Franco-Nevada Announces Acquisition of 1.0% NSR on AngloGold's Arthur Gold Project in Nevada
TORONTO, July 23, 2025 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX: FNV) & (NYSE: FNV) is pleased to announce that its wholly-owned subsidiary has acquired an existing 1.0% net smelter return royalty (the "Royalty") on AngloGold Ashanti plc's ("AngloGold") Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation ("Altius") for $250 million in cash, plus a contingent cash payment of $25 million payable subject to the achievement of certain conditions as described below. The Arthur Gold Project is one of the largest and fastest growing new gold discoveries in the United States. The ongoing drill program expanded the resource by 20% year over year, taking the most recently stated gold Mineral Resource base to 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources.
"We are pleased to acquire this existing Royalty on the Arthur Gold Project, which is one of the most exciting new gold discoveries in Nevada," said Paul Brink, President & CEO of Franco-Nevada. "AngloGold, a tier-1 operator, has been rapidly growing the resource base at Arthur since its initial discovery in 2018. This acquisition will further add to our portfolio of Nevada royalties, and we look forward to the long-term growth potential of the asset and the overall district as AngloGold continues to advance the project."
Transaction Highlights
Royalty on a Tier-1 gold asset in Nevada: The Royalty applies to a substantial land package in the Beatty District of Nevada covering the vast majority of the existing Mineral Resource of the Arthur Gold Project (including both Merlin and Silicon deposits) within a base area of interest with no step-downs or buydown provisions, providing the potential for decades of stable gold cash flow once in production. The ongoing arbitration will determine the extent of the expanded royalty footprint, which is expected to expand by several multiples upon the area encompassed by the base area of interest to include substantially all of the existing Mineral Resource of the Arthur Gold Project and providing further exposure to the large and highly prospective land package 1.
Extensive Mineral Endowment with Exploration Potential: The Arthur Gold Project has a large and rapidly growing Mineral Resource base across the Merlin and Silicon deposits for a total of 3.4 Moz of gold Indicated Mineral Resources (122 Mt at 0.87 g/t Au) and 12.9 Moz of gold Inferred Mineral Resources (391 Mt at 1.03 g/t Au). The project is one of Nevada's most exciting new discoveries with Mineral Resources having grown rapidly since first discovery in 2018 and the maiden Resource estimate in 2021. AngloGold has completed 430 km of drilling as of year-end 2024, inclusive of 132 km of drilling completed in 2024 with two reverse circulation and seven diamond core rigs.
Project Advancing Under Strong Operator: AngloGold is currently focused on advancing a PFS for the project with expected completion by the end of 2025 or early 2026. The Arthur Gold Project is envisioned as a large oxide project with both heap leach and milling operations. The project is a Tier-1 opportunity for AngloGold. In addition to completing a PFS, key priorities for AngloGold in 2025 include advancing further infill drilling, a potential upgrade in resources to reserves, and executing strategic land and water rights acquisitions.
Key Transaction Terms
Franco-Nevada has acquired the 1.0% NSR royalty from Altius for $250 million, with a further $25 million in cash payable dependent upon the final award outcome of an ongoing arbitration process between Altius and AngloGold that confirms that the full extent of the royalty beyond the base area of interest is substantially consistent with that of Altius' interpretation of a partial award of the arbitration tribunal that it reported on earlier this year.
The transaction was structured as an asset sale and Franco-Nevada will deplete the full purchase price on a units of production basis for tax depletion purposes.
Funding of the transaction was completed with cash on hand, and a $175 million draw from the Company's $1 billion corporate credit facility.
Altius holds the remaining 0.5% NSR royalty, with respect to which Franco-Nevada has been granted certain pre-emptive rights on a sale by Altius.
Advisors
BMO Capital Markets and TD Securities acted as financial advisors to Franco-Nevada.
Franco-Nevada Corporate Summary
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.
Additional Information
Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, Vice President, Mining of Franco-Nevada, a non-independent qualified person under National Instrument 43-101.
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including the outcome of the ongoing arbitration relating to the Royalty coverage and the expected future performance of the Arthur Gold Project and the Royalty. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("GEOs") or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives 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", "budgets", "potential for", "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 and 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 U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, 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; relinquishment or sale of mineral properties; 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 "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; 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; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; 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, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained in this press release 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 material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the 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. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors 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 Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release 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.
SOURCE Franco-Nevada Corporation
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
a minute ago
- Globe and Mail
Excelerate Energy Reports Strong Second Quarter 2025 Results and Raises Full-Year Guidance
Excelerate Energy, Inc. (NYSE: EE) ("Excelerate" or the "Company") today reported its financial results for the second quarter ended June 30, 2025. Reported Net Income of $20.8 million for the second quarter Reported Adjusted Net Income of $46.8 million for the second quarter Reported Adjusted EBITDA of $107.1 million for the second quarter Closed acquisition of the Jamaica integrated LNG and power platform in May; integration is on track and assets are exceeding operational expectations Raised Full Year 2025 Adjusted EBITDA guidance, now expected to range between $420 million and $440 million Declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, representing an approximately 33 percent increase from the prior quarter, payable on September 4, 2025 CEO COMMENT 'Excelerate delivered another robust quarter, demonstrating the strength of our business model and our focus on operational excellence. Our results reflect the performance of our terminal services and early contributions from our Jamaica operations,' said Steven Kobos, President and CEO of Excelerate. 'The Jamaica transaction represents a strategic inflection point for Excelerate. Our growth strategy has long included owning and operating downstream infrastructure assets and today, our business model reflects that ambition. With the addition of the Montego Bay and Old Harbour LNG terminals and the Clarendon CHP plant, we've expanded our role in the LNG value chain and created a more diversified platform for growth. We remain focused on executing against the opportunity set in front of us and creating lasting value for our shareholders.' SECOND QUARTER 2025 FINANCIAL RESULTS For the three months ended (in millions, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Revenues $ 204.6 $ 315.1 $ 183.3 Operating Income $ 43.4 $ 65.7 $ 49.9 Net Income $ 20.8 $ 52.1 $ 33.3 Adjusted Net Income (1) $ 46.8 $ 55.6 $ 33.3 Adjusted EBITDA (1) $ 107.1 $ 100.4 $ 89.0 Earnings Per Share (diluted) $ 0.15 $ 0.46 $ 0.26 Adjusted Earnings Per Share (diluted) (1) $ 0.34 $ 0.49 $ 0.26 (1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below. Net income for the second quarter of 2025 decreased sequentially from the last quarter due to transition and transaction costs incurred as a result of the Jamaica acquisition. Net income and adjusted net income also decreased sequentially due to higher interest expense, expected seasonality primarily related to Atlantic Basin margin, and timing of vessel operating costs, partially offset by the addition of Jamaica EBITDA. Adjusted EBITDA for the second quarter of 2025 increased sequentially from the last quarter primarily due to the addition of Jamaica EBITDA, partially offset by lower Atlantic Basin margin in the second quarter of 2025 and the timing of vessel operating costs. Net income for the second quarter of 2025 decreased from the prior year second quarter primarily due to transition and transaction costs incurred as a result of the Jamaica acquisition and an increase in interest expense, partially offset by the addition of Jamaica EBITDA. Adjusted net income and adjusted EBITDA for the second quarter of 2025 increased from the prior year second quarter primarily due to the addition of Jamaica EBITDA. KEY COMMERCIAL UPDATES In May 2025, Excelerate completed its acquisition of an integrated LNG and power platform in Jamaica, including the Montego Bay and Old Harbour LNG terminals, the Clarendon combined heat and power plant, and small-scale LNG storage and regasification sites across the island. The Company has begun optimizing these assets to drive near-term EBITDA growth through improved performance and expanded commercial activity. Excelerate is also deepening its presence in Jamaica and the broader Caribbean to enhance the overall return profile of the transaction. In July 2025, Excelerate finalized an agreement to purchase an LNG carrier. The vessel, which was renamed the Excelerate Shenandoah, will be used to service the previously announced mid-term Atlantic Basin supply deal. The LNG carrier also represents Excelerate's first owned asset to be selected as an FSRU conversion candidate. In July 2025, Excelerate signed a definitive agreement with Petrobras to install a reliquefaction unit on the floating regasification terminal Experience, located in Guanabara Bay, Brazil. The reliquefaction unit is expected to be installed during the next planned dry dock for the Experience. Once installed, this technology will help eliminate all excess cargo losses due to boil off and lower Excelerate's Scope 1 emissions, while upgrading the performance and life expectancy of the floating LNG terminal. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2025, Excelerate had $426.0 million in unrestricted cash and cash equivalents and the Company had no letters of credit under its revolving credit facility. All of the $500 million of undrawn capacity under the revolving credit facility was available for additional borrowings as of June 30, 2025. QUARTERLY CASH DIVIDEND UPDATE On July 31, 2025, Excelerate's Board of Directors approved a quarterly cash dividend equal to $0.08 per share, or $0.32 per share on an annualized basis, of Class A common stock, representing approximately a 33 percent increase from the prior quarter. The dividend is payable on September 4, 2025, to Class A common stockholders of record as of the close of business on August 20, 2025. With even greater confidence in its forward cash flow outlook following the Jamaica acquisition, Excelerate is now targeting a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028. REVISED 2025 FINANCIAL OUTLOOK Excelerate has revised its full year 2025 guidance range. On July 29th, the Company announced that it had raised its full year 2025 Adjusted EBITDA guidance to include the anticipated contribution from the Jamaica acquisition from May 14, 2025 through December 31, 2025. As announced, the Company expects Adjusted EBITDA to range between $420 million and $440 million for the full year 2025. Maintenance capex for 2025 is now expected to range between $65 million and $75 million. Committed Growth Capital for 2025 is now expected to range between $95 million and $105 million. The increase to Committed Growth Capital is primarily driven by the purchase of the LNG carrier, the Excelerate Shenandoah, in the third quarter. Actual results may differ materially from the Company's outlook as a result of, among other things, the factors described under 'Forward-Looking Statements' below. The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Monday, August 11, 2025. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company's website at An archived replay of the call and a copy of the presentation will be on the website following the call. ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG-to-power value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development to LNG supply and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, London, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit USE OF NON-GAAP FINANCIAL MEASURES The Company reports financial results in accordance with accounting principles generally accepted in the United States ('GAAP'). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate's financial information presented in accordance with GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies, and you are cautioned not to place undue reliance on this information. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate's future results, cash flows or leverage will be unaffected by other non-recurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company's 2025 Financial Outlook, in the section titled 'Non-GAAP Reconciliation' below. Adjusted Gross Margin The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less cost of LNG, gas and power and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight into profitability and true operating performance excluding the implications of the historical cost basis of the Company's assets. Adjusted Net Income The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus tax-effected transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight into profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because management believes it is a useful indicator of the Company's operating performance. The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. This measure has limitations as certain excluded items are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. For the foregoing reasons, Adjusted EBITDA has significant limitations that affect its use as an indicator of the Company's profitability and valuation. Adjusted Earnings Per Share The Company uses Adjusted Earnings Per Share ("EPS"), a non-GAAP financial measure, which it defines as diluted EPS plus the per share impact of its tax-effected transition and transaction expenses. Management believes Adjusted EPSis useful because it provides insight on per share profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the ongoing integration of the Jamaica acquisition; our future results of operations or financial condition, business strategy and plans, expansion plans and strategy, both generally and specifically in the Caribbean region; economic conditions, both generally and in particular in the regions in which we operate or plan to operate; the use of the new LNG carrier Excelerate Shenandoah; plans for the reliquefaction unit on the floating regasification terminal Experience; and projections regarding annual dividend rate growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'consider,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will' or 'would' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under 'Risk Factors' in Excelerate's Annual Report on Form 10‐K for the year ended December 31, 2024, our other filings with the Securities and Exchange Commission (the 'SEC'), and those identified in this press release, including, but not limited to, the following: our ability to successfully complete and realize the anticipated benefits of the Jamaica acquisition, our ability to manage integration risks of the Jamaica acquisition; unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellation; the competitive market for liquefied natural gas ('LNG') regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; risks associated with conducting business outside of the United States, including political, legal and economic risk; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our floating regasification terminals; our ability to enter into or extend contracts with customers and our customers' failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; the technical complexity of our infrastructure assets; the risks inherent in operating our infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; shortages of qualified officers and crew impairing our ability to operate or increasing the cost of crewing our floating regasification terminals; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; and other risks, uncertainties and factors set forth in any of our filings with the SEC. These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. For example, the current global economic uncertainty and geopolitical climate, including wars and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands, except share and per share amounts) Revenues Terminal services $ 148,833 $ 148,365 $ 150,987 LNG, gas and power 55,723 166,725 32,346 Total revenues 204,556 315,090 183,333 Operating expenses Cost of LNG, gas and power (exclusive of items below) 40,427 160,759 31,173 Operating expenses 46,023 41,938 46,579 Depreciation and amortization 25,518 21,643 30,400 Selling, general and administrative expenses 21,543 21,352 25,300 Transition and transaction expenses 27,659 3,682 — Total operating expenses 161,170 249,374 133,452 Operating income 43,386 65,716 49,881 Other income (expense) Interest expense (20,683 ) (11,058 ) (12,057 ) Interest expense – related party (3,249 ) (3,258 ) (3,419 ) Earnings from equity method investment 600 596 592 Other income, net 6,285 6,154 5,707 Income before income taxes 26,339 58,150 40,704 Provision for income taxes (5,574 ) (6,027 ) (7,427 ) Net income 20,765 52,123 33,277 Less net income attributable to non-controlling interests 16,036 40,736 26,605 Net income attributable to shareholders $ 4,729 $ 11,387 $ 6,672 Net income per common share – basic $ 0.15 $ 0.48 $ 0.27 Net income per common share – diluted $ 0.15 $ 0.46 $ 0.26 Weighted average shares outstanding – basic 31,489,508 23,900,116 25,175,057 Weighted average shares outstanding – diluted 32,162,826 106,751,592 25,338,067 Excelerate Energy, Inc. Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 (Unaudited) ASSETS (In thousands) Current assets Cash and cash equivalents $ 425,998 $ 537,522 Current portion of restricted cash 3,245 2,612 Accounts receivable, net 78,831 119,960 Current portion of net investments in sales-type leases 45,367 43,471 Other current assets 55,898 50,714 Total current assets 609,339 754,279 Restricted cash 14,838 14,361 Property and equipment, net 2,098,767 1,622,896 Intangible assets, net 365,378 — Goodwill 249,240 — Operating lease right-of-use assets 177,123 4,563 Net investments in sales-type leases 353,817 376,814 Investments in equity method investee 19,801 19,295 Deferred tax assets, net 31,295 27,559 Other assets 90,482 63,448 Total assets $ 4,010,080 $ 2,883,215 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 20,586 $ 7,135 Accrued liabilities and other liabilities 101,902 70,022 Current portion of deferred revenues 34,670 58,185 Current portion of long-term debt 20,097 46,793 Current portion of long-term debt – related party 9,291 8,943 Current portion of operating lease liabilities 23,217 1,551 Current portion of finance lease liabilities 24,212 23,475 Total current liabilities 233,975 216,104 Long-term debt, net 926,141 286,760 Long-term debt, net – related party 156,836 161,952 Operating lease liabilities 149,098 3,447 Finance lease liabilities 156,457 167,908 TRA liability 58,955 58,736 Asset retirement obligations 50,163 43,690 Long-term deferred revenues 27,430 27,722 Other long-term liabilities 101,622 28,395 Total liabilities $ 1,860,677 $ 994,714 Commitments and contingencies Class A Common Stock ($0.001 par value, 300,000,000 shares authorized, 34,675,087 shares issued as of June 30, 2025 and 26,432,131 shares issued as of December 31, 2024) 35 26 Class B Common Stock ($0.001 par value, 150,000,000 shares authorized and 82,021,389 shares issued and outstanding as of June 30, 2025 and December 31, 2024) 82 82 Additional paid-in capital 633,700 467,429 Retained earnings 84,898 72,322 Accumulated other comprehensive income 113 502 Treasury stock (2,674,030 shares as of June 30, 2025 and 2,564,058 shares as of December 31, 2024) (54,688 ) (52,375 ) Non-controlling interests 1,485,263 1,400,515 Total equity $ 2,149,403 $ 1,888,501 Total liabilities and equity $ 4,010,080 $ 2,883,215 Excelerate Energy, Inc. Consolidated Statements of Cash Flows (Unaudited) For the six months ended June 30, 2025 June 30, 2024 Cash flows from operating activities (In thousands) Net income 72,888 $ 61,417 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 47,161 53,310 Amortization of operating lease right-of-use assets 3,343 860 ARO accretion expense 960 918 Amortization of debt issuance costs 4,444 1,715 Deferred income taxes 845 2,566 Share of net earnings in equity method investee (1,196 ) (1,123 ) Distributions from equity method investee 1,530 — Long-term incentive compensation expense 5,358 3,297 (Gain) loss on non-cash items — (44 ) Changes in operating assets and liabilities: Accounts receivable 85,578 51,511 Other current assets and other assets 1,864 (10,892 ) Accounts payable and accrued liabilities 16,182 (23,935 ) Current portion of deferred revenue (28,218 ) 2,331 Net investments in sales-type leases 21,101 8,004 Operating lease assets and liabilities (3,196 ) (871 ) Other long-term liabilities 13,305 5,976 Net cash provided by operating activities $ 241,949 $ 155,040 Cash flows from investing activities Net cash paid for acquisition (1,048,091 ) — Purchases of property and equipment (77,408 ) (38,268 ) Net cash used in investing activities $ (1,125,499 ) $ (38,268 ) Cash flows from financing activities Proceeds from issuance of Class A Common stock, net 201,904 — Repurchase of Class A Common Stock — (20,324 ) Proceeds from issuance of long-term debt 800,000 — Repayments of long-term debt (175,172 ) (20,627 ) Repayments of long-term debt – related party (4,768 ) (4,455 ) Payment of debt issuance costs (19,376 ) — Principal payments under finance lease liabilities (10,714 ) (10,081 ) Taxes withheld for long-term incentive compensation (1,027 ) (253 ) Dividends paid (3,382 ) (1,278 ) Distributions (13,984 ) (6,541 ) Other financing activities (433 ) 477 Net cash provided by (used in) financing activities $ 773,048 $ (63,082 ) Effect of exchange rate on cash, cash equivalents, and restricted cash 88 (6 ) Net increase (decrease) in cash, cash equivalents and restricted cash (110,414 ) 53,684 Cash, cash equivalents and restricted cash Beginning of period $ 554,495 $ 572,458 End of period $ 444,081 $ 626,142 Excelerate Energy, Inc. Non-GAAP Reconciliation (Unaudited) The following table presents a reconciliation of Adjusted Gross Margin to the GAAP financial measures of gross margin for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Terminal services $ 148,833 $ 148,365 $ 150,987 LNG, gas and power 55,723 166,725 32,346 Cost of LNG, gas and power (40,427 ) (160,759 ) (31,173 ) Operating expenses (46,023 ) (41,938 ) (46,579 ) Depreciation and amortization expense (25,518 ) (21,643 ) (30,400 ) Gross Margin $ 92,588 $ 90,750 $ 75,181 Depreciation and amortization expense 25,518 21,643 30,400 Adjusted Gross Margin $ 118,106 $ 112,393 $ 105,581 The following table presents a reconciliation of Adjusted Net Income to the GAAP financial measures of net income for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Net income $ 20,765 $ 52,123 $ 33,277 Add back: Transition and transaction expenses 27,659 3,682 — Tax impact on adjustments (1,615 ) (174 ) — Adjusted Net Income $ 46,809 $ 55,631 $ 33,277 The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measures of net income for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Net income $ 20,765 $ 52,123 $ 33,277 Interest expense 23,932 14,316 15,476 Provision for income taxes 5,574 6,027 7,427 Depreciation and amortization expense 25,518 21,643 30,400 Accretion expense 483 477 463 Long-term incentive compensation expense 3,206 2,152 1,920 Transition and transaction expenses 27,659 3,682 — Adjusted EBITDA $ 107,137 $ 100,420 $ 88,963 The following table presents a reconciliation of Adjusted Dilutive EPS to the GAAP financial measures of dilutive EPS for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 Earnings Per Share (diluted) $ 0.15 $ 0.46 $ 0.26 Add back: Transition and transaction expenses 0.24 0.03 — Tax impact on adjustments (0.05 ) — — Adjusted Earnings Per Share (diluted) $ 0.34 $ 0.49 $ 0.26 2025E 2025E (In millions) Low Case High Case Income before income taxes $ 167 $ 197 Interest expense 95 90 Depreciation and amortization expense 110 105 Accretion expense 2 2 Long-term incentive compensation expense 10 15 Transition and transaction expenses 36 31 Adjusted EBITDA $ 420 $ 440 Note: We have not reconciled the Adjusted EBITDA outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes.
Toronto Star
32 minutes ago
- Toronto Star
Barrick Reports Share Repurchases and Declares Enhanced Q2 Dividend
All amounts expressed in US dollars TORONTO, Aug. 11, 2025 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:B)(TSX:ABX) ('Barrick' or the 'Company') today announced the declaration of an enhanced dividend of $0.15 per share for the second quarter of 2025. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022.
Cision Canada
32 minutes ago
- Cision Canada
Franco-Nevada Reports Record Q2 2025 Results
Acquisitions Increase Growth Outlook (in U.S. dollars unless otherwise noted) TORONTO, Aug. 9, 2025 /CNW/ - "I am very pleased with our record financial results this quarter," stated Paul Brink, CEO. Our portfolio largely produced as expected for the quarter and higher gold prices contributed to record revenue, operating cash flow, Adjusted EBITDA margins 2 and earnings. We also saw constructive developments in Panama, including the shipment of the remaining copper concentrate from Cobre Panama. During the quarter, we acquired a royalty on IAMGOLD's Côté Gold Mine, one of Canada's newest large-scale gold mines and, post quarter-end, a royalty on AngloGold's Arthur Project, one of the largest gold discoveries in Nevada. We anticipate new contributions from Côté and growing contributions from Porcupine and Tocantinzinho to be the main drivers for higher GEOs in the second half of the year. Our acquisitions over the last 18 months have positioned us for strong long-term growth that may be further enhanced by a potential restart at Cobre Panama. Financial Highlights – Q2 2025 compared to Q2 2024 $369.4 million in revenue (a new record), +42% 112,093 GEOs 1 sold, +2% 101,876 Net GEOs 1 sold, +4% $430.3 million in operating cash flow (a new record), +121% $365.7 million in Adjusted EBITDA 2 or $1.90/share (new records), +65% $247.1 million in net income or $1.28/share (new records), +211% $238.5 million in Adjusted Net Income 2 or $1.24/share (new records), +65% Financial Highlights – H1 2025 compared to H1 2024 $737.8 million in revenue (a new record), +43% 238,678 GEOs sold, +2% 215,014 Net GEOs sold, +5% $719.2 million in operating cash flow (a new record), +93% $687.6 million in Adjusted EBITDA or $3.57/share (new records), +57% $456.9 million in net income or $2.37/share (new records), +104% $444.0 million in Adjusted Net Income or $2.31/share (new records), +58% Strong Financial Position High Adjusted EBITDA and Adjusted Net Income Margins 2 further boosted by gain on sale of gold bullion in the quarter Strong financial position with $1.1 billion in available capital 3 as at June 30, 2025 Quarterly dividend of $0.38/share effective Q1 2025, an annual increase of 5.6% Diverse, Long-Life Portfolio Most diverse royalty and streaming portfolio by asset, operator and country Attractive mix of long-life streams and high optionality royalties Revenue mix for the quarter comprised of 82% precious metal, 14% energy and 4% iron ore and other Long-life mineral resources and mineral reserves Growth and Optionality Mine expansions and new mines driving 5-year growth profile Long-term optionality in gold, copper and nickel and exposure to some of the world's greatest mineral endowments Exposure to greater than 17 million acres of land with strong geological potential Strong pipeline of precious metal and diversified opportunities Sector-Leading Sustainability Industry Top Rated by Sustainalytics, AA by MSCI and Prime by ISS ESG Committed to the World Gold Council's Responsible Gold Mining Principles Partnering with our operators on community and sustainability initiatives Q2 2025 Q2 2024 GEOs Sold Revenue GEOs Sold Revenue # (in millions) # (in millions) PRECIOUS METALS Gold 78,738 $ 258.4 66,999 $ 156.9 Silver 11,520 38.1 12,001 28.1 PGM 2,191 7.5 3,350 8.0 92,449 $ 304.0 82,350 $ 193.0 DIVERSIFIED Iron ore 2,197 $ 7.2 5,155 $ 12.0 Other mining assets 900 3.0 659 1.7 Oil 10,337 30.6 16,463 35.9 Gas 4,243 16.9 4,009 10.8 NGL 1,967 5.0 1,628 4.2 19,644 $ 62.7 27,914 $ 64.6 GEOs and revenue from royalty, stream and working interests 112,093 $ 366.7 110,264 $ 257.6 Interest revenue and other interest income — $ 2.7 — $ 2.5 Total GEOs and revenue 112,093 $ 369.4 110,264 $ 260.1 Year-to-date GEOs sold and revenue by commodity H1 2025 H1 2024 GEOs Sold Revenue GEOs Sold Revenue # (in millions) # (in millions) PRECIOUS METALS Gold 164,261 $ 504.2 144,561 $ 317.8 Silver 24,011 75.2 23,689 53.0 PGM 4,800 15.3 7,118 16.2 193,072 $ 594.7 175,368 $ 387.0 DIVERSIFIED Iron ore 6,085 $ 19.6 12,456 $ 26.8 Other mining assets 2,457 7.4 2,155 4.7 Oil 23,830 65.5 30,347 62.1 Gas 8,742 34.3 8,874 23.1 NGL 4,492 10.7 3,961 9.5 45,606 $ 137.5 57,793 $ 126.2 GEOs and revenue from royalty, stream and working interests 238,678 $ 732.2 233,161 $ 513.2 Interest revenue and other interest income — $ 5.6 — $ 3.7 Total GEOs and revenue 238,678 $ 737.8 233,161 $ 516.9 In Q2 2025, we recognized revenue of $369.4 million, an increase of 42% from Q2 2024, and sold 112,093 GEOs, an increase of 2% from Q2 2024. We benefited from record gold prices during the quarter and contributions from Precious Metal assets which were acquired or commenced production in the past year. Production from our Diversified assets was in-line with expectations, although revenue was slightly lower than in Q2 2024 due to lower commodity prices. The outperformance of the gold price relative to our other commodities resulted in a reduction in GEOs reported from our Diversified assets. Precious Metal assets accounted for 82% of our revenue (70% gold, 10% silver, and 2% PGM). Revenue was sourced 86% from the Americas (38% South America, 12% Central America & Mexico, 20% Canada and 16% U.S.). Guidance Our 2025 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof. We earned record revenue in H1 2025, benefiting from record gold prices and contributions from recently acquired or producing Precious Metal assets. We expect an increase in GEO sales for the latter part of 2025, as we anticipate an increase in deliveries from Antapaccay, a first full quarter of contributions from Porcupine and Côté, and initial contributions from Vale's Southeastern System. In addition, we expect approximately 10,000 GEOs from Cobre Panama in connection with the sale of concentrate that had remained on site when production was suspended in November 2023. We remain on track to meet our previously announced 2025 GEO sales guidance notwithstanding the impact of the outperformance of gold prices on the conversion of non-gold revenues into GEOs. Our 2025 updated guidance is based on the following assumed commodity prices for the remainder of 2025: $3,250/oz Au, $37/oz Ag, $1,300/oz Pt, $1,150/oz Pd, $90/tonne Fe 62% CFR China, $65/bbl WTI oil and $3.00/mcf Henry Hub natural gas. Acquisition of Royalty on Arthur Gold Project: Subsequent to quarter-end, on July 23, 2025, we acquired a 1.0% NSR (of an existing 1.5% NSR) on AngloGold Ashanti plc's Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation for $250.0 million in cash, plus a contingent cash payment of $25.0 million. Funding of the transaction was completed with cash on hand, and a $175.0 million draw from our $1.0 billion revolving credit facility. Acquisition of Additional Royalty on Gold Quarry Gold Mine: Subsequent to quarter-end, on July 11, 2025, we acquired from a third party an additional 1.62% NSR on Nevada Gold Mines LLC's Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined 8.91% NSR based on production with an annual minimum payment amount tied to Mineral Reserves and stockpiles attributed to the royalty property. Acquisition of Royalty on Côté Gold Mine: On June 24, 2025, we acquired an existing royalty package on the Côté Gold Mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold Mine. Royalty deductions include cash operating costs but exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold Mine is operated through an unincorporated joint venture by IAMGOLD Corporation and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (30%). IAMGOLD and Sumitomo hold a time-limited option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada's attributable cost, plus a return, in two equal tranches of 25%. Financing Package with Discovery Silver on the Porcupine Complex: On April 15, 2025, we acquired a 4.25% NSR for $300.0 million on Discovery Silver Corp.'s Porcupine Complex, located in Ontario, Canada. We also committed to a $100.0 million senior secured term loan and provided $48.6 million (C$70.9 million) of equity financing. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine Complex. No draws have been made against the term loan facility. Cobre Panama Cobre Panama Updates Cobre Panama remains in a phase of Preservation and Safe Management ("P&SM") with production halted. First Quantum Minerals Ltd. has been working with the Government of Panama (the "GOP") and the Ministry of Commerce and Industry ("MICI") to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panama (the "P&SM Plan"). On May 30, 2025, the GOP, through MICI, approved and formally instructed the execution of the P&SM Plan, including the shipment of 121 thousand dry metric tonnes of copper concentrate that had been stored at site since operations were suspended in November 2023. The shipments have now been successfully completed. Franco-Nevada expects to receive approximately 10,000 GEOs (9,000 ounces of gold and 105,000 ounces of silver) in reference to the shipped copper concentrate. The deliveries, some of which have already been received subsequent to quarter-end, are largely expected in Q3 2025. As a result of the approval of the P&SM Plan and the expected stream deliveries, we recorded a partial impairment reversal of $4.1 million in Q2 2025. This carrying value will subsequently be depleted when the ounces are sold. Arbitration Updates On June 18, 2025, Franco-Nevada agreed to suspend its arbitration proceeding against the GOP. Franco-Nevada reiterates its hope for a resolution with the State of Panama providing the best outcome for the Panamanian people and all parties involved. Sustainability Updates During the quarter, we published our 2025 Sustainability Report, highlighting our 2024 achievements and reaffirming our sustainability commitments. Areas of focus include the sustainability-related performance of operators of our top producing assets, our recent community contributions, our diversity and inclusion initiatives, tracking progress against recently adopted emissions reduction targets, and our alignment with leading sustainability standards and frameworks. Franco-Nevada was also recognized for the third time on Corporate Knights' list of the Best 50 Corporate Citizens in Canada. We continued to strengthen our community engagement and contributions through operator partnerships, including support for SolGold's waste management initiative at Cascabel, construction of a community dome project near the Guadalupe project with Coeur Mining, and a bursary program for Webequie and Marten Falls First Nations in partnership with Wyloo. Q2 2025 Portfolio Updates Precious Metal assets: GEOs sold from our Precious Metal assets were 92,449 GEOs, up 12% from 82,350 GEOs in Q2 2024, primarily due to strong deliveries from Guadalupe-Palmarejo and contributions from Tocantinzinho, Western Limb Mining Operations, Yanacocha and Porcupine. Contributions from our Hemlo and Musselwhite NPIs increased significantly due to their leverage to gold prices. South America: Candelaria (gold and silver stream) – GEOs sold in Q2 2025 were slightly higher than those sold in Q2 2024. Production in the quarter benefitted from increased throughput due to softer ore feed and higher ball mill runtime due to rescheduled maintenance in the quarter. Production is expected to continue at similar levels through H2 2025. Antapaccay (gold and silver stream) – GEOs sold were lower in Q2 2025 compared to Q2 2024 due to a delay in shipments. We expect a stronger Q3, having already received significant deliveries in July 2025. Glencore anticipates H2 production at Antapaccay to benefit from higher grades. Antamina (22.5% silver stream) – Silver ounces sold in Q2 2025 were higher than in Q2 2024. Silver production in Q1 2025, for which deliveries were received in Q2 2025, was higher due to higher silver grades. In April 2025, a fatality occurred at the mine, which resulted in a shutdown of approximately one week. Operations ramped up to full production in June 2025. While annual production guidance provided by Teck remains unchanged, we expect deliveries of silver ounces in Q3 2025 to be lower than initially anticipated. Tocantinzinho (gold stream) – We sold 4,500 GEOs from Tocantinzinho in Q2 2025. During the quarter, mill performance improved following the installation of new steel liners. Nameplate capacity of 12,890 tonnes per day was reached in July 2025. Yanacocha (1.8% royalty) – Yanacocha contributed 2,412 GEOs in the quarter. Newmont reported strong production at the mine from the use of patented injection leaching technology which continues to significantly outperform compared to our initial expectations at the time of acquisition. Salares Norte (1-2% royalties) – In May 2025, Gold Fields exercised its option to buy back 1% of Franco-Nevada's 2% NSR on Salares Norte, after having paid $6.0 million in cumulative royalty payments since commencing production in Q2 2024. In May 2025, Gold Fields reported that the project continued to ramp-up production during Q1 2025 while advancing preparations for the winter period. Cascabel (gold stream and 1% royalty) – In July 2025, SolGold released a project execution plan for its Cascabel project, with first production scheduled to begin in 2028. SolGold is advancing early development activities, including securing project funding, drilling at Tandayama-America, and preparing for the commencement of long-lead construction works. Subsequent to quarter-end, on July 17, 2025, Franco-Nevada disbursed the second of three equal-sized payments of $23.3 million to fund pre-construction activities at Cascabel. Mara Rosa (1% royalty) – In June 2025, Hochschild Mining announced a temporary suspension of the processing plant to carry out maintenance activities while it carries out a comprehensive review of its operations. Central America & Mexico: Guadalupe-Palmarejo (50% gold stream) – GEOs sold from Guadalupe-Palmarejo in Q2 2025 were substantially higher than in Q2 2024, reflecting both higher overall production and a greater proportion of production being mined from stream ground. Canada: Hemlo (3% royalty and 50% NPI) – GEOs earned from Hemlo were significantly higher this quarter as the NPI benefited from higher gold prices and increased production from royalty ground. Detour Lake (2% royalty) – In Q2 2025, Agnico Eagle initiated development of the exploration ramp for the underground project with the mobilization of the contractor, completion of the ramp portal and the first blast for the exploration ramp. Exploration drilling in the West Pit zone further defined high-grade domains and drilling into the Western Extension zone further confirmed grade and continuity of the western plunge of the deposit. Sudbury (gold and PGM stream) – Since acquiring McCreedy West, Levack and Podolsky in February 2025. Magna has undertaken initiatives aimed at improving operations at McCreedy West and initiated drilling programs at both McCreedy West and Levack. Magna expects to be developing into mining areas from the 700 Copper Zone at McCreedy West that have better grades starting in Q4 2025 and is upgrading mobile equipment and increasing planned underground development. Macassa (Kirkland Lake) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that gold production at Macassa was higher than planned as a result of a change in mining sequence and positive grade reconciliation. Agnico Eagle continues to focus on asset optimization, with construction of the new paste plant continuing in Q2 2025 with commissioning scheduled in Q3 2025. Greenstone (3% royalty) – In June 2025, Equinox announced that it was reducing its 2025 guidance for Greenstone to between 220,000 and 260,000 gold ounces, from 300,000 to 350,000 gold ounces previously, due to slower than planned ramp-up. Magino (3% royalty) and Island Gold (0.62% royalty) – In June 2025, Alamos released a life of mine plan integrating Island Gold and Magino. The life of mine plan, which is based on mineral reserves only, outlines an average annual gold production of 411,000 ounces starting in 2026 over the initial 12 years of the 20-year mineral reserve life. Alamos anticipates releasing an expansion study later this year which is expected to include a larger mineral reserve and a potential further expansion of up to 20,000 tonnes per day. Canadian Malartic (1.5% royalty) – Agnico Eagle reported that underground development reached a quarterly record, with development of the East Gouldie production levels advancing for the planned production start up in H2 2026. Exploration drilling continued to extend the East Gouldie deposit to the east in both the upper and lower portions of the deposit. Musselwhite (2% royalty and 5% NPI) – Since acquiring the mine from Newmont in March 2025, Orla Mining has announced it intends to aggressively explore the concession, including following up on historical drilling that suggests 2 to 3 kilometres of mineralized strike potential beyond the current reserves. Valentine Gold (3% royalty) – Calibre and Equinox completed their business combination in June 2025. Equinox reported in July 2025 that construction at Valentine Gold was progressing on schedule and expects first ore through the mill in late August. First gold is expected approximately a month later with ramp-up anticipated into Q1 2026. New Prosperity (gold stream) – In June 2025, Taseko announced the signing of an agreement with the Tŝilhqot'in Nation & the province of British Columbia, providing more clarity with respect to the potential development of the copper-gold resource. Franco-Nevada has the right to acquire a 22% gold stream on the New Prosperity project for $350 million. Copper World (2.085% royalty) – After receiving all major permits required for the development and operations of Copper World in January 2025, Hudbay commenced a process to sell a minority joint venture stake in the project and is working on a definitive feasibility study and potential construction decision in 2026. Stibnite (1.7% gold royalty, 100% silver royalty) – In June 2025, Perpetua Resources announced it had received the Clean Water Act Section 404 permit, the final federal permit for its Stibnite gold project. Perpetua also announced a $474 million equity raise to advance the project. Western Limb Mining Operations (gold and platinum stream) – Our recently acquired stream on Sibanye-Stillwater's Western Limb Mining Operations delivered 3,246 GEOs. In H2 2025, we expect to benefit from the increase in platinum prices, which rallied in June and subsequent to quarter-end. Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were higher than in Q2 2024 reflecting strong production in the first half of 2025. Production at Subika is expected to decrease over the course of the year as mining activities in the Subika open pit are planned to be completed in H2 2025. We expect production from royalty ground to continue from the Subika Underground. Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $62.7 million in revenue, compared to $64.6 million in Q2 2024. When converted to GEOs, our Diversified assets contributed 19,644 GEOs, down 30% from 27,914 GEOs in Q2 2024. Other Mining: Vale Royalty (iron ore royalty) – Revenue from our Vale royalty decreased compared to Q2 2024. Production from the Northern System benefited from record output at S11D and lower shipping cost deductions, offset by lower estimated iron ore prices. We expect contributions from the Southeastern System to commence in H2 2025 once the cumulative sales threshold of 1.7 billion tonnes of iron ore is reached. LIORC – Revenue from our attributable interest on the Carol Lake mine in Q2 2025 was lower than in Q2 2024. Production from IOC increased compared to the prior year quarter with a Q2 record for material moved. The impact of higher production was offset by lower average realized prices. Energy: U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased compared to Q2 2024. We benefited from an increase in volumes in the Permian Basin, which more than offset lower realized prices. Canada (various royalty rates) – Revenue from our Canadian Energy interests was lower than in Q2 2024. The decrease is primarily attributable to our Weyburn NRI which is paid net of costs and therefore more heavily impacted by lower commodity prices. Dividend Declaration Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.38 per share. The dividend will be paid on September 25, 2025, to shareholders of record on September 11, 2025 (the "Record Date"). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends. The Company has a Dividend Reinvestment Plan (the "DRIP") which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company's website at Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP. This press release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at The complete unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis can be found on our website at on SEDAR+ at and on EDGAR at We will host a conference call to review our Q2 2025 quarterly results. Interested investors are invited to participate as follows: Corporate Summary Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works. Forward- Looking Statements This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panama mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives 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", "budgets", "potential for", "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 and 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 U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, 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; relinquishment or sale of mineral properties; 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 "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; 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; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; 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, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein 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 material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the 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. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors 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 Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on The forward-looking statements herein are made as of the date hereof 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. 1. Gold Equivalent Ounces ("GEOs") and Net Gold Equivalent Ounces ("Net GEOs"): GEOs include Franco-Nevada's attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs varies depending on the royalty or stream agreement of each particular asset, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. For Q2 2025, the average commodity prices were as follows: $3,279/oz gold (Q2 2024 - $2,338), $33.64/oz silver (Q2 2024 - $28.86), $1,073/oz platinum (Q2 2024 - $981) and $990/oz palladium (Q2 2024 - $972), $98/t Fe 62% CFR China (Q2 2024 - $110), $63.74/bbl WTI oil (Q2 2024 - $80.57) and $3.51/mcf Henry Hub natural gas (Q2 2024 - $2.34). For H1 2025, the average commodity prices were as follows: $3,071/oz gold (H1 2024 - $2,205), $32.77/oz silver (H1 2024 - $26.11), $1,021/oz platinum (2024 - $945) and $976/oz palladium (H1 2024 - $975), $101/t Fe 62% CFR China (H1 2024 - $118), $67.58/bbl WTI oil (H1 2024 - $78.77) and $3.69/mcf Henry Hub natural gas (H1 2024 - $2.22). Net GEOs are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce. Calculation of Net Gold Equivalent Ounces: 2. NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three and six months ended June 30, 2025 dated August 11, 2025 filed with the Canadian securities regulatory authorities on SEDAR+ available at and with the U.S. Securities and Exchange Commission available on EDGAR at Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; the impact of income taxes on these items; income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates. Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue. Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment charges and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses. Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue. For the three months ended For the six months ended June 30, June 30, (expressed in millions, except per share amounts) 2025 2024 2025 2024 Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Foreign exchange (gain) loss and other (income) expenses (4.1) 9.8 (9.8) 11.4 Tax effect of adjustments (0.4) (2.0) 1.0 (2.0) Other tax related adjustments Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate — 49.1 — 49.1 Q1 2024 retroactive impact of GMT — 9.9 — — Change in unrecognized deferred income tax assets — (1.4) — (1.4) Adjusted Net Income $ 238.5 $ 144.9 $ 444.0 $ 280.8 Basic weighted average shares outstanding 192.7 192.3 192.6 192.2 Adjusted Net Income per share $ 1.24 $ 0.75 $ 2.31 $ 1.46 For the three months ended For the six months ended June 30, June 30, (expressed in millions, except Adjusted Net Income Margin) 2025 2024 2025 2024 Adjusted Net Income $ 238.5 $ 144.9 $ 444.0 $ 280.8 Revenue 369.4 260.1 737.8 516.9 Adjusted Net Income Margin 64.6 % 55.7 % 60.2 % 54.3 % For the three months ended For the six months ended June 30, June 30, (expressed in millions, except per share amounts) 2025 2024 2025 2024 Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Income tax expense 68.6 95.3 128.4 122.8 Finance expenses 0.8 0.6 1.5 1.2 Finance income (6.6) (16.2) (17.7) (32.2) Depletion and depreciation 64.0 52.9 132.4 111.1 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Foreign exchange (gain) loss and other (income) expenses (4.1) 9.8 (9.8) 11.4 Adjusted EBITDA $ 365.7 $ 221.9 $ 687.6 $ 438.0 Basic weighted average shares outstanding 192.7 192.3 192.6 192.2 Adjusted EBITDA per share $ 1.90 $ 1.15 $ 3.57 $ 2.28 For the three months ended For the six months ended June 30, June 30, (expressed in millions, except Adjusted EBITDA Margin) 2025 2024 2025 2024 Adjusted EBITDA $ 365.7 $ 221.9 $ 687.6 $ 438.0 Revenue 369.4 260.1 737.8 516.9 Adjusted EBITDA Margin 99.0 % 85.3 % 93.2 % 84.7 % 3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents and the amount available to borrow under our $1.0 billion revolving credit facility. At June 30, At December 31, 2025 2024 ASSETS Cash and cash equivalents $ 160.3 $ 1,451.3 Receivables 146.7 151.8 Gold and silver bullion and stream inventory 7.0 96.8 Loans receivable 17.8 5.9 Other current assets 25.5 11.0 Current assets $ 357.3 $ 1,716.8 Royalty, stream and working interests, net $ 5,899.8 $ 4,098.8 Investments 597.8 325.5 Loans receivable 82.5 104.1 Deferred income tax assets 25.7 30.8 Other assets 57.5 54.4 Total assets $ 7,020.6 $ 6,330.4 LIABILITIES Accounts payable and accrued liabilities $ 33.6 $ 28.7 Income tax liabilities 50.4 38.8 Current liabilities $ 84.0 $ 67.5 Deferred income tax liabilities $ 311.6 $ 238.0 Income tax liabilities 13.0 19.8 Other liabilities 10.0 8.5 Total liabilities $ 418.6 $ 333.8 SHAREHOLDERS' EQUITY Share capital $ 5,789.2 $ 5,769.1 Contributed surplus 19.3 23.0 Retained earnings 806.6 486.5 Accumulated other comprehensive loss (13.1) (282.0) Total shareholders' equity $ 6,602.0 $ 5,996.6 Total liabilities and shareholders' equity $ 7,020.6 $ 6,330.4 The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website FRANCO-NEVADA CORPORATION (in millions of U.S. dollars and shares, except per share amounts) For the three months ended For the six months ended June 30, June 30, 2025 2024 2025 2024 Revenue Revenue from royalty, streams and working interests $ 366.7 $ 257.6 $ 732.2 $ 513.2 Interest revenue 2.7 2.2 5.6 3.1 Other interest income — 0.3 — 0.6 Total revenue $ 369.4 $ 260.1 $ 737.8 $ 516.9 Costs of sales Costs of sales $ 33.5 $ 29.1 $ 72.0 $ 62.7 Depletion and depreciation 64.0 52.9 132.4 111.1 Total costs of sales $ 97.5 $ 82.0 $ 204.4 $ 173.8 Gross profit $ 271.9 $ 178.1 $ 533.4 $ 343.1 Other operating expenses (income) General and administrative expenses $ 5.7 $ 7.6 $ 14.4 $ 11.8 Share-based compensation expenses 2.8 1.8 8.5 4.6 Cobre Panama arbitration expenses 3.9 0.8 4.6 2.3 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Gain on sale of gold and silver bullion (42.2) (1.1) (49.3) (2.5) Total other operating (income) expenses $ (33.9) $ 9.1 $ (25.9) $ 15.9 Operating income $ 305.8 $ 169.0 $ 559.3 $ 327.2 Foreign exchange gain (loss) and other income (expenses) $ 4.1 $ (9.8) $ 9.8 $ (11.4) Income before finance items and income taxes $ 309.9 $ 159.2 $ 569.1 $ 315.8 Finance items Finance income $ 6.6 $ 16.2 $ 17.7 $ 32.2 Finance expenses (0.8) (0.6) (1.5) (1.2) Net income before income taxes $ 315.7 $ 174.8 $ 585.3 $ 346.8 Income tax expense 68.6 95.3 128.4 122.8 Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Other comprehensive income (loss), net of taxes Items that may be reclassified subsequently to profit and loss: Currency translation adjustment $ 95.7 $ (12.3) $ 98.4 $ (51.5) Items that will not be reclassified subsequently to profit and loss: Gain on changes in the fair value of equity investments at fair value through other comprehensive income ("FVTOCI"), net of income tax 31.2 15.4 180.0 17.2 Other comprehensive income (loss), net of taxes $ 126.9 $ 3.1 $ 278.4 $ (34.3) Comprehensive income $ 374.0 $ 82.6 $ 735.3 $ 189.7 Earnings per share Basic $ 1.28 $ 0.41 $ 2.37 $ 1.17 Diluted $ 1.28 $ 0.41 $ 2.37 $ 1.16 Weighted average number of shares outstanding Basic 192.7 192.3 192.6 192.2 Diluted 193.0 192.5 192.9 192.4 The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website FRANCO-NEVADA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) For the three months ended For the six months ended June 30, June 30, 2025 2024 2025 2024 Cash flows from operating activities Net income $ 247.1 $ 79.5 $ 456.9 $ 224.0 Adjustments to reconcile net income to net cash provided by operating activities: Depletion and depreciation 64.0 52.9 132.4 111.1 Share-based compensation expenses 1.0 1.5 3.1 2.9 Impairment reversal (4.1) — (4.1) — Gain on disposal of royalty interests — — — (0.3) Unrealized foreign exchange (gain) loss (5.2) 6.7 (11.2) 7.8 Deferred income tax expense 37.2 50.9 46.3 56.3 Gain on sale of gold and silver bullion (42.2) (1.1) (49.3) (2.5) Other non-cash items (5.3) (0.9) (5.6) (1.5) Gold and silver bullion from royalties received in-kind (10.9) (16.5) (30.1) (32.4) Proceeds from sale of gold and silver bullion 147.1 5.9 177.3 16.6 Changes in other assets — — — (17.4) Operating cash flows before changes in non-cash working capital $ 428.7 $ 178.9 $ 715.7 $ 364.6 Changes in non-cash working capital: Decrease (increase) in receivables $ 13.5 $ 5.8 $ 5.1 $ (9.9) (Increase) decrease in other current assets (20.0) 1.8 (11.1) 2.5 Increase in accounts payable and accrued liabilities 8.1 7.8 9.5 15.7 Net cash provided by operating activities $ 430.3 $ 194.3 $ 719.2 $ 372.9 Cash flows used in investing activities Acquisition of royalty, stream and working interests $ (1,360.4) $ (16.2) $ (1,865.6) $ (163.1) Acquisition of investments (3.0) (4.3) (55.3) (11.0) Proceeds from sale of investments 15.8 1.1 25.5 1.1 Proceeds from repayment of loan receivable 10.0 18.9 10.0 18.9 Acquisition of property and equipment (0.1) — (2.1) (0.1) Acquisition of energy well equipment (0.4) (0.4) (1.6) (0.7) Advances of loans receivable — (42.3) — (83.5) Proceeds from disposal of royalty interests — 6.5 — 11.2 Net cash used in investing activities $ (1,338.1) $ (36.7) $ (1,889.1) $ (227.2) Cash flows used in financing activities Payment of dividends $ (67.0) $ (60.3) $ (137.2) $ (119.2) Proceeds from exercise of stock options 0.9 1.9 4.3 2.7 Revolving credit facility amendment costs — (0.8) — (0.8) Net cash used in financing activities $ (66.1) $ (59.2) $ (132.9) $ (117.3) Effect of exchange rate changes on cash and cash equivalents $ 6.1 $ (11.4) $ 11.8 $ (11.3) Net change in cash and cash equivalents $ (967.8) $ 87.0 $ (1,291.0) $ 17.1 Cash and cash equivalents at beginning of period $ 1,128.1 $ 1,352.0 $ 1,451.3 $ 1,421.9 Cash and cash equivalents at end of period $ 160.3 $ 1,439.0 $ 160.3 $ 1,439.0 Supplemental cash flow information: Income taxes paid $ 45.7 $ 35.1 $ 93.2 $ 42.5 Dividend income received $ 2.2 $ 2.1 $ 5.5 $ 4.2 Interest and standby fees paid $ 0.4 $ 0.6 $ 1.4 $ 1.0 The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2025 Quarterly Report available on our website SOURCE Franco-Nevada Corporation
