Franco-Nevada Corporation Mining Forum Americas 2026

Shing $50 billion. There are a lot of players that are in the royalty streaming space. We feel that we play the game differently from others. Some of the key things there, the first is we are owners. We own a lot of our stock, probably more than most of our peers. That gives us a particular focus. We are not just interested in making the company bigger for the sake of being big. We are interested in profitable growth. What we want to make sure is every single deal that we do gets our share price higher. The second is being flexible. Yes, royalty and streams are the core component of what we are trying to achieve. We are not a bank. We are not stuck with a cookie-cutter model. We are open to how we structure our deals.

Most of our conversations when we sit down with operators is to say, "How can we help you?" Our objective is, if we can make them successful, then we will be successful, and that has been the best way to grow our business. Speaking about that profitable growth, the key thing is not just buying assets, not just being a bigger company, but making sure when we invest a dollar, that we get a good return on capital. Very proud that our track record is typically, we do achieve the best return on capital. That has been the case, boosted by these fantastic gold and oil prices. The return on capital is looking even more attractive in the next couple of years. That has translated into our share price performance. We show it on the chart here. It has been 18 years since we have been public.

The compound average annual return on our stock is 18% per annum. To put that in perspective, it has outperformed all the benchmarks, the Nasdaq, the S&P 500. Gold itself has returned 9%. That is a super return. You can see the returns we have been able to deliver, about double what you have been able to achieve just through the gold price over that period. That is what you get by being exposed to that resource optionality. Our business has changed over the years. Many of you will be familiar with the original Franco-Nevada, where we are buying third-party royalties, mostly on gold assets through the '80s and '90s. That was a super successful business. We continue to do that.

Streaming has then become the second avenue of growth, and doing gold streams on big copper assets has really boosted the rate that we have been able to grow the company at, has been able to allow us to invest in some long-dated copper assets. In recent years, there has been another shift, another avenue that has opened up for our growth, and that has been positioning ourselves as a financial backer of strong teams. Rather than just being a stream or royalty, being one tranche of somebody's capital raise, we have said, "Let's find people.

Let's find really good operating teams, people who want to partner with us, Franco-Nevada. Then we'll put our financial muscle behind them and try and differentiate them from their peers, differentiate them through the endorsement that our technical team brings in reviewing their assets, in investing in their assets, but also differentiate them in terms of having our financial strength behind them. That model has worked super well. Great examples of that have been with G Mining Ventures, one of the best mine-building teams in the gold industry. We followed that up with backing Tony Makuch and the Discovery team at Porcupine. Both been tremendous stories. The stocks are both 10 baggers since we made our investment.