2013 Asset Handbook Franco Nevada

2013 ASSET HANDBOOK

Franco-Nevada Corporation’s 2013 Asset Handbook is intended to assist analysts and investors in their understanding of our portfolio of assets.
Franco-Nevada Corporation is the leading gold royalty and stream company by both gold revenues and number of gold assets. The Company trades under the symbol FNV on both the Toronto and New York Stock Exchanges. Franco-Nevada has delivered superior returns to investors through its diversified portfolio of cash-flow producing assets and interests in some of the largest new gold development and exploration projects in the world. Franco-Nevada provides yield and more upside than a gold ETF with less risk than an operating gold company. Its business model benefits from rising commodity prices and new discoveries while limiting exposure to operating and capital cost inflation. Franco-Nevada has substantial cash with no debt and is generating free cash flow that is being used to expand its portfolio and to pay dividends. Over the past five years, Franco-Nevada’s share price has outperformed the gold price and all relevant equity benchmarks. Franco-Nevada is the gold investment that works.

FNV

This Asset Handbook is supported by further information and explanatory notes in our Annual Information Form (“AIF”) available at www.sedar.com, our Annual Report on Form 40-F available at www.sec.gov, and on our website at www.franco-nevada.com. In this Asset Handbook, we discuss more than just our material and significant assets. This Asset Handbook is not an offering memorandum and should not be relied upon as such. All of our disclosure in the Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section of this Asset Handbook.

The GOLD Investment that WORKS

CONTENTS
FRANCO-NEVADA OVERVIEW
Our Business Model 2012 Highlights and Financial Results Global Asset Map Asset Portfolio and Revenue Tables Revenue and Adjusted EBITDA OVERVIEW

2013 ASSET HANDBOOK

RESERVES AND RESOURCES
Growth in Gold Ounces Gold Mineral Reserves Gold Mineral Resources PGM Mineral Reserves and Resources Other Mineral Reserves and Resources

RESERVES & RESOURCES

ROYALTY EQUIVALENT UNITS (REUs)
Royalties and Streams Explained REUs Explained Precious Metals REUs Other Minerals REUs Oil & Gas

ROYALTY EQUIVALENT UNITS

FRANCO-NEVADA ASSETS
Gold - United States Gold - Canada Gold - Australia Gold - Rest of World PGMs Other Minerals Oil & Gas Exploration ASSETS

ADDITIONAL INFORMATION
Asset Counts and Categories Asset Mine Lives Corporate Organization Glossary Cautionary Statements Corporate Information

ADDITIONAL INFORMATION

OVERVIEW

OUR BUSINESS MODEL
Franco-Nevada Corporation is a gold-focused royalty and streaming company. We do not operate mines, develop properties or conduct exploration. Instead, we own and continue to grow a large, diversified portfolio of royalties and streams that expose Franco-Nevada to the exploration and price optionality inherent with geologically favourable properties. Royalties and streams are not subject to operating or capital cash calls making this a free cash flow business. We believe this business model can provide yield along with more upside than a gold ETF with less risk than an operating company.
Gold ETF Dividend Yield + Leverage to Gold Price Exploration & Expansion Reduced Exposure to: Capital Costs Operating Costs Environmental Costs 0% 0% 0%
* Revenue royalties and streams + Ranges in March 2013

FNV >1.5% >1 100%

Operators 0-4% >1 100%

- 0.4% 1 0%

0%* 0%* 0%*

100% 100% 100%

Royalties

The majority of mineral properties have government or private royalties associated with them. Private royalties are generally created by the original property owners, prospectors or exploration companies that sell their property rights to a more senior company capable of developing and operating a mine on the property. A royalty allows the seller to retain some exploration and price upside while the operating company only pays if ore is actually mined. The most common royalties are a simple percentage of the value of the future production from the property, typically 1 to 5%. Often these are stated as a percentage of the net value the operating company receives for its concentrated product when it is processed at a smelter, hence the term “2% net smelter return royalty” or “2% NSR royalty.” There are other forms of royalties such as profit-related royalties or fixed-rate royalties but these are not a big part of Franco-Nevada’s focus or portfolio. The majority of Franco-Nevada’s royalties have been acquired from the past owners of mineral properties. Starting in 1985, the original Franco-Nevada was the first public company to make a business of acquiring royalties on gold properties. The original Franco-Nevada was acquired by Newmont Mining Corporation in 2002 and its portfolio was managed by a division of Newmont. In December 2007, the current FrancoNevada acquired this portfolio in connection with our IPO and has since grown the portfolio to over 200 mineral royalties. Royalty rights are often registered on the title of the property or mineral rights and generally rank ahead of any operating company debt. In addition, registered royalties have strong tenure and will generally survive an operating company reorganization.

2
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The GOLD Investment that WORKS

OVERVIEW

Streams

Streams are metal purchase agreements that provide, in exchange for an upfront payment, the right to purchase all or a portion of the gold or silver from a mine at a preset price. While streams have similar exploration and price optionality to royalties, they are not considered to be royalties because of the ongoing cash payment required to purchase the physical metal. Streams are well suited to co-product production providing an incentive to the operator to produce the gold or silver. They are also ideal for larger mine financing investments as they can be structured tax efficiently.

Business model advantages

1. Our first money invested is our last. We are effectively free of the need to directly fund mining capital expenditures and other costs making this business a truly free cash flow business. 2. Typically, we participate at the revenue line of operations and are not directly impacted by operating cost inflation. This allows our margins to fully benefit from rising commodity prices. 3. Our business is high margin with low overheads enabling us to generate cash through the entire commodity cycle. 4. We have a perpetual discovery option on over 200 properties and 40,000 square kilometres of land without the cost of managing exploration or development directly. 5. Our business is scalable allowing the acquisition of more interests than an operating company can effectively manage. A more diversified portfolio reduces overall risk. 6. Management has the benefit to be able to focus on growth as we do not have responsibility for day-to-day operational or development decisions.

Business model track record

Since its IPO in December 2007, Franco-Nevada’s business model has established a five year track record of outperforming both gold and gold operating companies. The Company has been able to increase dividends in each of the past five years and is one of the few gold companies to pay a dividend on a monthly basis.

Additional Information

On page 20 of this Asset Handbook is “Royalties and Streams Explained”. Ths section provides further detail on the various forms of our interests including an example of the economics of a NSR versus a stream versus a profit or working interest.

3
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2013 ASSET HANDBOOK

Franco-Nevada Corporation

OVERVIEW

2012 HIGHLIGHTS

Strong financial results: • $427 million of Revenues – a new record • $171 million of Adjusted Net Income(1) – a new record • $348 million of Adjusted EBITDA(2) – a new record • $822 million of working capital and no debt • $3.1 billion of shareholders’ equity A growing business: • $1 billion Cobre Panama precious metals stream commitment • $446 million invested to grow the oil & gas division • $500 million new credit facility for future investments • New revenues from Timmins West, Hemlo NPI and Subika Maximizing Franco-Nevada’s share price: • Fifth consecutive year of share price gains • $78 million of dividends paid in 2012 • Track record of successful acquisitions • $1.4 billion capacity for new opportunities(3)

Franco-Nevada has a 2% NSR royalty at Detour Lake which began producing gold in February 2013.

FNV: TSX/NYSE
From December 20, 2007 to December 31, 2012

FNV Share Price

$60 $55 $50 $45

+ 274%*

* TSX share price excluding dividends

$15.20 per share IPO launched on December 20, 2007. Over $1.1 billion raised.

Gold Price

$40 $35 $30

4
FNV
S&P / TSX Global Gold Index

$25 $20 $15

2008

2009

2010

2011

2012

The GOLD Investment that WORKS

FIVE YEAR RESULTS

OVERVIEW



US$ millions (except per share)

2008 (4) $ $ 151.0 $ 31.6 $ 40.3 $ 0.41 $ 47.3 $ 0.48 $ 127.2 $ 1.30 $ C$ 21.8 0.24

2009 (4) $ $ 199.7 $ 87.1 $ 80.9 $ 0.76 $ 32.0 $ 0.30 $ 119.4 $ 1.12 $ C$ 28.2 0.28

2010 (4) $ $ 227.2 $ 85.8 $ 62.7 $ 0.55 $ 52.1 $ 0.46 $ 180.0 $ 1.58 $ $ 33.3 0.29

2011 (4) $ $ 411.2 $ 28.0 $ (6.8 ) $ (0.05 ) $ 136.0 $ 1.08 $ 327.3 $ 2.61 $ $ 49.2 0.32

2012 (4) $ $ 427.0 $ 138.4 $ 102.6 $ 0.72 $ 171.0 $ 1.19 $ 347.8 $ 2.43 $ $ 77.9 0.54

Revenue Operating Income Net Income Basic Earnings per share Adjusted Net Income(1) Adjusted Net Income(1) per share Adjusted EBITDA(2) Adjusted EBITDA(2) per share Dividends Paid Dividends Paid per share Working Capital(5) Long-term debt Total Shareholders’ Equity Market Capitalization(6)
(1)

$ 239.1 $ Nil $ $ 1.4B 1.7B

$ 530.7 $ Nil $ 1.9B $ 3.2B

$ 572.7 $ Nil $ 2.0B $ 3.8B

$ 851.1 $ Nil $ 2.8B $ 5.3B

$ 822.4 $ Nil $ $ 3.1B 8.3B


(2)

Adjusted Net Income is defined by the Company as net income (loss) excluding foreign exchange gains/losses, gains/losses on the sale of investments, impairment charges related to royalties, streams, working interests and investments, unusual non-recurring items, fair value changes for interests accounted for as derivative assets, and the impact of taxes on all these items. Adjusted Net Income per share is Adjusted Net Income divided by weighted average shares outstanding for the period. For a reconciliation of these measures to various IFRS and Canadian GAAP measures, please refer to the MD&A for the respective years available on our website and on SEDAR. Adjusted EBITDA is defined by the Company as net income (loss) excluding income tax expense, finance income and costs, foreign exchange gains/losses, gains/losses on the sale of investments, income/losses from equity investees, depletion and depreciation, fair value changes for interests accounted for as derivative assets and impairment charges related to royalties, streams, working interests and investments. Adjusted EBITDA per share is Adjusted EBITDA divided by weighted average shares outstanding for the period. For a reconciliation of these measures to various IFRS and Canadian GAAP measures, please refer to the MD&A for the respective years available on our website and on SEDAR. As at March 19, 2013. Fiscal years 2010 through 2012 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. Working Capital is a Non-IFRS financial measure. The Company defines working capital as current assets less current liabilities. As at December 31.


(3) (4) (5) (6)

Revenue
Revenue Revenue Revenue

s es

(in $ millions)

EPS EPS EPS

Adjusted Net Income(1) Per Share
$1.80 $1.80 $1.80 $1.65 $1.65 $1.65 $1.50 $1.50 $1.50 $1.35 $1.35 $1.35 $1.20 $1.20 $1.20 $1.05 $1.05 $1.05 $0.90 $0.90 $0.90 $0.75 $0.75 $0.75 $0.60 $0.60 $0.60 $0.45 $0.45 $0.45 $0.30 $0.30 $0.30 $0.15 $0.15 $0.15

Market Cap PS Dividends PS Dividends PS Dividends

Dividends Per Share

Producing Mineral Assets
Producing Mineral Royalties $9.0 $0.60 $0.60 $0.60 $0.55 $0.55 $0.55 $8.0 $0.50 $0.50 $0.50 $7.0 $0.45 $0.45 $0.45 $0.40 $0.40 $0.40 $6.0 $0.35 $0.35 $0.35 $5.0 $0.30 $0.30 $0.30 $4.0 $0.25 $0.25 $0.25 $0.20 $0.20 $0.20 $3.0 $0.15 $0.15 $0.15 $2.0 $0.10 $0.10 $0.10 $1.0 $0.05 $0.05 $0.05 50 45 40 35 30 25 20 15 10 5

Market Capitalization(6)
Revenue Market Cap

EPS Producing Mineral Royalties

(in $ billions)

50 50 50 45 45 45 40 40 40 35 35 35 30 30 30 25 25 25 20 20 20 15 15 15

$600 $600 $600 $550 $550 $550 $500 $500 $500 $450 $450 $450 $400 $400 $400 $350 $350 $350 $300 $300 $300 $250 $250 $250 $200 $200 $200 $150 $150 $150

$600 $9.0 $550 $8.0 $500 $7.0 $450 $400 $6.0 $350 $5.0 $300 $4.0 $250 $200 $3.0 $150 $2.0 $100 $1.0 $50

5
FNV

10 10 10 5 55

$100 $100 $100 $50 $50 $50

2008 2008 2008 2008

2009 2009 2009 2009

2010 2010 2010 2010

2011 2011 2011 2011

2012 2012 2012 2012

2008

2009

2010

2011

2012

2008 2008

2009 2009

2010 2010

2011 2011

2012 2012

2008 2008

2009 2009

2010 2010

2013 ASSET HANDBOOK

Franco-Nevada Corporation

2011 2011

2012 2012 2012

2008 2008 2008

2009 2009 2009

2010 2010 2010

2011 2011 2011

2012 2012 2012

2008 2008 2008

2009 2009 2009

2010 2010 2010

2011 2011 2011

2012 2012 2012

OVERVIEW

GLOBAL ASSETS

Arctic Gas

Courageous Lake Goldfields

New Prosperity

Edson Weyburn Midale Stillwater Musselwhite Kirkland Lake Phoenix Detour Lake Timmins West Hemlo

Golden Highway Mouska Canadian Malartic Sudbury

NEVADA
(inset)

NORTH AMERICA
PRODUCING ADVANCED OIL & GAS

Mesquite Rosemont

Palmarejo Cerro San Pedro Falcondo

Exploration Assets not shown

Cobre Panama Hollister Pinson Sandman EaglePicher Marigold Dee (Storm/Arturo) Goldstrike Gold Quarry Bald Mountain Robinson

Gurupi

SOUTH AMERICA

NEVADA
Sterling Taca Taca Relincho

6
FNV
San Jorge Calcatreu

The GOLD Investment that WORKS

OVERVIEW

ASIA
Perama Hill ˇ ˇ Agi Dagi Kiziltepe

Tasiast

AFRICA
Subika Ity Edikan Kasese

Mt Muro North Lanut

Pandora Cooke 4 MWS

King Vol Duketon Bronzewing Wiluna Glenburgh Moyagee Mt Keith Butcher Well Edna May Flying Fox

AUSTRALIA
Admiral Hill Red October South Kalgoorlie Bullabulling Aphrodite Henty Peculiar Knob White Dam Commodore

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2013 ASSET HANDBOOK

Franco-Nevada Corporation

OVERVIEW

ASSET PORTFOLIO
Revenue - By Geography Revenue - By Commodity Revenue - By Type

US-28%

US-28% US-28%

Gold-75% PGM-14%

Gold-75% Gold-75% PGM-14% PGM-14%

Revenue-based-42% Revenue-based-42% Revenue-based-42% Streams-45%Streams-45% Streams-45% Profit-based-10% Profit-based-10% Profit-based-10% Working interests/other-3% Working interests/other-3% Working interests/other-3%

Canada-30% Canada-30% Canada-30% Mexico-24% Mexico-24% Mexico-24% Australia-4%Australia-4% Australia-4% Rest of World-14% Rest ofRest World-14% of World-14%

Oil & Gas-10% Oil & Gas-10% Oil & Gas-10% Other Minerals-1% Other Minerals-1% Other Minerals-1%

Franco-Nevada Asset Tabulation at March 19, 2013
Gold PGM Other Minerals Total Minerals Oil & Gas Total

Producing Advanced Exploration Total

36 23 115 174

3 0 2 5

7 5 20 32

46 28 137 211

137 – # (1) 137

183 28 137 348

(1) 160 undeveloped Oil & Gas agreements not included in asset counts.

Abbreviated Definitions
“NSR” Net Smelter Return Royalty “GR” Gross Royalty “ORR” Overriding Royalty “FH” Freehold or Lessor Royalty “NPI” Net Profits Interest “NRI” Net Royalty Interest “WI” Working Interest “P” “Producing” assets are those that have generated revenue from steady-state operations to Franco-Nevada or are expected to in the next year. “A” “Advanced” are assets or projects that in management’s view have a reasonable possibility of generating steady-state revenue to Franco-Nevada in the next five years or includes properties under development, permitting, feasibility or advanced exploration. “E” “Exploration” represents assets on early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are currently not active.

8
FNV

Notes
1 2 3 4 5 Does not cover all the reserves or resources reported for the property by the operator. Percentage varies depending on the claim block of the property. Provides for minimum or advance payments. Payments pending achievement of a minimum production hurdle or time threshold. Percentage varies depending on the commodity price or value of ore. 6 7 8 9 Payable after operator recovers defined exploration and development expenses. These revenue numbers are before the deduction of the purchase cost per ounce. Includes dividends in the amounts of $0.1, $0.1 and $0.3 for 2012, 2011 and 2010. NRI acquired effective October 1, 2012. WI increased from 1.11% to 2.26% effective January 1, 2012.

The GOLD Investment that WORKS

OVERVIEW

Asset

Operator



Interest and %

2012

Revenue ($ millions) 2011 2010



Notes

GOLD
United States Goldstrike Gold Quarry Marigold Bald Mountain Mesquite Hollister Other (6 assets) Canada Detour Sudbury (3 mines) Golden Highway (3 mines) Musselwhite Hemlo Timmins West Other (7 assets) Australia Duketon Henty South Kalgoorlie (2 mines) Bronzewing Other (10 assets) Rest of World Cobre Panama Palmarejo MWS Tasiast Subika Cerro San Pedro Edikan Cooke 4 Other (9 assets) 115 Exploration Assets


Barrick Gold Corporation Newmont Mining Corporation Goldcorp/Barrick Barrick Gold Corporation New Gold Inc. Great Basin Gold Limited Detour Gold Corporation KGHM International Ltd. St Andrew Goldfields Ltd. Goldcorp Inc. Barrick Gold Corporation Lake Shore Gold Corp. Regis Resources Ltd. Unity Mining Limited Alacer Gold Corp. Navigator Resources Limited First Quantum Minerals Ltd. Coeur Mining AngloGold Ashanti Limited Kinross Gold Corporation Newmont Mining Corporation New Gold Inc. Perseus Mining Limited Gold One International Limited

NSR 2-4%, NPI 2.4-6% NSR 7.29% NSR 1.75-5%, GR 0.5-4% NSR/GR 0.875-5% NSR 0.5-2% NSR 3-5% NSR 2% Stream 50% NSR 2-15% NPI 5% NSR 3%, NPI 50% NSR 2.25% NSR 2% GR 1%/10% NSR/GR 1-1.75% NSR 2% Streams (indexed) Stream 50% Stream 25% NSR 2% NSR 2% GR 1.95% NSR 1.5% Stream 7%

$

55.7 18.6 10.9 8.8 3.9 3.2 0.6 – 15.4 14.3 6.3 7.5 2.0 0.5 5.3 2.7 1.3 2.3 – – 96.0 33.0 6.4 3.2 5.5 5.1 3.3 8.8 –

$

45.0 17.9 10.3 3.9 4.8 5.0 0.5 – 14.3 10.8 5.1 1.4 – 1.0 3.1 4.5 0.9 0.9 0.1 – 101.9 32.3 2.8 – 5.9 1.5 27.3 2.8 –

$

49.2 20.4 9.1 1.6 4.2 1.1 1.8 – – 6.3 – 0.1 – 0.8 0.6 2.4 1.0 0.6 0.3 – 66.1 – – – 3.8 – – 0.9 –

1, 2, P 1, 3, P 1, 2, 3, 5, P 1, 2, 3, 5, P 2, P 1, 2, P 8, Px2, Ax4 P 1, 7, P 3, 5, Px3 6, P 1, 6, P P Px3, Ax4 1, P 2, P 1, 2, Px2 P Px2, Ax8 A 3, 7, P 7, P P 1, P 1, P P 7, P Px3, Ax6 E



$ 320.6

$ 306.8

$ 172.6

PLATINUM GROUP METALS
Stillwater Sudbury (3 mines) Pandora 2 Exploration Assets


Stillwater Mining Company KGHM International Ltd. Angloplat/Lonmin plc

NSR 5% Stream 50% NPI 5%

$ $

17.3 43.1 0.3 – 60.7

$ $

23.1 40.4 0.4 – 63.9

$ $

13.1 – 1.0 – 14.1

1, P 1, 7, P 1, 3, P E



OTHER MINERALS
Mt Keith (Ni) Rosemont (Cu, Mo, Ag) Relincho (Cu, Mo) Taca Taca (Cu, Au, Mo) Other (8 assets) 20 Exploration Assets


BHP Billiton Limited Augusta Resource Corporation Teck Resources Limited Lumina Copper Corp.

NPI 0.25%, GR 0.375% NSR 1.5% NSR 1.5% NSR 1.08%

$ $

2.2 – – – 2.6 – 4.8

$ $

3.8 – – – 1.8 – 5.6

$ $

3.1 – – – 1.6 – 4.7

A 4, A A Px6, Ax2
E

P



OIL & GAS
Canada Weyburn Unit Midale Unit Edson Other Arctic Gas 160 agreements Cenovus Energy Inc. Apache Canada Ltd. Canadian Natural Resources Various NRI 11.71%, ORR 0.44%, WI 2.26% ORR 1.14%, WI 1.59% ORR 15% WI 3-15% ORR/FH 0.5%-100% $ $ 25.0 4.0 3.9 8.0 – – 40.9 $ $ 12.3 4.1 7.7 10.8 – – 34.9 $ $ 10.4 3.6 12.1 9.7 – – 35.8
9, P P P P E E

9 FNV

REVENUE









$ 427.0

$ 411.2

$ 227.2
Franco-Nevada Corporation

2013 ASSET HANDBOOK

OVERVIEW

REVENUE


(1)

2012 $ millions

%

2011 $ millions

%

2010 $ millions

%

Commodity Geography Type

Gold PGM Other Minerals Oil & Gas United States Canada Australia Mexico Rest of World Revenue-based royalties Stream-based Profit-based royalties Working interests/other

$ $ $ $ $ $

320.6 60.7 4.8 40.9 427.0 120.0 130.2 15.1 101.6 60.1 427.0 179.0 190.9 41.8 15.3 427.0

75% 14% 1% 10% 100% 28% 30% 4% 24% 14% 100% 42% 45% 10% 3% 100%

$ $ $ $ $ $

306.8 63.9 5.6 34.9 411.2 111.6 107.7 13.9 107.8 70.2 411.2 152.3 216.1 30.8 12.0 411.2

75% 16% 1% 8% 100% 28% 26% 3% 26% 17% 100% 37% 53% 7% 3% 100%

$ $ $ $ $ $

172.6 14.1 4.7 35.8 227.2 101.5 43.0 8.2 69.9 4.6 227.2 111.5 66.1 37.3 12.3 227.2

76% 6% 2% 16% 100% 45% 19% 3% 31% 2% 100% 50% 29% 16% 5% 100%

ADJUSTED EBITDA


(1) (2)

2012 $ millions

%

2011 $ millions

%

2010 $ millions

%

Commodity Geography Type

Gold PGM Other Minerals Oil & Gas United States Canada Australia Mexico Rest of World

$ $ $ $ $ $

265.3 46.6 4.5 31.4 347.8 108.1 102.6 14.3 74.1 48.7 347.8 160.9 137.2 37.8 11.9 347.8

76% 14% 1% 9% 100% 31% 30% 4% 21% 14% 100% 46% 39% 11% 4% 100%

$ $ $ $ $ $

243.0 50.1 5.3 28.9 327.3 100.4 85.3 13.2 76.4 52.0 327.3 137.5 151.9 27.9 10.0 327.3

74% 15% 2% 9% 100% 31% 26% 4% 23% 16% 100% 42% 46% 9% 3% 100%

$ $ $ $ $ $

133.5 12.4 4.3 29.8 180.0 88.8 36.5 7.6 42.9 4.2 180.0 98.0 39.4 33.6 9.0 180.0

74% 7% 2% 17% 100% 50% 20% 4% 24% 2% 100% 54% 22% 19% 5% 100%

Revenue-based royalties Stream-based Profit-based royalties Working interests/other

10
FNV

(1) Dividends have been included in “Gold”, “United States” and “Working interests and other” categories. (2) As defined in the Glossary of this Asset Handbook. Adjusted EBITDA is a non-IFRS financial measure, which excludes the following from net income: income tax expense; finance costs; finance income; foreign exchange gains and losses; gains and losses on the sale of investments; income and losses from equity investees; impairment charges related to royalty, stream and working interests and investments; and depletion and depreciation. Management believes that Adjusted EBITDA is a valuable indicator of the Company’s ability to generate liquidity by producing operating cash flow to (i) fund working capital needs; (ii) service working interest capital requirements; (iii) fund acquisitions; and (iv) fund dividend payments. Management uses Adjusted EBITDA for this purpose. Adjusted EBITDA is used by investors and analysts for valuation purposes whereby Adjusted EBITDA is multiplied by a factor of an “EBITDA multiple” that is based on observed or an inferred relationship between Adjusted EBITDA and market valuations to determine the approximate total enterprise value of a company. The Company uses this measure for its own internal purposes. Management’s internal budgets and forecasts do not reflect potential impairment charges, fair value changes or foreign currency translation gains or losses. Consequently, the presentation of this non-IFRS financial measure enables investors and analysts to better understand the underlying operating performance of our business through the eyes of management. Management periodically evaluates the components of this non-IFRS financial measure based on an internal assessment of performance metrics that it believes are useful for evaluating the operating performance of our business and a review of the non-IFRS measures used by analysts and other royalty/stream companies. Adjusted EBITDA is intended to provide additional information to investors and analysts, does not have any standardized meaning under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate Adjusted EBITDA differently. For a reconciliation of these measures, please refer to the MD&A for the respective years available on our website and on SEDAR.

The GOLD Investment that WORKS

RESERVES & RESOURCES

RESERVES AND RESOURCES
Growth in Gold Ounces Gold Mineral Reserves Gold Mineral Resources PGM Mineral Reserves and Resources Other Mineral Reserves and Resources

RESERVES & RESOURCES

11
FNV

GROWTH IN GOLD OUNCES
This section of the Asset Handbook provides a tabulation of the Mineral Reserves and Mineral Resources that have been publicly reported by the operators of assets in which Franco-Nevada has an interest. However, these do not represent Franco-Nevada’s Mineral Reserves or Mineral Resources as Franco-Nevada’s property interests do not always cover the entire area of the publicly reported figures. Secondly, Franco-Nevada’s percentage interest can vary within the property. Finally, the form of Franco-Nevada’s interest varies by property such as whether it is a revenue royalty, profit royalty or stream interest each having different economics. In the next section of the Asset Handbook, Franco-Nevada has defined Royalty Equivalent Units (“REUs”) to help provide analysts and investors with a more comparable and representative understanding of Franco-Nevada’s assets. For this section, management believes that an indication of the growth associated with its asset portfolio can be provided by tabulating the total publicly reported Mineral Reserves and Mineral Resources on the properties on which Franco-Nevada has interests. This tabulation involves the least number of assumptions, estimates or adjustments by the Company. On the opposite page is an illustration of the growth of total gold ounces associated with Franco-Nevada’s portfolio of assets. These have been shown over the past five years and are broken out by the broader reserves and resources categories. In addition, a graph of Franco-Nevada’s per share growth of reserves and resources associated with these assets is also shown. Management estimates that approximately 50% of the growth of gold ounces associated with its asset portfolio has come from new acquisitions and 50% from exploration success and higher gold prices. The charts do not reflect the Mineral Reserves and Mineral Resources relating to our PGM, copper, nickel or oil & gas interests.

RESERVES & RESOURCES

Detour Lake first gold pour, February 2013.

12
FNV

The GOLD Investment that WORKS

Gold Ounces associated with Franco-Nevada’s Assets*
300 250
Reserves & Resources (moz)
lnf M&I (exclusive of P&P reserves) P&P

RESERVES & RESOURCES

200 150 100 50 0
2007

2008

2009

2010

2011

2012

Growth in Gold Ounces associated with Franco-Nevada’s Assets per share
120%

P&P M&I + Inf

Resource growth per share (%)

100% 80% 60% 40% 20% 0% -20%

2007

2008

2009

2010

2011

2012

Significant growth in gold reserves/FNV share*

13 FNV

* Totals exclude Gold Quarry and New Prosperity

2013 ASSET HANDBOOK

Franco-Nevada Corporation

GOLD MINERAL RESERVES

Notes

Proven Tonnes 000s Grade Contained g/t 000 oz Tonnes 000s

Probable Grade Contained g/t 000 oz

Proven & Probable Tonnes 000s Grade Contained g/t 000 oz

Gold - United States
Goldstrike Gold Quarry Marigold Bald Mountain Mesquite Hollister Dee (South Arturo) Sandman Pinson Robinson

RESERVES & RESOURCES

1,3,4 1,5 1,6,7 1,3,8 9,10 11,12 1,3,13,14 1 1,15,16 17,18

59,648 35,053 74,915 13,140 100 – – 917 105,490

3.53 6,766 not available 0.68 765 0.67 1,621 0.68 287 33.46 98 – – – – 12.56 370 0.18 620 4,222 – – 1 14 176 – 1,150 329 – 1,400 – – 62 7,114 75 1,000 400 94 30 – – – – – – – 1,118 348 1,493 4,836 630 353 2,417 – 45 – – 354 – – – 99 1 31,173

39,392 259,577 193,210 114,409 375 51,059 – 668 4,530 368,407 – 1,670 432 187 1,820 985 5,970 11,616 4,922 261,600 – – 21 350,000 21,105 79,000 52,700 143 11,500 6,924 406 – – – – 1,607 2,800,000 9,446 143,591 46,564 181,980 26,400 29,200 – 220 1,167 – 7,220 – – 63,757 225 7,550

4.40 not available 0.50 0.57 0.56 29.48 1.44 – 12.79 0.15 0.96 – 0.74 2.17 4.38 5.38 5.45 5.94 2.20 5.21 1.04 – – 13.40 0.35 1.39 2.17 1.54 8.50 1.40 1.49 5.98 – – – – 4.70 0.07 1.04 0.26 2.09 1.96 0.48 1.00 – 1.15 4.85 – 2.68 – – 1.14 2.33 2.10

5,572 4,155 3,540 2,055 357 2,368 – 275 20 11,351 – 40 30 26 315 173 1,140 821 824 8,720 – – 9 3,938 945 5,500 2,603 39 510 331 78 – – – – 242 6,170 317 1,195 3,129 11,450 407 961 – 8 182 – 621 – – 2,328 17 510 79,333

3.87 12,338 not available 294,630 0.52 4,920 268,125 0.60 5,161 127,549 0.57 2,342 465 30.26 455 51,059 1.44 2,368 – – – 1,584 12.65 645 110,020 0.18 640 470,042 – 1,670 449 298 2,993 985 11,230 14,900 4,922 310,600 – – 176 831,000 22,333 91,000 61,000 778 12,600 6,924 406 – – – – 1,607 3,058,000 11,659 331,542 149,651 201,031 47,500 93,800 – 1,299 1,167 – 9,697 – – 63,757 1,149 7,586 1.03 – 0.74 2.16 4.26 5.10 5.45 6.34 2.40 5.21 1.01 – – 12.50 0.41 1.42 2.20 1.53 5.30 1.30 1.49 5.98 – – – – 4.68 0.07 1.77 0.25 1.66 1.87 0.50 1.10 – 1.27 4.85 – 3.13 – – 1.14 3.13 2.10 15,573 – 40 31 41 490 173 2,290 1,150 824 10,120 – – 71 11,052 1,020 6,500 3,003 133 540 331 78 – – – – 242 7,288 665 2,688 7,965 12,080 760 3,378 – 53 182 – 975 – – 2,328 115 511 110,506

99,040

Gold - Canada

Detour Lake 19,20 Detour Block A Sudbury Au 1,21,22,23 Hislop 24 Holloway 25 Holt 26 Taylor 27 Musselwhite 28 Hemlo 1,3,29 Timmins West 30,31 Canadian Malartic 1,32 Phoenix Kirkland Lake 1 Mouska (Doyon Division) 1,33 New Prosperity 34,35,36 Goldfields (Box/Athona) 37,38 Courageous Lake 39,40

101,635 1.29 – – – – 18 2.11 110 4.07 1,174 4.66 – – 5,260 6.79 3,284 3.12 – – 48,800 0.89 – – – – 155 12.40 481,000 0.46 1,228 1.90 12,000 2.41 8,300 635 1,100 – – – – – – – 258,000 5,213 187,951 103,087 19,051 21,100 64,600 – 1,079 – – 2,477 – – – 924 36 1.50 4.60 1.00 – – – – – – – 0.14 2.08 0.25 1.46 1.03 0.52 1.20 – 1.29 – – 4.44 – – – 3.32 1.20

Gold - Australia
Duketon Henty South Kalgoorlie Bronzewing Red October Admiral Hill Bullabulling Glenburgh White Dam Wiluna Cobre Panama Palmarejo MWS Tasiast Subika Cerro San Pedro Edikan Cooke 4 North Lanut Ity Agi Dagi Perama Hill San Jorge Taca Taca Gurupi Kiziltepe Mt Muro

1,41,42 43 1,44 45,46 47,48 1 49 50 51,52 53 54 1,3,55,56 1,57 58,59 60 61,62 63,64 65,66 67,68 69,70

Gold - Rest of World

14
FNV

Total Gold Mineral Reserves*
*Total excludes New Prosperity







The GOLD Investment that WORKS

GOLD MINERAL RESOURCES - inclusive of Reserves

Notes

Measured (M) Tonnes 000s Grade Contained g/t 000 oz Tonnes 000s

Indicated (I) Grade Contained g/t 000 oz

(M)+(I) Contained 000 oz Tonnage 000s

Inferred Grade Contained g/t 000 oz

Gold - United States
Goldstrike Gold Quarry Marigold Bald Mountain Mesquite Hollister Dee (South Arturo) Sandman Pinson Robinson

1,2,3 1,87 1,2,88,89 1,2,3 90,91 92,93 1,2,3,94 1,2,95,96 1,2,97,98 99,100

3.69 not available 36,628 0.68 103,209 0.60 24,000 0.59 146 36.11 – – – – 20,664 1.97 510,270 0.15 124,500 – 420 403 319 3,121 – 5,370 3,630 – 45,800 – – 470 547,100 858 13,401 12,900 1,830 2,500 – 154 – – – – – 262,000 8,103 190,395 180,358 19,051 42,300 83,700 2,863 5,874 2,500 20,376 3,064 79,518 – 35,650 783 36 1.36 – 0.74 1.54 3.71 4.13 – 6.78 3.40 – 0.95 – – 6.90 0.46 2.04 2.53 1.24 4.70 1.80 – 10.70 – – – – – 0.13 2.54 0.24 1.14 1.03 0.39 1.15 7.46 1.06 4.46 0.53 4.30 0.22 – 0.86 4.10 1.20

61,193

7,259 795 1,994 452 170 – – 1,307 2,460 5,424 – 10 20 38 414 – 1,170 397 – 1,440 – – 104 8,091 56 1,090 515 276 150 – 53 – – – – – 1,118 663 1,472 6,634 630 532 3,096 687 200 359 344 424 584 – 990 103 1

4.70 not available 303,585 0.49 278,486 0.52 370,100 0.44 667 24.98 75,821 1.47 544 1.71 5,088 4.57 139,380 0.14 554,300 90,510 2,230 878 1,365 4,332 27,059 6,320 61,981 6,516 301,500 1,030 4,540 730 463,400 20,002 93,914 101,000 174 38,900 12,380 3,857 907 72,100 10,100 1,915 8,155 3,941,000 28,067 146,820 195,387 264,715 109,400 72,700 10,372 1,657 3,312 58,990 9,375 104,091 2,408,000 75,020 972 11,670 1.00 0.84 0.98 1.63 4.31 4.65 2.01 5.95 1.30 5.92 1.06 14.40 3.55 4.00 0.34 1.51 2.28 1.20 9.30 2.13 1.69 1.92 1.40 0.92 1.30 1.10 5.60 0.06 1.07 0.25 1.29 1.74 0.33 0.99 5.90 1.05 2.69 0.61 3.18 0.19 0.10 0.94 2.08 2.00

46,705

7,061 4,755 4,639 5,232 536 3,587 30 748 620 17,836 2,448 70 46 189 648 1,749 1,210 2,581 1,240 10,250 477 518 94 5,066 971 6,884 3,898 52 2,670 674 238 42 2,132 420 68 1,465 7,888 966 1,163 8,088 14,824 1,171 2,309 1,968 56 286 1,166 958 626 7,630 2,260 65 750

14,320 5,550 6,633 5,684 706 3,587 30 2,055 3,080 23,261 2,448 80 66 228 1,061 1,749 2,370 2,978 1,240 11,690 477 518 198 13,157 1,027 7,974 4,413 328 2,820 674 291 42 2,132 420 68 1,465 9,006 1,629 2,628 14,722 15,454 1,703 5,405 2,655 256 645 1,510 1,382 1,211 7,630 3,250 168 752 181,683

5.26 834 not available 81,251 0.42 1,110 80,616 0.29 762 50,900 0.40 651 543 12.63 221 42,521 0.51 703 1,905 1.65 101 2,776 9.79 874 139,610 0.14 620 208,500 73,693 750 5 3,067 1,713 3,226 4,990 2,836 9,545 49,600 4,230 7,983 1,735 – 4,564 48,963 111,000 57 33,500 5,120 3,720 1,338 30,700 17,000 3,255 8,554 3,686,000 10,798 15,172 31,235 53,342 103,900 50,600 158,681 1,695 8,832 45,418 8,766 11,235 938,000 7,719 357 8,050 0.86 0.83 0.83 – 4.68 4.72 3.66 5.73 4.09 5.93 0.75 17.04 4.20 6.30 – 1.54 2.18 0.91 5.50 1.90 1.86 1.69 1.10 1.09 1.10 0.89 5.00 0.04 1.32 0.30 0.79 2.07 0.25 1.05 5.00 2.08 1.60 0.68 1.96 0.16 0.06 0.67 1.64 1.60 5,785 1,967 20 – 461 260 380 920 373 1,819 1,200 2,317 1,077 353 – 226 3,432 3,239 10 2,046 307 202 48 1,072 620 93 1,384 4,396 457 145 790 3,543 850 1,713 25,511 113 455 995 554 59 1,700 165 19 414 77,367

4,931

RESERVES & RESOURCES

Gold - Canada

Detour Lake 101,102 Detour Block A 103,104 Sudbury Au 1,105,106 Hislop 2,107 Holloway 2,108 Holt 2,109 Taylor, Aquarius, Clavos 2,110,111,112 Musselwhite 2,113 Hemlo 1,2,3 Timmins West 114,115 Canadian Malartic 1,2,116 Phoenix 117,118 Kirkland Lake 1,119,120,121 Mouska (Doyon Division) 1,122 New Prosperity 123,124 Goldfields (Box/Athona) 125,126 Courageous Lake 127,128

Gold - Australia
Duketon Henty South Kalgoorlie Bronzewing Red October Admiral Hill Bullabulling Glenburgh White Dam Wiluna

1,129,130 131 1,132 133,134 135,136 137 1,138139 140,141 142,143 144,145 146 147,148 149 2,150 1,2,3,151,152 1,153 154,155 156,157 158 159,160 1,161,162,163 164,165 166,167 168,169,170 171,172 173,174 175,176,177

Gold - Rest of World
Cobre Panama Palmarejo MWS Tasiast Subika Cerro San Pedro Edikan Cooke 4 North Lanut Ity Agi Dagi Perama Hill San Jorge Taca Taca Gurupi Kiziltepe Mt Muro

15
FNV

Total Gold Mineral Reserves*
*Total excludes New Prosperity

43,432

138,251

2013 ASSET HANDBOOK

Franco-Nevada Corporation



PGM MINERAL RESERVES
Notes Tonnes 000s

Proven Grade Contained g/t 000 oz Tonnes 000s

Probable Grade Contained g/t 000 oz

Proven & Probable Tonnes 000s Grade Contained g/t 000 oz

PGM

Stillwater Sudbury PGM Pandora

1,71,72 1,73,74,75 1,76,77

4,545 – 1,406

17.9 – 4.3

2,618 – 194 2,812

33,991 1,670 16,729

15.9 5.4 4.0

17,362 290 2,151 19,803

38,536 1,670 18,135

16.1 5.4 4.0

19,979 290 2,344 22,613

Total PGM Mineral Reserves

RESERVES & RESOURCES

PGM MINERAL RESOURCES - Inclusive of Reserves
Notes Tonnes 000s Measured (M) Grade Contained g/t 000 oz Tonnes 000s Indicated (I) Grade Contained g/t 000 oz (M)+(I) Contained 000 oz
PGM Inferred Mineral Resources

PGM

Tonnage 000s

Grade Contained g/t 000 oz

Stillwater Sudbury PGM Pandora

1 1,178,179 1,180,181

4,545 420 26,686

17.9 3.4 4.8

2,618 50 4,127 6,795

33,991 2,230 140,316

15.9 6.0 4.6

17,362 430 20,797 38,589

19,979 480 24,924 45,383

– 750 22,956

– 2.5 4.7

– 60 3,491 3,551

Total PGM Mineral Resources



COPPER MINERAL RESERVES
Notes Tonnes 000s

Proven Grade Contained % Mlbs Tonnes 000s

Probable Grade Contained % Mlbs

Proven & Probable Tonnes 000s Grade Contained % Mlbs

Copper

Rosemont Relincho Taca Taca Robinson Vizcachitas

78,79 80,81 82,83

279,479 149,300 – 105,490 –

0.46% 0.49% – 0.51% –

2,834 1,613 – 1,181 – 5,629

325,796 955,200 – 4,530 –

0.42% 0.39% – 0.40% –

3,017 8,213 – 40 – 11,270

605,276 1,104,500 – 110,020 –

0.44% 0.40% – 0.50% –

5,851 9,826 – 1,222 – 16,898

Total Copper Mineral Reserves

COPPER MINERAL RESOURCES - Inclusive of Reserves
Notes Tonnes 000s Measured (M) Grade Contained % Mlbs Tonnes 000s Indicated (I) Grade Contained % Mlbs (M)+(I) Contained Mlbs
Copper Inferred Mineral Resources

Copper

Tonnage 000s

Grade Contained % Mlbs

Rosemont Relincho Taca Taca Robinson Vizcachitas

182,183 184,185 186,187 188,189 190,191

342,914 178,100 – 510,270 –

0.42% 0.47% – 0.35% –

3,202 1,829 – 3,882 – 8,913

548,481 1,572,500 2,165,000 139,980 570,000

0.37% 0.36% 0.44% 0.27% 0.39%

4,438 12,568 21,150 846 4,887 43,889

7,640 14,396 21,150 4,728 4,887 52,802

126,733 746,900 921,000 139,610 605,000

0.40% 0.30% 0.37% 0.29% 0.34%

1,110 4,940 7,550 882 4,490 18,972

Total Copper Mineral Resources



NICKEL MINERAL RESERVES
Notes Tonnes 000s

Proven Grade Contained % Mlbs Tonnes 000s

Probable Grade Contained % Mlbs

Proven & Probable Tonnes 000s Grade Contained % Mlbs

Nickel

Mt Keith Falcondo Total Nickel Mineral Reserves

84 85,86

108,000 44,000

0.57% 1.28%

1,346 1,242 2,588

19,000 29,700

0.50% 1.36%

209 890 1,100

127,000 73,700

0.56% 1.31%

1,555 2,132 3,687

16
FNV

NICKEL MINERAL RESOURCES - Inclusive of Reserves
Notes Tonnes 000s Measured (M) Grade Contained % Mlbs Tonnes 000s Indicated (I) Grade Contained % Mlbs (M)+(I) Contained Mlbs
Nickel Inferred Mineral Resources

Nickel

Tonnage 000s

Grade Contained % Mlbs

Mt Keith Falcondo

192 193,194

203,000 40,200

0.55% 1.45%

2,443 1,285 3,728

100,000 34,500

0.48% 1.56%

1,058 1,187 2,245

3,501 2,472 5,973

32,000 4,900

0.48% 1.40%

339 151 490

Total Nickel Mineral Resources

The GOLD Investment that WORKS

Notes
• All Mineral Reserves and Resources have been estimated in accordance with acceptable foreign codes, including CIM, SEC, JORC, or SAMREC guidelines • Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability • Unless otherwise noted, Mineral Reserves and Resources are reported as of December 31, 2012 based on the operators’ publicly disclosed information available on March 15, 2013 • Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves • Contained ounces do not take into account recovery losses • Rows and columns may not add up due to rounding • Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher category • See “Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards”
1 2 Royalty does not cover entire property or cover all known Reserves and Resources Mineral Resources shown by operator as exclusive of Mineral Reserves. The company’s QP determined the Inclusive Mineral Resources by adding the exclusive Measured and Indicated Mineral Resources to the Proven and Probable Reserves Mineral Reserves and Resources are reported by the operator in non-metric units. The Company’s QP calculated the metric conversion using 1opt=34.286 g/ tonne, 1 short ton = 0.9018 metric tonnes, 1 oz = 31.1035 g Mineral Reserves are calculated using a long term average gold price of $1,500/oz In accordance with certain provisions of the royalty agreement, Franco is not able to disclose Mineral Reserves and Mineral Resources for Gold Quarry Mineral Reserves are calculated using a long term average gold price of $1,350/oz Mineral Reserves and Resources converted to 100% basis from Goldcorp’s 66.67% interest Mineral Reserves are calculated using a long term average gold price of $1,500/oz Mineral Reserves calculated using $1,300 gold Mineral Reserves reported at a cut-off 0.21 g/t oxide; 0.41 g/t non-oxide Mineral Reserves as of June 30, 2012 Mineral Reserves assumes $1,400/oz Au and $30/oz Ag and are fully diluted and grades adjusted for metallurgical recoveries of Au (92%) and Ag (75%) Mineral Reserves are calculated using a long term average gold price of $1,500/oz Mineral Reserves converted to 100% basis from Barricks’ 60% attributable share Underground Mineral Reserves as of May 18, 2012 Underground Mineral Reserves based on a 0.20 OPT cut-off and $1,300/oz gold price Mineral Reserves and Resources as of December 31, 2010 Mineral Reserves reported above a cut-off of 2.93 recoverable lb Cu per ton and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb Mineral Reserves and Resources as of December 31, 2011 Mineral Reserves calculated using long-term gold price of $850/oz and a cut-off grade of 0.50 g/t Mineral Reserves and Resources as of December 31, 2010 Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni, $1,500/oz Pt, $400/oz Pd and $1,000/oz Au Mineral Reserves cut-off is based on direct cost, indirect cost, sustaining capital and impact of Gold Wheaton agreement Mineral Reserves estimated using an average long-term gold price of $1,600/oz and a cut-off grade of 1.1 g/t Mineral Reserves estimated using an average long-term gold price of $1,400/oz and a cut-off grade of 3.0 g/t Mineral Reserves estimated using an average long-term gold price of $1,400/oz and a cut-off grade of 3.0 g/t Mineral Reserves estimated using an average long-term gold price of US$1,300/ oz, cut-off grade of 3.5 g/t Mineral Reserves are calculated using a long term average gold price of $1,350/oz Mineral Reserves are calculated using a long term average gold price of $1,500/oz Mineral Reserves as of April 2, 2012 Mineral Reserves reported at a cut-off grade of 3.0 g/t Mineral Reserves and Resources estimate using base case $1,475/oz engineered pit shell and cut-off grade of 0.31 to 0.34 g/t Au Mineral Reserves estimated using $1,400/oz gold price Mineral Reserves and Mineral Resources are reported as of November 2, 2009 Mineral Reserves are based on copper and gold prices of $1.65/lb and $650/oz respectively, and $5.50 NSR/t pit rim cut-off Permits pending -nFranco has the option to provide a $350 million deposit and certain warrant consideration for the construction of the project when it is fully permitted and financed Mineral Reserves assumes a gold price of C$1,250/oz and a cut-off grade of 0.72 g/t with a marginal cut-off grade of 0.33 g/t Mineral Reserves and Resources as of December 31, 2011 Mineral Reserves as of July 24, 2012 Waste to ore cut-offs determined using $1,244/oz Au and pit limit based on a C$20.10 per tonne cut-off Mineral Reserves estimated as of June 30, 2012 except for Rosemont; Mineral Reserves for Rosemont estimated as of January 18, 2013 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 Mineral Reserves assumes a cut-off of 0.6 g/t for Garden Well, 0.4 - 0.5 g/t for Moolart Well, 0.7 g/t for Erlistoun, and 0.5 g/t for Rosemont Mineral Reserves have a cut-off of 3.8 g/t gold and estimated at A$1,450/oz gold Mineral Reserves assumes A$1,350/oz Au price and a 0.44 g/t cut-off Mineral Reserves reported as of June 30, 2012 Cockburn Mineral Reserves 2012: A$1,350/oz & 0.5 g/t Au cut-off; Corboys Mineral Reserves 2010: A$1,300/oz & 0.91 g/t Au cut-off; Challenger Mineral Reserves 2012: A$1,250/oz & 0.84 g/t Au cut-off Mineral Reserves as of June 30, 2012 Mineral Reserves assumes a cut-off of: Red October 3.0 g/t; Butcher Well 0.7 g/t Mineral Reserves estimate as of November 1, 2012 Mineral Reserves estimated using a $2.25/lb copper price, $1,000/oz gold price and $16/oz silver price. Please see “Gold Assets, Gold-Rest of World, Cobre Panama, Panama” for further details regarding Franco-Nevada’s funding commitment Mineral Reserves are calculated using a long term average gold price of $1,450/ oz Au & $27.50/oz Ag and are the sum of Reserves at Palmarejo and Guadalupe Franco-Nevada has filed a technical report in respect of Palmarejo which is available on SEDAR at www.sedar.com Mineral Reserves are reported as of April 1, 2011 at a gold price of $1,062/oz. Mineral Reserves gold ounces exceed Mineral Resources gold ounces as a result of an average block factor of 104.1% being applied by the operator. Mineral Reserves estimated using a gold price of $1,200/oz Mineral Reserves reported assumes a gold price of $1,200/oz Mineral Reserves as of Dec 31, 2011 Mineral Reserves assumes $1,300/oz gold and $24/oz silver and a cut-off of $4.33/t NSR Mineral Reserves as of August 14, 2012 Mineral Reserves assumes a 0.4 g/t cut-off for Abnabna-Fobinso and 0.5 g/t cut-off for all other deposits Mineral Reserves and Resources as of December 31, 2011 Mineral Reserves are as of December 31, 2010 Mineral Reserves and Resources reported figures are for La Mancha’s 45.9% interest Mineral Reserves and Resources as of December 31, 2011 Mineral Reserves assume a gold price of $1,250/oz and cut-off grade of 0.8 g/t Mineral Reserves as of January 31, 2011 Mineral Reserves assumes a gold price of $1,066/oz Mineral Reserves as of October 2012 Mineral Reserves based on cut-off grade of 1.0 g/t AuEq and $1,058/oz Au & $16.60/oz Ag Mineral Reserves as of Straits Resources Limited 2012 annual report published August 30, 2012 Mineral Reserves assumes $1,500/oz Au & $34/oz Ag for open pit and $1,000/oz Au & $15/oz Ag for underground Mineral Reserves as of December 31, 2011 Mineral Reserves assumes a trailing 12 quarter combined average PGM market price of $733/oz using $507/oz PD and $1,512/oz PT Mineral Reserves and Resources at of December 31, 2010 Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni, $1,500/oz Pt, $400/oz Pd and $1,000/oz Au Mineral Reserves cut-off is based on direct cost, indirect cost, sustaining capital and impact of Gold Wheaton agreement Mineral Reserves estimated as of September 30, 2012 Mineral Reserves calculated from Lonmin Plc 34.85% interest Mineral Reserves and Resources as of August 28, 2012 Mineral Reserves assumes $2.50/lb Cu, $15.00/lb Mo and $20/oz Ag Mineral Reserves as of December 31, 2011 Mineral Reserves assumes $2.62/lb copper, $12.50/lb molybdenum and $15/oz silver Mineral Reserves and Resources reported as of December 31, 2010 Mineral Reserves reported above a cut-off of 2.93 recoverable lbs Cu per ton and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb Mineral Reserves as of June 30, 2012 Mineral Reserves as of December 31, 2011 Mineral Reserves assumes a cut-off grade of 1.2% Ni

RESERVES & RESOURCES

3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41

17
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134

18
FNV

135 136 137 138 139 140 141

In accordance with certain provisions of the royalty agreement, Franco is not able to disclose Mineral Reserves and Mineral Resources for Gold Quarry Mineral Reserves and Resources converted to 100% basis from Goldcorp’s 66.67% interest Mineral Resources are calculated using a long term average gold price of $1,500/oz Mineral Resources calculated using $1,400/oz gold Mineral Resources reported at a cut-off 0.12 g/t oxide; 0.24 g/t non-oxide Mineral Resources as of June 30, 2012 Mineral Resources reported based on a 0.15 oz/ton cut-off Mineral Resources converted to 100% basis from Barrick’s 60% attributable share Mineral Resources reported at gold price of $1,400/oz Mineral Resources as of Dec 31, 2011 Mineral Resources as of February 6, 2012 Mineral Resources assume a cut-off 6.34 g/t underground and 0.34 g/t open pit Mineral Reserves and Resources as of December 31, 2010 Mineral Resources reported above a cut-off of 1.24 recoverable lbs Cu per ton and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb Mineral Reserves and Resources as of December 31, 2011 Global Resources reported Mineral Resources as of February 14, 2011 Mineral Resources assumes a cut-off of 0.4 g/t and reported as global Resources Mineral Reserves and Resources at of December 31, 2010 Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni, $1,500/oz Pt, $400/oz Pd and $1,000/oz Au Mineral Resources estimated using an average long-term gold price of $1,800 and a cut-off grade of 0.6 g/t Mineral Resources estimated using an average long-term gold price of $1,500 and a cut-off grade of 2.5 g/t Mineral Resources estimated using an average long-term gold price of $1,500 and a cut-off grade of 2.5 g/t Mineral Resources for Taylor as at December 31, 2012 estimated using an average long-term gold price of $1,200 and a cut-off grade of ranging from 2.5 g/t-3.5 g/t Mineral Resources for Aquarius as at October 6, 2006 estimated using an average long-term gold price of $500. No cut-off grade was applied Mineral Resources for Clavos as at October, 2012 estimated using an average long-term gold price of $1,600, a cut-off grade of ranging from 2.75 g/t and converted to 100% basis from SAS 40% interest Mineral Resources are estimated using a long term average gold price of $1,500/oz Mineral Resources as of January 31, 2012 Mineral Resources assumes a cut-off of 2.0 g/t for Thunder Creek, a cut-off of 1.5 g/t for Timmins West Mine and a gold price of $1,200/oz Mineral Reserves and Resources estimate using base case $1,475/oz engineered pit shell and cut-off grade of 0.31 to 0.34 g/t Au Mineral Resources as of June 29, 2011 Mineral Resources assumes a cut-off grade of 5.0 g/t Mineral Resources cut-offs: Upper Canada Pit 0.44 g/t; Upper Canada underground 2.4 g/t; McBean 2.5 g/t; Amalgamated Kirkland 2.0 g/t Mineral Resources gold price assumptions : Upper Canada $1,200/oz; McBean $900/oz; Amalgamated Kirkland $1,200/oz Upper Canada and McBean Mineral Resources as of June 17, 2011 and Amalgamated Kirkland Mineral Resources as of October 2011 Mineral Resources estimated using $1,600/oz gold price Mineral Reserves and Mineral Resources are reported as of November 2, 2009 Mineral Resources assumes a 0.14% copper cut-off Mineral Resources assumes a gold price of C$1,250/oz and a cut-off grade of 0.50 g/t with a marginal cut-off grade of 0.33 g/t Mineral Reserves and Resources as of December 31, 2011 Mineral Resources as of January 9, 2012 Mineral Resources assumes a cut-off of 0.83 g/t gold Mineral Resources estimated as of June 30, 2012 except for Rosemont; Mineral Reserves for Rosemont as of January 18, 2013 Mineral Resources assumes a cut-off of 0.5 g/t for Garden Well, 0.3-1.0 g/t for Moolart Well, 0.5 g/t for Erlistoun, 0.5 g/t for Rosemont and 0.50-2.0 for Satellite Mineral Resources have a cut-off of 2.0 g/t gold estimated at A$1,450/oz Mineral Resources calculated at various cut-off grades between 0.7 - 1.0 g/t Au Mineral Reserves reported as of June 30, 2012 Cockburn Mineral Resources 2011: A$2,000/oz pit shell; Corboys Mineral Resources 2010; Challenger Mineral Resources estimate 2012; Cockburn UG Mineral Resources 2011 beneath A$2,000/oz pit shell Mineral Resources as of June 30, 2012 Mineral Resources assumes an open pit cut-off of 0.8 g/t and underground cut-off of 2.0 g/t Mineral Resources as of June 30, 2011 Mineral Resources as of February 2012 Mineral Resources quoted for blocks with a grade greater than 0.5 g/t Mineral Resources as of October 2012 Mineral Resources assumes a 0.5 g/t Au cut-off grade

142 Mineral Resources for White Dam (which is depleted to Jan 2012) was re-estimated Oct 2010 at CoG of 0.3 g/t 143 Vertigo Mineral Resources depleted to end of mining in May 2012 144 Mineral Resources as of June 30, 2012 145 Mineral Resources cut-off grades vary from 0.5 g/t for Indicated & Inferred oxide material and 2g/t for Indicated transition and fresh material 146 Mineral Resources inside a pit shell defined by $2.60/lb copper, $1.75/t mining cost, $7.02/t operating cost and cut-off grade of 0.15% copper. Please see “Gold Assets, Gold-Rest of World, Cobre Panama, Panama” for further details regarding Franco-Nevada’s funding commitment. 147 Mineral Resources cut-off grade; for Palmarejo open pit 1.03 g/t AuEq & underground 1.92 g/t AuEq; for Guadalupe underground 1.92 g/t AuEq; for La Patria 1.12 g/t AuEq 148 Franco-Nevada has filed a technical report in respect of Palmarejo which is available on SEDAR at www.sedar.com 149 Mineral Reserves are reported as of April 1, 2011 at a gold price of $1,062/oz. Mineral Reserves gold ounces exceed Mineral Resources gold ounces as a result of an average block factor of 104.1% being applied by the operator. 150 Mineral Resources estimated using a gold price of $1,400/oz 151 Mineral Resources reported assumes a gold price of $1,400/oz 152 Mineral Resources as of Dec 31, 2011 153 Mineral Resources assumes $1,400/oz gold and $28/oz silver and a cut-off of 0.1 g/t AuEq for open pit oxide and 0.4 g/t AuEq open pit sulphide 154 Mineral Resources as of March 2012 155 Mineral Resources assumes a cut-off of 0.4 g/t cut-off for primary ore and 0.2 g/t cut-off for oxide/transition 156 Mineral Resources assumes a cut-off grade of 4.0g/t for Upper Elsburg and 3.0 for the Middle Elsburg and assume a gold price of $775/oz 157 Mineral Resources as of December 31, 2010 158 Mineral Reserves and Resources reported as of December 31, 2011 159 Mineral Resources as of December 31, 2010 160 Mineral Reserves and Resources reported figures are for La Mancha’s 45.9% interest 161 Mineral Resources for the Agi Dagi project, which include the Baba, Deli, and Fire Tower zones as of June 30, 2012; Camyurt Mineral Resources as of June 28, 2012 162 Mineral Resources oxide & transition material only with cut-off determined as a net of process value of $0.10 per tonne, for each model block 163 Mineral Resources assumes a $1,250/oz gold price and a $22.50/oz silver price, based on a March 2012 Resources model 164 Mineral Reserves and Resources as of December 31, 2011 165 Mineral Resources assumes a cut-off grade of 0.5 g/t 166 Mineral Resources as of March 1, 2012 167 Mineral Resources based on a price of $1.50/lb copper and a 0.30% cut-off 168 Mineral Resources as of Nov 21, 2012 169 Mineral Resources assumes a 0.3% copper equivalent cut-off on sulphides, 0.2 g/t gold cut-off on oxides 170 Mineral Resources copper equivalent calculated using $2.00/lb Cu, $800/oz Au, $12.00/lb Mo 171 Mineral Resources as of July 30, 2012 172 Mineral Resources assumes: Cipoeiro cut-off of 0.33 g/t and Chega Tudo cut-off 0.33 g/t 173 Mineral Resources as of October 2011 174 Mineral Resources assumes a cut-off grade of 1 g/t Au 175 Mineral Reserves as of Straits Resources Limited 2012 annual report published August 30, 2012 176 Mineral Resources cut-off grades vary from “variable” up to 1.0 g/t gold equivalent 177 Mineral Resources gold equivalent cut-off gold to silver ratio based on $1,500/oz gold and $34/oz silver 178 Mineral Reserves and Resources at of December 31, 2010 179 Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni, $1,500/oz Pt, $400/oz Pd and $1,000/oz Au 180 Mineral Resources estimated as of September 30, 2012 181 Mineral Resources calculated from Lonmin Plc 34.85% interest 182 Mineral Reserves and Resources as of August 28, 2012 183 Mineral Resources cut-off: Oxides 0.10% CuEq; Sulfide 0.15% CuEq; and mixed 0.3% CuEq based on $2.50/lb Cu, $15/lb Mo & $20/oz Ag 184 Mineral Resources as at December 31, 2011 185 Mineral Resources estimates assumes $2.62/lb copper, $12.50/lb molybdenum and $15/oz silver 186 Mineral Resources as of November 21, 2012 187 Mineral Resources assumes a copper equivalent cut-off of 0.3% based on $2.00/ lb Cu, $800/oz Au and $12/oz Ag 188 Mineral Reserves and Resources reported as of December 31, 2010 189 Mineral Resources reported above a cut-off of 1.24 recoverable lbs Cu per ton and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb 190 Mineral Resources as of June 2, 2008 191 Mineral Resources assumes an oxide cut-off of 0.2%, a sulphide cut-off of 0.3% and is constrained by a $2.00/lb copper pit shell 192 Mineral Resources as of June 30, 2012 193 Mineral Resources as of December 31, 2011 194 Mineral Resources assumes a cut-off grade of 1.2% Ni

RESERVES & RESOURCES

The GOLD Investment that WORKS

ROYALTY EQUIVALENT UNITS (REUs)

ROYALTY EQUIVALENT UNITS (REUs)
Royalties and Streams Explained REUs Explained Precious Metals REUs Other Minerals REUs Oil & Gas

ROYALTY EQUIVALENT UNITS

19
FNV

ROYALTIES & STREAMS EXPLAINED
Royalties are ongoing economic interests in the production or future production from a property and, depending on their terms and the laws applicable to the royalty and the project, in general share the following characteristics: • They are not subject to cash calls to fund exploration, development, capital or closure costs and so are lower risk in this respect than an operating interest. • They provide exposure to the upside of commodity price, reserve and production increases. • In some cases, they provide an interest on any new discoveries made on a property which has resulted in significant value creation for Franco-Nevada. • They do not involve operational or development management so a large and diversified portfolio can be assembled without the need for significant corporate overheads.
ROYALTY EQUIVALENT UNITS

Profit-based Interest Royalties are based on the operating profit as defined in the royalty contract. Often, royalty payments only begin after the operator has recovered its capital costs. The net profits interest royalty (“NPI”) is the most common form of these royalties. Similar to an NPI, a net royalty interest (“NRI”) is paid net of operating and capital costs. Streams are metal purchase agreements that provide, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from a mine at a preset price. Streams are well suited to co-product production providing incentive to the operator to produce the gold. Streams are not considered to be royalties because of the ongoing cash payment required to purchase the physical metal. Working Interest (“WI”) holders have an ownership position in the property and operation and hence are liable for cash calls on their share of capital, operating and environmental costs usually in proportion to their ownership percentage. Working interests are not considered to be royalties because of their ongoing funding requirements although, for profitable operations, they can be economically similar in their calculations to NPIs. An example of the financial impact of each different structure is provided below.

The following are brief descriptions of the various royalty structures: Revenue-based Royalties are based on the value of the production or net proceeds received by the operator with defined deductions as specified by the royalty contract. Some forms of revenue-based royalties in the mining and oil & gas industries are: “NSR” Net Smelter Return Royalty “ORR” Overriding Royalty “GR” Gross Royalty “FH” Freehold or Lessor Royalty Economics of NSR vs. Stream vs. NPI
The following is an example of the impact that commodity prices and cost assumptions have on the various structures that Franco-Nevada currently has. The examples assume: Realized price ($/oz) Applicable Costs ($/oz) Margin for calculation ($/oz) NSR, Stream or NPI % Revenue to FNV ($/oz) NSR equivalent Alternatively Ounces required to equal a 1% NSR
(1)

• Gold price of $1,600/oz • Stream interest has a predetermined purchase cost of $400/oz • “All in” operating and sustaining capital costs of $895/oz for a developed NPI/WI(1) • “All in” operating and construction capital costs of $1,131/oz for an undeveloped NPI/WI(1) • 4% NSR, NPI or stream NSR $1,600 – $1,600 4% $64 100% 1.00 oz Stream $1,600 $400 $1,200 4% $48 75% 1.33 oz Developed NPI/WI $1,600 1 $895 $705 4% $28 44% 2.27 oz Undeveloped NPI/WI $1,600 1 $1,131 $469 4% $19 29% 3.41 oz

20
FNV

For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s (“Barrick”) 2012 all-in sustaining cash cost measure, as Barrick represents the largest gold company by production and reserves, as well as being the operator at five of Franco-Nevada’s assets. Excluded from the all-in sustaining measure are general and administrative costs as Franco-Nevada also has such costs which have not been reflected in the applicable cost for NSRs or streams. (2) For applicable costs for an undeveloped NPI or WI, Franco-Nevada has adopted similar assumptions to those listed above. To reflect the cost of developing a new mine, Franco-Nevada has, for illustrative purposes, assumed Barrick’s depreciation per ounce for 2012 of $236 per ounce.

CONCLUSION: Based on the above economics, a comparable percentage NSR can be more than twice as valuable as an equivalent NPI or WI and more than 30% more valuable than a stream interest. With changes to the gold price, the NPI/WI would demonstrate the most leverage while the NSR would provide the most down side protection. The stream provides commodity price leverage similar to a low cost operating company with more certainty as to future costs.
The GOLD Investment that WORKS

ROYALTY EQUIVALENT UNITS (“REUs”) EXPLAINED
In the previous section, Mineral Reserves and Mineral Resources for Franco-Nevada’s assets were tabulated based on the publicly disclosed reports of each operator for each property on a 100% basis. This form of tabulation provides an overall indication of the growth of reserves or resources on projects within Franco-Nevada’s portfolio. However, the tabulation does not provide a specific measure for Franco-Nevada’s interest in such Mineral Reserves and Mineral Resources for the following reasons: • Not all of Franco-Nevada’s assets cover the entire property associated with the operator’s publicly reported figures and Franco-Nevada is not in a position to report separate Mineral Reserve and Resource figures for those properties. • As demonstrated on the previous pages, royalty and stream interests have different economics than an operator has for its stated Mineral Reserves and Resources. In addition, the economics differ between NSR, NPI and stream interests and by property and would need to be factored to be comparable to each other or to an operator’s interest. • Directly attributing specific Mineral Reserves and Mineral Resources to Franco-Nevada may not be appropriate if the operators are not in turn deducting royalty and stream interests from their own publicly reported numbers and may lead to two companies quoting the same reserves and resources. Franco-Nevada’s most common royalty interest is a simple percentage of the commodity produced by an operator from a property. A 2% NSR royalty on a gold property is typical. For this example, attributing 2% of the gold property ounces to Franco-Nevada can provide a view of the potential value realization to Franco-Nevada. NSR royalties are subject to minor transportation, refining and other deductions often approximating $5 per ounce that is generally seen as not material to overall valuations. Effectively, multiplying the number of attributable royalty ounces times the assumed average future gold price can provide a rough approximation of the potential undiscounted pre-tax cash flow to Franco-Nevada from that asset before metallurgical recoveries. By contrast, the valuation of Mineral Reserves and Mineral Resources from an operator’s perspective requires more significant assumptions including, but not limited to, an operator’s future operating, capital and other carrying and closure costs. Franco-Nevada is providing guidance to analysts and investors on how the Company estimates the Royalty Equivalent Units (REUs) on a broad range of its assets. The objective of an REU for any property is that it should be a reasonable comparison to a calculation of the number of attributable NSR royalty ounces that Franco-Nevada might have with a typical straight forward gold royalty or stream covering all of the reported operator reserves and resources. The use of REUs provides a common basis of comparison between different asset types and royalty property coverages. To achieve comparable REU figures, guidance and adjustments are required from FrancoNevada management in the following circumstances: 1. The royalty or stream property does not cover all the operator reported reserves or resources. Franco-Nevada’s management will provide its best approximation for each asset as to the appropriate percentage of mineral resources and mineral reserves that should be factored to estimate the equivalent REUs. 2. It is a stream interest with an associated $400 cost per ounce. The number of attributable stream ounces will be factored to make them economically equivalent to an NSR ounce. As demonstrated in the previous section, for a $1,600 gold price and a $400 cost per ounce, stream ounces are factored by 75% to become comparable to NSR equivalent ounces of REUs. 3. It is an NPI royalty. An NPI is subject to the operating and capital costs specific to each asset. For planning purposes, FrancoNevada’s management generates its own internal LOM projections for each of its assets in order to determine its own reasonable estimates. Franco-Nevada management will provide its best approximation as to the economically equivalent NSR rate using a $1,600 gold price assumption. 4. It is an asset producing PGMs. The number of attributable platinum or palladium ounces are converted into gold equivalent ounces using analyst consensus prices. In addition, NSR deductions are more material for certain PGM assets subject to NSR deductions such as Stillwater. For Stillwater’s REU calculation, 14% of the ounces have been deducted to reflect the higher NSR deduction for that asset compared to typical gold NSR assets.

21
FNV

ROYALTY EQUIVALENT UNITS

2013 ASSET HANDBOOK

Franco-Nevada Corporation

5. It is a base metal asset. These REUs are calculated similar to precious metals but are done so in units of attributable copper or nickel net of NSR deductions as these deductions are more material than for gold operations. The objective again is to provide an REU to which an assumption of future commodity prices can be applied to estimate an undiscounted pre-tax cash flow to Franco-Nevada before metallurgical recoveries. In the following section, Franco-Nevada has provided details on assets that include summary figures for the Mineral Reserves (P&P Reserves), Mineral Resources (M&I Resources inclusive of reserves) and Inferred Resources associated for each asset profiled. Franco-Nevada management has also provided the related P&P REUs, M&I REUs and INF REUs for each of those assets and the key guidance and assumptions that were required to derive those REUs.

For oil & gas assets, Franco-Nevada receives a technical report from an independent consultant that estimates undiscounted and discounted cash flows for assets with Proven and Probable Reserves. These are tabulated at the end of this section. Subject to the cautionary statements in the Asset Handbook, our AIF and Form 40-F regarding forward looking information and the use of technical and third party information, Franco-Nevada believes that REUs provide a useful alternative for analysts and investors to understand its assets. Readers are reminded that the REUs are prepared by management of Franco-Nevada and have not been reviewed or endorsed by the operators of the projects.

ROYALTY EQUIVALENT UNITS

REU by REU Resource REU by Resource by Category Resource Category Category M&I REU M&I by M&I REU location REU by location by (inclusive location (inclusive of (inclusive P&P)of P&P) of P&P) M&I REU M&I by M&I REU typeREU by (inclusive type by type (inclusive of (inclusive P&P)of P&P) of P&P) By Resource Category By Location (inclusive of P&P) By Type (inclusive of P&P)

REU

M&I REU

M&I REU

P&P M&I Inf

P&P P&P M&I M&I Inf Inf

United States United United States States Canada Canada Canada Australia Australia Australia Rest of World Rest Rest of World of World

NSR NPI

NSR NSR NPI NPI

Stream Stream Stream

22
FNV

The GOLD Investment that WORKS

PRECIOUS METALS REUs
Precious Metal REUs 1,2 Asset Type
Goldstrike Gold Quarry Marigold Bald Mountain Mesquite Hollister Dee (Storm/South Arturo) Sandman Pinson Robinson Detour Lake Detour Block A Sudbury Au Hislop Holloway Holt Taylor, Aquarius and Clavos Musselwhite Hemlo Timmins West Canadian Malartic Phoenix Kirkland Lake Mouska New Prosperity* Goldfields (Box/Athona) Courageous Lake Duketon Henty South Kalgoorlie Bronzewing Red October Admiral Hill Bullabulling Glenburgh White Dam Wiluna Cobre Panama Palmarejo MWS Tasiast Subika Cerro San Pedro Edikan Cooke 4 North Lanut Ity Agi Dagi Perama Hill San Jorge Taca Taca Gurupi Kiziltepe Mt Muro NSR/NPI NSR NSR NSR NSR NSR NSR NSR NSR NSR NSR NSR Stream NSR NSR NSR NSR NPI NSR/NPI NSR NSR NSR NSR NSR Stream NSR NSR NSR NSR NSR NSR NSR NSR NSR NPI NSR NSR Stream Stream Stream NSR NSR NSR NSR Stream NSR NSR NSR NSR NSR NSR NSR NSR NSR

P&P REUs (000s)
336 113 189 120 36 14 85 0 0 1 311 0 15 1 5 49 2 43 31 19 18 0 0 1 1,824 20 66 60 2 9 7 1 0 0 0 0 0 4,132 249 219 159 157 15 51 0 2 2 0 20 7 0 23 3 3

M&I REUs 3 (000s)
390 113 214 146 86 21 129 1 0 7 465 49 30 3 25 106 17 44 69 28 21 7 10 1 2,171 21 81 88 5 35 13 4 0 11 2 0 61 4,975 611 219 294 201 33 81 139 6 8 30 28 98 82 33 4 3

Inf REUs (000s)
23 0 43 14 10 7 25 2 0 1 116 39 8 0 51 26 4 17 10 41 2 35 22 0 0 5 35 65 0 25 6 2 0 5 3 0 69 2,254 171 0 16 46 17 26 1,339 0 1 19 11 4 18 2 0 0

GOLD - UNITED STATES

GOLD - CANADA

ROYALTY EQUIVALENT UNITS

GOLD - AUSTRALIA

GOLD - REST OF WORLD

GOLD REUs
Stillwater Sudbury PGM Pandora NSR Stream NPI

6,596
465 69 28

9,150
465 115 302

4,633
0 14 42

PGM

23
FNV

PGM REUs Total Precious Metals REUs

563 7,159

882 10,032

57 4,690

1 For information regarding calculation of each REU, please refer to the individual asset writeups 2 Appropriate metallurgical deductions should be made to the reserves and resources shown in order to estimate metal produced 3 M&I REUs include P&P REUs * Totals do not include New Prosperity

2013 ASSET HANDBOOK

Franco-Nevada Corporation

OTHER MINERAL REUs
Copper REUs
Copper REUs 1,2,3 Asset Type P&P REUs (millions) M&I REUs 4 (millions) Inf REUs (millions)

Rosemont Robinson Vizcachitas Relincho Taca Taca

NSR NSR NSR NSR NSR

75 2 0 106 0 183

97 9 43 156 194 499

14 2 40 54 69 179

Total Copper REUs

1 For information regarding calculation of each REU, please refer to the individual asset writeups 2 Appropriate metallurgical deductions should be made to the reserves and resources shown in order to estimate metal produced 3 Assumes NSR deductions of 15% 4 M&I REUs include P&P REUs



Nickel REUs






P&P REUs (millions) M&I REUs 4 (millions) Inf REUs (millions)

Nickel REUs 1,2,3 Asset Type

Mt Keith Falcondo

NSR NPI

6 44 49

13 51 63

1 3 4

ROYALTY EQUIVALENT UNITS

Total Nickel REUs

1 For information regarding calculation of each REU, please refer to the individual asset writeups 2 Appropriate metallurgical deductions should be made to the reserves and resources shown in order to estimate metal produced 3 Assumes NSR deductions of 15% for Falcondo and 25% for Mt Kieth 4 M&I REUs include P&P REUs



OIL & GAS
GLJ Petroleum Consultants Ltd. (“GLJ”) was engaged by Franco-Nevada to evaluate the crude oil and natural gas reserves of its Oil & Gas Assets’ producing properties and the value of future net revenue attributable to such reserves. GLJ has prepared a report in accordance with the requirements of NI 51-101. The GLJ Report was dated February 12, 2013 with an effective date of December 31, 2012. The GLJ Report was prepared using assumptions and methodology guidelines outlined in the COGE Handbook. All evaluations of future revenue contained in the GLJ Report are after the deduction of royalties, development costs, production costs and well abandonment costs of all wells to which reserves have been attributed, but before consideration of indirect costs such as general and administrative, overhead recovery and other miscellaneous expenses. The estimated future net revenues contained in the following tables do not necessarily represent the fair market value of the reserves. There is no assurance that the forecast price and cost assumptions contained in the GLJ Report will be attained and variances could be material. The recovery and reserves estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. Reserves Data The following table sets forth a summary of the crude oil and natural gas reserves and the value of future net revenue of Franco-Nevada as at December 31, 2012 as evaluated by GLJ in the GLJ Report using forecast prices and costs. Some of the tables may not add due to rounding.
Reserves Category


Light & Medium Oil
Gross (mbbl) Net (mbbl) Gross (mbbl)

Heavy Oil
Net (mbbl) Gross (mmcf)

Natural Gas NGLs
Net (mmcf) Gross (mbbl) Net (mbbl) Gross (mboe)

Total Oil Equivalent
Net (mboe)

24
FNV

Proved Producing 14,491 13,562 – 113 1 8,555 – 231 14,491 Developed Non-Producing 1,596 1,394 – – – – – – 1,596 Undeveloped 4,639 4,277 – – – – 171 171 4,810 Total Proved Total Probable Total Proved Plus Probable 20,726 10,049 30,775 19,233 9,302 28,535 – – – 113 25 138 1 0 2 8,555 2,762 11,316 171 92 263 402 175 577 20,897 10,141 31,038

15,332 1,394 4,448 21,174 9,962 31,136

The GOLD Investment that WORKS

The following table set forth the net present value of future net revenue attributable to the reserves categories referred to above, before deducting future income tax expenses, calculated without discount and using a discount rate of 5%, 10%, 15% and 20%:
Net Present Values of Future Net Revenue Before Income Taxes Discounted At (%/year) Reserves Category 0% 5% Proved Producing $ 770,542 $ Developed Non-Producing 102,233 Undeveloped 196,733 Total Proved 1,069,507 Total Probable 681,901 Total Proved Plus Probable $ 1,751,408 553,150 $ 57,211 89,850 700,212 318,536 $ 10% 15% (C$000) 426,149 $ 35,009 41,648 502,806 173,900 676,706 $ 345,007 $ 23,036 17,685 385,728 106,007 491,735 $ 20% 289,554 16,083 4,867 310,504 70,069 380,573

$ 1,018,748

The following table sets forth the net present value of future net revenue attributable to the proved, probable and proved plus probable reserves, by major and other producing assets, before deducting future income tax expenses, calculated without discount and using a discount rate of 5%, 10%, 15% and 20%. Columns may not add due to rounding.
Net Present Values of Future Net Revenue Before Income Taxes Discounted At (%/year)
Reserves Category 0% 5% 10% 15% (C$000) 20%

ROYALTY EQUIVALENT UNITS

Proved • Weyburn $ 912,028 $ 591,433 $ 419,417 $ 317,680 $ 252,698 • Midale 41,367 26,066 18,829 14,737 12,129 • Edson 35,960 27,243 22,064 18,643 16,212 • Other 80,152 55,469 42,496 34,668 29,465 Total Proved 1,069,507 700,212 502,806 385,728 310,504

Probable • Weyburn $ 624,370 $ 292,218 $ 158,574 $ • Midale 15,767 6,116 3,228 • Edson 15,824 8,726 5,647 • Other 25,940 11,476 6,451 Total Probable 681,901 318,536 173,900

95,723 $ 62,5467 2,034 1,423 4,024 3,053 4,226 3,046 106,007 70,069

Proved Plus Probable • Weyburn $ 1,536,397 $ 883,651 $ 577,991 $ 413,403 $ 315,245 • Midale 57,133 32,182 22,057 16,771 13,552 • Edson 51,784 35,969 27,711 22,667 19,265 • Other 106,094 66,946 48,947 38,894 32,511 Total Proved Plus Probable $ 1,751,408 $ 1,018,748 $ 676,706 $ 491,735 $ 380,573

See “Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards” and “Oil & Gas Information Advisory”.

25
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2013 ASSET HANDBOOK

Franco-Nevada Corporation

ASSET INDEX BY CATEGORY
Gold
UNITED STATES Goldstrike Gold Quarry Marigold Bald Mountain Mesquite Hollister Dee (Storm/South Arturo) Pinson CANADA Detour Sudbury Gold (3 mines) Golden Highway (3 mines) Musselwhite Hemlo Timmins West Canadian Malartic Phoenix Kirkland Lake New Prosperity Goldfields Courageous Lake AUSTRALIA Duketon Henty South Kalgoorlie (2 mines) Bronzewing Red October REST OF WORLD Cobre Panama Palmarejo MWS Tasiast Subika Cerro San Pedro Edikan Cooke 4 Ity Agi Dagi Perama Hill San Jorge Gurupi
Page

PGM
Stillwater Sudbury PGM (3 mines) Pandora

Page

29 30 31 32 33 34 35 36

67 68 69

Other Minerals
Mt Keith (Ni) Rosemont (Cu, Mo, Ag) Peculiar Knob (Fe) Robinson (Cu, Au) Falcondo (Ni) Relincho (Cu, Mo) Taca Taca (Cu, Au, Mo)

Page

37 38 39 40 41 42 43 44 45 46 47 48

70 71 72 73 74 75 76

Oil & Gas
Weyburn Unit (Oil) Midale Unit (Oil) Edson (Gas/NGL) Other Producing Oil & Gas Assets Arctic Gas

Page

77 78 79 80 81

49 50 51 52 53

26
FNV

54 55 56 57 58 59 60 61 62 63 64 65 66

ASSETS

The GOLD Investment that WORKS

ASSETS

FRANCO-NEVADA ASSETS
Gold - United States Gold - Canada Gold - Australia Gold - Rest of World PGMs Other Minerals Oil & Gas Exploration ASSETS

27
FNV

ALPHABETICAL ASSET INDEX
Agi Dagi Arctic Gas Bald Mountain Bronzewing Canadian Malartic Cerro San Pedro Cobre Panama Cooke 4 Courageous Lake Dee (Storm/South Arturo) Detour Duketon Edikan Edson (Gas/NGL) Falcondo (Ni) Golden Highway (3 mines) Goldfields Gold Quarry Goldstrike Gurupi Hemlo Henty Hollister Ity Kirkland Lake Marigold Mesquite 63 81 32 52 43 59 58 61 48 35 37 49 60 79 74 39 47 30 29 66 41 50 34 62 45 31 33 Midale Unit (Oil) Mt Keith (Ni) Musselwhite MWS New Prosperity Other Producing Oil & Gas Assets Palmarejo Pandora Peculiar Knob (Fe) Perama Hill Phoenix Pinson Red October Relincho (Cu, Mo) Robinson (Cu, Au) Rosemont (Cu, Mo, Ag) San Jorge South Kalgoorlie (2 mines) Stillwater Subika Sudbury Gold (3 mines) Sudbury PGM (3 mines) Taca Taca (Cu, Au, Mo) Tasiast Timmins West Weyburn Unit (Oil) 78 70 40 56 46 80 55 69 72 64 44 36 53 75 73 71 65 51 67 58 38 68 76 57 42 77 Various Producing and Advanced Assets have been profiled. Exploration Assets can be found tabulated on pages 82-84.

ASSETS

28
FNV The description and depiction of our assets in this Asset Handbook has been simplified for presentation purposes. More current information may be available in our subsequent disclosure and on our web site. Mineral reserves and resources information for 2011 is provided for comparative purposes only. For a detailed breakdown of the 2011 mineral reserves and resources, please refer to our AIF for the year ended December 31, 2011 available on SEDAR at www.sedar.com.

The GOLD Investment that WORKS

GOLDSTRIKE

Location: Operator: Royalty:

Nevada Barrick Gold Corporation NSR: 2-4% / NPI: 2.4-6%

Franco-Nevada holds royalties covering the majority of the Goldstrike complex operated by Barrick. The Goldstrike complex is located on the Carlin Trend, about 60 kilometres (“km”) northwest of the town of Elko, Nevada. The Goldstrike complex includes the open-pit Betze-Post mine as well as the underground operations of Meikle and Rodeo immediately to the north. Mining activity commenced on the property in 1976 and since 1986 has been operated by Barrick. Barrick reported that the Goldstrike complex produced 1.174 million ounces (“Moz”) of gold in 2012. Franco-Nevada holds NSR (2-4%) and NPI (2.4-6%) royalties at Goldstrike covering the majority but not all of the reported mineral reserves and mineral resources. Included is low grade ore that has been stockpiled for later processing. The royalties vary depending on the claim blocks as shown in the figure. As a result, royalty payments can vary substantially on a quarterly basis depending on mine sequencing and waste stripping. The timing of capital investments can also impact the timing of the payment of profit royalties. Goldstrike is a mature mining operation for which the majority of capital has already been spent and recovered. Overall production rates have been declining and, as a result, Franco-Nevada’s revenue derived from its NSR has also declined despite higher gold prices. At the same time, higher gold prices have been contributing to higher revenue derived from its NPI substantially compensating for the decline in production. For 2013, Barrick anticipates lower production from Goldstrike versus 2012 primarily due to lower Extension 5% NPI throughput capacity while the autoclaves are being modified as part 4% NSR Goldstrike of the thiosulphate project. These modifications are expected to be Underground completed in 2014 and are expected to contribute 350-400 thousand Mine Meikle/Rodeo ounces (“koz”) of gold over the first full five years of production. Gold Bug Royal 5% NPI 3% NSR As well, Barrick anticipates higher capital expenditures during 2013 4% NSR which will impact Franco-Nevada’s NPI. The Goldstrike royalties are expected to have a long life with mining likely to continue for Goldstrike Bazza Strip the foreseeable future followed by a long period of processing of 2% NSR Open Pit Mine N 2.4% NPI SJ accumulated stockpiles. 6% NPI
1 Mile

Asset highlights: • Proven long life established operation with world class operator • Both revenue and profit based royalties • Profit royalties benefiting from gold price leverage

Corbett 2% NSR

Bazza 2% NSR

5% NPI 4% NSR

Post

Pandora 2% NSR Rodeo Creek 4% NSR

Goldstrike 5% NPI 4% NSR

ASSETS

Weimer 4% NSR

Above 4600’

SPLC Lease 6% NPI

Goldstrike Mine
2011 20.3 25.2 45.0 12,377 14,352 836 444 514 30 $ $ 2010 16.0 33.2 49.2

Total NSR Revenue to Franco-Nevada ($ million): Total NPI Revenue to Franco-Nevada ($ million): Total Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $ $

2012 20.7 35.0 55.7 12,338 14,320 834 336 390 23

$ $

29
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 71% (80% estimated in 2011) of the Goldstrike mineral reserves and resources are subject to our royalty interests and estimates an average REU rate of 3.85% (4.5% in 2011) is applicable at current Au price 3 For additional information on the Goldstrike complex, please see Franco-Nevada’s AIF dated March 19, 2013, a copy of which is available under Franco-Nevada’s profile on SEDAR at www.sedar.com

2013 ASSET HANDBOOK

Franco-Nevada Corporation

GOLD QUARRY
Location: Operator: Royalty: Nevada Newmont Mining Corporation NSR: 7.29%

The Gold Quarry operation is part of Newmont Mining Corporation’s (“Newmont”) Carlin operations in north-central Nevada. It is a large open pit mine that has been in production since 1985 supplying ore as part of an integrated mining complex with different mines supplying variable ore types and grades to a variety of processing facilities situated throughout the complex. Newmont has significant milling and roasting processing infrastructure immediately east of the Gold Quarry pit. Newmont currently reports mineral reserves and production numbers by area and does not publicly quote separate Gold Quarry numbers. Franco-Nevada acquired its royalty interest on a portion of the Gold Quarry property on December 29, 2008 as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production or different annual minimum royalty payment obligations tied to mineral reserves and stockpiles attributed to the Gold Quarry royalty property. Based on reserve related minimum royalty provisions, Franco-Nevada expects to receive on average at least 11,250 gold royalty ounces per annum. In 2013, stockpile-related minimum royalty provisions are expected to apply which would increase the royalty payable. Gold Quarry expects to complete mining in the current layback in 2013 and plans to start an additional layback during 2013 which is expected to be mined for five years. Mine life is now estimated by the operator to extend to 2028. Asset highlights: • Guaranteed minimum annual payment obligations • Registered on private lands • Adjacent to Newmont’s milling and roasting infrastructure • Expected long life royalty asset
N
0.5 Mile

7.29% NSR

7.29% NSR

West Wall Layback

Gold Quarry Open Pit

Gold Quarry Mine
Potential Greater Gold Quarry Expansion

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 18.6 NA NA NA 113 113 –

$

2011 17.9 NA NA NA 113 169 –

$

2010 20.4

30
FNV

P&P REUs (000s) 3 M&I REUs (000s) 2,3 Inf REUs (000s) 3

1 Newmont does not disclose mineral reserves and resources for individual assets in Nevada 2 M&I categories are inclusive of reserves 3 For REU calculation, FNV management assumes we receive annually the minimum royalty provision of 11,250 ounces for 10 years for P&P and M&I (15 years estimated for M&I in 2011)

The GOLD Investment that WORKS

MARIGOLD

Location: Operator: Royalty:

Nevada Goldcorp Inc. / Barrick Gold Corporation NSR: 1.75-5% / GR: 0.5-4%

The Marigold mine is located approximately 64 km southeast of Winnemucca, Nevada. It is a conventional open pit heap leach operation and is operated by a joint venture between Goldcorp Inc. (“Goldcorp”) (66.7%) and Barrick (33.3%). Franco-Nevada has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering almost all of the current mineral reserve base. Franco-Nevada’s original royalties were acquired in connection with the IPO and, in December 2009, additional royalties covering alternate sections were added. The operators reported production decreased by approximately 6% to 144 koz in 2012 compared to 2011 production of 153 koz. Marigold continued to focus on a stripping campaign during the year as mining transitioned from the Basalt pit to the Target 2 pit. Ore will predominately be sourced from the Target 2 pit during 2013. The operators reported a significant increase in proven and probable gold reserves at the mine (on a 100% basis) to 4.92 Moz at December 31, 2012 from 3.48 Moz at December 31, 2011. Exploration focused on the Target II, Target III and the Red Dot deposits with approximately half the reserve increase attributed to positive results and the other half attributed to a decrease in cut-off grade associated with a higher gold price assumption. Asset highlights: • Proven long life established operation with world class operator • Impressive increase to reserves at December 31, 2012 • Higher gold prices have recently transformed smaller satellite pits into potentially a larger continuous pit approximately 3 km in length
5% NSR

1.75% NSR

5% NSR

Valmy

5% NSR

1.75% NSR

5% NSR

5% NSR

5 North Deposit
2.5%-4% GR* 5% NSR

N
1 Mile

5% NSR

8 North Deposit
1.75% NSR

5% NSR

5% NSR

Terry Zone North Deposit
5% NSR 2.5%-4% GR*

5% NSR

Terry Zone Pit
2.5%-4% GR* 0.5%-1.5% GR* 2.5%-4% GR*

Marigold Mine
*December 2009 Acquisition

Red Dot East Hill Deposit East Deposit Mackay Deposit
2.5%4% GR*

5% NSR

3% NSR*

Target 2 Deposit
1.75% NSR

Target Pit

5% NSR

3% NSR*

3% NSR*

Basalt Pit Schematic Representation Only

ASSETS

1.75% NSR

Antler Pit

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 10.9 4,920 5,550 1,110 190 214 43

$

2011 10.3 3,480 3,885 150 92 103 4

$

2010 9.1

31
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 94% (97% in 2011) of the Marigold Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average REU rate of 4.11% (2.7% in 2011) is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

BALD MOUNTAIN
Location: Operator: Royalty: Nevada Barrick Gold Corporation NSR/GR: 0.875-5%

The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada, approximately 110 km southeast of Elko. Bald Mountain is operated by Barrick and ore is sourced from multiple open pits over an estimated 150,000 acre property. Processing is done at multiple conventional heap leaching facilities using carbon absorption for gold recovery. The U.S. Bureau of Land Management (the “BLM”) approved a planned expansion of the Bald Mountain mine and Barrick is working on a plan to consolidate the site into two plans of operations so it can expand. The new north area plan would expand the disturbance footprint from 8,899 acres to 13,631 acres. The expansion is expected to increase the life of the mine to 2032. The new south area would expand the ground disturbance from 90 to 3,644 acres and add a new area called the Gator Pit. The plans were submitted to the BLM in October 2011 and it is anticipated the draft environmental impact statement (the “BLM EIS”) will be approved in 2013. The final BLM EIS is expected in 2014 and a record of decision is expected in 2015. Franco-Nevada’s Bald Mountain royalties cover a significant portion, but not all, of the Bald Mountain property. Franco-Nevada holds various revenue royalties on the property depending on the claim groups ranging from 0.875% to 5% NSR/GR. A detailed map of our royalties is shown in the schematic. Barrick reported that production at Bald Mountain increased by 73% from 2011 to 161 koz of gold in 2012 mainly due to increased tons mined and processed as a result of an ongoing mine expansion. According to Barrick, production in 2013 is expected to decrease due to the impact of increased waste stripping on the availability of ore. Bald Mountain is expected to be a long-term stable producer for Franco-Nevada. Asset highlights: • Proven established long life operation with world class operator • Recently completed mine expansion • Ongoing exploration
Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

1%-5% GR

Royale

North Block
North Duke South Duke

LJ Ridge 2/3 5 1 South Ridge Banghart

1%-5% GR

4% NSR*

Poker Flats
4% NSR*

RBM

Rat

Galaxy

Top
0.875 to 1.75% NSR

Sage Flats
4% NSR 2.418% NSR

Bida Belmont

Horseshoe

4% NSR

Saga

4% NSR

4% NSR*

4% NSR*

N
1 Mile

4% NSR*

Lux/Vantage Targets
4% NSR* 4% NSR
North Block

South Block
South Block

ASSETS

Yankee Targets
4% NSR*

Bald Mountain Mine
Excluded from Royalty
* Subject to possible reduction by third-party royalty

2012 $ 8.8 5,161 6,663 762 120 146 14

$

2011 3.9 5,102 6,725 787 123 150 13

$

2010 1.6

32
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 66% (69% in 2011) of mineral reserves and 53% (50% in 2011) of mineral resources are subject to our royalty interest and estimates an average REU rate of 3.5% (unchanged from 2011) is applicable to P&P reserves and 3.4% (3.3% in 2011) for M&I and inferred resources

The GOLD Investment that WORKS

MESQUITE

Location: Operator: Royalty:

California New Gold Inc. NSR: 0.5-2%

Mesquite is a gold operation located in south-east California approximately 70 km northwest of Yuma, Arizona and 230 km east of San Diego, California. The mine is an open pit, run-of-mine, heap leach operation. It was originally started in 1986 and then re-started in January 2008 by Western Goldfields Inc., a predecessor company of New Gold Inc. (“New Gold”). Franco-Nevada holds royalties on the entire Mesquite mine property that range from a 0.5% to 2% NSR depending on the claim block as shown by the schematic. New Gold reported 2012 production of 142 koz of gold which was down 10% from 2011 production primarily due to lower grades being placed on the leach pads as planned due to mine sequencing. Also, more ore was sourced from the lower percentage royalty ground. Looking ahead to 2013, mining is expected to remain in a portion of the pit that has average grades below that of Mesquite’s global reserve grade, resulting in an expected modest decrease in production. Based on New Gold’s longer term plans, it is expected that, after 2013, Mesquite’s production should increase to historical levels. Asset highlights: • 2013 mining scheduled to remain on lower grade portion of mine resulting in a modest production decrease • After 2013, production is expected to increase to historic levels

Big Chief Brownie 0.5% NSR

Rainbow

1% NSR $500 Gold Pit

Vista

N
1 Mile

2% NSR

Mesquite Mine

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 3.9 2,342 5,684 651 36 86 10

$

2011 4.8 2,762 5,534 512 46 92 9

$

2010 4.2

33
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 1.52% (1.67% in 2011) is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

HOLLISTER

Location: Operator: Royalty:

Nevada Great Basin Gold Limited NSR: 3-5%

Hollister is an underground mine located at the northern end of the Carlin Trend in the Ivanhoe Mining District, Elko County, Nevada, approximately 121 km east-northeast of Winnemucca, Nevada. Great Basin Gold Limited (“GBG”) owns and operates the Hollister project. Franco-Nevada holds a 5% NSR royalty on approximately 7,000 acres of the Hollister project. However, the NSR royalty is reduced by 2% on 45 claims known as the Hillcrest-Finley River Block, effectively giving Franco-Nevada a 3% NSR royalty on production from that area. GBG initiated creditor protection proceedings in Canada under the Companies’ Creditors Arrangement Act in September 2012 and on February 25, 2013, GBG’s subsidiary, Rodeo Creek Gold Inc., and certain of its affiliates, entered US Bankruptcy Code Chapter 11 restructuring proceedings in Nevada. GBG has initiated a sales process for the Hollister mine but does not expect any interruptions in its day-to-day business. Franco-Nevada will work with the ultimate purchaser of the Hollister mine with the objective of ensuring the continued payment of its royalty.
Hillcrest Finley River Block 3% NSR

N
1 Mile

Hollister Deposit

Hollister/Ivanhoe 5% NSR

USX Pits

Hatter Discovery

Hollister Project
ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 3.2 455 706 221 14 21 7

$

2011 5.0 832 1,463 1,027 25 44 31

$

2010 1.1

34
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 3% is applicable

The GOLD Investment that WORKS

DEE

(STORM/SOUTH ARTURO)

Location: Operator: Royalty:

Nevada Barrick Gold Corporation / Goldcorp Inc. GR: 4-9% with AMR

The Dee project is located at the north end of the Carlin Trend, approximately 45 km north-west of the town of Carlin, Nevada. The project is operated by a joint venture between Barrick (60%) and Goldcorp (40%). Underground mining is occurring on the Storm property immediately north of the Dee property which is accessed through the historic Dee pit. Franco-Nevada holds a sliding scale gross royalty on production from the Dee claims which ranges from 4% to 9% and is tied to a consumer price indexed (CPI) dollar value of the ore. Additionally, Franco-Nevada receives annual advance minimum royalty payments of $200,000 which will be credited against any future production royalty payments. The draft environmental impact statement for the project proposal completed its 45-day public review and comment period in March 2013. The proposed project includes the expansion of the existing open pit, construction of two new waste-rock disposal storage facilities, construction of a new heap-leach facility, and the construction of new support facilities. The life of the project is estimated to be approximately 10 years of mining and ore processing followed by 3 years of site closure and reclamation.

Dee 4-9% GR

N
1 Mile

Storm Underground Deposit

Deep North Target Exclude Historic Dee Pit South Arturo Deposit

Exclude from Royalty

Dee Project

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

2012 $ 0.2 2,368 3,587 703 85 129 25

$

2011 0.2 2,330 3,710 393 84 134 14

$

2010 0.2

35
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 90% of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 4% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

PINSON

Location: Operator: Royalty:

Nevada Atna Resources Ltd. and Barrick Gold Corporation NSR: 1-2%

Franco-Nevada holds a 1-2% NSR royalty on approximately 20 sections and a smaller royalty on another half section of checkerboard land in the area covering portions of the Pinson and Getchell projects in Nevada. The Pinson project is located near Winnemucca in Humboldt County, Nevada, just south of Barrick and Newmont’s Getchell/ Turquoise Ridge mine and 8 miles from Newmont’s Twin Creeks mine complex. From 1980 to 1999, the Pinson mine produced 985 koz of gold through open pit mining and heap leach and oxide mill recovery. In September 2011, Atna Resources Ltd. (“Atna”) announced that it had acquired Pinson Mining Company’s (“PMC”) 70% interest in the Pinson mine. The 70% interest includes four square miles of land (2,560 acres) which contains all areas of previous gold production as well as the area containing the current estimated mineral resources. PMC (a subsidiary of Barrick) became the owner of all, or portions of 21 square miles (13,440 acres) of land surrounding the four sections owned by Atna. As part of the transaction, Atna also signed a non-exclusive ore milling and gold purchase agreement allowing for processing of Pinson mine ores at Barrick’s Goldstrike processing facilities. Atna reported that work in 2012 focused on the development of secondary egress while driving the spiral deeper and completing crosscuts to ore stoping areas. Construction of the site assay lab was completed and is now in operation. A major modification to the operating permit was submitted in 2012 to allow an increased mining rate of up to 400,000 tons of ore per year. Public comment for this permit expired on January 7, 2013. Atna is awaiting the outcome of this process. Atna’s goal for 2013 is to end the year with a total of nine operating ore stoping areas, with additional stopes being continuously developed to replace depleting stopes. Together with underground truck haulage, this number of working faces should achieve a daily production rate in the 800 to 1,000 ton per day range. Ore production is expected to increase through the year as additional ore stopes are developed.
1% NSR

Twin Creeks Mine

Turquoise Ridge Deposit

N
2% NSR (Getchell)
1 Mile

Mineral Resource Area

2% NSR (Getchell)

2% NSR (Getchell)

ASSETS

.08% NSR 1% NSR

2% NSR (Getchell)

Pinson Royalty Lands

2% Getchell Royalty

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 0.1 645 2,055 874 – – –

$

2011 0.1 – 2,055 874 – 2 1

$

2010 0.1

36
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 0% (10% assumed in 2011) of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 1.0% is applicable

The GOLD Investment that WORKS

DETOUR

Location: Operator: Royalty:

Ontario / Quebec Detour Gold Corporation NSR: 2%

Franco-Nevada has a 2% NSR royalty that covers all reported mineral resources at the Detour Lake mine which is located 185 km northeast from the town of Cochrane, Ontario. Detour Gold Corporation (“Detour”) is the operator. Placer Dome Inc. operated a mine on the property from 1983 through 1999 and has reported that it produced approximately 1.8 Moz of gold. The mine poured its first gold in February 2013 and Franco received its first payment in March. Franco expects Detour to be a long-term revenue contributor to the Company with a current life of mine plan of over 20 years. Average annual gold production is estimated by Detour at 657 koz of gold based on a throughput ranging from 55,000 to 61,000 tonnes per day (“tpd”) at total cash costs between $710-749/oz. For 2013, Detour expects to produce between 300-350 koz. The property has a large prospective land position of approximately 566 square kilometres (“km2”) with two main gold structures with a total strike length of over 80 km. Detour continues to explore focusing on the Block A property (consolidated with the purchase of Trade Winds Ventures Inc. in December 2011) as well as testing targets on structure south of Detour Lake. Detour has a stated goal of growing its reserve base to greater than 20 Moz from its current reserve TWD Project Mine Option A base of 15.6 Moz. Property Asset highlights: • Poured first gold in February 2013 • Expected to produce 300-350 koz in 2013 • At full production, expected to produce on average 650 koz • Possibility of future expansion
N

B
Detour Gold Project

D
Sunday Lake Deformation Zone

C

Detour Lake
Franco-Nevada 2% NSR royalty property
O 2.5 Kilometres 5

Lower Detour Lake Deformation Zone

E

Quebec

Ontario

Gowest (TWD)

ASSETS

Revenue to Franco-Nevada ($ million): Detour Lake P&P Reserves (koz Au) : Detour Lake M&I Resource (koz Au)1: Detour Lake Inferred Resource (koz Au)1:
1

2012 – 15,573 23,261 5,785 2,448 1,967 311 514 155



2011 – 15,573 23,261 5,785 2,448 1,967 311 514 155



2010 –

Block A M&I Resource (koz Au)1: Block A Inferred Resource (koz Au)1: P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

37
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

SUDBURY GOLD

Location: Operator: Stream:

Ontario KGHM International Ltd. 50% Gold Stream

Please see “PGM Assets: Sudbury PGM” for an asset description. The following are revenue figures, reserve and resource estimates and attributable REUs for the gold component of our 50% precious metal stream agreement with KGHM International Ltd. (“KGHM”).
Podolsky Levack (Morrison Deposit) McCreedy West
N
0 5 Km

Coleman Strathcona Mill

Nickel Rim South

SUDBURY
Clarabelle Mill Smelter Copper Cliff Creighton

Sudbury Igneous Complex Chelmsford Formation Onaping & Onwatin Formations Current and Former Mines Mill Smelter

Totten

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2


2012 $ 15.4 40 80 20 15 30 8

$

2011 14.3 40 80 20 15 30 8



2010 –

38
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our 50% stream interest to which a 75% (76% in 2011) factor has been applied to estimate REUs. Note that this stream interest is calculated based on contained ounces in ore so there are no losses associated to metallurgical recoveries

The GOLD Investment that WORKS

GOLDEN HIGHWAY
Location: Operator: Royalty: Ontario St Andrew Goldfields Ltd. NSR: 0.25%-15%

Holt Mine & Mill

Holloway Mine

Franco-Nevada has multiple NSR royalties ranging from 0.25-15% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread over more than 120 km. Highway 101 that parallels this trend is referred to as the “Golden Highway” so FrancoNevada has grouped together several producing royalties and development projects under this one title. Most of the properties are owned and operated by St Andrew Goldfields Ltd. (“St Andrew”) and ore is processed through a central milling complex. St Andrew reported that total production in 2012 was 95.6 koz of gold. St Andrew operates three mines in the area (all under Franco-Nevada royalties) and expects to produce between 95 and 105 koz of gold in 2013. Holloway: Franco-Nevada has a sliding scale NSR royalty of 2% if the price of gold is less than $800/oz, increasing by 1% for every $100/oz increase in the price of gold, up to a maximum of 15%. St Andrew re-started production at the Holloway mine in 2009. Holt: The Holt property is immediately south of the Holloway mine and hosts the Holt mill complex and the Holt mine. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/oz and increasing in 1% increments for each $100/oz increase in the gold price, to a maximum of 10%. St Andrew re-started operations at the Holt mine in 2011. Hislop: The Hislop property is located approximately 50 km to the west of the Holt mill where ore is trucked for processing. Franco-Nevada has a 4% NSR royalty on the Hislop property which includes minimum royalty payment commitments. St Andrew brought the Hislop open pit mine into production in the third quarter of 2010. In addition, Franco-Nevada has royalties on St Andrew’s Taylor project (1% NSR) and the Aquarius deposit (1-2% NSR). St Andrew extracted a 15,000 tonne bulk sample at Taylor in December 2012 and expects sampling results in Q2 2013. With a sizable land package, St Andrew has several exploration targets including Zone 4 Stock Mine and Mill Royalty 1% NSR & Ghost (Holt/Holloway) and Hislop Pipestone ON R Fault North which are all in close proximity Destor-Porcupine Fault Zone Holloway Royalty to existing operations. Sliding scale N
Lake Abitibi
11

Kidd Creek

Hoyle Pond Kinross 1060 Zone

Frederick House Lake

Lake Abitibi

Matheson

Asset highlights: • 3 operating mines and a large exploration land package • 2013 production estimate of 95 koz to 105 koz ounces • Expecting results from Taylor bulk sample in Q2 2013

Owl Creek Bell Creek Broulan Reef Hallnor

German

Stock

Taylor

Carr

Beatty

Munro

McCool

Rand

Lamplugh

Frecheville

Apollo Black Fox Pamour #1
Cody Macklem Bond Currie

Jonpol

Holloway Mine

Holt Mine
101

Stoughton

Timmins
101

McIntyre

Matheson
Bowman

Hislop
11

Guibord

Porcupine

Hollinger Delnite

Dome Paymaster Porcupine Aunor Peninsula Royal Oak

Ross Mine Ludgate

Michaud

Garrison

Harker

Holloway

Marriot

Aquarius Royalty
1-2% NSR
Night Hawk Lake

Holt Royalty

ASSETS

Taylor Royalty
1% NSR

Hislop Royalty
4% NSR

Cook

Barnet

Thackeray

Sliding scale

Kenogamisis Lake

20 kilometres

Central Timmins Royalty Claims
0.25-1% NSR
Present or past producing mine

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 14.3 735 3,104 1,101 56 151 81

$

2011 10.8 712 2,015 1,945 51 140 159

$

2010 6.3

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

39
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves. Reserves and Resources are sum of 6 different properties 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates REU rates of: Holloway 11%; Holt 10%; Hislop 4%; Taylor 1% at $1,600 per ounce gold

2013 ASSET HANDBOOK

Franco-Nevada Corporation

MUSSELWHITE

Location: Operator: Royalty:

Ontario Goldcorp Inc. 5% NPI

Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at Goldcorp’s Musselwhite operation located in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. The mine is a fly-in/fly-out underground operation which began operating in April 1997 and has produced in excess of 3 Moz of gold. Franco-Nevada received its first payment under the NPI royalty in 2011 as the mine has now recovered all historical capital and operational costs. The operation has an estimated 13 year mine life and is expected to produce between 250-260 koz of gold in 2013. In 2010, Goldcorp announced that it had discovered the Lynx zone, a zone of higher grade ore above the cornerstone PQ Deeps underground operation. This has the potential to significantly enhance the economics and extend the mine life. Asset highlights: • Newly paying royalty • 2013 production estimate of 250-260 koz • Promising new exploration
Musselwhite
N
O 1.5 Kilometres 3

Esker North Area of Interest Boundary

Opapimiskan Lake Exploration

West Anticline

Mill

Zeemel Lake

Leased Lands Unpatented Lands Deposits

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 6.3 2,290 2,370 920 43 44 17

$

2011 5.1 2,280 2,430 920 47 50 19



2010 –

40
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 1.88% is applicable assuming an all in cost of $1,000/oz including depreciation deduction

The GOLD Investment that WORKS

HEMLO

Location: Operator: Royalty:

Ontario Barrick Gold Corporation NSR: 3% / NPI: 50% (on portion)

The Hemlo gold camp has been producing gold for over 25 years and is located just off the Trans-Canada highway near Marathon, Ontario. A wholly-owned subsidiary of Barrick is the operator and manages both the open-pit and underground operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI royalty on a portion of the western down-dip underground extension of the Hemlo ore-body as shown in the longitudinal schematic. Initial mining on the royalty property began in late 2008 but revenues have been limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in Q3 2012 once all related costs had been recovered by the operator. Barrick reported that production in 2012 was 206 koz of gold from the entire operation. The NPI is expected to contribute for a number of years. Asset highlights: • Established mine operation in Ontario • Barrick’s only Canadian operation • Expected growing royalty production from 50% NPI
‘C’ Zone
9765

Hemlo Long Section
‘C’ Zone Pit

Williams Shaft & Mill Surface

9975

Mined Area
9555

9450

Mined Area
9240 9160

W e in M a s m ad d ia ev un ill -N ro co G an lty Fr oya R

3% NSR + 50% NPI

‘B’ Zone

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 7.5 1,150 2,978 373 31 69 10

$

2011 1.4 1,139 1,549 374 47 49 2

$

2010 0.1

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

41
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates approximately 15% of the publicly reported reserves and resources for Hemlo are on its royalty ground. Also, the NPI is subject to ongoing negotiations regarding applicable cost allocations. The REUs estimated represent FNV management’s current best estimate of the probable outcome of current negotiations using its own LOM projections

2013 ASSET HANDBOOK

Franco-Nevada Corporation

TIMMINS WEST

Location: Operator: Royalty:

Ontario Lake Shore Gold Corp. NSR: 2.25%

Franco-Nevada acquired a 2.25% NSR royalty on Lake Shore Gold Corp.’s (“Lake Shore”) Timmins West property in February 2012. The royalty covers a large land package to the west of the City of Timmins, Ontario which hosts the Timmins and Thunder Creek deposits as well as the Gold River Trend and 144 exploration zones to the south. Lake Shore reported that production from the Timmins West property was 64 koz in 2012. Lake Shore is expanding its milling facilities to 3,000 tpd from 2,000 tpd which it expects to be completed by Q2 2013. Lake Shore reported that it is targeting 120-135 koz of production in 2013 and that 80-85% will be from the Timmins West royalty ground. The remainder of production is expected to come from the Bell Creek property which is not subject to the royalty. At full production, Lake Shore has estimated that the Timmins West mine will contribute 140-160 koz of gold per year. Bell Creek
Burr ows

Complex

Ben

Mattaga

Lake Shore continues to explore at its most advanced exploration targets, the Gold River Trend and the 144 Zone. The Gold River deposit has a resource of over 1 Moz and Lake Shore announced impressive drill results in early 2013 from the 144 Zone. Given the significant land package, Franco-Nevada expects that Lake Shore will be able to add to existing reserves and resources. Asset highlights: • New and expanding mining operations • Located adjacent to Timmins, Ontario • Mill expansion from 2,000 tpd to 3,000 tpd ASSETS

Bell Creek Mine & Mill
Hoyle Pond Pamour Mine Dome Mine
Destor-Porcupine Fault

edic t Fa

0

N
Km

mi Rive r Fault

20

Hollinger McIntyre

Timmins

ult

Timmins West

UG Mine Shaft Deposits

Timmins West
2.25% NSR

N
4 kms
101

Timmins West Thunder Creek Deposit Mine “144” Zone

Timmins Deposit

Gold River Trend

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 2.0 824 1,240 1,819 19 28 41



2011 – 812 1,240 1,819 18 28 41



2010 –

42
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2.25% is applicable

The GOLD Investment that WORKS

CANADIAN MALARTIC
Location: Operator: Royalty: Quebec Osisko Mining Corporation GR: 1.5%

In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of Osisko Mining Corporation’s (“Osisko”) open pit Canadian Malartic gold project located in Quebec. The royalty covers seven claims on the property including a central portion of the open pit. Some of the current exploration targets to the east of the pit also fall partially on the royalty claims. Royalty payments are expected to fluctuate annually based on the location of mining relative to the royalty property. The Canadian Malartic project is located in the prolific Abitibi mining district and is one of Canada’s largest new gold mines. Osisko reported that commercial production was achieved on May 19, 2011. In 2011, 200 koz of gold was produced from the property increasing to 388 koz of gold produced in 2012. Osisko announced that it expects Canadian to produce 485-510 koz in 2013, a portion Royalty Claims Malartic of which will come from Franco-Nevada’s Exploration Targets Royalty royalty ground. Area Open Pit R
Highway 117
ail lin

Asset highlights: • One of Canada’s largest gold deposits • Long life asset in Quebec • Exploration targets partially on royalty ground to the east

e

Malartic (town site)

1.5% Gross Royalty

Open Pit

Highway 117
Barnat Extension Norrie Deeps Jeffrey Zone

Mill

0

N
Km

3.5

Canadian Malartic Property

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

2012 $ 0.2 10,120 11,690 1,200 18 21 2

$

2011 0.0 10,710 12,230 1,160 19 22 2



2010 –

43
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 12% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

PHOENIX

Location: Operator: Royalty:

Ontario Rubicon Minerals Corporation NSR: 2%

In August 2011, Franco-Nevada purchased a 2% NSR (subject to a buy-back of 0.5%) on the water claims (which cover the majority of resources) of the Phoenix gold project in Red Lake, Ontario operated by Rubicon Minerals Corporation (“Rubicon”). The Phoenix project is located 10 km from Goldcorp’s Red Lake mine. Rubicon released a Preliminary Economic Assessment (“PEA”) in August 2011 and continues to look at ways to optimize its findings. Rubicon is looking at the potential to incorporate more mechanized equipment which could increase productivity from the F2 gold system and hence would increase the throughput levels above the currently envisioned 1,250 tpd. Rubicon is also looking at deepening the shaft below the 610 m level for improved access to more potential mining areas. Rubicon continues to target production in 2014. Rubicon plans to complete and release the summary of its updated mineral resource for the Phoenix project during the first half of 2013. The report will include data from over 100,000 m of core drilling since late 2011. Asset highlights: • Production anticipated to begin in 2014 • Resource remains open to depth and along strike • Resource update expected in Q2 2013

0

N
Km

1

Fault

RED LAKE

Phoenix Shaft

F2 Gold System

Phoenix Project
Effective 1.5% NSR
Rubicon claims
NSR applies to claims on the lake

Cochenour Mine

Campbell Mine

Red Lake Mine

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 – – 477 2,317 – 7 35



2011 – – 477 2,317 – 7 35



2010 –

44
FNV

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable given Rubicon’s right to repurchase 0.5% of the 2.0% NSR

The GOLD Investment that WORKS

KIRKLAND LAKE

Location: Operator: Royalty:

Ontario Kirkland Lake Gold Inc. / Osisko Mining Corporation NPI: 20%; NSR: 2-3%

Franco-Nevada has various royalties covering over 25 km of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. Kirkland Lake Gold Inc. (“KLG”) operates the Macassa mine and has recently discovered and started mining the high grade South Mine Complex (“SMC”). Immediately to the south-west of the SMC, Franco-Nevada has a 20% profit-based royalty as shown in the inset of the schematic. In addition to the Macassa NPI royalty, Franco-Nevada has a 2-3% NSR royalty on claims that KLG purchased from Queenston Mining Inc. (“Queenston”) in July 2012 as well as a 2% NSR royalty on a number of other claims held by Osisko which acquired Queenston in December 2012. KLG has followed the SMC onto the 20% NPI royalty claims and is processing some of this material. The first profit royalty payments were made to FrancoNevada in late 2011. KLG has reported additional high grade intercepts on the royalty claims as far as 600 metres west of initial mining. Franco-Nevada expects that more intermittent mining will be undertaken on the royalty claims as KLG expands production. However, no mineral reserve and resource figures are available for the royalty portion of the SMC. The mineral resource figures tabulated below represent the Upper Canada, Anoki-McBean and Amalgamated Kirkland projects as shown on the broader schematic. Franco-Nevada believes that the area will see a renewed focus on exploration following the agreement between KLG and Queenston to consolidate the previous joint venture claims. Given the land position and historic mining in the area, Franco-Nevada believes that there will be continued exploration success from both KLG and Osisko. Asset highlights: • High grade SMC discovery extending onto Franco-Nevada royalty ground • Exploration drilling indicating additional potential on royalty ground • KLG expanding operations • Represents potential near term upside for Franco-Nevada
Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $ 2012 0.1 – 518 1,077 – 10 22 $ 2011 0.2 – 518 1,077 – 10 22 2010 –

45
FNV

ASSETS

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves All reserve and resource estimates are for Queenston. No reserve or resource estimates estimated on Macassa NPI claims 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2.00% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

NEW PROSPERITY
Location: Operator: Stream: British Columbia Taseko Mines Limited 22% Gold Stream

In May 2010, Franco-Nevada agreed to acquire 22% of the gold produced at the Prosperity (now “New Prosperity”) copper-gold project in British Columbia, 100% owned by Taseko Mines Limited (“Taseko”). Franco-Nevada committed to provide a $350 million deposit and certain warrant consideration for the construction of Prosperity when the project was fully permitted and financed. In addition, Franco-Nevada agreed to pay Taseko the lesser of $400 an ounce (subject to an adjustment for inflation) and the prevailing market price for each ounce of gold delivered. Taseko planned to develop the Prosperity property into a large-scale, long-life open pit mine. In an October 2007 feasibility study, Taseko foresaw a project capable of milling 70,000 tpd and producing in the first five years an annual average of 300 koz of gold and 130 million pounds (“Mlbs”) of copper. On November 2, 2010, the Federal Minister of the Environment announced that Taseko had not been granted federal authorizations to proceed “as proposed” with the Prosperity mine project. On February 21, 2011, Taseko submitted a new project description for the “New Prosperity” project with the Government of Canada that preserves Fish Lake, addressing a key concern identified during the Federal review process. In early 2013, Taseko submitted to the Environment Canada review panel (the “Panel”) additional information to support and supplement the original New Prosperity Environmental Impact Statement (“New Prosperity EIS”) and is now awaiting the public hearing process. The Panel is providing a 15-day public comment period prior to determining if the New Prosperity EIS is sufficient to proceed to public hearings. Franco-Nevada’s financing commitment remains available to Taseko but can be terminated at the option of Franco-Nevada as the project was not fully permitted and financed by May 12, 2012. Franco-Nevada does not currently intend to terminate its commitment. The New Prosperity gold stream is currently classified as an advanced asset of Franco-Nevada. ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

2012 – 11,052 13,157 – 1,824 2,171 –



2011 – 11,052 13,157 – 1,848 2,200 –



2010 –

46
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our 22% stream interest and which is factored by 76% (75% in 2011)

The GOLD Investment that WORKS

GOLDFIELDS

Location: Operator: Royalty:

Saskatchewan Brigus Gold Corp. NSR: 2%

Franco-Nevada holds a 2% NSR royalty on the 25,685 ha Goldfields project currently being advanced by Brigus Gold Corp. (“Brigus”). The property is located in northern Saskatchewan approximately 640 km north of Saskatoon and 450 km southeast of Yellowknife, Northwest Territories. The Goldfields project currently consists of two gold deposits: the Box deposit, which is at the feasibility stage, and the Athona deposit, which has a completed pre-feasibility study. According to Brigus, Box is planned as an open pit mine with expected production of 100 koz of gold per year over the first seven years. With the addition of mineral reserves from the Athona deposit, which could be trucked to the Box mill for processing, Brigus reported that the mine life is expected to extend to thirteen years. The Box and Athona deposits are open at depth with potential for mineral resource additions to either extend mine life or increase annual production rates. Uranium City is located nearby which has good infrastructure including a nearby airport, electric power, water and sewage systems. Asset highlights: • Anticipated mine life of 13 years (including both Box and Athona deposits) • Potential average annual gold production of ~100 koz per year for the first seven years • Exploration upside with potential mineral resource additions below both deposits
Athona Project
Uranium City

Eldorado

SASKATCHEWAN Regina

Location Map

Beaverlodge Lake

Box Mine Athona Deposit

Lake Athabasca

Goldfields Projects
2% NSR

0

N
Km

5

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

2012 – 1,020 1,027 226 20 21 5



2011 – 1,020 1,027 226 20 21 5



2010 –

47
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to royalty interest and estimates a REU rate of 2.00% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

COURAGEOUS LAKE
Location: Operator: Royalty: Northwest Territories Seabridge Gold Inc. NSR: 1.02%

The Courageous Lake deposit is located north of Yellowknife in the Northwest Territories of Canada. Seabridge Gold Inc. (“Seabridge”) has been actively advancing the project. In July 2012, Seabridge announced results of its first Preliminary Feasibility Study (“PFS”) for its Courageous Lake asset. The study defined the asset’s first proven and probable reserve estimate of 6.5 Moz of gold. The PFS envisions a single open-pit mining operation with a 17,500 tpd mill. This yields a projected 15 year operation with average estimated annual production of 385 koz of gold per year. Start-up capital costs for the project are estimated at US$1.52 billion. Seabridge continues to actively explore on the property and successfully discovered another deposit on the property in September 2012 called the Walsh Lake deposit. Seabridge continues to drill at the Walsh Lake deposit with a planned $3.1 million winter program aimed at generating an initial resource estimate for the deposit. Asset highlights: • Published PFS in 2012 which included the first mineral reserve estimate of 6.5 Moz • PFS envisions 15 year mine life producing an average 385 koz per year • Active drilling program continues with recent success

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

2012 – 6,500 7,974 3,432 66 81 35



2011 – – 7,974 3,432 – 81 35



2010 –

48
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to royalty interest and estimates a REU rate of 1.02% is applicable

The GOLD Investment that WORKS

DUKETON

Location: Operator: Royalty:

Australia Regis Resources Ltd. NSR: 2%

Franco-Nevada has a 2% NSR royalty that covers 267,819 ha of the Duketon gold project in Western Australia. The project is operated by Regis Resources Ltd. (“Regis”) and includes ten deposits at various stages of development. Franco-Nevada’s royalty covers all known mineral reserves and mineral resources, except for a portion of the Erlistoun Deposit. Regis has estimated that 89% of Erlistoun mineral reserves are covered by Franco-Nevada’s royalty. Moolart Well: This deposit has been in production since August 2010. Moolart Well has a 2.5 million tonnes per annum (“Mtpa”) plant and Regis has forecasted average annual production of approximately 90 koz of gold over its total 6 year mine life. Regis reported that in 2012, production was 106 koz of gold. Garden Well: This deposit has been in production since September 2012. Garden Well has a 4Mtpa plant, 9 year mine life, with an average annual gold production of 180 koz, and an expected first year gold production of 220-240 koz. Rosemont: Regis has announced the commencement of construction of a 1.5Mtpa crushing, grinding and pumping operation at the Rosemont project site. This plant is expected to produce a crushed and milled ore product which will be piped in a slurry form to the Garden Well processing facility (distance of 10 km) for leaching in the Garden Well CIL circuit. Construction costs for the processing plant and pipeline are expected to be in the order of A$40-45 million. Gold production at Rosemont is expected to commence in Q3 2013 and to ramp up to the full forecast of 80 koz of gold per annum rate thereafter. Erlistoun: Regis has announced that it was able to re-optimise the reserve study at Erlistoun to reflect the shorter haulage distance to Garden Well which is 7 km away, rather than trucking the ore to Moolart Well which is 45 km away. Asset highlights: • Garden Well, the second mine on the property began production in Q3 2012 • Rosemont, the third mine, expected online in Q3 2013

Duketon Royalty Area
2% NSR
Current Royalty Tenements Original Royalty Tenements Deposits

Location Map

Port Hedland

PERTH

Kalgoorlie Kambalda Norseman

Moolart Well
Anchor Petra Dogbolter

0

N
Km

30

Rosemont

King John No Mistake

Russells Find

Garden Well

* Additional royalty lands to south not shown due to scale.

ASSETS

Erlistoun

Reichelts Find

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 5.3 3,003 4,413 3,239 60 88 65

$

2011 3.1 2,870 4,063 2,432 57 81 49

$

2010 0.6

49
FNV

P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 99% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2.00% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

HENTY

Location: Operator: Royalty:

Tasmania Unity Mining Limited GR: 1%; 10%

Franco-Nevada holds a 10% gross royalty on certain claims and a 1% gross royalty on the balance of the claims at the Henty Gold Mine located in northwest Tasmania operated by Unity Mining Limited (“Unity”). All current production, mineral reserves and mineral resources are on property subject to FrancoNevada’s royalties which cover 1,458 ha. Henty is a small underground gold mine that has been in continuous production since 1996. Unity has reported that the mine has historically produced 1.3 Moz of gold. Ownership has changed multiple times during this period. Revenues have increased in recent years due to the increased share of production from 10% royalty ground. Unity reported that in 2012, Henty produced 40 koz of gold. While Unity has reported that it expects that the production rate will increase to 45-55 koz of gold per annum in the future, Franco-Nevada expects its revenue to decline as a higher share of production is sourced from the 1% royalty area. The largest contributor to mineral resource additions in recent years has been from the 1% royalty area. Asset highlights: • Expected mine life now extends beyond 5 years • Increased production likely from 1% ground and less from 10% ground
1% GR

Henty

Henty North

N
Note: not to scale

10% GR

Mine workings Exploration Targets

Portal

Process site

1% GR

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 2.7 133 328 10 2 5 –

$

2011 4.5 121 319 7 4 11 –

$

2010 2.4

50
FNV

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 1.6% (3.5% in 2011) is applicable

The GOLD Investment that WORKS

SOUTH KALGOORLIE
Location: Operator: Royalty: Australia Alacer Gold Corp. NSR/GR: 1-1.75%

Franco-Nevada holds a 1.75% NSR royalty for gold and a 1% NSR royalty for other minerals on portions of Alacer Gold Corp.’s (“Alacer”) South Kalgoorlie operation. South Kalgoorlie is located 15 km south of Kalgoorlie in Western Australia. Franco-Nevada’s royalty interest covers 46,752 ha of the South Kalgoorlie area and includes the northern and central sections of the HBJ deposit and all of the Mt Marion and Mt Martin deposits as shown in the schematic. The northern and central section of the HBJ deposit lies within the Location 50 freehold land area which is owned by Franco-Nevada with the mineral rights leased to Alacer. During 2011, Alacer purchased the Mt Martin deposit from the previous lessee and incorporated it into its South Kalgoorlie operation. Mt Martin is a small open pit gold deposit located 10 km east of Alacer’s Jubilee mill. Prior to this acquisition, Alacer had mined Mt Martin under a sub-lease arrangement that expired in 2010. Franco-Nevada also holds a 1.75% NSR royalty for gold and a 1% NSR royalty for other minerals on Mt Martin. The Mt Martin deposit lies within the Location 45 freehold land area which is owned by Franco-Nevada with the mineral rights leased to Alacer. South Kalgoorlie ore is processed at the 1.2Mtpa Jubilee mill, which also processes Alacer’s share of ore mined from the Frogs Leg joint venture located to the northwest. Alacer reported that South Kalgoorlie total production in 2012 was 94 koz of gold. Kalgoorlie South During 2012, Alacer announced that it would not proceed with the previously announced South Kalgoorlie Operations Expansion Project. In February 2013, Alacer announced an agreement to sell its interest in the Frogs Leg joint venture to La Mancha Resources Australia Pty Ltd. Alacer also announced a revised mine plan to target several open pits in the SBS28 mining complex in 2013. The SBS28 deposits are not on Franco-Nevada’s royalty area. Alacer has budgeted A$20 million for exploration at South Kalgoorlie in 2013, including targets at Location 48 and Mt Marion, located on ground subject to Franco-Nevada’s 1-1.75% royalty. According to Alacer, the 2013 program has already shown results with significant shallow high-grade mineralization discovered close to the Jubilee processing plant as well as deeper mineralization at the historical Barbara and Surprise underground mines. Franco-Nevada also holds the same royalties on the Hampton property shown in the schematic. This is classified as an exploration asset. It was part of the original royalty property but operatorship on this property has since been acquired by BHP Billiton Limited (“BHP Billiton”).
Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

Kalgoorlie Royalty Area

0

N
Km

10

South Kalgoorlie (Alacer) 1.75% NSR for gold 1% NSR other minerals Hampton (BHP) 1.75% NSR for gold 1% NSR other minerals

Location Map

Port Hedland

Feysville
PERTH

Kalgoorlie Kambalda Norseman

Loc. 50 Loc. 45

Mt Martin
HBJ Pit Jubilee Mill

Mt Marion

Loc. 48

ASSETS

Kambalda

2012 $ 1.3 540 2,820 2,046 9 35 25

$

2011 0.9 515 2,808 2,047 8 36 26

$

2010 1.0

51
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 75% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 1.75% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

BRONZEWING

Location: Operator: Royalty:

Australia Navigator Resources Limited NSR: 2%

Franco-Nevada has a 2% NSR royalty on the Bronzewing Gold Project. In January 2012, Franco-Nevada invested A$4.5 million to increase its royalty rate from 1% to 2%, and to expand the royalty area to include all mineral reserves and mineral resources. In addition, Franco-Nevada’s royalty will apply to all production through the Bronzewing mill, regardless of where the ore originated. Franco-Nevada’s royalty is estimated to cover 56,280 ha of the Bronzewing Gold Project incorporating all known mineral reserves and mineral resources. The Bronzewing Gold Project is located 80 km northeast of Leinster in Western Australia and comprises the Bronzewing and McClure group of mines within a semi-contiguous landholding. Bronzewing commenced production in 1994 and the project has had several operators. Mining operations were suspended in February 2008 when the previous operator went into administration. Navigator Resources Limited (“Navigator”) purchased the project assets in September 2009, and recommenced gold production in April 2010. Historic mining has been from a number of open pit and underground deposits. Navigator commenced mining the Cockburn open pit in 2011. The Cockburn pit is currently the sole ore source for the 2.5Mtpa Bronzewing mill and Navigator has stated that it is expected to be the focus of its mining activity for several years. Navigator reported that production in 2012 was 67 koz of gold. Navigator has been in financial difficulty due to the poor production performance at Bronzewing. On March 28, 2013 administrators were appointed, mining operations ceased immediately, and milling operations will continue for a short period to process existing stockpiles after which Bronzewing will be placed on care and maintenance. Asset highlights: • Increased royalty from 1% to 2% in 2012 • All disclosed mineral reserves and resources now included in royalty area • Navigator appointed administrators March 28, 2013 and mining operations ceased • Royalty survives any change of ownership
Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

Location Map

Port Hedland

Barwadgee
Corboys West North

Wiluna Leinster Kalgoorlie Kambalda Norseman

PERTH

Lake Maitland

0

N
Km

10 Polar Bear Mt Joel Mount Grey Outcamp Bronzewing Discovery Bronzewing Lotus Central Cockburn

Bronzewing Royalty Area
Current Bronzewing Royalty Tenements (2% NSR) Current Lake Maitland Royalty Tenements (1% NSR) Previous Royalty Tenements subject to reacquisition rights

Mandoline Well

Mine Deposit

Success Parmelia Challenger Challenger South Venus Dragon Apollo/Vulcan

Prospect Closed Mine
Yandall

ASSETS

Katherine Well

2012 2.3 331 674 307 7 13 6

$

2011 0.9 540 738 329 11 15 7

$

2010 0.6

52
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2% is applicable

The GOLD Investment that WORKS

RED OCTOBER

Location: Operator: Royalty:

Australia Saracen Mineral Holdings Limited NSR: 1.75%

Franco-Nevada has a 1.75% NSR royalty on gold recovered from Saracen Mineral Holdings Limited’s (“Saracen”) Red October project located in the Laverton region of Western Australia, 15 km south of Sunrise Dam. Franco-Nevada’s royalty interest covers 2,860 ha surrounding the Red October deposit and includes all disclosed gold mineral resources on the project. The royalty applies to production after 160 koz has been produced. Historic production from open pit mining was 106,779 oz of gold to the end of 2012. Development of the Red October underground mine commenced in October 2011 and by the end of 2011 mine development had reached ore. Ore from Red October underground was processed at Saracen’s Carosue Dam plant throughout 2012. Red October mine production for Q1 2012 was development ore of 20,849 tonnes at 1.87 g/t. For Q2 through Q4 2012, Red October mine production was 64,712 tonnes at 7.98g/t with tonnes increasing each quarter. Carosue Dam plant recoveries were 92.0% in H2 2012. Saracen has announced plans to expand the Carosue Dam plant to 3.2Mtpa. A financing was completed in Q4 2012 and Saracen expects to award the Stage 1 $25M contract in H1 2013 for construction to be completed and fully commissioned in Q1 2014. Once completed, Saracen has forecasted annual production of 180-190 koz of gold per annum. Franco-Nevada also has two other royalties in the Red October district: a 1% NSR on the Butcher Well deposit after 50 koz of gold are produced and a 1% NSR on the Crimson Belle and Thin Lizzie deposits. Two small pits in the Butcher Well area, Sizzler and Old Camp, were mined in Q3 2012 to provide oxide feed to the blend at the Carosue Dam plant. Total production was 145,721 tonnes at 1.89 g/t. Both pits were completed in the quarter.

Red October Royalty Area
Red October 1.75% NSR Butcher Well 1.00% NSR

Red October Butcher Well

0

N
Km

10

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 – 78 291 202 1 4 2



2011 – – 389 119 – 5 1



2010 –

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

53
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 1.4% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

COBRE PANAMA

Location: Operator: Stream:

Panama First Quantum Minerals Ltd. Gold and Silver Stream

Franco-Nevada entered into an agreement with Inmet Mining Corporation (“Inmet”) in August 2012 for a precious metals stream on the Cobre Panama copper project in Panama, one of the world’s largest copper-gold-silver-molybdenum porphyry deposits currently being constructed. Under the terms of the Cobre Panama Agreement, Franco-Nevada will provide a $1 billion deposit to fund a portion of the Cobre Panama project capital costs. In 2013, Inmet was acquired by First Quantum Minerals Ltd. (“First Quantum”) which will now advance the development of the Cobre Panama project. Franco-Nevada’s deposit will become available after First Quantum’s funding reaches $1 billion and funding of the deposit will be pro-rata on a 1:3 ratio with First Quantum’s subsequent funding contributions, up to a maximum of $1 billion. The amount of precious metals deliverable under the stream is indexed to the copper in concentrate produced from the entire project and approximates 86% of the payable precious metals attributable to First Quantum’s 80% ownership based on the initial 31 year mine plan contemplated in the Cobre Panama Engineering Summary Report dated May 6, 2012. Beyond the initial contemplated mine life, the precious metals deliverable under the stream will be based on a fixed percentage of the precious metals in concentrate. Subsequent to August 2012, reserves and resources at the project have been materially increased. Gold reserves increased by 2.2 Moz and silver reserves increased by 27 Moz which reflect the addition of the Balboa, Brazo and Botija-Abajo deposits. The Cobre Panama mineral reserves have been estimated using a $2.25/lb copper price, unchanged from the 2011 copper price assumption. Assuming a more commonly used economic pit shell of $3.00/lb copper, Inmet had estimated an additional 1.3 Moz of gold and 26 Moz of silver of mineral resources would be contained within pit shell. Inmet estimated that the mine life has been extended from 31 years to 40 years based on the updated reserve figures (based on the original price assumption) with continued potential for further extension. Drilling is underway at the next target area. The foregoing assumes no material change to the development of the Cobre Panama project under First Quantum’s ownership. Asset highlights: • $1 billion commitment to help finance construction of project • Estimated mine life of 40 years based on reserves • 2012 year end mineral reserve and resource update saw reserve tonnes increased by 30%
Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1
Punta Rincón

Port and Powerplant

Caribbean Sea

Cobre Panama Project

Panama Canal

Caribbean Sea
River Caimito

Panama City Pacific Ocean

Cobre Panama
* Property located approximately 20 km from Caribbean Sea

N
4 km

Concession Boundary

Power Transmission 230 kv line

ASSETS

Collina Pit Balboa Pit

Botija Pit
Plant Site Camp

Valle Grande Pit

Brazo Pit

2012 – 7,288 9,006 4,396 4,132 4,975 2,254



2011 – – – – – – –



2010 –

54
FNV

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management assumes 80% of First Quantum’s share and 86% of the mineral reserves and resources are subject to our stream interest. Silver has been converted at a ratio of 53.3:1 and a 62% factor has been applied to obtain equivalent REUs for mineral reserves, a 59% factor has been applied for REUs in the M&I category and a 50% factor has been applied for REUs in the Inf category

The GOLD Investment that WORKS

PALMAREJO

Location: Operator: Stream:

Mexico Coeur Mining 50% Gold Stream

In January 2009, Franco-Nevada acquired a 50% gold stream on the Palmarejo gold and silver mine located in Chihuahua Province, Mexico. Palmarejo is owned and operated by Coeur Mining (“Coeur”). The project includes open pits, an underground mine and processing facilities. Production began in 2009 and to date has been limited to the Palmarejo deposits. Coeur has reported that it is also advancing the nearby Guadalupe deposit as a possible underground mine. Franco-Nevada receives 50% of the gold produced from the Palmarejo mine in exchange for $400 per ounce increasing by 1% per year after the fourth anniversary following closing. The attributable ounces are the greater of actual production and a minimum amount of 50 koz per year until payments have been made on 400 koz. By the end of 2012, Coeur had paid Franco-Nevada just over 200 koz of gold of the 400 koz minimum. In 2013, Coeur expects to produce between 98-105 koz of gold. Coeur holds an extensive land position and exploration is being conducted on a number of targets on measured and indicated gold resources which, as at December 31, 2012, grew 370% from 205-964 koz compared to measured and indicated resources as at December 31, 2011. Gains were realized at La Patria and Guadalupe as well as the immediate Palmarejo mine area. In 2013, over 95% of a $15.8 million exploration program in Mexico is earmarked for the Palmarejo district.

Perimeter of gold stream property
Palmarejo Agua Salada

Mine Palmarejo Area Guadalupe Area

Palmarejo Gold Stream

Non-stream ground

La Patria Area

0

N
Km

4

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 96.0 665 1,629 457 249 611 171

$

2011 101.9 688 893 615 261 339 234

$

2010 66.1

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

55
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our 50% stream interest to which a 75% (76% in 2011) factor has been applied to obtain equivalent REUs 3 For additional information regarding Palmarejo, please see Franco-Nevada’s AIF dated March 19, 2013, a copy of which is available under Franco-Nevada’s profile on SEDAR at www.sedar.com

2013 ASSET HANDBOOK

Franco-Nevada Corporation

MWS

Location: Operator: Stream:

South Africa AngloGold Ashanti Limited 25% Gold Stream

Mine Waste Solutions (“MWS”) is a gold and uranium tailings recovery operation located near Stilfontein, approximately 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area through three production modules, the last of which was commissioned in 2011. It also includes a modern tailings storage facility approximately 15 km from the gold plant. Franco-Nevada has the right to purchase 25% of the gold produced from the MWS dumps for ongoing payments equal to the lesser of $400/oz of payable gold (subject to a 1% inflation adjustment starting after 4 years) and the then prevailing market price of gold. Franco-Nevada acquired its interest in MWS as a result of its acquisition of Gold Wheaton Gold Corp. in March 2011. AngloGold Ashanti Limited (“AngloGold Ashanti”) purchased the operation from First Uranium Corporation in July 2012. Franco-Nevada is entitled to receive 25% of all the gold produced through the MWS plant including treatment of AngloGold Ashanti’s tailings until Franco-Nevada has received 312,500 ounces of gold, starting on January 1, 2012. In 2012, Franco-Nevada received 19.8 koz of gold. Asset highlights: • AngloGold Ashanti now the owner and operator • Franco-Nevada entitled to 25% of all gold produced through plant until 312,500 oz received
Slimes Dam New Tailings Dam Site
0

N
Km

5

Town River Road

MWS Dumps MWS 4
MWS 5 MWS 2
N 12

KLERKSDORP

STILFONTEIN

Plant Site

Flanagan
H6 H5 H1 H2

NKGE

Hartebeestfontein Dumps

Elaton
H7 B2 B5 B3 B1 B4

Buffelsfontein Dumps

ASSETS

Tailings Storage Facility Site

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1: Inferred Resource (koz Au)1:
1

2012 $ 33.0 2,688 2,628 145 219 219 –

$

2011 32.3 2,688 2,628 145 238 238 –



2010 –

56
FNV

P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 292.7 koz gold stream ounces to be delivered and factored by 75% (76% in 2011) to estimate equivalent REUs

The GOLD Investment that WORKS

TASIAST

Location: Operator: Royalty:

Mauritania Kinross Gold Corporation NSR: 2%

Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross Gold Corporation (“Kinross”). The royalty originally covered three large permit areas in Mauritania, West Africa of which the most prominent is Tasiast with a currently reported mining license area of 312 km2 and a total exploration license area of 3,118 km2. Franco-Nevada’s royalty became payable once cumulative production exceeded 600 koz of gold and this threshold was crossed in the third quarter of 2011. In 2012, Tasiast produced 185 koz of gold.
ALGERIA

Kinross acquired control of Tasiast in September 2010 pursuant to its acquisition of Red Back Mining Inc. Kinross expects to complete a pre-feasibility study for construction of a mid-sized carbon-in-leach mill in the 30,000 tpd range in 2013. Kinross has made the decision not to proceed with further study or implementation of a previously announced 60,000 tpd mill option. Approximately 330,000 metres were drilled at Tasiast in 2012 of which most of the drilling (approximately 275,000 metres) focused on targets outside the 8 km footprint of the Tasiast deposit. Recent exploration results from two step-out drilling targets outside the current resource footprint at Tasiast have confirmed the presence of narrow, high-grade veins. Asset highlights: • Pre-feasibility study regarding plant expansion expected in Q2 2013 • Recent exploration success outside of current resource footprint

Original Royalty Area

TASIAST

MAURITANIA
SENEGAL MALI

N
25 km

Tasiast Main Trend

Plant Site

Tasiast Permit Area
Tasiast License Area, March 2012 Tasiast Mining License Gold Prospects Trends Resource/Reserve Target Plant Site

ASSETS

Original 2% NSR Royalty Boundary

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) M&I REUs (000s)1,2 Inf REUs (000s) 2
2

2012 $ 6.4 7,965 14,722 790 159 294 16

$

2011 2.8 7,457 18,562 1,860 149 371 37



2010 –

57
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

SUBIKA

Location: Operator: Royalty:

Ghana Newmont Mining Corporation NSR: 2%

In late 2009 and early 2010, Franco-Nevada acquired a 2% NSR royalty which covers a 78 km2 area over the Subika deposit at the southern end of Newmont’s Ahafo Mine, Ghana (shown in the schematic). Franco-Nevada’s royalty is believed to cover most if not all of the Subika open pit as well a majority of the Subika underground mineralization identified to date. The royalty is payable once a total of 1,200 koz of gold has been produced from the royalty property. That hurdle was reached in Q3 2012. Franco-Nevada estimates that production on royalty ground will increase significantly over the next few years once the Subika open pit and underground expansion production begins. Newmont reported 561 koz of gold production in 2012 for the entire Ahafo mine and estimates production between 525-575 koz of gold for 2013. At the 2013 Indaba Conference, Newmont stated that the Ahafo mill expansion is planned for startup in 2015 with the potential to accelerate 150-160 koz of gold production by 2016. Newmont has indicated that there is significant potential longer-term underground mining at Subika. Asset highlights: • Received first royalty payments in 2012 • Mill expansion expected online in 2015

Subika Project Area

Amoma

Ntotoroso
N
Note: not to scale

Awonsu Apensu
Plant and Offices

Kenyase
2% NSR Royalty Area

Subika

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 3.2 12,080 15,454 3,543 157 201 46



2011 – 12,080 15,454 3,543 157 201 46



2010 –

58
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 65% of the mineral reserves and resources are subject to our royalty interest and estimates an average REU rate of 2% is applicable

The GOLD Investment that WORKS

CERRO SAN PEDRO
Location: Operator: Royalty: Mexico New Gold Inc. GR: 1.95%

Franco-Nevada has a 1.95% GR royalty that covers most of the known mineralization on the Cerro San Pedro project operated by New Gold. Cerro San Pedro is located near San Luis Potosi in central Mexico. The project property is a gold-silver, open pit, run-of-mine heap leach operation and consists of 36 mining and exploration concessions totaling 78 km2 in the historic Cerro San Pedro mining district. New Gold reported Cerro San Pedro 2012 production of 138 koz of gold and 1,939 koz of silver. For 2013, New Gold expects to produce between 140-150 koz of gold while silver production is expected to decrease due to the planned processing of lower silver grades as a result of mine sequencing. Silver production is expected to be 1,400-1,600 koz in 2013. Asset highlights: • Commercial production commenced May 2007 • Current mine production is a nominal 105,000 tpd of total material • Upside resource potential from the underground sulphides

Ultimate Pit Limit

N
Note: not to scale

Cerro San Pedro Mine
1.95% GR

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au) : M&I Resource (koz Au)1,3: Inferred Resource (koz Au)1,3:
1,3

2012 $ 5.5 760 1,703 850 15 33 17

$

2011 5.9 1,006 1,812 956 20 35 17

$

2010 3.8

P&P REUs (000s) 2,3 M&I REUs (000s)1,2,3 Inf REUs (000s) 2,3

59
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and M&I resources are subject to our royalty interest, 90% of inferred resources are subject to our royalty interest and a REU rate of 1.95% is applicable 3 Does not include silver mineral reserves and resources

2013 ASSET HANDBOOK

Franco-Nevada Corporation

EDIKAN

Location: Operator: Royalty:

Ghana Perseus Mining Limited NSR: 1.5-3.0%

In 2011, Franco-Nevada acquired an effective 1.5% NSR royalty on Perseus Mining Limited’s (“Perseus”) Edikan gold mine in Ghana. Perseus has 650 km² of tenements centered on the Ashanti Gold Belt including two mining leases that are the focus of initial production. Perseus reported that first gold production was achieved on August 21, 2011 and the mine achieved commercial production on January 1, 2012. Edikan experienced some startup issues with production falling short of expectations. Having solved the mechanical issues at the operation, Perseus expects Esuajah to be producing gold in line with budgets in 2013. North Esuajah South Perseus expects to produce between 209-229 koz Abnabna Fobinso of gold in 2013 and is currently updating longerEdikan Gold Mine Mampon term production plans aimed at increasing net Mill Royalty Area present value of the Edikan property. Perseus had Fetish Site 1.5% NSR previously stated that production was expected to Chirawewa increase to 290 koz of gold. Ataasi Perseus has a large land tenement package that is located in close proximity to AngloGold Ashanti’s large Obuasi mine. Perseus is expected to conduct extensive drilling and exploration on the property in the years ahead as focus moves away from construction and operating. Asset highlights: • Full year of commercial production in 2012 • Expects to produce between 209-229 koz in 2013
Mining License and Royalty Area Exploration License Deposit
Dadieso
Location Map

Ayanfuri Mine Licenses

GHANA
Ayanfuri Gold Project

Accra

0

N
Km

10

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 5.1 3,378 5,405 1,713 51 81 26

$

2011 1.5 3,273 5,273 1,758 49 79 26



2010 –

60
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable

The GOLD Investment that WORKS

COOKE 4

Location: Operator: Stream:

South Africa Gold One International Limited 7% Gold Stream

Cooke 4, which was formerly known as the Western Areas Gold Mine or Ezulwini, is an underground mine located near the town of Westonaria approximately 40 km west of Johannesburg, South Africa. The mine was re-opened in 2008. Facilities include shafts to access the Upper Elsberg and the Middle Elsberg reef horizons, ancillary infrastructure and surface gold and uranium plants with capacity of 200,000 tonnes per month (“tpm”) and 100,000 tpm respectively. Franco-Nevada, as a result of its acquisition of Gold Wheaton, has the right to purchase 7% of the gold produced from Cooke 4 mine ores for an amount equal to the lesser of $400/oz of payable gold (subject to a 1% inflation adjustment starting after 4 years) and the then prevailing market price of gold. In 2011, Franco-Nevada benefited from a minimum stream delivery commitment of 19.5 koz. This obligation terminated at the end of 2011. Gold One International Limited (“Gold One”) purchased the operation from First Uranium Corporation in 2012. The Cooke 4 operation is contiguous to Gold One’s Cooke Underground and Randfontein Surface operations and allows for the sharing of services between Cooke 4 and Cooke 1-3 facilities. Franco-Nevada expects to continue to receive its 7% gold stream interest on gold produced from the Cooke 4 mining lease. Franco-Nevada has been advised that Gold One is exploring the potential to process ore from its nearby Cooke operation at the Cooke 4 mill and while this ore will not be subject to the Franco-Nevada gold stream, it could improve the overall economics of the Cooke 4 operation.
Carltonville Krugersdorp

N1

Johannesburg
Doornkop Randfontein
N
0 Km 10

Randfontein (Harmony/First Reserve) Cooke 1 Cooke 2 Cooke 3

Tau Tona (Anglogold) Driefontein (Goldfields) Kloof (Goldfields) SD1

N12

In 2012, 2 koz of gold was delivered to Franco-Nevada’s account under the Cooke 4 stream agreement. Asset highlights: • Asset acquired by Gold One in 2012 • Long term potential at depth

R501

Cooke 4 Project
(Gold One) SV1 SV2/3 South Deep (Goldfields)

Blyvooruitzicht (DRD Gold)

Kusasalethu (Harmony) Mponeng (Anglogold)

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 3.3 – 2,655 25,511 – 139 1,339

$

2011 27.3 – 2,655 25,511 – 141 1,357



2010 –

61
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our 7% stream interest to which a 75% (76% in 2011) factor has been applied to obtain equivalent REUs

2013 ASSET HANDBOOK

Franco-Nevada Corporation

ITY

Location: Operator: Royalty:

Côte d’Ivoire La Mancha Resources Inc. NSR: 1-1.5% (approximately)

Franco-Nevada has an approximate 1% NSR on overall mine production over 13 tonnes produced from the start of 2001 and an approximate 1.5% NSR on overall mine production over 21 tonnes from that same date. The royalty ceases once production reaches 35 tonnes. In 2011, the mine reached the first royalty production threshold and royalty payments began. The Ity gold mine is located in western Côte d’Ivoire about 700 km from Abidjan. Ity consists of several separate open pits. The project is presently operated by Société des Mines d’ Ity which is owned 45.9% by Compagnie Minière Or SA (Cominor), a wholly-owned subsidiary of La Mancha Resources Inc. (“La Mancha”), 44.1% by the Société d’État pour le Développement Minier de la Côte d’Ivoire and 10% by the Côte d’Ivoire government. In August 2012, La Mancha was acquired by a subsidiary of Weather Investments II S.à.r.l, a private investment firm in Egypt.
Ity Project

N
Note: not to scale

Mining Concession PE No. 26 Zia Open Pit Flotuo Open Pit Mount Ity Open Pit

Exploration Concession PR No. 61

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 0.9 182 645 455 2 8 1

$

2011 0.5 308 662 445 4 9 1



2010 –

62
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates that 700Koz are still subject to royalty payments before royalty is capped and estimates an average REU rate of 1.3% is applicable

The GOLD Investment that WORKS

AĞI DAĞI

Location: Operator: Royalty:

Turkey Alamos Gold Inc. NSR: 2%

Franco-Nevada has a 2% NSR royalty on the Aği Daği property owned by Alamos Gold Inc. (“Alamos”) and located in the Çanakkale Province of northwest Turkey. The NSR covers the Aği Daği area as well as most of the newly discovered Camyurt deposit but does not cover the Kirazli area. In June 2012, Alamos released a PFS which envisioned a 7 year mine life for Aği Daği with an average annual production of 143 koz gold and 271 koz silver. Alamos still requires several permits including environmental impact study approvals but has a stated goal of pouring first gold from Aği Daği in 2016. In addition to providing the pre-feasibility study, Alamos also presented the first resource estimate for the Camyurt deposit which included an inferred resource of 640 koz gold grading 0.81g/t assuming a 0.2 g/t cut-off. Alamos continues to be active on exploration at both the Aği Daği property as well as the Camyurt deposit. In 2013, Alamos expects to drill over 18,000 meters at the two deposits focused on both expansion and infill drilling. Asset highlights: • Response expected from Turkish Government on EIA submissions • Continued exploration drilling at Camyurt

Kirazli
Etili

Çan Coal Mine

Çan

0

N
Km

4

2% NSR
Babadag & Delidag future open pits Major Roads

Agi Dagi Property

Çamyurt Target

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

2012 – – 1,510 995 – 30 19



2011 – – 1,299 383 – 26 8



2010 –

63
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the M&I mineral resources and 95% of the inferred mineral resources are subject to our royalty interest and estimates a REU rate of 2% is applicable

2013 ASSET HANDBOOK

Franco-Nevada Corporation

PERAMA HILL

Location: Operator: Royalty:

Greece Eldorado Gold Corporation NSR: 2%

Franco-Nevada has a 2% NSR royalty on the Perama Hill project currently being advanced by Eldorado Gold Corporation (“Eldorado”). The royalty was developed when Normandy Mining Limited sold the property to Frontier Pacific Mining Corporation which was subsequently acquired by Eldorado in 2008. The Perama Hill gold project is a late-stage development project in the Thrace region of northeastern Greece and consists of two mining titles covering an area of 1,897.5 ha and two mining exploration licenses covering an area of 1,762.7 ha. Eldorado has reported that the Greek government is currently reviewing its permitting application. Eldorado received approval for the Preliminary Environmental Impact Assessment by the Greek Inter-Ministerial Committee for Strategic Investments in February 2012 and is now in the full Environmental Impact Assessment (EIA) review. Approval of the EIA is expected to be received in 2013 and upon receipt of all permits and licenses, Eldorado is expected to make a construction decision. Eldorado envisions average gold production at Perama Hill to be 110 koz per year. Asset highlights: • Construction decision expected later in 2013 • Average annual production of 110 koz of gold planned
MACEDONIA (SKOPJE) BULGARIA TURKEY
Black Sea

ALBANIA

Sea of Marmara

Perama Hill GREECE
TURKEY
Aegean Sea

Ionian Sea

N

Sea of Crete

Mediterranean Sea

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

2012 – 975 1,382 554 20 28 11



2011 – 975 1,382 554 20 28 11



2010 –

64
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 2% is applicable

The GOLD Investment that WORKS

SAN JORGE

Location: Operator: Royalty:

Argentina Coro Mining Corp. NSR: 7.5% / advanced payments

San Jorge is an advanced stage copper-gold porphyry project located in the Province of Mendoza, Argentina. The property is located within a 120,000 ha ranch controlled by Minera San Jorge. Franco-Nevada acquired the San Jorge royalty through its acquisition of Lumina Royalty Corp. in December 2011. In February 2012, Coro Mining Corp. (“Coro”) announced an agreement to amend the terms of the purchase agreement for Minera San Jorge by which Coro may acquire its 100% interest from Franco-Nevada. Under the terms of the agreement: • • • Coro has agreed to make annual payments of US$1.25 million per year for 10 years commencing March 31, 2012 Pay a 7.5% NSR on all gold produced from the property Project would revert to Franco-Nevada if Coro does not make the annual payments
N

PERU
Arica Iquique

BOLIVIA

Antofagasta

Taca Taca
Copiapo

In March 2012, Coro provided a PFS for a new development alternative for San Jorge which would process the known oxide material. This would involve construction of a heap leach plant outside the Province of Mendoza which currently has a ban on the use of sulphuric acid required in heap leaching ore. Coro also completed a PEA in April 2008 to process sulphide ore through a typical mill and floatation circuit. With the ban on the use of sulphuric acid in Mendoza, Coro is currently evaluating all of its alternative development strategies.

Relincho
La Serena

ARGENTINA San Jorge Vizcachitas

Santiago

CHILE

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2 $

2012 1.3 – 1,211 59 7 98 4



2011 – – 1,257 337 7 102 25



2010 –

65
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 7.5% is applicable. In addition, we have converted our annual payment royalty into an REU

2013 ASSET HANDBOOK

Franco-Nevada Corporation

GURUPI
Gurupi

Location: Operator: Royalty:

Brazil Jaguar Mining Inc. NSR: 0-1%

Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400 per ounce gold) on the Gurupi project located in the state of Maranhão in northern Brazil. The project is owned by Jaguar Mining Inc. (“Jaguar”). Jaguar reported the results of a feasibility study for Gurupi in January 2011. The feasibility study plans for an open-pit mine that would produce approximately 149 koz ounces of gold annually for a period of 13 years. Pre-production capital costs are expected to be approximately $278 million. Jaguar has announced that it is proceeding with environmental and permitting work. In June 2012, Jaguar reported an updated resource estimate which included measured and indicated mineral resources of 3.2 Moz with a cutoff grade of 0.33 g/t Au. Jaguar is continuing exploration and development at Gurupi with an aggressive drilling program to further define the resource base. The results to date confirm the potential to significantly increase gold indicated mineral resources at the project’s Cipoeiro and Chega Tudo deposits.

0

N
Km

30

Area of Interest Boundary (AOI)

Garupi River

Gurupi Project
1% current Royalty (sliding scale)

Chega Tudo Deposit

Cipoeiro Deposit

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz Au)1: M&I Resource (koz Au)1: Inferred Resource (koz Au)1: P&P REUs (000s) 2 M&I REUs (000s)1,2 Inf REUs (000s) 2

2012 – 2,328 3,250 165 23 33 2



2011 – 2,328 2,518 617 23 25 6



2010 –

66
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimates a REU rate of 1% is applicable

The GOLD Investment that WORKS

STILLWATER

Location: Operator: Royalty:

Montana Stillwater Mining Company NSR: 5%

Stillwater Mining Company (“Stillwater”) owns and operates the Stillwater mine and the East Boulder mine in Montana. Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine (together, the “Stillwater complex”). Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 813 of the 995 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward processing” deductions which have averaged 10-12% of revenue over the last several years. Based on Franco-Nevada’s estimates, Franco-Nevada’s NSR royalty currently covers 80-85% of the Stillwater mineral reserves and mineral resources and 100% of the East Boulder mineral reserves and mineral resources. Historically, because of reliance on near-shaft stopes in the Stillwater mine, production has been sourced disproportionately from non-Franco royalty ground, however, in recent years the percentage of Stillwater complex production subject to Franco-Nevada’s royalty has increased, averaging approximately 85% since 2005. Stillwater has reported 2012 mine production of 514 koz of PGMs which exceeded Stillwater’s guidance for production of 500 koz of PGMs. For 2013, Stillwater anticipates production of approximately 500 koz of PGMs from the Stillwater complex. Projecting beyond 2013, Stillwater expects first production from its Graham Creek project at the East Boulder Mine in late 2014. In addition, Stillwater is initiating development of the Far West project, a new undeveloped mining area with attractive ore grades situated within the Stillwater Mine. With Graham Creek and Far West both on line in 2017, Stillwater estimates annual production of PGMs from the Montana operations should total approximately 575 koz. Asset highlights: • Expected production of 500 koz of PGMs in 2013 • Production expected to increase to 575 koz by 2017 with development of Graham Creek and Far West
East Boulder Portal Site
le Mi
Lewis Gu lch

N
1

Dry Fork Creek

Stillwater Complex
5% NSR
Limit of Claims

Sw ee

Stil lwa ter

Stillwater Mill Site
Source: Stillwater Mining Co. (2002 Annual Report)

tgr

Eas

as

East Boulder Adit

Co

sC

r

Still

Rive

r

We st

Bou

lder

Franco-Nevada Royalty Land

Stillwater

Camp Lake

wate

Fork

FrancoNevada Royalty

River

tB ould er Riv er

.

o.

FrancoNevada Royalty

Sw ee tgr as rk Pa . Co

Co ty un

sC o.

e lin

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz PGM) : M&I Resource (koz PGM)1: Inferred Resource (koz PGM)1:
1

2012 $ 17.3 19,979 19,979 – 465 465 –

$

2011 23.1 19,979 19,979 – 443 443 –

$

2010 13.1

P&P REUs (000s) 2,3 M&I REUs (000s)1,2,3 Inf REUs (000s) 2,3

67
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 94% (91% in 2011) of the mineral reserves and resources are subject to our royalty interest 3 Given more significant smelting and refining charges, FNV management estimates an average REU rate of 4.30% is applicable (assuming 14% for charges) and PGM ounces converted into REU equivalent assuming $1,600/oz Pt and $725/oz Pd ($1,700/oz Pt and $750/oz Pd in 2011)

2013 ASSET HANDBOOK

Franco-Nevada Corporation

SUDBURY PGM

Location: Operator: Stream:

Ontario KGHM International Ltd. 50% Precious Metal Stream

Franco-Nevada acquired three precious metals streams in the Sudbury basin of Ontario with its acquisition of Gold Wheaton on March 14, 2011. Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of three separate mines in the Sudbury basin of Ontario for $400 per gold equivalent ounce (subject to an annual 1% inflation adjustment). At the time of acquisition by Franco-Nevada, the mines were operated by Quadra FNX Mining Ltd. (“Quadra FNX”) which was acquired by KGHM in March 2012. The three mines are the Levack (Morrison deposit), Podolsky and McCreedy West mines. The footwall deposits are primarily rich in palladium followed by platinum and gold. The PGM revenues are reported separately from the gold revenues. KGHM does not have processing facilities in Sudbury and sells the ore to third parties for processing. The stream is calculated based on contained precious metals in the delivered ore rather than payable metals as is common in many royalty and stream arrangements. Levack (Morrison deposit): The stream agreement applies to the Levack (Morrison deposit) which has been in production since 2007. In late 2011, Quadra FNX and Xstrata Nickel (“Xstrata”) entered into an agreement which allowed Quadra FNX to utilize the underground infrastructure of Xstrata’s Craig Mine. KGHM expects that the use of Xstrata’s Craig infrastructure will significantly improve the operational flexibility and provide additional mining and drill access in the deeper high grade portions of the Morrison deposit. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine which has been in production since 2003. In Q3 2011, McCreedy West changed from mining copper and precious metal-rich ores to mining contact nickel ores. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which has been in operation since 2008. The operator reported that it plans to put Podolsky on care and maintenance once existing mineral reserves at the 2000 deposit are mined which is expected to be by the end of Q1 2013. Asset highlights: • Craig shaft access expected to accelerate exploration and development of high grade Morrison deposit • Podolsky mine expected to be put on care and maintenance in first half of 2013
PGM Revenue to Franco-Nevada ($ million): P&P Reserves (koz PGM) : M&I Resource (koz PGM)1: Inferred Resource (koz PGM)1:
1

Podolsky Levack (Morrison Deposit) McCreedy West
N
0 5 Km

Coleman Strathcona Mill

Nickel Rim South

SUDBURY
Clarabelle Mill Smelter Copper Cliff Creighton

Sudbury Igneous Complex Chelmsford Formation Onaping & Onwatin Formations Current and Former Mines Mill Smelter

ASSETS

Totten

2012 $ 43.1 290 480 60 69 115 14

$

2011 40.4 290 480 60 70 117 14



2010

68
FNV

P&P REUs (000s)1,2,3 M&I REUs (000s)1,2,3 Inf REUs (000s)1,2,3

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves. Includes mineral reserves and resources which are the sum for the Levack (Morrison deposit), McCreedy West Mine and Podolsky Mine 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our stream interest 3 FNV management estimates a stream interest for 50% payable on contained metal (not recovered) of all precious metal PGM ounces converted into REU equivalent gold assuming $1,600/oz Pt, $725/oz Pd and $1,600/oz Au ($1,700/oz Pt, $750/oz Pd and $1,700/oz Au in 2011)

The GOLD Investment that WORKS

PANDORA

Location: Operator: Royalty:

South Africa Anglo American Platinum Limited / Lonmin Plc NPI: 5%

The Pandora property is a joint venture between Anglo American Platinum Limited (“Angloplat”), Lonmin Plc (“Lonmin”), Bapo-Ba-Mogale Mining Company and Mvelaphanda Resources and forms part of the Bushveld complex approximately 40 km east of the town of Rustenburg, South Africa. Franco-Nevada has a 5% NPI royalty on Pandora. The royalty also provides for AMR payments of ZAR 100,000 (approximately $12,200). Production in 2012 at Pandora was heavily impacted by the labour unrest at Lonmin’s Marikana operations in H2 2012, but Pandora has since resumed normal operations. The estimated mineral resource at Pandora increased significantly in 2012 following the completion of a large drilling program conducted in 2011 and a number of smaller drilling programs conducted since 2008. According to Lonmin, measured and indicated mineral resources increased (on a 100% basis) to 24.9 Moz 3PGE+Au as of September 30, 2012 compared with 8.6 Moz 3PGE+Au as of September 30, 2012. The mine is an underground operation and exploits the UG2 reef horizon with access via a decline from surface. Ore is sold to Lonmin for further processing. A shaft deepening project with new deeper production levels is underway and it is expected that the centre of gravity of future mining will shift towards ground covered by Franco-Nevada’s 5% NPI royalty when it is completed. The operators reported production in 2012 to be 62 koz of PGMs. Asset highlights: • World class operator • Significant increase to mineral resource in 2012 following large drilling program in 2011

Merensky Reef
Pandora JV

N
Pretoria Johannesburg

Pandora
5% NPI

5% NPI

Future development

Current development

Pandora JV mining to date

UG

2R

o eef

utc

rop

Lonmin UG2 mining to date

E3 Decline from surface

0

N
Km

4

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (koz PGM) : M&I Resource (koz PGM)1: Inferred Resource (koz PGM)1:
1

2012 $ 0.3 2,344 24,924 3,491 28 302 42

$

2011 0.4 1,882 7,765 13,176 25 102 174

$

2010 1.0

P&P REUs (000s) 2,3 M&I REUs (000s)1,2,3 Inf REUs (000s) 2,3

69
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 80% of the mineral reserves and resources are subject to our royalty interest 3 FNV management estimates a NPI rate of 5.00% is applicable assuming $1,000/oz total cost. PGM ounces converted into REU equivalent gold assuming $1,600/oz Pt and $725/oz Pd ($1,700/oz Pt and $750/oz Pd in 2011)

2013 ASSET HANDBOOK

Franco-Nevada Corporation

MT KEITH (Ni)

Location: Operator: Royalty:

Australia BHP Billiton Limited NPI: 0.25% / GR: 0.375%

Franco-Nevada owns both a 0.375% GR royalty and a 0.25% NPI royalty on lands including the Mt Keith nickel operation in Western Australia, located 460 km north of Kalgoorlie. BHP Billiton is the operator of Mt Keith. The 0.375% GR royalty was acquired by Franco-Nevada in 2009. Mt Keith is a large, low-grade disseminated nickel sulphide ore body with an open pit mine. Mt Keith has a mining rate of approximately 40 million bank cubic metres per annum. Concentrator ore throughput is approximately 11.5Mtpa with 68% recoveries. The production capacity is 35-40,000 tpa of nickel in concentrate, at approximately 20% nickel grade. Mining commenced in 1993 with the first nickel concentrate produced in 1994. In its June 30, 2012 Annual Report, BHP Billiton reported that Mt Keith has an estimated mine life of 13 years. Kingston
Royalty Area

Throughout its operating life, Mt Keith has stockpiled a large volume of high talc ore. In December 2011, a talc redesign project was commissioned which allows the Mt Keith concentrator to obtain full value from processing talc-bearing ore. In February 2012, the mining rate at Mt Keith was expected to be reduced and stockpiled ore would be used to produce nickel concentrate, keeping output close to current levels. Asset highlights: • Mining rate reduction announced in February 2012 • Concentrate production expected to be maintained by processing stockpiled high talc ore at close to current levels

122.5 km2

Jericho

Albion Downs

Mt Keith Kingston Royalty Area
Total: 236.5 km2

N
O 5 Kilometres 10

Mt Keith
Port Hedland

Wiluna

Perth

Kalgoorlie

Cliffs

Mt Keith Royalty Area
114 km2

ASSETS

Yakabindie

Revenue to Franco-Nevada ($ million): P&P Reserves (Mlbs Ni) : Inclusive M&I Resource (Mlbs Ni)1: Inferred Resource (Mlbs Ni)1:
1

2012 $ 2.2 1,555 3,501 339 6 13 1

$

2011 3.8 1,665 3,651 339 7 15 3

$

2010 3.1

70
FNV

P&P REUs (millions) 2 M&I REUs (millions)1,2 Inf REUs (millions) 2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimate a REU rate of 0.48%. FNV also applied a NSR smelting charge of 25% (15% in 2011).

The GOLD Investment that WORKS

ROSEMONT
(Cu, Mo, Ag)

Location: Operator: Royalty:

Arizona Augusta Resource Corporation NSR: 1.5%

Franco-Nevada has a 1.5% NSR royalty on the copper, molybdenum, silver and gold extracted from the majority of claims covering the Rosemont project. The property is currently in the permitting process. The project is owned by Augusta Resource Corporation (“Augusta”) and is located in Pima County, approximately 30 miles southeast of Tucson, Arizona. The Rosemont property contains three known potentially open-pit mineable copper, molybdenum, silver deposits (Rosemont, Peach Elgin and Broadtop Butte, respectively) and is situated near a number of large porphyry type producing copper mines. Augusta has announced that the proposed Rosemont mine is expected to produce 221 Mlbs of copper, 4.7 Mlbs of molybdenum, 2.4 Moz of silver and approximately 15 koz of gold annually over the anticipated 20+ year mine life. Rosemont has faced a challenging permitting process and is awaiting approval of its remaining permits. According to Augusta, as of January 31, 2013, it has received seven of the eight major permits (To US Hwy I-10 Unpatented and Tucson) Mining required to commence construction. Outstanding Claims is the Clean Water Act Section 404 Permit from Fee Lands the US Army Corp of Engineers which Augusta Copper World expects to receive upon the issuance of the Record Mine N Peach Elgin 0 of Decision on the Plan of Operations from the US Deposit Km Forest Service. Asset highlights: • Construction to start in 2013 assuming all permits received • Franco-Nevada’s royalty covers all metals including copper, molybdenum, silver and gold
Patented Mining Claims Mine Workings Broadtop Butte Deposit

2

Rosemont Property
1.5% NSR

Patented Mining Claims
Highw

Rosemont Deposit

Unpatented Mining Claims Fee Lands
(To Highway 82)

ay 83

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (Mlbs Cu) : Inclusive M&I Resource (Mlbs Cu)1,3: Inferred Resource (Mlbs Cu)1,3:
1,3

2012 – 5,851 7,640 1,110 75 97 14



2011 – 5,243 6,003 1,728 67 77 22



2010 –

P&P REUs (millions) 2,3 M&I REUs (millions)1,2,3 Inf REUs (millions) 2,3

71
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimate a REU rate of 1.5%. FNV also applied a NSR smelting charge of 15% 3 Does not include silver or molybdenum mineral reserve and resource estimates

2013 ASSET HANDBOOK

Franco-Nevada Corporation

PECULIAR KNOB
(Fe)

Location: Operator: Royalty:

Australia Arrium Limited Production Payment

Franco-Nevada has a variable dollar per tonne royalty on the Peculiar Knob iron ore deposit located northwest of Prominent Hill in South Australia. The royalty rate is A$0.5985 multiplied by the percentage of iron ore content in ore shipped and also adjusted for movements in the iron ore index price from a base date of December 4, 2003. Franco-Nevada estimates this royalty to be comparable to a 2% gross royalty at current prices. Franco-Nevada’s royalty interest covers 251 ha and includes all known mineral reserves and mineral resources of the Peculiar Knob iron ore deposit. Development of Peculiar Knob was well advanced in October 2011 when Arrium Limited (“Arrium”) purchased the project and Arrium invested A$83 million to complete the project. On October 10, 2012, Arrium announced its first ore sale from Peculiar Knob and, on December 24, 2012, Arrium announced first ore shipped through Whyalla Port. On February 19, 2013, Arrium reported production from Peculiar Knob for 2012 of 1,130 thousand tonnes (“Kt”) iron ore mined, 273Kt processed, and 126Kt shipped. Royalties are paid quarterly on iron ore processed. During 2012, Arrium continued work on the Whyalla Port expansion from 6Mtpa to 13Mtpa. The Whyalla Port expansion is expected to be completed mid-2013 at a total cost of A$200 million. Arrium expenditures totaled A$154 million to December 31, 2012. Once completed, Arrium intends to increase Peculiar Knob production rate to 3.6Mtpa.

Peculiar Knob Royalty Area
Arrium Oz Minerals Road Railway
0

N
Km

10

ML 6314

Peculiar Knob

EL 4283

Prominent Hill

ASSETS

Revenue to Franco-Nevada ($ million): $

2012 0.6



2011 –



2010 –

72
FNV

The GOLD Investment that WORKS

ROBINSON (Cu, Au)

Location: Operator: Royalty:

Nevada KGHM International Ltd. NSR: 0.225% / other

The Robinson open pit mining complex is located near Ely, Nevada. Copper, gold and molybdenum are recovered in concentrates that are transported offsite for smelting. The mine was operated by Quadra FNX until its acquisition by KGHM in March 2012. Franco-Nevada has three royalty agreements covering the Robinson mine: • • • A NSR of 0.225% on all base metal and associated precious metal production paid quarterly. A NSR of 10% on 51% of the gold production from the property in excess of 60 koz of gold per year paid yearly. A price participation royalty on 51% of 40% of each pound of copper production from the property in excess of 130 Mlbs multiplied by the spot price less $1.00 per pound adjusted for inflation (based on 1990 dollars). Amounts are only payable in any year in which the average price of copper during that year exceeds a $1 per pound threshold, as adjusted for inflation (based on 1990 dollars).

N
1 Mile

Ruth
Mill Facilities

Tripp-Veteran Pit

Liberty Pit

Ruth Pit

Ely

Property Boundary

Robinson Mine

0.225% NSR Provisional Gold Royalty Provisional Copper Royalty

ASSETS

Copper Revenue to Franco-Nevada ($ million): Gold Revenue to Franco-Nevada ($ million): P&P Reserves (Mlbs Cu)1: Inclusive M&I Resource (Mlbs Cu)1: Inferred Resource (Mlbs Cu)1: P&P REUs (millions) 2 M&I REUs (millions)1,2 Inf REUs (millions) 2 $ $

2012 0.9 0.1 1,222 4,728 882 2 9 2

$ $

2011 0.8 0.1 1,222 4,728 882 2 9 2

$ $

2010 0.7 1.2

73
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimate a REU rate of 0.225%. FNV also applied a NSR smelting charge of 15%. No value was assigned to the production royalties

2013 ASSET HANDBOOK

Franco-Nevada Corporation

FALCONDO (Ni)

Location: Operator: Royalty:

Dominican Republic Xstrata Plc 4.1% Dividend

Franco-Nevada has a 4.1% equity interest in Falconbridge Dominicana, C. por A. (“Falcondo”) that is economically similar to most of our profit royalties except that payments are received through discretionary dividend distributions. Xstrata Plc is the operator with an 85.26% ownership. Falcondo is a ferronickel surface mining operation located in the Dominican Republic with operations dating since 1971. It has an integrated complex of four mines, smelter, crude oil supply system, oil refinery and 200 megawatt power plant with an annual production capacity of 29Kt of contained nickel. Historically, Falcondo’s reliance on oil has made it a high cost swing producer. In March 2011, production resumed at 50% of capacity using procured electricity which has lowered costs. In March 2013, Xstrata Plc reported that Falcondo had exceeded expectations by operating 7% above its current nameplate capacity. Xstrata Plc is working on converting the Falcondo process plant from oil to natural gas to enable the operation to run at capacity and more competitively. Franco-Nevada expects a resumption of dividends is not likely before 2014 Ortega depending on nickel prices.
Montaria El Pino

Asset highlights: • Fully established infrastructure • Expected mine life of over 20 years with growth potential • Potential revenues in future years

Pinar Sucio Miranda
0

N
Km

Falcondo Concession
Caribe Larga Taina

100 Peurto Plata

Dominican Republic

La Vega Bonao Haina Port Punta Cana

PLANT
Guardarraya Peguera

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (Mlbs Ni)1: Inclusive M&I Resource (Mlbs Ni)1: Inferred Resource (Mlbs Ni)1: P&P REUs (millions) 2 M&I REUs (millions)1,2 Inf REUs (millions) 2

2012 – 2,132 2,472 151 44 51 3



2011 – 2,132 2,472 151 44 51 3



2010 –

74
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimate a NPI rate of 4.1% assuming 50% margin

The GOLD Investment that WORKS

RELINCHO (Cu, Mo)

Location: Operator: Royalty:

Chile Teck Resources Limited NSR: 1.5%

Franco-Nevada has a 1.5% NSR royalty covering the Relincho copper/molybdenum property being advanced by Teck Resources Limited (“Teck”). Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011. The Relincho property is located in the 3rd Region of Chile approximately 50 km northeast of the City of Vallenar and 650 km north of Santiago at an elevation of 1,500 to 2,000 metres above sea level. Royalty highlights include: • • 1.5% NSR subject to a maximum price of $6.00/lb copper and threshold price of $1.50/lb copper, inflation adjusted. No royalty is paid if the average price for the quarter is less than the threshold price. Royalty commences after 4 years after commercial production.

According to the prefeasibility work completed by Teck, developing the 140,000 tpd Relincho concentrator and associated facilities has an estimated initial capital cost of $3.9 billion, with possible concentrate production in 2017. Teck has indicated that copper concentrate tonnage could average 650Kt per year in the first five years of full production, containing 195Kt of copper, and averaging 600Kt per year (180Kt per year contained copper) over the expected 22 year mine life. Teck has stated that an annual average 12Kt of molybdenum concentrate (6Kt per year contained molybdenum) could be Peru produced as a by-product over the life of Arica the mine. Teck has reported that the feasibility study is expected to be complete by the fourth quarter of 2013. The report was expected in the first quarter of 2013 but was delayed due to permitting issues which impacted third-party port and power facilities that the project expects to use. Exploration and geotechnical drilling are ongoing and a new resource and reserve estimate is expected at the completion of the feasibility study. Asset highlights: • Feasibility study expected in Q4 2013 • Prefeasibility work assumed a 22 year mine life
Proposed Pit Iquique

Bolivia

Proposed Mill

Antofagasta

N
0
Km

10

Royalty Area

Candelaria

Marte-Lobo Cerro Casali Regalito El Morro

Relincho Royalty Area
1.5% NSR
Mining and Royalty Area Pit

Copiapo

Relincho
Location Map

South America

La Serena

Pascua-Lama Andacollo

Chile

Santiago

Argentina

ASSETS

Chile

Revenue to Franco-Nevada ($ million): P&P Reserves (Mlbs Cu)1: Inclusive M&I Resource (Mlbs Cu)1: Inferred Resource (Mlbs Cu)1: P&P REUs (millions) 2 M&I REUs (millions)1,2 Inf REUs (millions) 2

2012 – 9,826 14,396 4,940 106 156 54



2011 – 9,826 14,396 4,940 106 156 54



2010 –

75
FNV

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimate a REU rate of 1.50%. FNV also applied a NSR smelting charge of 15% and excluded first 4 years of production from estimates

2013 ASSET HANDBOOK

Franco-Nevada Corporation

TACA TACA
(Cu, Au, Mo)

Location: Operator: Royalty:

Argentina Lumina Copper Corp. NSR: 1.08%

Franco-Nevada has a 1.08% NSR royalty on all copper, gold and molybdenum produced from Taca Taca, the principal asset of Lumina Copper Corp. (“Lumina Copper”). Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011. Lumina Copper can repurchase the royalty for an amount calculated based on a feasibility study. The property is located in the Puna region of northwestern Argentina in Salta Province, 230 km west of the provincial capital of Salta and 90 km east of the world’s largest copper mine, Escondida. Taca Taca is a very large copper/gold/molybdenum porphyry system which remains open to depth in some areas and along the southern boundary of the deposit’s northeastern limb while boundaries of the oxide gold resource appear to be fully defined. During the course of 2012, Lumina Copper provided two resource updates for the project which saw total indicated mineral resource tonnage increase by ~270% based on a 0.3% CuEq cut-off. Indicated sulphide mineral resources are now estimated to contain 21.15 billion pounds of copper, 5.56 Moz of gold and 615.8 Mlbs of molybdenum. In addition, Lumina Copper estimates that Taca Taca contains an indicated oxide mineral resource of 2.07 Moz of gold. Asset highlights: • Significant increase to mineral resource estimate released in 2012

PERU
Arica
N

Iquique

BOLIVIA

Antofagasta

Taca Taca
Copiapo

Relincho
La Serena

ARGENTINA San Jorge Vizcachitas

Santiago

CHILE

ASSETS

Revenue to Franco-Nevada ($ million): P&P Reserves (Mlbs Cu) : Inclusive M&I Resource (Mlbs Cu)1: Inferred Resource (Mlbs Cu)1:
1

2012 – – 21,150 7,550 – 194 69



2011 – – 6,590 8,280 – 60 76



2010 –

76
FNV

P&P REUs (millions) 2 M&I REUs (millions)1,2 Inf REUs (millions) 2

1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineral resource category; all M&I categories are inclusive of reserves 2 For REU calculation, FNV management estimates 100% of the mineral reserves and resources are subject to our royalty interest and estimate a REU rate of 1.08%. FNV also applied a NSR smelting charge of 15%

The GOLD Investment that WORKS

WEYBURN UNIT
(Oil)

Location: Operator: Royalty:

Saskatchewan Cenovus Energy Inc. NRI: 11.71% / ORR: 0.44% / WI: 2.26%

The “Weyburn Unit” is located approximately 129 km southeast of Regina, Saskatchewan and encompasses approximately 53,360 gross (net 7,689) acres in which the Mississippian Midale beds are unitized. As of December 31, 2012, Franco-Nevada held an 11.71% NRI, a 0.44% ORR and a 2.26% WI in the Weyburn Unit. Production commenced from the Midale zone within the unitized area in 1955 under primary depletion (solution gas expansion). Formation of the Weyburn Unit occurred in 1963 for the purpose of implementing an inverted nine-spot waterflood pressure maintenance scheme on 80 acre well spacing. Cenovus is the operator. Current gross production capability of the Weyburn Unit is approximately 30,000 Bbls/d at an average water cut of 88.5%. Current production is from 627 gross (net 90.4) wells. Produced oil within the Weyburn Unit averages 31 degrees API and contains approximately 2.2% sulphur.
R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 T9

R9W2

R8W2 T9

For 2012, revenue received by Franco-Nevada from the Weyburn Unit was $25 million and light/medium oil production net to Franco-Nevada was 887 Bbls/d. Franco-Nevada takes product-in-kind for the WI and NRI shares of this production and markets it through a third party marketer. As of December 31, 2012, Franco-Nevada’s proved reserves for the Weyburn Unit were 21,162 Mbbls. On February 23, 2012, Franco-Nevada purchased an additional 1.15% WI in the Weyburn Unit. The effective date of this acquisition was January 1, 2012. On November 13, 2012, Franco-Nevada purchased an 11.71% NRI in the Weyburn Unit. The effective date of this acquisition was October 1, 2012. The following table sets forth the revenue and production from the Weyburn Unit for the periods indicated. Asset highlights: • Added two royalty interests to this long life asset in 2012 • CO2 Enhanced Oil Recovery (“EOR”) project commenced in 2000 • Proved plus probable reserves of 31.5 MMbbl net to Franco-Nevada under current EOR project
T7

T8

Weyburn, SK

T8

T7

T7

T6

T6

N
Note: not to scale
T5

Midale, SK
T5

T4

Weyburn Unit
Unitized land

T4

T3

T3

R15W2

R14W2

R13W2

R12W2

R11W2

R10W2

R9W2

R8W2

N

T6

Note: not to scale

ASSETS

Weyburn Unit
Unitized land wells

T5

R14W2

R13W2

R12W2

Revenue to Franco-Nevada ($ million)1: Production (Mbbl)2 : Proved Reserves (Mbbl) 3,4: Proved plus Probable Reserves (Mbbl) 3,4:
1 2 3 4

2012 $ 25.0 325 21,162 31,516

$

2011 12.3 146 3,968 5,801

$

2010 10.4 149

77
FNV

Revenue refers only to payments made to Franco-Nevada Net to the Oil & Gas Interests Net to Franco-Nevada based on 0.44% ORR, 11.71% NRI and 2.26% WI as at December 31, 2012 The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation

2013 ASSET HANDBOOK

Franco-Nevada Corporation

MIDALE UNIT
(Oil)

Location: Operator: Royalty:

Saskatchewan Apache Canada Ltd. ORR: 1.14% / WI: 1.59%

The “Midale Unit” was discovered in 1953 and unitized in 1964 for the purpose of implementing a pressure maintenance scheme by water injection. The Midale Unit is located in southeast Saskatchewan approximately 40 km southeast of the city of Weyburn and encompasses 13,760 gross (net 376) acres with 242 gross (net 6.6) producing wells. Franco-Nevada holds a 1.14% gross override royalty interest and a 1.59% working interest in the Midale Unit. Apache is the operator. For 2012, revenue received by Franco-Nevada from the Midale Unit was $4.0 million and light/medium oil production net to Franco-Nevada was 132 Boe/d. Franco-Nevada takes product-in-kind for the working interest portion of this production and markets it through a third party marketer. As of December 31, 2012, Franco-Nevada’s proved reserves for the Midale Unit were 664 Mboe. The following table sets forth the revenue and production from the Midale Unit for the periods indicated. Asset highlights: • CO2 EOR project commenced in 2005 • Proved plus probable reserves of 845 Mboe net to Franco-Nevada under current EOR project
R15W2 T9 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9

T8

Weyburn, SK

T8

T7

T7

T6

T6

N
Note: not to scale
T5

Midale Unit
Unitized land

Midale, SK

T5

T4

T4

T3

T3

R15W2

R14W2

R13W2

R12W2

R11W2

R10W2

R9W2

R8W2

T7
N
Note: not to scale

T6

Midale Unit
Unitized land wells

ASSETS

T5

R12W2

R11W2

R10W2



2012 $ 4.0 48 664 845

$

2011 4.1 48 703 891

$

2010 3.6 52

78
FNV

Revenue to Franco-Nevada ($ million)1: Production (Mboe)2 : Proved Reserves (Mboe)2,3: Proved plus Probable Reserves (Mboe)2,3:

1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 As at December 31, 2012. The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation

The GOLD Investment that WORKS

EDSON
(Gas/NGL)

Location: Operator: Royalty:

Alberta Canadian Natural Resources Limited ORR: 15%

The “Edson Property” is located approximately 209 km west of Edmonton, Alberta and encompasses over 25,920 gross (net 3,888) acres, of which 4,480 gross (net 672) acres are currently undeveloped. Franco-Nevada has a 15% overriding royalty in this property. The wells are operated by Canadian Natural Resources Limited (“CNRL”). For 2012, revenue received by Franco-Nevada from the Edson Property was $3.9 million. For the same period, the property produced approximately 2.7 MMcf/d of natural gas and 109 Bbls/d of NGLs totalling 564 Boe/d of production net to Franco-Nevada from 137 gross (net 20.5) producing gas wells mainly from the Upper Cretaceous Cardium Formation, with lesser amounts from the Viking, Gething, Cadomin and Bluesky Formations. As of December 31, 2012, Franco-Nevada’s proved reserves for the Edson Property were 1,081 Mboe. Gas is processed at the CNRL operated Galloway, Edson West and Ansell gas plants which extract natural gas liquids. These plants have a combined processing capacity of 146 MMcf/d. The main reserves bearing formation in the Edson Property area is the Upper Cretaceous Cardium Formation. The Edson Property lies in an area of northwest southeast trending fault traces where the faults ramp up through the Cardium Formation. The faults dip to the west. The best Cardium wells, both vertical and especially horizontal, have targeted the hanging wall of the updip leading edge of Cardium sand cycles. This potentially helps the wells take advantage of the better productivity associated with narrow areas of higher fracture density induced by the higher stresses related to deformation along the leading edges of the faults. The following table sets forth the revenue and production from the Edson Property for the periods indicated.
R21W5 R20W5 R19W5 R18W5

T53

T53

T52

T52

Edson Lands
T51 T51

N
Note: not to scale

T50

T50

R21W5

R20W5

R19W5

R18W5

ASSETS

Revenue to Franco-Nevada ($ million)1: Production (Mboe)2 : Proved Reserves (Mboe)2,3: Proved plus Probable Reserves (Mboe)2,3: $

2012 3.9 207 1,081 1,470

$

2011 7.7 256 1,213 1,683

$

2010 12.1 360

79
FNV

1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 As at December 31, 2012. The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation

2013 ASSET HANDBOOK

Franco-Nevada Corporation

OTHER PRODUCING OIL & GAS ASSETS
Location: Operator: Royalty: AB / BC / MB / SK Various ORR/FH: 0.5%-20%

Other Producing Assets, Western Canada The significant producing assets account for approximately 80% of total oil & natural gas revenues in 2012, while the other producing assets account for approximately 20% of total oil & natural gas revenues. The other producing assets are comprised of over 50 areas which include approximately 614 gross producing wells and 56 unitized oil & gas fields, and encompass a wide variety of royalty agreements and operators and are primarily located in Alberta and Saskatchewan. The following table sets forth the revenue and production from Franco-Nevada’s other producing Oil & Gas Assets for the periods indicated.

Revenue to Franco-Nevada ($ million) : Production (Mboe)2 :
1

2012 $ 8.0 205 1,291 1,632

$

2011 10.8 225 1,376 1,729

$

2010 9.7 214

Proved Reserves (Mboe) 2,3: Proved plus Probable Reserves (Mboe)2,3:

1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 As at December 31, 2012. The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation

Undeveloped Oil & Gas Interests, Western Canada Franco-Nevada does not include in its asset tabulations undeveloped oil & gas interests without reportable resources. There are 160 agreements that cover these interests which include over 100,000 acres of undeveloped mineral title, non-producing lands within producing areas and approximately 80,000 gross (net 12,000) acres of unproved non-producing lands under lease. These undeveloped interests are located in Alberta, Saskatchewan and Manitoba. ASSETS

80
FNV

The GOLD Investment that WORKS

160°

140°

120°

100°

80°

60°

40°
80 °

ARCTIC GAS
Aklavik

80°

Arctic Ocean
Prince Patrick Island

Axel Heiberg Island

Ellesmere Island

Elah

Greenland

Qaanaaq (Thule)

Beaufort Sea Banks
Island

Melville Island

Devon Island

Baffin Bay
Pond Inlet

Da
Baffin Island

vis

Location: Operator: Royalty:

Canada Arctic – WI: 3-15%

Northwest Territories
Norman Wells

Victoria Island

Nunavut

Str

70°

ait

Echo Bay Great Bear (Port Radium) Lake

Bathurst Inlet

Repulse Bay Baker Lake

Prince Charles Island

Pangnirtung Iqaluit

Fort Simpson

Southampton Island

Franco-Nevada has 428 Bcf of contingent dry natural gas resources, net to Franco-Nevada, in the Drake Point, Hecla, King Christian and Roche Point gas fields located on and offshore Melville Island, approximately 700 miles northeast of the Mackenzie Hudson River Delta in the Arctic Ocean. This represents working interests ranging between 3% and 15% in these Bay natural gas resources. The stated resources are an estimate of the recoverable contingent resources, net to Franco-Nevada, as evaluated by GLJ, independent reservoir engineers, as at December 31, 2012. The Drake Point field was discovered in 1969 by Panarctic Oils Ltd. Between 1969 and 1986 over 130 wells were drilled at a cost of greater than C$254 million. This drilling led to the discovery of the Hecla field in 1972 as well as other fields in which Franco-Nevada has an interest. Resources are located in the Jurassic Borden Island Formation and the gas zones average 100 ft in thickness. These zones have good porosity, high permeability and the gas has no associated liquids or hydrogen sulphide. Geographic remoteness has prevented their commercialization to date. Suncor has the largest ownership stake in these fields while several other companies, including Exxon Mobil Corporation and Imperial Oil Limited, own smaller stakes. Although no operating agreement is currently in place, management of Franco-Nevada believes that Suncor will be the operator of these fields when and if they are commercialized. There is currently no infrastructure to deliver potential future production from Franco-Nevada’s Arctic natural gas assets to market and currently no plans to develop these resources.

81
FNV

ASSETS

2013 ASSET HANDBOOK

Franco-Nevada Corporation

EXPLORATION ASSETS
Franco-Nevada has interests in 137 exploration stage mineral properties as at March 19, 2013. By commodity, these include 115 gold exploration assets, 2 PGM exploration assets and 20 other minerals exploration assets. Exploration assets are speculative and unlikely to generate revenue to Franco-Nevada in the next five years. While some of these assets are associated with properties that have production, mineral reserves or mineral resources, Franco-Nevada’s exploration stage property interests are estimated to be outside known mineral resources or require mineral reserves or mineral resource additions to become economic. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects discussed above. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports, public disclosures and title searches to determine which properties are in good standing. It is possible some properties may have lapsed. Exploration assets that have been reclassified in the past year as producing or advanced assets are Sterling, in Nevada (producing asset), Butcher Well, Edna May (Westonia) and Moyagee (Wyooda Thangoo), in W. Australia (advanced assets). The following table is a list of exploration assets of Franco-Nevada as at March 19, 2013. Assets that have had their terms or leases expire and have been written off are not listed. In 2012, no mineral exploration assets were written off.

Exploration Assets
Asset Operator Interest and % (1)

UNITED STATES
Zeolites, Arizona Castle Mountain, California Darwin, California Santa Rosa, California Shoshone, California Cripple Creek, Colorado Corbin Wickes, Montana Elkhorn, Montana Forest Products (Tuxedo Mine), Montana Bald Mountain (White Pine), Nevada Chukar Claims, Nevada Curtiss-Wright, Nevada EaglePicher Diatomite II, Nevada Getchell, Nevada Goldstrike (Rodeo Creek), Nevada Limousine Butte, Nevada Marigold (SAR), Nevada Marigold (Trout Creek), Nevada NMC/NGC Deeds Barium, Nevada NMC/NGC Deeds Pacific Spar, Nevada Preble, Nevada Preble (Pinson Fee), Nevada Tonkin Springs, Nevada Malone, New Mexico Boling Dome, Texas Hobson Pearson, Texas Texas Sulfur, Texas Kings Canyon, Utah Silver Bell, Utah Tintic, Utah Davy Crockett, Wyoming Zeox Corporation Telegraph Gold Corp. Project Darwin LLC Sungro Minerals Inc. Kenneth Henry, Tom Ver Hoef, Amargosa Hondo Minerals, Inc. Elkhorn Goldfields LLC Elkhorn Goldfields LLC Beartooth Platinum Corp Barrick Gold Corporation Tesoro Gold Company South Meadows Property Ltd. EP Minerals, LLC Barrick Gold Corporation Barrick Gold Corporation McEwen Mining Inc. Glamis Marigold Mining Company Newmont Mining Corporation Barium, Inc. Pacific Spar Corp. Barrick Gold Corporation Barrick Gold Corporation McEwen Mining Inc. Evolving Gold Corp. Total E&P USA/H&L Newgulf Bridge Oil Pacific Coast Mines, Inc. Geomark Exploration Ltd. Unico, Inc. Keystone Surveys Pathfinder Mines Corp. $1.50/ton plus escalator (Clay) 1%, 4%, 5% NSR (Au) 5% NSR plus other (Au, etc.) 2% NSR; capped at $2M (Au, Ag, Zn, Cu, Pb) 2% NSR (Au, Ag, Zn) 3% NSR (Au, Ag) 5% NSR (Au) 1.1875% NSR (Au) 2% NSR (All Minerals) 1-5% GR (Au) 1.67% NSR (All Minerals) 2% NSR (Au) $0.25/short ton plus other 2% NSR (Au) 4% NSR; capped at $500K (Au, Ag) 1.5-2.5% NSR (Au) 5% NSR (Au) 3% NSR (Au) 3% GP (All Precious Metals) 3% GP (Au) 10% NP (Au) 1.5-7.5% NSR (Au, Ag) 1-2% NSR (Au) 2% NSR (Metals, Ores, Minerals & Concentrates) $0.0028225 per long ton (Sulfur) 20% OR (Uranium) 4% GR (Sulfur) 4% NSR (Au) 5% NSR plus other (Au, Cu, Pb, Zn) 1% NSR (All Minerals) 4% on FMV (Uranium)

ASSETS

82
FNV

The GOLD Investment that WORKS

Exploration Assets
Asset Operator Interest and % (1)

CANADA
Eskay Creek, British Columbia Myrtle Proserpine, British Columbia Tide, British Columbia Trout Lake (MAX Moly Mine), British Columbia Monument Bay, Manitoba Oxford Lake, Manitoba Clan Lake (Sito Lake), NWT Redstone (Coates Lake), NWT Butler and Sanderson (Diagnos), Ontario Catharine 1, Ontario Catharine 4, Ontario Detour (Mikwam), Ontario & Quebec Golden Highway (Aquarius), Ontario Golden Highway (Central Timmins), Ontario Golden Highway (Stock), Ontario Golden Highway (Stoughton), Ontario Golden Highway (Taylor), Ontario Hemlo (JOA), Ontario Kerrs Leases, Ontario Kirkland Lake (KLG 2% NSR), Ontario Kirkland Lake (KLG 2-3% NSR), Ontario Kirkland Lake (Osisko 2% NSR), Ontario Marathon PGM (Par Lake), Ontario Newman-Heyson (Madsen), Ontario Newman-Todd, Ontario Red Lake (Skinner), Ontario Shining Tree (Creso), Ontario Shining Tree (Knight), Ontario Timmins (Cripple Creek), Ontario Timmins (Project 81), Ontario Timmins (Sewell), Ontario Timmins (West Porcupine), Ontario Timmins (Whitney 1), Ontario Timmins (Whitney 2), Ontario Windarra (East Property), Ontario Cadillac-Sphinx, Quebec Casa Berardi (Caribou-Estrees), Quebec Casa Berardi (Dieppe), Quebec Destiny (Rochebaucourt), Quebec Eastmain, Quebec Galinee, Quebec Radisson, Quebec Brewery Creek, Yukon Wernecke, Yukon Barrick Gold Corporation Barkerville Gold Mines Ltd. 0945473 B.C. Ltd. Roca Mines Inc. (Forty Two Metals Inc.) Mega Precious Metals Inc. Alto Ventures Ltd. Tyhee Gold Corp. Copper North Mining Corp. MacDonald Mines Exploration Ltd. Katrine Exploration and Development Inc. Katrine Exploration and Development Inc. Alpha Minerals Inc. St Andrew Goldfields Ltd. St Andrew Goldfields Ltd. Brigus Gold Corp. Harte Gold Corp. St Andrew Goldfields Ltd. Beaufield Resources Inc. (Jiminex option) Sheltered Oak Resources Corp. Kirkland Lake Gold Inc. Kirkland Lake Gold Inc. Osisko Mining Corporation Stillwater Canada Inc. Sabina Gold & Silver Corp. Redstar Gold Corp. Sabina Gold & Silver Corp. Creso Exploration Inc. Bear Paw Resources Inc. Richmont Mines Inc. Noble Mineral Exploration Inc. Richmont Mines Inc. Trillium North Minerals Ltd. John Prochnau Goldcorp Inc. Wesdome Gold Mines/Windarra Minerals Agnico-Eagle Mines Limited IAMGOLD/Cogitore Resources Agnico-Eagle Mines Limited Alto Ventures Ltd. Eastmain Mines Inc. Nyrstar NV Eastmain Resources Inc. Americas Bullion Royalty Corp. Newmont Mining Corporation 1% NSR (Au, Ag, Pb) 3% NSR (All Minerals) 1.5% NSR (All Minerals) 2.5% NSR (All Minerals) 2-3% NSR (Au) 1.5-2.5% NSR (All Minerals) 2-3% NSR (All Minerals) 3-4% NSR (Cu, Ag) ROFR on Diagnos Royalty (Diamonds/Base Metals) 1/3 of a 2-3% NSR (All Minerals) 2-3% NSR (All Minerals) 0.4824% NSR (All Minerals) 1-2% NSR (All Minerals) 0-1% NSR (All Minerals) 1% NSR (All Minerals) 0.5-2.5% NSR (Au) 1% NSR (All Minerals) 0.5-1% NSR (Au) 1-2% NSR (Au) 2% NSR (Au) 2-3% NSR (Au) 2% NSR (Au) 2% NSR (Pt, Pd) 1.5-2% NSR (All Minerals) 1.5-2% NSR (Au) 1% NSR (All Minerals) Option to acquire 2% NSR (All Minerals) 2-3% NSR (Au) 1.05-1.75% NSR (Au) Option to purchase 2.25% NSR (Au, Other Minerals) 1.5-2.5% NSR (Au) 2% NSR (All Minerals) 2.5% NSR (All Minerals) 2.5% NSR (All Minerals) 0.5% NSR (All Minerals) 1.5% NSR (All Minerals) 1.275-2.125% NSR (Au) 2-3% NSR (Au) 3% NSR (All Minerals) 1-1.15% NSR on initial 250 koz (Au) 1.5-2% NSR (Au) 2% NSR (All Minerals) $10-40/oz; capped at $300K (Au) 1.2% NSR (All Minerals)

ASSETS

AUSTRALIA
Blayney, New South Wales Brown’s Creek, New South Wales Chariot Gold/Giants Reef, Northern Territory Legend, Northern Territory Reynolds Range, Northern Territory Rover, Northern Territory Tennant Creek, Northern Territory Yambarra, Northern Territory Crush Creek, Queensland Mt Carlton, Queensland Power Station, Queensland Tate River, Queensland Top Camp, Queensland Third Plain, S. Australia Agnew, W. Australia Straits Resources Limited Australian Native Landscapes/Hargraves Emmerson Resources Limited Legend International Holdings, Inc ABM Resources NL Adelaide Resources Limited Emmerson Resources Limited North Australian Diamonds Ltd et al Basin Gold Pty Ltd Evolution Mining Limited Millmerran Power Partners Sovereign Metals/Paladin Energy Orion Metals Limited Perilya/Minotaur Exploration Gold Fields Limited 2.25% NSR (All Minerals) 2.25% NSR (All Minerals) A$17.10 or A$30/oz (Au) 1% Gross Revenue (All Minerals) 1-2.5% NSR (Au) 1.5-2.5% NSR (All Minerals) 1.29% NSR (Au) 1.25% NPI (All Minerals) 2.75% GR (All Minerals) 2.75% GR (All Minerals) 8.3% of cashflow; NPV threshold (Coal) 2% NSR (All Minerals) 0.5% Gross Returns (Au)/NPI (Other Minerals) 0.5% NSR (Zn) 2.5% GR (All Minerals) 2013 ASSET HANDBOOK
Franco-Nevada Corporation

83
FNV

Exploration Assets
Asset Operator Interest and % (1)

AUSTRALIA continued
Agnew-Cox, W. Australia Breakaway Dam (12 Mile), W. Australia Carbine North (Chadwin’s Dam), W. Australia Day Dawn (Big Bell Gold), W. Australia Duketon Southwest, W. Australia Duketon West, W. Australia Flushing Meadow, W. Australia Gidgee (Wyooda Thangoo), W. Australia Hampton, W. Australia Heather Bore/Mount Clifford, W. Australia Ironstone Well, W. Australia Jeffreys Gold, W. Australia Karonie (Aldiss), W. Australia Lady Jane, W. Australia Lake Maitland, W. Australia Lake Percy, W. Australia Langford’s Find, W. Australia Marvel Loch (May Queen), W. Australia Matilda, W. Australia Matt Dam, W. Australia Miranda (Ni), W.Australia Miranda Gold, W. Australia Munni Munni (Elizabeth Hill), W. Australia Randwick Gold Hill, W. Australia Red Lake, W. Australia Red October District, W. Australia Sandstone II, W. Australia Tanami, W. Australia Western Lease, W. Australia Windich South, W. Australia Yerilla, W. Australia Gold Fields Limited Norton Gold Fields Limited Blackham Resources/Phoenix Gold Westgold Resources Limited South Boulder Mines/Independence Group South Boulder Mines/Independence Group Orex Mining/Maximus Resources Panoramic Resources Limited BHP Billiton Limited Independence Group NL Orex Mining/Maximus Resources Mincor Resources NL Integra Mining Ltd Phoenix Gold Limited Mega Uranium Mining /Jaurd/Itochu Norilsk Nickel Enterprise Metals Limited St Barbara Limited Blackham Resources Ltd Norton Gold Fields Limited Breakaway Resources Limited Gold Fields Limited Platina Resources Limited E Bouverie, Trindal P/L, Lucas Gold P/L et al Echo Resources Limited Saracen Mineral Holdings Limited Panoramic Resources Limited Astro Resources NL KCGM Pty Ltd (Newmont/Barrick) Barrick Gold Corporation Wild Acre Metals Limited 5% GR (Au) $1/ton (All Minerals) 3% NPI (All Minerals) 1% GR (Au) 2% NSR (All Minerals) 2% NSR (All Minerals) 1% NSR (Au, Other Minerals) $0.60/tonne (Au) 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) 1-2% NSR (Cu, Zn, Other Metals) 1% NSR (All Minerals) 2% GP (Au) $10-20/oz (Au) 4.5% GR (Au) 1% NSR (All Minerals) 2% NPI (All Minerals) 2% NSR (All Minerals) $0.50-1.00/cubic metre (Au) 3-5% NSR (Au); 2% NSR (Ni) A$0.60/tonne (A$1.00/t x 60%) (Au) 0.5% of Production (Ni) 3% GR (Au) One-time payment on production (Au and/or Pt) 1-1.5% GR (Au) 0.5 or 1.5% NSR (All Minerals) 0.68-1% NSR (Au) $0.35/dry tonne (All Minerals) 1% Gross Revenue (All Minerals) 1.25% GR (Au) 1% NSR (All Minerals) 2% NSR (All Minerals)

REST OF WORLD
Mara Rosa, Brazil La Coipa, Chile Vizcachitas, Chile Hispaniola, Dominican Republic Camporo (Cacamuya), Honduras Charaltyn, Kazakhstan Magallanes, Mexico Ayahuanca, Peru Choreveco, Peru Dorato, Peru Nangali, Peru NPI, Philippines Demirci, Turkey Hasandagi-Dikmen, Turkey Karadag, Turkey Torul, Turkey Amarillo Gold Corporation Kinross Gold Corporation Los Andes Copper Limited Energold Drilling Corp. First Point Minerals Corp. Kazakhymys PLC Penoles Geoandina Exploraciones SAC Minera del Norte S.A./Aruntani S.A.C. Dorato Resources Inc. Compass Resources/Indo Mines Nickel Asia Corporation Ariana Resources PLC Teck/Koza Altin Koza Altin Koza Altin 1% NSR (Au, Ag) 3% NSR (Au) 1-2% NSR (All Minerals) 0.6% NSR (All Minerals) 0.6% NSR (Au, Ag) $10.41/oz plus escalator (Au) 2-3% NSR (Au, Ag, Base Metals) 1% NSR (Au) 0.1-0.3% NSR (Au) 2% NSR (All Minerals) 1.5% NSR (Au) Production Payment 2% NSR (Au) 2% NSR (Au) 2.5% NSR (Au) 1.5% NSR (Au)

ASSETS

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(1) Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales.

The GOLD Investment that WORKS

ADDITIONAL INFORMATION

ADDITIONAL INFORMATION
Asset Counts and Categories Asset Mine Lives Corporate Organization Glossary Cautionary Statements Corporate Information

ADDITIONAL INFORMATION

TOTAL ASSET COUNTS
Franco-Nevada’s assets are categorized by commodity and stage of development. By commodity, assets are either “Gold”, “PGM”, “Other Minerals” or “Oil & Gas”. The categories of Gold and PGM are together referred to as “Precious Metals”. The categories other than Oil & Gas are collectively referred to as “Mineral Assets”. For presentation purposes, “Gold” encompasses some silver assets and polymetallic exploration prospects. “PGM” encompasses the platinum group metals including palladium. “Other Minerals” includes base metals, iron ore, coal, industrial and miscellaneous minerals. “Producing” assets are those that have generated revenue from steady-state operations to Franco-Nevada or are expected to in the next year. “Advanced” are assets on projects that in management’s view have a reasonable possibility of generating steady-state revenue to Franco-Nevada in the next five years or includes properties under development, permitting, feasibility or advanced exploration. “Exploration” represents assets on early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are currently not active. For accounting purposes, the number of assets has been counted in different manners depending on the category. Royalties on a producing or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the property, such as at the Goldstrike complex. Streams covering a group of mines in close proximity and operated by a common operator such as the Sudbury streams have also been counted as one asset. However, royalties and streams on producing properties that have significant co-products have been counted twice, such as the Robinson royalties for gold and copper or the Sudbury streams for gold and PGMs. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada’s wholly-owned undeveloped oil & gas land positions and its working interests in Arctic gas resources are additional assets of the Corporation. However, for the purposes of tabulating an indicative number of assets, the undeveloped oil & gas land positions and certain working interests are not counted. More detail on Franco-Nevada’s oil & gas land positions can be found in the section entitled “Oil & Gas Assets”. As of March 19, 2013, Franco-Nevada estimates that it holds 211 Mineral Assets and 137 Oil & Gas Assets for a total of 348 assets and another 160 undeveloped Oil & Gas agreements.

Franco-Nevada Asset Tabulation Producing Advanced Exploration Total Gold 36 23 115 174 PGM 3 0 2 5 Other Minerals 7 5 20 32 Total Mineral 46 28 137 211 Oil & Gas 137 – (1) # 137 TOTAL 183 28 137 348

(1) 160 undeveloped Oil & Gas agreements not included in asset counts.

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TOTAL ACREAGE OF ASSETS
The following is a tabulation of the acreage of mineral lands subject to Franco-Nevada’s royalty, stream or other interests as at March 19, 2013 and represents managment’s best available information. Acreage amounts are approximate or estimated and are compiled from information contained in asset agreements and updated when possible using various sources including government recording offices, operator information such as technical reports, presentations and other sources. Acreage has been converted into standard measure by Franco-Nevada.

Franco-Nevada Acreage Tabulation Gold - United States Gold - Canada Gold - Australia Gold - Rest of World PGM Other Minerals Total Minerals
(1)

Producing 66,993 132,550 1,038,240 1,290,934 36,450 246,809 2,811,976

Advanced 13,448 89,032 251,512 267,177 0 106,071 727,240

Exploration 184,490 578,923 642,988 716,076 18,914 2,719,689 4,861,080

TOTAL 264,931 800,505 1,932,740 2,274,187 55,364 3,072,569 8,400,296 1,542,039 9,942,335 40,235

Oil & Gas Total Estimated Acreage Total Km
2

(1) Gross Acreage.

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ASSET MINE LIVES
Franco-Nevada’s asset portfolio is comprised of a large variety of properties and operations with a range of projected mine lives. The table below provides the estimated mine life projections for assets where operators have published technical studies with forward looking production profiles or where operators have indicated an expected mine life in their public disclosure. The mine lives below are not Franco-Nevada’s estimates and therefore the only assets listed are those with publicly stated mine lives provided by the operators. Assets without publicly disclosed mine lives have not been included. Certain assets within the portfolio are either currently more significant, or are likely to be more significant over time, than other assets. For example, Palmarejo is expected to be a significant revenue generating asset for many years, whereas Cerro San Pedro is a smaller royalty and is expected to be less significant within the overall portfolio. Due to the range in asset contributions within the portfolio, it would be inaccurate to take a simple average of the asset mine lives. In an effort to provide a more accurate picture for the mine life of the overall portfolio, the assets have been assigned weightings based on their REUs. The weighted average asset life of the mineral asset portfolio using the methodology above is approximately 23 years. It should be noted that most of the production profiles included in this exercise are based on proven and probable reserves and do not incorporate additional resources that may be produced over time. Franco-Nevada has not included assets whose studies are based on inferred resources. For Oil & Gas we estimate the Reserve Life Index to be 20 years.

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GOLD - USA Goldstrike Gold Quarry Marigold Bald Mountain Mesquite GOLD - CANADA Detour Lake Musselwhite Hemlo Timmins West Canadian Malartic Goldfields (Box/Athona) Courageous Lake GOLD - AUSTRALIA Duketon GOLD - REST OF WORLD Cobre Panama Palmarejo MWS Tasiast Subika Cerro San Pedro Edikan Agi Dagi Perama Hill Gurupi 0.0 5.0 10.0 15.0

Mine Life (years)

20.0

The GOLD Investment that WORKS

CORPORATE ORGANIZATION CHART
Franco-Nevada Corporation
Asset Listing By Legal Entity

(Canada)

1

100%

100%

100%

100%

100%

100%

Franco-Nevada Alberta Corporation (Alberta)

Franco-Nevada Canada Holdings Corp. (Canada) 7
99% 100%

Franco-Nevada GLW Holdings Corp. (British Columbia) 4
100%

Franco-Nevada Australia Pty Ltd. (Australia) 3

Franco-Nevada LRC Holdings Corp. (British Columbia) 8
100%

Franco-Nevada Alberta Holdings ULC (Alberta)

100%

1%

Franco-Nevada Mexico Corporation, S.A. de C.V. (Mexico)

FN Subco Inc. (British Columbia) 6 9

Franco-Nevada (Barbados) Corporation (Barbados) 5

Minera Global Copper Chile S.A. (Chile)

Franco-Nevada U.S. Holding Corp. (Delaware)

100%

Franco-Nevada U.S. Corporation (Delaware) 2

1 Franco-Nevada

Corporation Properties in Canada unless noted Producing: • Canadian Malartic • Cerro San Pedro - Mexico • Edikan - Ghana • Falcondo - Dominion Republic • Golden Highway • Hemlo • Ity - Cote d’ivoire • Kasese - Uganda • Kirkland Lake (Macassa) • Mouska • Musselwhite • Pandora - South Africa • Timmins West • Other Advanced & Exploration • Oil & Gas Assets

2

Franco-Nevada U.S. Corporation Properties in the US unless noted Producing: • Bald Mountain • EaglePicher • Gold Quarry • Goldstrike • Hollister • Marigold • Mesquite • Mt Muro - Indonesia • North Lanut - Indonesia • Robinson • Sterling • Stillwater • Other Advanced & Exploration

3

Franco-Nevada Australia Pty Ltd. Properties in Australia unless noted Producing: • Admiral Hill • Bronzewing • Duketon • East Location 45 • Flying Fox • Henty • Mt Keith • Peculiar Knob • South Kalgoorlie • White Dam • Other Advanced & Exploration

4 Franco-Nevada GLW Holdings
Corp. Properties in Canada unless noted

5 Franco-Nevada (Barbados)
Corporation Properties in South Africa unless noted Producing: • Cooke 4 • MWS Advanced: • Cobre Panama - Panama

Producing: • Sudbury-Levack (Morrison) • Sudbury-McCreedy West • Sudbury-Podolsky

6

Franco-Nevada Mexico Corporation, S.A. de C.V. Properties in Mexico unless noted Producing: • Palmarejo

7

Franco-Nevada Canada Holdings Corp. Properties in Canada unless noted Producing: • Detour • Tasiast - Mauritania

8 Franco-Nevada LRC Holdings
Corp. Advanced: • Relincho - Chile • San Jorge - Argentina • Taca Taca - Argentina Exploration: • Vizcachitas - Chile

9 FN Subco Inc.
Producing: • Subika

Properties in Ghana unless noted

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GLOSSARY
“A$” means Australian dollars. “Adjusted EBITDA” defined by the Corporation as net income (loss) excluding income tax expense, finance income and costs, foreign exchange gains and losses, gains and losses on sale of investments, income and losses from equity investees, depletion and depreciation and impairment charges related to royalties, streams, working interests and investments. “Adjusted Net Income” defined by Franco-Nevada as net income excluding impairment charges related to royalties, working interests and investments; fair value changes for royalties accounted for as derivative assets; foreign currency gains and losses; gains and losses on sale of investments; and the impact of taxes on all these items. “AMR” means Advanced Minimum Royalty and is rent paid to the royalty holder prior to the payment of royalties on production. Once production begins, the AMR payments are then credited in full against stream of production royalty payments. “Au” means the chemical symbol for the element gold. “bbl” means barrel. “Bbls/d” means barrels per day. “Bcf” means billion cubic feet. “Boe” mean barrels of oil equivalent. “Boe/d” means barrels of oil equivalent per day. “CAGR” means Compounded Annual Growth Rate. “CIM Definitions” means the CIM Standards on Mineral Resources and Reserves Definition and Guidelines adopted by CIM Council on December 11, 2005, as amended from time to time. “CIM” means the Canadian Institute of Mining, Metallurgy and Petroleum. “concentrate” is the product of physical concentration process, such as flotation or gravity concentration, which involves separating ore minerals from unwanted waste rock. Concentrates require subsequent processing (such as smelting or leaching) to break down or dissolve the ore minerals and obtain the desired elements, usually metals. “Cu” means the chemical symbol for the element copper. “cut-off grade” means the lowest grade of mineral resource considered economic; used in the calculation of reserves and resources in a given deposit. “diamond drill” is a type of drill in which the rock cutting is done by abrasion, with a diamond impregnated bit, rather than by percussion. The drill cuts a core of rock which is recovered in long cylindrical sections. Syn: “core drill”. “dip” is the angle between a horizontal plane and an inclined surface such as a rock formation, fault or vein. “drift” is a horizontal passage underground that follows along the length of a vein of rock formation. “eq” or “Eq” means equivalent. “fault” means a fracture in a rock where there has been displacement of the two sides. “Fe” means the chemical symbol for iron. “feasibility study” means a comprehensive study of a mineral deposit in which all geological, engineering, legal, operation, economic, social, environmental and other relevant factors are considered in sufficient detail that it could reasonably serve as a basis by a financial institution to finance the development of a deposit for mineral production. “FH” means Freehold. “flotation” is a process by which mineral particles are induced to become attached to bubbles and float, in an ore and water slurry, so that the valuable minerals are concentrated at the slurry surface and separated from the worthless gangue. “fracture” means breaks in a rock, usually due to intensive folding or faulting. “Franco-Nevada” means Franco-Nevada Corporation and is also referred to as “Franco”, “FNV”, “the Company”, “Corporation”, “management”, “we”, or “our” in this Asset Handbook. “Freehold” means an interest in real property. “g/t” means grams per tonne. “g” represents grams. “Gold Wheaton Agreement” means the stream purchase agreement acquired by Franco-Nevada on March 14, 2011. “GOR” means Gross Overriding Royalty and is the right to receive a royalty based on the gross value of the minerals produced with few, if any, deductions therefrom. Usually employed for non-metallic projects. “GR” means Gross Royalty and is a royalty based on all revenues in cash or in-kind products received by the operator for the sale of product. “grade” means the concentration of each ore metal in a rock sample, usually given as weight percent. Where extremely low concentrations are involved, the concentration may be given in grams per tonne (g/t) or oz per ton (oz/t). “Guide 7” means the mining industry guide entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations” contained in the Securities Act Industry Guides published by the United States Securities and Exchange Commission, as amended. “ha” means hectares; 10,000 square metres. “heap leaching process” is the process of extracting gold and silver by placing broken ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained gold and silver, which are then recovered in metallurgical processes. “Indicated Resources” has the meaning ascribed to the term “indicated mineral resource” pursuant to CIM Definitions. “Inf”means Inferred. “Inferred Resources” has the meaning ascribed to the term “inferred mineral resource” by CIM Definitions. “JORC” means the Australasian Code for Reporting of Mineral Resources and Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council of Australia, as amended. “kg” represents kilogram. “km” represents kilometre. “km2” represents square kilometre. “koz” means thousand ounces. “kt” means thousand tonnes. “lb” represents pound. “LOM” means life of mine. “M&I” means Measured and Indicated. “m” means metres. “Mboe/mboe” means thousand barrels of oil equivalent. “Mbbls/mbbls” means thousand barrels. “Mcf/mcf” means thousand cubic feet. “Measured Resources” has the meaning ascribed to the term “measured mineral resource” pursuant to CIM Definitions. “Mineral Royalties” means the royalty interests in precious and base metal properties and certain equity interests owned by Franco-Nevada.

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“mineralization” usually implies minerals of value occurring in rocks. “Mlbs” means millions of pounds. “MMbbl” means million barrels of oil. “MMcf/mmcf” means million cubic feet. “MMcf/d or mmcf/d” means million cubic feet per day. “Mo” means the chemical symbol for the element molybdenum. “Moz” means million ounces. “Mtpa” means million tonnes per annum. “NGLs” means Natural Gas Liquids. “NI 43-101” means National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. “NI 51-101” means National Instrument 51-101 - Standards of Disclosure for Oil & Gas Activities of the Canadian Securities Administrators. “Ni” means the chemical symbol for the element nickel. “NPI Royalty” has the meaning ascribed to it under “Royalties and streams explained”. “NPI” means Net Profit Interest: the profits after deduction of expenses. “NPR” means Net Proceeds Royalties: which is the profits after deduction of expenses. “NRI” means Net Royalty Interest: paid net of operating and capital costs (similar to an NPI). “NSR Royalty” has the meaning ascribed to it under “Royalties and streams explained”. “NSR” means Net Smelter Return: Which is the proceeds returned from the smelter and/or refinery to the mine owner less certain costs. “Oil & Gas Interests” means the royalty interests, working interests and oil and natural gas mineral rights in oil and natural gas properties owned by Franco-Nevada. “open pit” is a surface working open to daylight, such as a quarry. “ore” means a natural aggregate of one or more minerals which may be mined and sold at a profit, or from which some part may be profitably separated. “ORR” means Overriding Royalty: A percentage share of production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner. “oz/ton” represents troy ounces per short ton. “oz” represents ounce (troy). 1 troy ounce = 1.097 avoirdupois ounce. “P&P” means Proven and Probable. “Pb” means the chemical symbol for the element lead. “Pd” means the chemical symbol for the element palladium. “PGM” means the platinum group of metals, including but not limited to Palladium, Platinum, Rhodium, Osmium, and Rhenium. “porphyry” is an igneous rock of any composition that contains conspicuous, large mineral grains (phenocrysts) in a fine-grained matrix. “preliminary feasibility study” means a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a qualified person, acting reasonably, to determine if all or part of the mineral resource may be classified as a mineral reserve.

“Probable Reserve” in respect of mineral reserves has the meaning ascribed to the term “probable mineral reserve” pursuant to CIM Definitions. “Probable Reserves” in respect of oil and natural gas reserves, probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will exceed the estimated proved reserves. “Proved Reserves” in respect of oil and natural gas reserves, proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. “Proven Reserve” in respect of mineral reserves has the meaning ascribed to the term “proven mineral reserve” pursuant to CIM Definitions. “Pt” means the chemical symbol for the element platinum. “Qualified Person” for the purposes of NI 43-101, is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; and has experience relevant to the subject matter of the mineral project; and who is a member in good standing of a recognized self-regulatory organization of engineers or geoscientists. “Reserves” means collectively, in respect of mineral reserves, Probable Reserves and Proven Reserves, or in respect of oil and natural gas reserves, Probable Reserves and Proved Reserves. “Resources” means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. “REUs” means Royalty Equivalent Units. “run-of-mine ore” means mined ore which has not been subjected to any pretreatment, such as washing, sorting or crushing prior to metallurgical processing. “SAMREC” means the South African Code for Reporting of Mineral Resources and Mineral Reserves prepared by the South African Mineral Committee under the auspices of the South African Institute of Mining and Metallurgy, as amended. “smelting” is an intermediate stage metallurgical process in which metal is separated from impurities by using thermal or chemical separation techniques. “stope” means an excavation in an underground mine from which ore is being or has been extracted. “strike” means the trend or direction of the intersection of a dipping a layer of rock, fault, vein or other geologic feature with a horizontal surface. “tailings” means material rejected after recoverable valuable minerals have been extracted from the ore or concentrate. “ton” is 2,000 pounds. Syn; short ton. “tonne” means 1,000 kilograms. “tpa” means tonnes per annum. “vein” means an epigenetic mineral filling of a fault or other fracture, in tabular or sheet-like form, often with associated replacement of the host rock; a mineral deposit of this form and origin. “waste” is rock which is not ore and usually has to be removed during the normal course of mining to get at the ore. “WI” means working interest. “Zn” means the chemical symbol for the element zinc.

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CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS

This Asset Handbook contains certain “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating to reserves and resources together with related REU calculations are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Such forward looking statements reflect management’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 “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” 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 & 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 US dollar, changes in national and local government legislation, including permitting and licensing regimes and taxation policies, regulations and 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, 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 PFIC status, 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, rate and timing of production differences from resource estimates, 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 unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, and the integration of acquired assets. The forward looking statements contained in this Asset Handbook 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’s ongoing income and assets relating to determination of its PFIC status, no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest, 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 and readers are cautioned that forward looking statements are not guarantees of future performance. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly, readers should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the “Risk Factors” section of our AIF, as well as Franco-Nevada’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and contained in Franco-Nevada’s Form 40-F filed with the SEC on www.sec.gov. The forward looking statements herein are made as of the dates set out in this Asset Handbook 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.

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Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards The disclosure in this Asset Handbook has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. Disclosure, including scientific or technical information, has been made in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) unless otherwise indicated. NI 43-101 is an instrument developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. For example, the terms “measured mineral resources”, “indicated mineral resources”, “inferred mineral resources”, “proven mineral reserves” and “probable mineral reserves” are used in this Asset Handbook to comply with the reporting standards in Canada. While those terms are recognized and required by Canadian standards, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into mineral reserves. These terms carry a great amount of uncertainty as to the existence of the underlying minerals, and great uncertainty as to the economic and legal feasibility of the recovery of the underlying minerals. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources, inferred mineral resources, proven mineral reserves or probable mineral reserves will ever be upgraded or mined. In accordance with Canadian standards, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources in this Asset Handbook is economically or legally mineable and will ever be classified as a reserve. In addition, the definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in the SEC Industry Guide 7. Disclosure of “contained ounces” is permitted disclosure under Canadian standards; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures. In addition to NI 43-101, a number of resource and reserve estimates have been prepared in accordance with JORC or SAMREC which differ from the requirements of NI 43-101 and United States securities laws. See “Reconciliation to CIM Definitions”. Accordingly, information contained in this Asset Handbook containing descriptions of the Company’s mineral properties may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. As noted under “Royalty Equivalent Units - Oil & Gas”, Franco-Nevada is providing in this Asset Handbook disclosure relating to reserves and other oil & gas information prepared in accordance with Canadian disclosure requirements. The primary differences between the Canadian requirements and the U.S. standards for oil & gas related disclosure are that: • National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) requires disclosure of gross and net reserves using forecast prices, whereas the SEC rules require the disclosure of net reserves estimated using a historical 12-month average price; • NI 51-101 requires the disclosure of the net present value of future net revenue attributable to all of the disclosed reserves categories, estimated using forecast prices and costs, before and after deducting future income tax expenses, calculated without discount and using discount rates of 5%, 10%, 15% and 20%, whereas the SEC rules require disclosure of the present value of future net cash flows attributable to proved reserves only, estimated using a constant price (the historical 12-month average price) and a 10% discount rate; • NI 51-101 requires a one-year reconciliation of gross proved reserves, gross probable reserves and gross proved plus probable reserves, based on forecast prices and costs, for various product types, whereas the SEC rules require a three-year reconciliation of net proved reserves, based on constant prices and costs, for less specific product types; and • NI 51-101 requires reserves to show a hurdle rate of return, whereas the SEC rules require reserves to be cash flow positive on an undiscounted basis. Oil & Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

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TECHNICAL AND THIRD PARTY INFORMATION
Philip D. Wilson, Vice President, Technical of Franco-Nevada is the qualified person that approved the scientific or technical information contained in this Asset Handbook related to mineral projects that are material to Franco-Nevada. Except where otherwise stated, the disclosure in this Asset Handbook relating to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at March 19, 2013 (except where stated otherwise), and none of this information has been independently verified by Franco-Nevada. Specifically, as a royalty or stream holder, Franco-Nevada has limited, if any, access to properties included in its asset portfolio. Additionally, Franco-Nevada may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. FrancoNevada is dependent on the operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare required disclosure pertaining to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests and generally has limited or no ability to independently verify such information. Although Franco-Nevada does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Franco-Nevada’s royalty or stream interest. Franco-Nevada’s royalty or stream interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production of the property. Reconciliation to CIM Definitions In this Asset Handbook, Franco-Nevada has disclosed a number of resource and reserve estimates covering properties related to the mineral assets that are not based on Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions, but instead have been prepared in reliance upon JORC, SAMREC and SEC Industry Guide 7 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. In each case, the mineral resources and mineral reserves reported in this Asset Handbook are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Franco-Nevada is not able to reconcile the resource and reserve estimates prepared in reliance on an Acceptable Foreign Code with that of CIM definitions. Franco-Nevada previously sought confirmation from one of its technical advisory firms, that is comprised of engineers experienced in the preparation of resource and reserve estimates using CIM and each of the Acceptable Foreign Codes, of the extent to which an estimate prepared under an Acceptable Foreign Code would differ from that prepared under CIM definitions. Franco-Nevada was advised that, while the CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Such advisors further confirmed, without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are reproduced in this Asset Handbook were conducted, that in the course of their preparation of a resource or reserve estimate they would effectively use the same procedures to prepare and report the resource or reserve estimate regardless of the reliance on CIM or any of the Acceptable Foreign Codes. Such advisors noted two provisos to this confirmation, being (i) SEC Industry Guide 7 prohibits the reporting of resources, and will only permit reporting of reserves, and (ii) it is now generally accepted practice that staff at the SEC expect to see metals prices based on historic three year average prices, while each of CIM and the other Acceptable Foreign Codes permits the author of a resource or reserve estimate to use his or her discretion to establish a reasonable assumed metal price in such calculations. See “Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards”.

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The GOLD Investment that WORKS

CORPORATE INFORMATION
Directors
Pierre Lassonde, Chairman David Harquail, President & CEO Derek Evans Graham Farquharson Louis Gignac Randall Oliphant Hon. David R. Peterson

Head Office
Exchange Tower 130 King Street West Suite 740, P.O. Box 467 Toronto, Canada M5X 1E4 Tel: (416) 306-6300 Fax: (416) 306-6330

Share Capital
As at March 19, 2013
Common shares outstanding Reserved for: 2013 Warrants: 2014 Warrants: 2017 Warrants: Options & other: Fully diluted: 146,730,310 4,045,600 136,150 8,510,769 2,337,883 161,760,712

U.S. Office
1745 Shea Center Drive, Suite 400 Highlands Ranch, Colorado USA 80129 Tel: (720) 344-4986

Investor Information
Stefan Axell, Manager, Investor Relations [email protected] www.franco-nevada.com Tel: (416) 306-6328 Toll Free: (877) 401-3833

Executive Management
David Harquail President & CEO Sandip Rana Chief Financial Officer Paul Brink Senior Vice President, Business Development Geoff Waterman Chief Operating Officer Lloyd Hong Chief Legal Officer & Corporate Secretary

Australia Office
44 Kings Park Road, Suite 41 West Perth, WA 6005 Tel: 61-8-6263-4425

Barbados Office
(Effective June 1, 2013)

Transfer Agent
Computershare Investor Services Inc.

Franco-Nevada (Barbados) Corporation Balmoral Hall, Balmoral Gap, Hastings, Christ Church, BB14033

100 University Avenue, 9th Floor Toronto, Canada M5J 2Y1 Toll Free: (800) 564-6253 Tel: (514) 982-7555 [email protected]

Listings
Toronto Stock Exchange Common shares: FNV
2013 Warrants: FNV.WT.B 1 warrant + C$10.00 = 0.1556 common share Expiry: July 8, 2013 2017 Warrants: FNV.WT.A 1 warrant + C$75.00 = 1 common share Expiry: June 16, 2017

Auditors PricewaterhouseCoopers LLP
Toronto, Canada

New York Stock Exchange Common shares: FNV
Printed in Canada using vegetable based inks on chlorine-free paper containing post consumer product and which is 100% recyclable.
Concept and Design: Goodhoofd Inc. Project Management and Production: Walter J. Mishko & Co. Inc.

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www.franco-nevada.com