Graphite One's Graphite Creek Coordinated Project Plan Posted on the FAST-41 Federal Permitting Dashboard
Coordinated Plan Establishes Graphite Creek Permitting Timeline at 13.5 Months
G1's listing on the FAST-41 Dashboard Aligns with the Presidential Critical Mineral Executive Orders calling for "Immediate Measures to Increase American Mineral Production" and "Unleashing Alaska's Extraordinary Resource Potential"
VANCOUVER, BC, Aug. 5, 2025 /CNW/ - Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) (" Graphite One", the " Company", or "G1"), is pleased to announce that the Company's Graphite Creek project (the " Project") – the upstream anchor for G1's complete U.S.-based advanced graphite supply chain (" Graphite Creek")– has completed the FAST-41 60-day Coordinated Project Plan (" CPP") process, with the resulting plan for reviews, authorizations and timeline posted on the FAST-41 Federal Dashboard, which can be accessed here.
Graphite One's project is the first Alaskan mining project to be listed on the FAST-41 Dashboard.
"The ability to coordinate with all participating federal agencies involved in our permitting, develop a transparent plan for the process and post that plan publicly is a testament to the FAST-41 process and the predictability and transparency it provides," said Anthony Huston, CEO of Graphite One. "With President Trump's Critical Mineral and Alaska Executive Orders, Graphite One is positioned at the leading edge of a domestic Critical Mineral renaissance that will power transformational applications from energy and transportation to AI infrastructure and national defense."
FAST-41 CPP:
Established pursuant to Title 41 of the Fixing America's Surface Transportation Act (FAST-41), the CPP is a concise plan for coordinating public and agency participation in, and completion of, any required federal environmental reviews and authorizations for the Project. The CPP is developed by the lead/facilitating agency, in consultation with each coordinating and participating agency. FAST-41 encourages lead/facilitating agencies to have preliminary engagement with project sponsors when developing CPPs.
The CPP contains:
A list of, and roles and responsibilities for, all entities with environmental review or authorization responsibilities for the Project.
A permitting timetable that includes intermediate and final completion dates for action by each agency on any federal environmental review or authorization required for the Project, and to the maximum extent practicable, the dates by which State permits, reviews and approvals must be made.
A discussion of potential avoidance, minimization, and mitigation strategies, if required by applicable law and known.
Plans and a schedule for public and tribal outreach and coordination, to the extent required by applicable law.
Graphite One's domestic supply chain is planned to produce graphite concentrate from the Graphite Creek deposit North of Nome, Alaska and Anode Active Material at a facility to be constructed in Warren, Ohio, subject to financing.
FAST-41 status follows publication of Graphite One's Feasibility Study (" FS") filed on April 23, 2025, which, with the support of the Department of Defense Production Act (DPA) award, was completed 15 months ahead of schedule. The annual graphite concentrate capacity of the Graphite Creek Mine in the FS was increased from that in the 2022 Pre-Feasibility Study (" PFS") – from 53,000 tpy to 175,000 tpy while maintaining a 20-year mine life. Measured plus Indicated Resources increased to 322% of the PFS resource. The FS, effective March 25, 2025, projects a post-tax internal rate of return of 27%, using an 8% discount rate, with a net present value of $5.03 billion and a payback period of 7.5 years.
FAST-41 streamlines the permitting process by providing improved timeliness and predictability by establishing publicly posted timelines and procedures for federal agencies, reducing unpredictability in the permitting process. FAST-41 also provides issue resolution mechanisms, while the federal permitting dashboard allows all project stakeholders and the general public to track a project's progress, including periods for public comment.
The filing of the FAST-41 CPP received support from the following federal officials:
"As Alaska's first Critical Mineral mining project on the FAST-41 Dashboard, Graphite One is blazing the trail for projects that contribute not only to the American economy but to our national security," said Alaska Governor Mike Dunleavy. "In the 21st Century, the wealth of nations - their ability to provide opportunities for their people, their ability to remain safe in a dangerous world - depends on access to the resources that power our technologies. For our nation, the message is clear: There is no path forward to American Energy Dominance without the minerals, metals and natural gas resources Alaska has in abundance."
"I thank the Permitting Council for recognizing the strategic importance of the Graphite One project and for moving quickly to add it to the FAST-41 dashboard—the first Alaskan mining project on the dashboard," said Alaska Senator Lisa Murkowski. "As China continues to restrict the United States' supply of critical minerals, it is crucial for Graphite One to advance without delay. This is North America's largest deposit of natural graphite, foundational to any effort to rebuild our domestic supply chains, and we now have a concrete timeline of 13.5 months for federal agencies to bring it through the permitting process."
"FAST-41 is designed to provide speed, transparency, and accountability for all groups involved in permitting and approving projects like those offered by Graphite One, and it's encouraging to see G1 complete this process within the allotted 60 day window," said Nick Begich, Congressman for All Alaska. "Domestic supply chains for critical minerals are cornerstone requirements for domestic production and national security. G1 is blazing a trail for additional efforts of this kind - demonstrating how we can work across governmental jurisdictions to unlock the full potential of Alaska for the benefit of all Americans."
"Graphite Creek is critical to achieving President Trump's energy dominance agenda and is exactly the kind of project that can benefit from the transparency and accountability that comes with FAST-41," said Emily Domenech, Executive Director, Federal Permitting Improvement Steering Council (FPISC). "Our team worked with federal agencies to develop an efficient and responsible permitting timetable, and we are ready to partner with Graphite One to get this project to construction."
Graphite One's Complete U.S.-Based Supply Chain Strategy
The Project is planned as an integrated business operation to produce lithium-ion battery anode materials and other graphite products for the U.S domestic market on a commercial scale using primarily natural graphite from Alaska. The Project combines the operation of an advanced graphite manufacturing facility to be located in Warren Ohio, subject to financing, with the supply of natural flake graphite from the Company's proposed Graphite Creek Mine in Alaska. The resources associated with the Company's Alaska State mining claims were cited by the U.S. Geological Survey in January 2022 as America's largest natural graphite deposit 1, and in 2023, "as among the largest in the world." This precedes the FS-verified deposit amount increase. The Company entered into a non-binding letter of interest with the EXIM Bank in September 2024 for a potential $325 million loan to fund the Ohio manufacturing facility.
About the Permitting Council and FAST-41
Established in 2015 by Title 41 of FAST-41, the Permitting Council is a federal agency charged with improving the transparency and predictability of the federal environmental review and authorization process for certain critical infrastructure projects. The Permitting Council is comprised of the Permitting Council Executive Director, who serves as the Council Chair; 13 federal agency Council members (including deputy secretary-level designees of the Secretaries of Agriculture, Army, Commerce, Interior, Energy, Transportation, Defense, Homeland Security, and Housing and Urban Development, the Administrator of the Environmental Protection Agency, and the Chairs of the Federal Energy Regulatory Commission, Nuclear Regulatory Commission, and the Advisory Council on Historic Preservation); and the Chair of the White House Council on Environmental Quality and the Director of the Office of Management and Budget.
The Permitting Council coordinates federal environmental reviews and authorizations for projects that seek and qualify for FAST-41 coverage. FAST-41 covered projects are entitled to comprehensive permitting timetables and transparent, collaborative management of those timetables on the Federal Permitting Dashboard. FAST-41 covered projects may be in the energy production, electricity transmission, energy storage, surface transportation, aviation, ports and waterways, water resource, broadband, pipelines, manufacturing, mining, carbon capture, semiconductors, artificial intelligence and machine learning, high-performance computing and advanced computer hardware and software, quantum information science and technology, data storage and data management, and cybersecurity sectors.
The Permitting Council also serves as a federal center for permitting excellence, supporting federal efforts to improve infrastructure permitting including and beyond FAST-41 covered projects to the extent authorized by law, including activities that promote or provide for the efficient, timely, and predictable completion of environmental reviews and authorizations for federally-authorized infrastructure projects.
About Graphite One Inc.
GRAPHITE ONE INC. continues to develop its Graphite One Project (the " Project"), with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine and process natural graphite, and to manufacture artificial and natural graphite anode materials primarily for the lithium‐ion electric vehicle battery and energy storage markets.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
For more information on Graphite One Inc., please visit the Company's website, www.GraphiteOneInc.com
On X @GraphiteOne
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
All statements in this release, other than statements of historical facts, including those related to the Fast 41 listing and the anticipated impact of the FAST-41 status, any statements related to the planned production of any mineral reserves and resources, the construction of the Warren, Ohio facility, and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forward ‐ looking information can be identified by the use of forward ‐ looking terminology such as "proposes", "expects", "is expected", "scheduled", "estimates", "projects", "plans", "is planning", "intends", "assumes", "believes", "indicates", "to be" or variations of such words and phrases that state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The Company cautions that there is no certainty that the Fast 41 listing will impact the Company as set forth in this press release, that the Graphite Creek Project produces the minerals set out in the FS or that the facility will be built in Warren, Ohio. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedarplus.ca.
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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
