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 ...

Group 1 - The Trump administration plans to issue a new policy clarifying that gold bullion imports should not be subject to tariffs, aiming to calm the global gold market turmoil caused by a previous ruling from U.S. Customs and Border Protection [1][4] - Following the announcement, gold prices in New York and London experienced a narrowing of the price difference, which had previously surged to over $100 per ounce due to tariff concerns, now reduced to below $60 [1] - The initial market chaos was triggered by a ruling stating that gold bars weighing one kilogram and 100 ounces would be subject to "equivalent tariffs," which could have significant implications for the global gold market and disrupt U.S. gold futures contracts [4] Group 2 - The announcement from the White House led to a rapid decline in gold-related stocks, including Newmont Corp, Agnico Eagle Mines, Franco-Nevada, and VanEck Gold Miners ETF, as the market reacted to the news [4] - Analysts noted that gold serves as both a financial asset and an international currency, distinguishing it from industrial metals like copper, steel, and aluminum that were previously affected by tariffs [4] - The market anticipates that the issuance of a clarifying executive order will help alleviate the market turmoil caused by concerns over gold tariffs, although Trump administration officials have emphasized that future tariff policies will avoid broad exemptions to maintain tariff effectiveness [4]

Industry Overview - The Zacks Mining – Gold industry is part of the broader Zacks Basic Materials sector, which is expected to see a decline in earnings for the second quarter, with overall earnings projected to fall by 7.5% despite a 2.8% increase in revenues [1] Gold Prices and Market Dynamics - Gold prices have increased significantly this year, rising approximately 29% year to date, driven by global trade tensions and safe-haven demand [3] - On April 22, gold prices reached a record high of $3,500 per ounce, and while they retreated, they closed the second quarter above $3,300 per ounce, marking a nearly 6% increase in the quarter [4] Company Performance Expectations - Gold mining companies are expected to benefit from higher gold prices and efforts to improve operational efficiency and reduce costs in their second-quarter results [2] - Despite higher mining costs due to inflationary pressures, companies are focused on reducing operational costs and improving efficiency, which is anticipated to support their margins [5] Selected Companies and Earnings Estimates - Barrick Mining Corporation is expected to report earnings of 47 cents per share, with an Earnings ESP of +1.14% and a Zacks Rank 1, having beaten earnings estimates in three of the last four quarters [9] - Franco-Nevada Corporation has an Earnings ESP of +0.91% and a Zacks Rank 3, with a consensus estimate of $1.10 for second-quarter earnings, benefiting from increased contributions from streaming agreements [11] - Integra Resources Corp. has an Earnings ESP of +4.76% and a Zacks Rank 3, with a consensus estimate of 7 cents for second-quarter earnings, expected to benefit from strong production at the Florida Canyon mine [13]

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Have you been searching for a stock that might be well-positione ...

Core Viewpoint - Franco-Nevada Corporation has acquired a 1.0% net smelter return royalty on AngloGold Ashanti's Arthur Gold Project for $250 million, with potential additional payments based on certain conditions, highlighting the project's significant growth potential in the gold sector [1][2]. Transaction Highlights - The acquisition includes a contingent cash payment of $25 million, dependent on the outcome of ongoing arbitration regarding the royalty's coverage [6]. - The Arthur Gold Project has seen a 20% year-over-year increase in its resource base, now totaling 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources [1][6]. - Franco-Nevada structured the transaction as an asset sale, utilizing cash on hand and a $175 million draw from its $1 billion credit facility for funding [6]. Key Transaction Terms - The royalty applies to a substantial land package in Nevada, covering most of the existing Mineral Resource of the Arthur Gold Project, with no step-downs or buy-down provisions [6]. - The project is expected to provide stable gold cash flow once in production, with ongoing arbitration potentially expanding the royalty footprint significantly [6]. - AngloGold is advancing a Preliminary Feasibility Study (PFS) for the project, expected to be completed by late 2025 or early 2026, focusing on both heap leach and milling operations [6]. Company Overview - Franco-Nevada Corporation is a leading gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets, providing investors with gold price and exploration optionality while limiting exposure to cost inflation [7]. - The company trades under the symbol FNV on both the Toronto and New York stock exchanges, utilizing free cash flow to expand its portfolio and pay dividends [7].