently commenced production, contributing to the company's revenue [1][9]. Guidance - The company revised its 2024 GEO sales guidance to 445,000 to 465,000, down from the original guidance of 480,000 to 540,000 due to lower than expected gold production at Candelaria and the impact of record gold prices [6]. Portfolio Additions - The company acquired a 1.8% NSR on Yanacocha operations for $210 million, with a contingent payment of $15 million [8]. - A gold stream on the Cascabel Copper-Gold Project was acquired for a total of $750 million, with $525 million funded by the company [8]. - A term loan of $35 million was provided to EMX Royalty Corporation [8]. Q3 2024 Portfolio Updates - Precious Metal assets sold 84,377 GEOs, down 32.7% from Q3 2023, with contributions from Tocantinzinho and Greenstone mines partially offsetting lower contributions from Candelaria and Antapaccay [9]. - Candelaria's gold production guidance was revised down to 92,000 to 102,000 ounces for 2024 due to lower grades [9]. - Cobre Panama's production remains halted, with plans for an integrated audit expected in early 2025 [10].

Group 1 - Franco-Nevada Corporation will report its third quarter 2024 results on November 6th after market close [1] - The conference call to discuss the results will take place on November 7th at 8:00 am ET [1] - Participants can join the conference call via a toll-free number or through a webcast [1]

Company Performance - Franco-Nevada reported adjusted earnings of 75 cents per share for Q2 2024, missing the Zacks Consensus Estimate of 78 cents, representing a 21% year-over-year decrease [2] - The company generated revenues of $260 million in the reported quarter, down 21.2% year over year, primarily due to lower contributions from Antapaccay, Candelaria, and Energy assets, despite record gold prices [3] - The company sold 82,350 Gold Equivalent Ounces (GEOs) in the reported quarter, a decrease from 132,033 GEOs in the prior-year quarter [4] - Adjusted EBITDA was down 19.5% year over year to $222 million, with an adjusted EBITDA margin of 85.3%, compared to 83.5% in the prior-year quarter [4] Financial Position - At the end of Q2 2024, the company had $1.44 billion in cash, an increase from $1.42 billion at the end of 2023 [5] - Operating cash flow for the first half of 2024 was $373 million, down from $472 million in the prior-year period [5] - Franco-Nevada is debt-free and has $2.4 billion in available capital for portfolio expansion and dividends [5] Industry Comparison - Franco-Nevada belongs to the Zacks Mining - Gold industry, where Agnico Eagle Mines (AEM) reported revenues of $2.08 billion, a year-over-year increase of 20.9% [9][10] - Agnico's EPS for the same period was $1.07, compared to $0.65 a year ago, and is expected to post earnings of $0.90 per share for the current quarter, reflecting a year-over-year change of 104.6% [10]

Franco-Nevada Corporation (FNV) reported adjusted earnings of 75 cents per share in second-quarter 2024, missing the Zacks Consensus Estimate of 78 cents. The bottom line decreased 21% year over year. The company generated revenues of $260 million in the reported quarter, down 21.2% year over year. The downside was driven by lower contributions from Antapaccay, Candelaria and Energy assets, partially offset by record gold prices. In the June-end quarter, 74.2% of revenues were sourced from Precious Metal as ...

Financial Data and Key Metrics Changes - Q2 2024 revenues were $260.1 million, down from $329.9 million in Q2 2023, but up from $258.2 million when excluding Cobre Panama [7][8] - Adjusted EBITDA for Q2 2024 was $221.9 million, with adjusted net income at $144.9 million, translating to $0.75 per share [8][9] - Total GEOs sold in Q2 2024 were 110,264, compared to 168,515 in the prior year quarter [5][6] Business Line Data and Key Metrics Changes - Precious metal GEOs sold were 82,350 in Q2 2024, down from 95,383 in Q2 2023, representing approximately 75% of total GEOs [7][8] - Diversified GEOs sold were 27,914, down from over 36,000 in Q2 2023, while energy GEOs decreased to 22,100 from 28,683 [7][8] - The cash cost per GEO was $264 in Q2 2024, down from $280 in Q2 2023, indicating improved margins [10][11] Market Data and Key Metrics Changes - Gold and silver average prices were significantly higher in Q2 2024 compared to the prior year, while platinum and palladium prices were lower [8][9] - The company expects stronger production from Candelaria and Antapaccay in the second half of 2024, contributing to improved results [6][12] Company Strategy and Development Direction - The company has successfully added two long-life assets: a gold stream on SolGold's Cascabel project and a royalty on Newmont's Yanacocha operations [4][12] - The focus remains on precious metals, with a commitment to high-quality assets while remaining open to opportunities in other commodities [25][35] Management's Comments on Operating Environment and Future Outlook - Management noted that lower production at Candelaria and Antapaccay is a short-term issue, with expectations for a return to normal operations [3][6] - The company anticipates continued volatility in commodity prices but expects to benefit from rising gold prices in the future [8][11] Other Important Information - The company has $2.4 billion available as of June 30, 2024, and has amended its $1 billion unsecured revolving credit facility to extend its term to June 2029 [11][12] - A tax adjustment of $49.1 million was recorded due to changes in Barbados' corporate tax rate [9][10] Q&A Session Summary Question: Insights on the Yanacocha transaction and its appeal - Management sees great potential in Yanacocha due to its history as a significant producer and the immediate cash flow from existing oxide production [17][18] Question: Future opportunities for project financing type transactions - Management indicated that there are opportunities for both project financing and operating assets, with a rich deal environment currently [19] Question: Timing for increased royalty revenues from Haynesville - Management explained that low gas prices have impacted revenues, but they expect normalization as commodity prices rebound [20][21] Question: Internal rate of return for recent transactions - Management stated that the Yanacocha transaction offers reasonable returns with significant optionality, while SolGold's return is expected to be meaningfully higher [30][31] Question: Deal pipeline and royalty opportunities - Management confirmed a robust pipeline for both streams and royalties, with a focus on transactions in the $100 million to $300 million range [33][34]

Exhibit 99.3 Franco ✈ Nevada 2 0 2 4 SECOND QUARTER FINANCIAL STATEMENTS For the three and six months ended June 30, 2024 Franco-Nevada Corporation Condensed Consolidated Statements of Financial Position | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------|--------------------|-------|--------------------------| | (unaudited, in millions of U.S. dollars) \nASSETS | | At June 30, 2024 | | At \nDecember 31, 2023 | | Cash and cash equivale ...

New Mine Start-ups and Acquisitions (in U.S. dollars unless otherwise noted) TORONTO, Aug. 13, 2024 /PRNewswire/ - "Franco-Nevada benefited from record gold prices in the quarter and realized higher revenues and cash from operations compared to Q1 2024," stated Paul Brink, CEO. "However, our year over year results were lower without the contribution from Cobre Panama and due to lower production at Candelaria and Antapaccay. Results for the second quarter include a catch-up of higher tax rates due to tax mea ...