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2013 ASSET HANDBOOK

Franco-Nevada Corporations 2013 Asset Handbook is intended to assist analysts


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

FNV

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

The GOLD Investment that WORKS

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

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

Royalties and Streams Explained


REUs Explained
Precious Metals REUs
Other Minerals REUs
Oil & Gas

ROYALTY EQUIVALENT UNITS

ROYALTY EQUIVALENT
UNITS (REUs)

RESERVES & RESOURCES

2013 ASSET
HANDBOOK

OVERVIEW

FRANCO-NEVADA
OVERVIEW

FRANCO-NEVADA
ASSETS

Asset Counts and Categories


Asset Mine Lives
Corporate Organization
Glossary
Cautionary Statements
Corporate Information

ADDITIONAL INFORMATION

ADDITIONAL
INFORMATION

ASSETS

Gold - United States


Gold - Canada
Gold - Australia
Gold - Rest of World
PGMs
Other Minerals
Oil & Gas
Exploration

OVERVIEW

OUR BUSINESS MODEL


Franco-Nevada Corporation is a gold-focused royalty and streaming company. We do not operate mines,
develop properties or conduct exploration. Instead, we own and continue to grow a large, diversified
portfolio of royalties and streams that expose Franco-Nevada to the exploration and price optionality
inherent with geologically favourable properties. Royalties and streams are not subject to operating or
capital cash calls making this a free cash flow business. We believe this business model can provide yield
along with more upside than a gold ETF with less risk than an operating company.
Gold ETF

FNV

Operators

- 0.4%

>1.5%

0-4%

>1

>1

0%

100%

100%

Capital Costs

0%

0%*

100%

Operating Costs

0%

0%*

100%

Environmental Costs

0%

0%*

100%

Dividend Yield +
Leverage to Gold Price
Exploration & Expansion
Reduced Exposure to:

* Revenue royalties and streams


+ Ranges in March 2013

Royalties

The majority of mineral properties have government or private royalties associated with them. Private
royalties are generally created by the original property owners, prospectors or exploration companies that
sell their property rights to a more senior company capable of developing and operating a mine on the
property. A royalty allows the seller to retain some exploration and price upside while the operating company
only pays if ore is actually mined.
The most common royalties are a simple percentage of the value of the future production from the property,
typically 1 to 5%. Often these are stated as a percentage of the net value the operating company receives for
its concentrated product when it is processed at a smelter, hence the term 2% net smelter return royalty
or 2% NSR royalty. There are other forms of royalties such as profit-related royalties or fixed-rate royalties
but these are not a big part of Franco-Nevadas focus or portfolio.

2
FNV

The majority of Franco-Nevadas royalties have been acquired from the past owners of mineral properties.
Starting in 1985, the original Franco-Nevada was the first public company to make a business of acquiring
royalties on gold properties. The original Franco-Nevada was acquired by Newmont Mining Corporation
in 2002 and its portfolio was managed by a division of Newmont. In December 2007, the current FrancoNevada acquired this portfolio in connection with our IPO and has since grown the portfolio to over 200
mineral royalties. Royalty rights are often registered on the title of the property or mineral rights and
generally rank ahead of any operating company debt. In addition, registered royalties have strong tenure
and will generally survive an operating company reorganization.

The GOLD Investment that WORKS

OVERVIEW

Streams

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

Business model advantages

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

Business model track record

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

Additional Information

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

3
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

OVERVIEW

2012 HIGHLIGHTS

Strong financial results:


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

Franco-Nevada has a 2% NSR royalty at


Detour Lake which began producing gold in
February 2013.

FNV: TSX/NYSE

FNV
Share
Price

From December 20, 2007


to December 31, 2012

$60

+ 274%*

* TSX share price excluding dividends

$55
$50
$45

$15.20 per share


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

$40

Gold Price

$35
$30

$25

S&P / TSX Global Gold Index

FNV

$20
$15

2008

2009

2010

The GOLD Investment that WORKS

2011

2012

2008 (4)
$

US$ millions (except per share)

2009 (4)
$

2011 (4)
$

2012 (4)
$

$ 151.0
$ 31.6
$ 40.3
$ 0.41

$ 199.7
$ 87.1
$ 80.9
$ 0.76

$ 227.2
$ 85.8
$ 62.7
$ 0.55

$ 411.2
$ 28.0
$
(6.8 )
$ (0.05 )

$ 427.0
$ 138.4
$ 102.6
$ 0.72

Adjusted Net Income(1)


Adjusted Net Income(1) per share
Adjusted EBITDA(2)
Adjusted EBITDA(2) per share

$ 47.3
$ 0.48
$ 127.2
$ 1.30

$ 32.0
$ 0.30
$ 119.4
$ 1.12

$ 52.1
$ 0.46
$ 180.0
$ 1.58

$ 136.0
$ 1.08
$ 327.3
$ 2.61

$ 171.0
$ 1.19
$ 347.8
$ 2.43

$
$

$
$

$
$

$
C$

21.8
0.24

$
C$

28.2
0.28

33.3
0.29

49.2
0.32

$ 239.1
$
Nil

$ 530.7
$
Nil

$ 572.7
$
Nil

$ 851.1
$
Nil

$ 822.4
$
Nil

Total Shareholders Equity


Market Capitalization(6)

$
$

$ 1.9B
$ 3.2B

$ 2.0B
$ 3.8B

$ 2.8B
$ 5.3B

$
$

Adjusted EBITDA is defined by the Company as net income (loss) excluding income tax expense, finance income and costs, foreign exchange gains/losses, gains/losses on the sale of investments,
income/losses from equity investees, depletion and depreciation, fair value changes for interests accounted for as derivative assets and impairment charges related to royalties, streams, working
interests and investments. Adjusted EBITDA per share is Adjusted EBITDA divided by weighted average shares outstanding for the period. For a reconciliation of these measures to various IFRS
and Canadian GAAP measures, please refer to the MD&A for the respective years available on our website and on SEDAR.

(3)

As at March 19, 2013.

(4)

Fiscal years 2010 through 2012 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP.

(5)

Working Capital is a Non-IFRS financial measure. The Company defines working capital as current assets less current liabilities.

(6)

As at December 31.

35
35
35

$600
$600
$600

$1.80
$1.80
$1.80

$9.0
$0.60
$0.60
$0.60

50

$600
$9.0

$550
$550
$550

$1.65
$1.65
$1.65

$0.55
$0.55
$0.55
$8.0

45

$550
$8.0

$500
$500
$500

$1.50
$1.50
$1.50

$0.50
$0.50
$0.50

$450
$450
$450

$1.35
$1.35
$1.35

$7.0
$0.45
$0.45
$0.45

$1.20
$1.20
$1.20

$0.40
$0.40
$0.40
$6.0

$350
$350
$350

$1.05
$1.05
$1.05

$0.35
$0.35
$0.35
$5.0

30

25
25
25

$300
$300
$300

$0.90
$0.90
$0.90

$0.30
$0.30
$0.30

25

$250
$250
$250

$0.75
$0.75
$0.75

$4.0
$0.25
$0.25
$0.25

$200
$200
$200

$0.60
$0.60
$0.60

$0.20
$0.20
$0.20
$3.0

$150
$150
$150

$0.45
$0.45
$0.45

$100
$100
$100

$0.30
$0.30
$0.30

$0.15
$0.15
$0.15
$2.0
$0.10
$0.10
$0.10

$50
$50
$50

$0.15
$0.15
$0.15

$1.0
$0.05
$0.05
$0.05

$400
$6.0
$350
$5.0
$300
$4.0
$250

20

$200
$3.0

15
10

$2.0
$100

$1.0
$50

2012

2011

2010

2009

$150

2008

2012
2012
2012
2012

2011
2011
2011
2011

2010
2010
2010
2010

2009
2009
2009
2009

2008
2008
2008
2008

2012
2012
2012

2011
2011
2011

2010
2010
2010

2009
2009
2009

2012
2012
2012

2011
2011
2011

2010
2010
2010

2009
2009
2009

2008
2008
2008

555

2008
2008
2008

10
10
10

$7.0
$450

35

$400
$400
$400

15
15
15

$500

40

30
30
30

20
20
20

EPS
Producing
Mineral Royalties

2013 ASSET HANDBOOK

Franco-Nevada Corporation

5
FNV

2011
2011

40
40
40

RevenueCap
Market

(in $ billions)

2012
2012

45
45
45

Market
Capitalization(6)

Producing Mineral Royalties

2011
2011

50
50
50

Producing
Mineral
Assets

2010
2010

Dividends
Per Share

Market
Cap PS
Dividends
PS
Dividends
PS
Dividends

EPS
EPS
EPS

2009
2009

Adjusted
Net Income(1)
Per Share

(in $ millions)

2008
2008

Revenue
Revenue
Revenue
Revenue

2010
2010

2009
2009

(2)

3.1B
8.3B

Adjusted Net Income is defined by the Company as net income (loss) excluding foreign exchange gains/losses, gains/losses on the sale of investments, impairment charges related to royalties,
streams, working interests and investments, unusual non-recurring items, fair value changes for interests accounted for as derivative assets, and the impact of taxes on all these items.
Adjusted Net Income per share is Adjusted Net Income divided by weighted average shares outstanding for the period. For a reconciliation of these measures to various IFRS and Canadian GAAP
measures, please refer to the MD&A for the respective years available on our website and on SEDAR.

2008
2008

1.4B
1.7B

77.9
0.54

Working Capital(5)
Long-term debt

(1)

2012
2012
2012

2010 (4)
$

Revenue
Operating Income
Net Income
Basic Earnings per share

Dividends Paid
Dividends Paid per share

s
es

OVERVIEW

FIVE YEAR RESULTS

OVERVIEW

GLOBAL ASSETS

Arctic Gas

Courageous Lake
Goldfields

Edson

New Prosperity

Phoenix
Detour Lake
Timmins West
Hemlo

Weyburn
Midale
Stillwater

Golden Highway
Mouska

Musselwhite

Canadian Malartic
Kirkland Lake

NEVADA
(inset)

Sudbury

NORTH AMERICA
PRODUCING

Mesquite
Rosemont

ADVANCED
OIL & GAS
Palmarejo

Exploration Assets not shown

Cerro San Pedro


Falcondo

Cobre Panama
Hollister
Pinson

Dee (Storm/Arturo)

Sandman

Goldstrike

EaglePicher

Gurupi

Gold Quarry
Marigold

SOUTH AMERICA

Bald Mountain
Robinson

NEVADA
Sterling

Taca Taca
Relincho

6
FNV

San Jorge
Calcatreu

The GOLD Investment that WORKS

OVERVIEW

ASIA
Perama Hill

Agi
Dagi
Kiziltepe

Tasiast

AFRICA
Subika
Ity

Edikan
Kasese

Mt Muro
North Lanut

King Vol

Pandora
Cooke 4
MWS

Duketon
Bronzewing
Wiluna
Glenburgh

AUSTRALIA

Moyagee
Mt Keith
Butcher Well
Edna May
Flying Fox

Admiral Hill
Red October

Peculiar Knob
White Dam

South Kalgoorlie

Commodore

Bullabulling
Aphrodite
Henty

7
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

OVERVIEW

ASSET PORTFOLIO
Revenue - By Geography

Revenue - By Commodity

Revenue - By Type

Gold-75%

Gold-75%
Gold-75%

Revenue-based-42%
Revenue-based-42%
Revenue-based-42%

Canada-30% Canada-30%
Canada-30%

PGM-14%

PGM-14%
PGM-14%

Streams-45%Streams-45%
Streams-45%

Mexico-24% Mexico-24%
Mexico-24%

Oil & Gas-10%


Oil & Gas-10%
Oil & Gas-10%

Profit-based-10%
Profit-based-10%
Profit-based-10%

Australia-4%Australia-4%
Australia-4%

Other Minerals-1%
Other Minerals-1%
Other Minerals-1%

Working interests/other-3%
Working
interests/other-3%
Working
interests/other-3%

US-28%

US-28%
US-28%

Rest of World-14%
Rest ofRest
World-14%
of World-14%

Franco-Nevada Asset Tabulation at March 19, 2013




Gold


PGM

Other
Minerals

Total
Minerals

Producing
Advanced
Exploration

36
23
115

3
0
2

7
5
20

46
28
137

137

# (1)

183
28
137

Total

174

32

211

137

348

Oil & Gas

Total

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

Abbreviated Definitions
NSR Net Smelter Return Royalty
GR Gross Royalty
ORR Overriding Royalty
FH Freehold or Lessor Royalty
NPI Net Profits Interest
NRI Net Royalty Interest
WI Working Interest

8
FNV

P Producing assets are those that have generated


revenue from steady-state operations to Franco-Nevada
or are expected to in the next year.
A Advanced are assets or projects that in
managements view have a reasonable possibility of
generating steady-state revenue to Franco-Nevada
in the next five years or includes properties under
development, permitting, feasibility or advanced
exploration.

E Exploration represents assets on early stage


exploration properties that are speculative and are
expected to require more than five years to generate
revenue, if ever, or are currently not active.

Notes
1
2
3
4
5

Does not cover all the reserves or resources reported for the property by the operator.
Percentage varies depending on the claim block of the property.
Provides for minimum or advance payments.
Payments pending achievement of a minimum production hurdle or time threshold.
Percentage varies depending on the commodity price or value of ore.

The GOLD Investment that WORKS

6
7
8
9

Payable after operator recovers defined exploration and development expenses.


These revenue numbers are before the deduction of the purchase cost per ounce.
Includes dividends in the amounts of $0.1, $0.1 and $0.3 for 2012, 2011 and 2010.
NRI acquired effective October 1, 2012. WI increased from 1.11% to 2.26% effective
January 1, 2012.


Operator


Interest and %

2012

Revenue ($ millions)
2011
2010

OVERVIEW


Asset

Notes

GOLD
United States
Goldstrike
Gold Quarry
Marigold
Bald Mountain
Mesquite
Hollister
Other (6 assets)


Barrick Gold Corporation
Newmont Mining Corporation
Goldcorp/Barrick

Barrick Gold Corporation
New Gold Inc.

Great Basin Gold Limited

NSR 2-4%, NPI 2.4-6%


NSR 7.29%
NSR 1.75-5%, GR 0.5-4%
NSR/GR 0.875-5%
NSR 0.5-2%
NSR 3-5%

55.7
18.6
10.9
8.8
3.9
3.2
0.6

45.0
17.9
10.3
3.9
4.8
5.0
0.5

49.2
20.4
9.1
1.6
4.2
1.1
1.8

1, 2, P
1, 3, P
1, 2, 3, 5, P
1, 2, 3, 5, P
2, P
1, 2, P
8, Px2, Ax4

Canada
Detour
Sudbury (3 mines)
Golden Highway (3 mines)
Musselwhite
Hemlo
Timmins West
Other (7 assets)


Detour Gold Corporation
KGHM International Ltd.
St Andrew Goldfields Ltd.
Goldcorp Inc.

Barrick Gold Corporation
Lake Shore Gold Corp.

NSR 2%
Stream 50%
NSR 2-15%
NPI 5%
NSR 3%, NPI 50%
NSR 2.25%


15.4
14.3
6.3
7.5
2.0
0.5


14.3
10.8
5.1
1.4

1.0



6.3

0.1

0.8

P
1, 7, P
3, 5, Px3
6, P
1, 6, P
P
Px3, Ax4

Australia
Duketon
Henty
South Kalgoorlie (2 mines)
Bronzewing
Other (10 assets)

Regis Resources Ltd.


Unity Mining Limited
Alacer Gold Corp.

Navigator Resources Limited

NSR 2%
GR 1%/10%
NSR/GR 1-1.75%
NSR 2%

5.3
2.7
1.3
2.3

3.1
4.5
0.9
0.9
0.1

0.6
2.4
1.0
0.6
0.3

1, P
2, P
1, 2, Px2
P
Px2, Ax8

Rest of World
Cobre Panama
Palmarejo
MWS
Tasiast
Subika
Cerro San Pedro
Edikan
Cooke 4
Other (9 assets)


First Quantum Minerals Ltd.
Coeur Mining

AngloGold Ashanti Limited
Kinross Gold Corporation
Newmont Mining Corporation
New Gold Inc.

Perseus Mining Limited
Gold One International Limited

Streams (indexed)
Stream 50%
Stream 25%
NSR 2%
NSR 2%
GR 1.95%
NSR 1.5%
Stream 7%


96.0
33.0
6.4
3.2
5.5
5.1
3.3
8.8


101.9
32.3
2.8

5.9
1.5
27.3
2.8


66.1



3.8


0.9

A
3, 7, P
7, P
P
1, P
1, P
P
7, P
Px3, Ax6

115 Exploration Assets

$ 320.6

$ 306.8

$ 172.6

PLATINUM GROUP METALS


Stillwater
Sudbury (3 mines)
Pandora
2 Exploration Assets

Stillwater Mining Company


KGHM International Ltd.
Angloplat/Lonmin plc

NSR 5%
Stream 50%
NPI 5%

17.3
43.1
0.3

23.1
40.4
0.4

13.1

1.0

60.7

63.9

14.1

NPI 0.25%, GR 0.375%


NSR 1.5%
NSR 1.5%
NSR 1.08%



2.2



2.6

3.8



1.8

3.1



1.6

4.8

5.6

4.7

25.0
4.0
3.9
8.0

12.3
4.1
7.7
10.8

10.4
3.6
12.1
9.7

40.9

34.9

35.8

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

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

BHP Billiton Limited


Augusta Resource Corporation
Teck Resources Limited
Lumina Copper Corp.



A
4, A
A
Px6, Ax2
E

OIL & GAS


Canada
Weyburn Unit
Midale Unit
Edson
Other
Arctic Gas
160 agreements

Cenovus Energy Inc.


Apache Canada Ltd.
Canadian Natural Resources
Various




REVENUE

$ 427.0

NRI 11.71%, ORR 0.44%, WI 2.26%


ORR 1.14%, WI 1.59%
ORR 15%


WI 3-15%
ORR/FH 0.5%-100%

$ 411.2

2013 ASSET HANDBOOK

9, P
P
P
P
E
E

$ 227.2
Franco-Nevada Corporation

9
FNV

OVERVIEW

REVENUE

(1)


2012
$ millions

Commodity


Gold
PGM
Other Minerals
Oil & Gas

320.6
60.7
4.8
40.9

75%
14%
1%
10%

306.8
63.9
5.6
34.9

75%
16%
1%
8%

172.6
14.1
4.7
35.8

76%
6%
2%
16%



United States
Canada
Australia
Mexico
Rest of World

$

$



427.0

120.0
130.2
15.1
101.6
60.1

100%

28%
30%
4%
24%
14%

$

$



411.2

111.6
107.7
13.9
107.8
70.2

100%

28%
26%
3%
26%
17%

$

$



227.2

100%

101.5
43.0
8.2
69.9
4.6

45%
19%
3%
31%
2%



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

$

$


427.0

179.0
190.9
41.8
15.3

100%

42%
45%
10%
3%

$

$


411.2

152.3
216.1
30.8
12.0

100%

37%
53%
7%
3%

$

$


227.2

100%

111.5
66.1
37.3
12.3

50%
29%
16%
5%

427.0

100%

411.2

100%

227.2

100%


2011
$ millions


2010
$ millions



Geography






Type




2011
$ millions


2010
$ millions

ADJUSTED EBITDA

(1) (2)


2012
$ millions

Commodity


Gold
PGM
Other Minerals
Oil
& Gas

265.3
46.6
4.5
31.4

76%
14%
1%
9%

243.0
50.1
5.3
28.9

74%
15%
2%
9%

133.5
12.4
4.3
29.8

74%
7%
2%
17%



United States
Canada
Australia
Mexico
Rest of World

$

$



347.8

108.1
102.6
14.3
74.1
48.7

100%

31%
30%
4%
21%
14%

$

$



327.3

100.4
85.3
13.2
76.4
52.0

100%

31%
26%
4%
23%
16%

$

$



180.0

100%

88.8
36.5
7.6
42.9
4.2

50%
20%
4%
24%
2%



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

$

$


347.8

160.9
137.2
37.8
11.9

100%

46%
39%
11%
4%

$

$


327.3

137.5
151.9
27.9
10.0

100%

42%
46%
9%
3%

$

$


180.0

100%

98.0
39.4
33.6
9.0

54%
22%
19%
5%

347.8

100%

327.3

100%

180.0

100%



Geography






Type



10
FNV

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

The GOLD Investment that WORKS

RESERVES & RESOURCES

Growth in Gold Ounces


Gold Mineral Reserves
Gold Mineral Resources
PGM Mineral Reserves and Resources
Other Mineral Reserves and Resources

11
FNV

RESERVES & RESOURCES

RESERVES AND
RESOURCES

RESERVES & RESOURCES

GROWTH IN GOLD OUNCES


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

Detour Lake first gold pour,


February 2013.

12
FNV

The GOLD Investment that WORKS

Gold Ounces associated


with Franco-Nevadas Assets*
300
lnf
M&I (exclusive of P&P reserves)
P&P

200

RESERVES & RESOURCES

150
100
50
0
2007

2008

2009

2010

2011

2012

Growth in Gold Ounces associated


with Franco-Nevadas Assets per share
120%

Resource growth per share (%)

Reserves & Resources (moz)

250

P&P
M&I + Inf

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

2007

2008

2009

2010

2011

2012

Significant growth in gold reserves/FNV share*

13
FNV

* Totals exclude Gold Quarry and New Prosperity

2013 ASSET HANDBOOK

Franco-Nevada Corporation

GOLD MINERAL RESERVES


Proven

Tonnes
000s

Grade Contained
g/t
000 oz

Tonnes
000s

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

59,648

3.53
6,766
not available
0.68
765
0.67
1,621
0.68
287
33.46
98




12.56
370
0.18
620

39,392

RESERVES & RESOURCES

Gold - United States


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

Detour Lake
19,20
Detour Block A

Sudbury Au
1,21,22,23
Hislop
24
Holloway
25
Holt
26
Taylor
27
Musselwhite
28
Hemlo
1,3,29
Timmins West
30,31
Canadian Malartic
1,32
Phoenix

Kirkland Lake
1
Mouska (Doyon Division)
1,33
New Prosperity
34,35,36
Goldfields (Box/Athona)
37,38
Courageous Lake
39,40
Duketon
Henty
South Kalgoorlie
Bronzewing
Red October
Admiral Hill
Bullabulling
Glenburgh
White Dam
Wiluna

Gold - Rest of World

14
FNV

Notes

Gold - Canada

Gold - Australia

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

Probable

35,053
74,915
13,140
100


917
105,490

101,635
1.29




18
2.11
110
4.07
1,174
4.66

5,260
6.79
3,284
3.12


48,800
0.89




155
12.40
481,000
0.46
1,228
1.90
12,000
2.41

259,577
193,210
114,409
375
51,059

668
4,530

Proven & Probable

Grade Contained
g/t
000 oz

4.40
not available
0.50
0.57
0.56
29.48
1.44

12.79
0.15

5,572
4,155
3,540
2,055
357
2,368

275
20

Tonnes
000s

Grade Contained
g/t
000 oz

99,040

3.87
12,338
not available
294,630
0.52
4,920
268,125
0.60
5,161
127,549
0.57
2,342
465
30.26
455
51,059
1.44
2,368

1,584
12.65
645
110,020
0.18
640

4,222


1
14
176

1,150
329

1,400


62
7,114
75
1,000

368,407

1,670
432
187
1,820
985
5,970
11,616
4,922
261,600


21
350,000
21,105
79,000

0.96

0.74
2.17
4.38
5.38
5.45
5.94
2.20
5.21
1.04


13.40
0.35
1.39
2.17

11,351

40
30
26
315
173
1,140
821
824
8,720


9
3,938
945
5,500

470,042

1,670
449
298
2,993
985
11,230
14,900
4,922
310,600


176
831,000
22,333
91,000

1.03

0.74
2.16
4.26
5.10
5.45
6.34
2.40
5.21
1.01


12.50
0.41
1.42
2.20

15,573

40
31
41
490
173
2,290
1,150
824
10,120

71
11,052
1,020
6,500

1,41,42
43
1,44
45,46
47,48

1


49

8,300
635
1,100






1.50
4.60
1.00






400
94
30






52,700
143
11,500
6,924
406




1,607

1.54
8.50
1.40
1.49
5.98




4.70

2,603
39
510
331
78




242

61,000
778
12,600
6,924
406




1,607

1.53
5.30
1.30
1.49
5.98




4.68

3,003
133
540
331
78

242

50
51,52
53
54
1,3,55,56
1,57
58,59

60
61,62

63,64


65,66
67,68
69,70

258,000
5,213
187,951
103,087
19,051
21,100
64,600

1,079


2,477



924
36

0.14
2.08
0.25
1.46
1.03
0.52
1.20

1.29


4.44



3.32
1.20

1,118
348
1,493
4,836
630
353
2,417

45


354



99
1

2,800,000
9,446
143,591
46,564
181,980
26,400
29,200

220
1,167

7,220


63,757
225
7,550

0.07
1.04
0.26
2.09
1.96
0.48
1.00

1.15
4.85

2.68


1.14
2.33
2.10

6,170
317
1,195
3,129
11,450
407
961

8
182

621


2,328
17
510

3,058,000
11,659
331,542
149,651
201,031
47,500
93,800

1,299
1,167

9,697


63,757
1,149
7,586

0.07
1.77
0.25
1.66
1.87
0.50
1.10

1.27
4.85

3.13


1.14
3.13
2.10

7,288
665
2,688
7,965
12,080
760
3,378

53
182

975

2,328
115
511

31,173

79,333

Total Gold Mineral Reserves*


*Total excludes New Prosperity

The GOLD Investment that WORKS

110,506

GOLD MINERAL RESOURCES - inclusive of Reserves


Measured (M)


Tonnes
000s

Grade Contained
g/t
000 oz

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

61,193

7,259

Notes

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

Tonnes
000s

Grade Contained
g/t
000 oz

Contained
000 oz

Tonnage
000s

46,705

7,061

14,320

4,931

4,755
4,639
5,232
536
3,587
30
748
620

5,550
6,633
5,684
706
3,587
30
2,055
3,080

Grade Contained
g/t
000 oz

3.69
not available
36,628
0.68
103,209
0.60
24,000
0.59
146
36.11




20,664
1.97
510,270
0.15

795
1,994
452
170


1,307
2,460

4.70
not available
303,585
0.49
278,486
0.52
370,100
0.44
667
24.98
75,821
1.47
544
1.71
5,088
4.57
139,380
0.14

124,500

420
403
319
3,121

5,370
3,630

45,800


470
547,100
858
13,401

1.36

0.74
1.54
3.71
4.13

6.78
3.40

0.95


6.90
0.46
2.04
2.53

5,424

10
20
38
414

1,170
397

1,440


104
8,091
56
1,090

554,300
90,510
2,230
878
1,365
4,332
27,059
6,320
61,981
6,516
301,500
1,030
4,540
730
463,400
20,002
93,914

1.00
0.84
0.98
1.63
4.31
4.65
2.01
5.95
1.30
5.92
1.06
14.40
3.55
4.00
0.34
1.51
2.28

17,836
2,448
70
46
189
648
1,749
1,210
2,581
1,240
10,250
477
518
94
5,066
971
6,884

23,261
2,448
80
66
228
1,061
1,749
2,370
2,978
1,240
11,690
477
518
198
13,157
1,027
7,974

208,500
73,693
750
5
3,067
1,713
3,226
4,990
2,836
9,545
49,600
4,230
7,983
1,735

4,564
48,963

0.86
0.83
0.83

4.68
4.72
3.66
5.73
4.09
5.93
0.75
17.04
4.20
6.30

1.54
2.18

5,785
1,967
20

461
260
380
920
373
1,819
1,200
2,317
1,077
353

226
3,432

1,129,130
131
1,132
133,134
135,136
137
1,138139
140,141
142,143
144,145

12,900
1,830
2,500

154




1.24
4.70
1.80

10.70




515
276
150

53




101,000
174
38,900
12,380
3,857
907
72,100
10,100
1,915
8,155

1.20
9.30
2.13
1.69
1.92
1.40
0.92
1.30
1.10
5.60

3,898
52
2,670
674
238
42
2,132
420
68
1,465

4,413
328
2,820
674
291
42
2,132
420
68
1,465

111,000
57
33,500
5,120
3,720
1,338
30,700
17,000
3,255
8,554

0.91
5.50
1.90
1.86
1.69
1.10
1.09
1.10
0.89
5.00

3,239
10
2,046
307
202
48
1,072
620
93
1,384

146
147,148
149
2,150
1,2,3,151,152
1,153
154,155
156,157
158
159,160
1,161,162,163
164,165
166,167
168,169,170
171,172
173,174
175,176,177

262,000
8,103
190,395
180,358
19,051
42,300
83,700
2,863
5,874
2,500
20,376
3,064
79,518

35,650
783
36

0.13
2.54
0.24
1.14
1.03
0.39
1.15
7.46
1.06
4.46
0.53
4.30
0.22

0.86
4.10
1.20

1,118
663
1,472
6,634
630
532
3,096
687
200
359
344
424
584

990
103
1

3,941,000
28,067
146,820
195,387
264,715
109,400
72,700
10,372
1,657
3,312
58,990
9,375
104,091
2,408,000
75,020
972
11,670

0.06
1.07
0.25
1.29
1.74
0.33
0.99
5.90
1.05
2.69
0.61
3.18
0.19
0.10
0.94
2.08
2.00

7,888
966
1,163
8,088
14,824
1,171
2,309
1,968
56
286
1,166
958
626
7,630
2,260
65
750

9,006
1,629
2,628
14,722
15,454
1,703
5,405
2,655
256
645
1,510
1,382
1,211
7,630
3,250
168
752

3,686,000
10,798
15,172
31,235
53,342
103,900
50,600
158,681
1,695
8,832
45,418
8,766
11,235
938,000
7,719
357
8,050

0.04
1.32
0.30
0.79
2.07
0.25
1.05
5.00
2.08
1.60
0.68
1.96
0.16
0.06
0.67
1.64
1.60

4,396
457
145
790
3,543
850
1,713
25,511
113
455
995
554
59
1,700
165
19
414

43,432

138,251

181,683

77,367

Gold - Canada

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

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

Gold - Rest of World


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

Inferred

(M)+(I)

Total Gold Mineral Reserves*



*Total excludes New Prosperity

2013 ASSET HANDBOOK

5.26
834
not available
81,251
0.42
1,110
80,616
0.29
762
50,900
0.40
651
543
12.63
221
42,521
0.51
703
1,905
1.65
101
2,776
9.79
874
139,610
0.14
620

Franco-Nevada Corporation

RESERVES & RESOURCES

Gold - United States

Indicated (I)

15
FNV

PGM MINERAL RESERVES


Proven

Stillwater
Sudbury PGM
Pandora

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

4,545

1,406

17.9

4.3

2,618

194

33,991
1,670
16,729

15.9
5.4
4.0

17,362
290
2,151

38,536
1,670
18,135

16.1
5.4
4.0

19,979
290
2,344

2,812

19,803

22,613

Grade Contained
g/t
000 oz

Tonnes
000s

Proven & Probable

Tonnes
000s

Total PGM Mineral Reserves

RESERVES & RESOURCES

Probable


Notes


PGM

Grade Contained
g/t
000 oz

Tonnes
000s

Grade Contained
g/t
000 oz

PGM MINERAL RESOURCES - Inclusive of Reserves


Measured (M)


PGM

Stillwater
Sudbury PGM
Pandora

Tonnes
000s

1
1,178,179
1,180,181

4,545
420
26,686

17.9
3.4
4.8

2,618
50
4,127

33,991
2,230
140,316

15.9
6.0
4.6

6,795

Total PGM Mineral Resources

Grade Contained
g/t
000 oz

COPPER MINERAL RESERVES


Indicated (I)


Notes

Tonnes
000s

Proven

(M)+(I)

Grade Contained
g/t
000 oz

Tonnage
000s

17,362
430
20,797

19,979
480
24,924


750
22,956

38,589

45,383

Probable


2.5
4.7

60
3,491

3,551

Proven & Probable


Notes

Tonnes
000s

Rosemont
Relincho
Taca Taca
Robinson
Vizcachitas

78,79
80,81

82,83

279,479
149,300

105,490

0.46%
0.49%

0.51%

2,834
1,613

1,181

325,796
955,200

4,530

0.42%
0.39%

0.40%

3,017
8,213

40

605,276
1,104,500

110,020

0.44%
0.40%

0.50%

5,851
9,826

1,222

5,629

11,270

16,898

Tonnes
000s

Grade Contained
g/t
000 oz


Copper

Total Copper Mineral Reserves

Grade Contained
%
Mlbs

PGM Inferred Mineral Resources

Contained
000 oz

Grade Contained
%
Mlbs

Tonnes
000s

Grade Contained
%
Mlbs

COPPER MINERAL RESOURCES - Inclusive of Reserves


Measured (M)


Tonnes
000s

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

342,914
178,100

510,270

0.42%
0.47%

0.35%

3,202
1,829

3,882

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

0.37%
0.36%
0.44%
0.27%
0.39%

Total Copper Mineral Resources

8,913

Rosemont
Relincho
Taca Taca
Robinson
Vizcachitas

FNV

Grade Contained
%
Mlbs

NICKEL MINERAL RESERVES


Tonnes
000s


Notes

Tonnes
000s

Mt Keith
Falcondo

84
85,86

(M)+(I)

Grade Contained
%
Mlbs

Proven


Nickel

Total Nickel Mineral Reserves

16

Indicated (I)


Notes



Copper

Copper Inferred Mineral Resources

Contained
Mlbs

Tonnage
000s

Grade Contained
%
Mlbs

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

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

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

0.40%
0.30%
0.37%
0.29%
0.34%

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

43,889

52,802

18,972

Probable

Proven & Probable

Grade Contained
%
Mlbs

Tonnes
000s

Grade Contained
%
Mlbs

108,000
44,000

0.57%
1.28%

1,346
1,242

19,000
29,700

0.50%
1.36%

209
890

127,000
73,700

0.56%
1.31%

1,555
2,132

2,588

1,100

3,687

Tonnes
000s

Grade Contained
%
Mlbs

NICKEL MINERAL RESOURCES - Inclusive of Reserves


Measured (M)


Nickel

Mt Keith
Falcondo

Indicated (I)


Notes

Tonnes
000s

192
193,194

203,000
40,200

0.55%
1.45%

2,443
1,285

100,000
34,500

0.48%
1.56%

3,728

Total Nickel Mineral Resources

Grade Contained
%
Mlbs

The GOLD Investment that WORKS

Tonnes
000s

(M)+(I)

Grade Contained
%
Mlbs

Nickel Inferred Mineral Resources

Contained
Mlbs

Tonnage
000s

1,058
1,187

3,501
2,472

32,000
4,900

2,245

5,973

Grade Contained
%
Mlbs

0.48%
1.40%

339
151
490

Notes

1
2

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

Royalty does not cover entire property or cover all known Reserves and Resources
Mineral Resources shown by operator as exclusive of Mineral Reserves.
The companys QP determined the Inclusive Mineral Resources by adding the
exclusive Measured and Indicated Mineral Resources to the Proven and
Probable Reserves
Mineral Reserves and Resources are reported by the operator in non-metric
units. The Companys QP calculated the metric conversion using 1opt=34.286 g/
tonne, 1 short ton = 0.9018 metric tonnes, 1 oz = 31.1035 g
Mineral Reserves are calculated using a long term average gold price of $1,500/oz
In accordance with certain provisions of the royalty agreement, Franco is not
able to disclose Mineral Reserves and Mineral Resources for Gold Quarry
Mineral Reserves are calculated using a long term average gold price of $1,350/oz
Mineral Reserves and Resources converted to 100% basis from Goldcorps
66.67% interest
Mineral Reserves are calculated using a long term average gold price of $1,500/oz
Mineral Reserves calculated using $1,300 gold
Mineral Reserves reported at a cut-off 0.21 g/t oxide; 0.41 g/t non-oxide
Mineral Reserves as of June 30, 2012
Mineral Reserves assumes $1,400/oz Au and $30/oz Ag and are fully diluted
and grades adjusted for metallurgical recoveries of Au (92%) and Ag (75%)
Mineral Reserves are calculated using a long term average gold price of $1,500/oz
Mineral Reserves converted to 100% basis from Barricks 60% attributable share
Underground Mineral Reserves as of May 18, 2012
Underground Mineral Reserves based on a 0.20 OPT cut-off and $1,300/oz gold price
Mineral Reserves and Resources as of December 31, 2010
Mineral Reserves reported above a cut-off of 2.93 recoverable lb Cu per ton and
a long term gold price of $1,000/oz and a long term copper price of $2.50/lb
Mineral Reserves and Resources as of December 31, 2011
Mineral Reserves calculated using long-term gold price of $850/oz and a cut-off
grade of 0.50 g/t
Mineral Reserves and Resources as of December 31, 2010
Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni,
$1,500/oz Pt, $400/oz Pd and $1,000/oz Au
Mineral Reserves cut-off is based on direct cost, indirect cost, sustaining
capital and impact of Gold Wheaton agreement
Mineral Reserves estimated using an average long-term gold price of $1,600/oz
and a cut-off grade of 1.1 g/t
Mineral Reserves estimated using an average long-term gold price of $1,400/oz
and a cut-off grade of 3.0 g/t
Mineral Reserves estimated using an average long-term gold price of $1,400/oz
and a cut-off grade of 3.0 g/t
Mineral Reserves estimated using an average long-term gold price of US$1,300/
oz, cut-off grade of 3.5 g/t
Mineral Reserves are calculated using a long term average gold price of $1,350/oz
Mineral Reserves are calculated using a long term average gold price of $1,500/oz
Mineral Reserves as of April 2, 2012
Mineral Reserves reported at a cut-off grade of 3.0 g/t
Mineral Reserves and Resources estimate using base case $1,475/oz engineered
pit shell and cut-off grade of 0.31 to 0.34 g/t Au
Mineral Reserves estimated using $1,400/oz gold price
Mineral Reserves and Mineral Resources are reported as of November 2, 2009
Mineral Reserves are based on copper and gold prices of $1.65/lb and $650/oz
respectively, and $5.50 NSR/t pit rim cut-off
Permits pending -nFranco has the option to provide a $350 million deposit and
certain warrant consideration for the construction of the project when it is
fully permitted and financed
Mineral Reserves assumes a gold price of C$1,250/oz and a cut-off grade of
0.72 g/t with a marginal cut-off grade of 0.33 g/t
Mineral Reserves and Resources as of December 31, 2011
Mineral Reserves as of July 24, 2012
Waste to ore cut-offs determined using $1,244/oz Au and pit limit based on
a C$20.10 per tonne cut-off
Mineral Reserves estimated as of June 30, 2012 except for Rosemont; Mineral
Reserves for Rosemont estimated as of January 18, 2013

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86

Mineral Reserves assumes a cut-off of 0.6 g/t for Garden Well, 0.4 - 0.5 g/t for
Moolart Well, 0.7 g/t for Erlistoun, and 0.5 g/t for Rosemont
Mineral Reserves have a cut-off of 3.8 g/t gold and estimated at A$1,450/oz gold
Mineral Reserves assumes A$1,350/oz Au price and a 0.44 g/t cut-off
Mineral Reserves reported as of June 30, 2012
Cockburn Mineral Reserves 2012: A$1,350/oz & 0.5 g/t Au cut-off; Corboys
Mineral Reserves 2010: A$1,300/oz & 0.91 g/t Au cut-off; Challenger Mineral
Reserves 2012: A$1,250/oz & 0.84 g/t Au cut-off
Mineral Reserves as of June 30, 2012
Mineral Reserves assumes a cut-off of: Red October 3.0 g/t; Butcher Well 0.7 g/t
Mineral Reserves estimate as of November 1, 2012
Mineral Reserves estimated using a $2.25/lb copper price, $1,000/oz gold price and
$16/oz silver price. Please see Gold Assets, Gold-Rest of World, Cobre Panama,
Panama for further details regarding Franco-Nevadas funding commitment
Mineral Reserves are calculated using a long term average gold price of $1,450/
oz Au & $27.50/oz Ag and are the sum of Reserves at Palmarejo and Guadalupe
Franco-Nevada has filed a technical report in respect of Palmarejo which is
available on SEDAR at www.sedar.com
Mineral Reserves are reported as of April 1, 2011 at a gold price of $1,062/oz.
Mineral Reserves gold ounces exceed Mineral Resources gold ounces as a
result of an average block factor of 104.1% being applied by the operator.
Mineral Reserves estimated using a gold price of $1,200/oz
Mineral Reserves reported assumes a gold price of $1,200/oz
Mineral Reserves as of Dec 31, 2011
Mineral Reserves assumes $1,300/oz gold and $24/oz silver and a cut-off
of $4.33/t NSR
Mineral Reserves as of August 14, 2012
Mineral Reserves assumes a 0.4 g/t cut-off for Abnabna-Fobinso and 0.5 g/t
cut-off for all other deposits
Mineral Reserves and Resources as of December 31, 2011
Mineral Reserves are as of December 31, 2010
Mineral Reserves and Resources reported figures are for La Manchas 45.9% interest
Mineral Reserves and Resources as of December 31, 2011
Mineral Reserves assume a gold price of $1,250/oz and cut-off grade of 0.8 g/t
Mineral Reserves as of January 31, 2011
Mineral Reserves assumes a gold price of $1,066/oz
Mineral Reserves as of October 2012
Mineral Reserves based on cut-off grade of 1.0 g/t AuEq and $1,058/oz Au
& $16.60/oz Ag
Mineral Reserves as of Straits Resources Limited 2012 annual report published
August 30, 2012
Mineral Reserves assumes $1,500/oz Au & $34/oz Ag for open pit and $1,000/oz
Au & $15/oz Ag for underground
Mineral Reserves as of December 31, 2011
Mineral Reserves assumes a trailing 12 quarter combined average PGM market
price of $733/oz using $507/oz PD and $1,512/oz PT
Mineral Reserves and Resources at of December 31, 2010
Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni,
$1,500/oz Pt, $400/oz Pd and $1,000/oz Au
Mineral Reserves cut-off is based on direct cost, indirect cost, sustaining
capital and impact of Gold Wheaton agreement
Mineral Reserves estimated as of September 30, 2012
Mineral Reserves calculated from Lonmin Plc 34.85% interest
Mineral Reserves and Resources as of August 28, 2012
Mineral Reserves assumes $2.50/lb Cu, $15.00/lb Mo and $20/oz Ag
Mineral Reserves as of December 31, 2011
Mineral Reserves assumes $2.62/lb copper, $12.50/lb molybdenum and $15/oz silver
Mineral Reserves and Resources reported as of December 31, 2010
Mineral Reserves reported above a cut-off of 2.93 recoverable lbs Cu per ton
and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb
Mineral Reserves as of June 30, 2012
Mineral Reserves as of December 31, 2011
Mineral Reserves assumes a cut-off grade of 1.2% Ni

2013 ASSET HANDBOOK

Franco-Nevada Corporation

RESERVES & RESOURCES

All Mineral Reserves and Resources have been estimated in accordance with acceptable foreign codes, including CIM, SEC, JORC, or SAMREC guidelines
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability
Unless otherwise noted, Mineral Reserves and Resources are reported as of December 31, 2012 based on the operators publicly disclosed information
available on March 15, 2013
Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves
Contained ounces do not take into account recovery losses
Rows and columns may not add up due to rounding
Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as their existence and whether
they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher category
See Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards

17
FNV

87
88

RESERVES & RESOURCES

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

18
FNV

135
136
137
138
139
140
141

In accordance with certain provisions of the royalty agreement, Franco is not


able to disclose Mineral Reserves and Mineral Resources for Gold Quarry
Mineral Reserves and Resources converted to 100% basis from Goldcorps
66.67% interest
Mineral Resources are calculated using a long term average gold price
of $1,500/oz
Mineral Resources calculated using $1,400/oz gold
Mineral Resources reported at a cut-off 0.12 g/t oxide; 0.24 g/t non-oxide
Mineral Resources as of June 30, 2012
Mineral Resources reported based on a 0.15 oz/ton cut-off
Mineral Resources converted to 100% basis from Barricks 60% attributable share
Mineral Resources reported at gold price of $1,400/oz
Mineral Resources as of Dec 31, 2011
Mineral Resources as of February 6, 2012
Mineral Resources assume a cut-off 6.34 g/t underground and 0.34 g/t open pit
Mineral Reserves and Resources as of December 31, 2010
Mineral Resources reported above a cut-off of 1.24 recoverable lbs Cu per ton
and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb
Mineral Reserves and Resources as of December 31, 2011
Global Resources reported
Mineral Resources as of February 14, 2011
Mineral Resources assumes a cut-off of 0.4 g/t and reported as global Resources
Mineral Reserves and Resources at of December 31, 2010
Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni,
$1,500/oz Pt, $400/oz Pd and $1,000/oz Au
Mineral Resources estimated using an average long-term gold price of $1,800
and a cut-off grade of 0.6 g/t
Mineral Resources estimated using an average long-term gold price of $1,500
and a cut-off grade of 2.5 g/t
Mineral Resources estimated using an average long-term gold price of $1,500
and a cut-off grade of 2.5 g/t
Mineral Resources for Taylor as at December 31, 2012 estimated using an average
long-term gold price of $1,200 and a cut-off grade of ranging from 2.5 g/t-3.5 g/t
Mineral Resources for Aquarius as at October 6, 2006 estimated using an
average long-term gold price of $500. No cut-off grade was applied
Mineral Resources for Clavos as at October, 2012 estimated using an average
long-term gold price of $1,600, a cut-off grade of ranging from 2.75 g/t and
converted to 100% basis from SAS 40% interest
Mineral Resources are estimated using a long term average gold price of $1,500/oz
Mineral Resources as of January 31, 2012
Mineral Resources assumes a cut-off of 2.0 g/t for Thunder Creek, a cut-off
of 1.5 g/t for Timmins West Mine and a gold price of $1,200/oz
Mineral Reserves and Resources estimate using base case $1,475/oz
engineered pit shell and cut-off grade of 0.31 to 0.34 g/t Au
Mineral Resources as of June 29, 2011
Mineral Resources assumes a cut-off grade of 5.0 g/t
Mineral Resources cut-offs: Upper Canada Pit 0.44 g/t; Upper Canada
underground 2.4 g/t; McBean 2.5 g/t; Amalgamated Kirkland 2.0 g/t
Mineral Resources gold price assumptions : Upper Canada $1,200/oz; McBean
$900/oz; Amalgamated Kirkland $1,200/oz
Upper Canada and McBean Mineral Resources as of June 17, 2011 and Amalgamated Kirkland Mineral Resources as of October 2011
Mineral Resources estimated using $1,600/oz gold price
Mineral Reserves and Mineral Resources are reported as of November 2, 2009
Mineral Resources assumes a 0.14% copper cut-off
Mineral Resources assumes a gold price of C$1,250/oz and a cut-off grade of
0.50 g/t with a marginal cut-off grade of 0.33 g/t
Mineral Reserves and Resources as of December 31, 2011
Mineral Resources as of January 9, 2012
Mineral Resources assumes a cut-off of 0.83 g/t gold
Mineral Resources estimated as of June 30, 2012 except for Rosemont;
Mineral Reserves for Rosemont as of January 18, 2013
Mineral Resources assumes a cut-off of 0.5 g/t for Garden Well, 0.3-1.0 g/t for
Moolart Well, 0.5 g/t for Erlistoun, 0.5 g/t for Rosemont and 0.50-2.0 for Satellite
Mineral Resources have a cut-off of 2.0 g/t gold estimated at A$1,450/oz
Mineral Resources calculated at various cut-off grades between 0.7 - 1.0 g/t Au
Mineral Reserves reported as of June 30, 2012
Cockburn Mineral Resources 2011: A$2,000/oz pit shell; Corboys Mineral
Resources 2010; Challenger Mineral Resources estimate 2012; Cockburn UG
Mineral Resources 2011 beneath A$2,000/oz pit shell
Mineral Resources as of June 30, 2012
Mineral Resources assumes an open pit cut-off of 0.8 g/t and underground
cut-off of 2.0 g/t
Mineral Resources as of June 30, 2011
Mineral Resources as of February 2012
Mineral Resources quoted for blocks with a grade greater than 0.5 g/t
Mineral Resources as of October 2012
Mineral Resources assumes a 0.5 g/t Au cut-off grade

The GOLD Investment that WORKS

142 Mineral Resources for White Dam (which is depleted to Jan 2012) was
re-estimated Oct 2010 at CoG of 0.3 g/t
143 Vertigo Mineral Resources depleted to end of mining in May 2012
144 Mineral Resources as of June 30, 2012
145 Mineral Resources cut-off grades vary from 0.5 g/t for Indicated & Inferred
oxide material and 2g/t for Indicated transition and fresh material
146 Mineral Resources inside a pit shell defined by $2.60/lb copper, $1.75/t mining
cost, $7.02/t operating cost and cut-off grade of 0.15% copper. Please see
Gold Assets, Gold-Rest of World, Cobre Panama, Panama for further
details regarding Franco-Nevadas funding commitment.
147 Mineral Resources cut-off grade; for Palmarejo open pit 1.03 g/t AuEq & underground
1.92 g/t AuEq; for Guadalupe underground 1.92 g/t AuEq; for La Patria 1.12 g/t AuEq
148 Franco-Nevada has filed a technical report in respect of Palmarejo which is
available on SEDAR at www.sedar.com
149 Mineral Reserves are reported as of April 1, 2011 at a gold price of $1,062/oz.
Mineral Reserves gold ounces exceed Mineral Resources gold ounces as a
result of an average block factor of 104.1% being applied by the operator.
150 Mineral Resources estimated using a gold price of $1,400/oz
151 Mineral Resources reported assumes a gold price of $1,400/oz
152 Mineral Resources as of Dec 31, 2011
153 Mineral Resources assumes $1,400/oz gold and $28/oz silver and a cut-off
of 0.1 g/t AuEq for open pit oxide and 0.4 g/t AuEq open pit sulphide
154 Mineral Resources as of March 2012
155 Mineral Resources assumes a cut-off of 0.4 g/t cut-off for primary ore and
0.2 g/t cut-off for oxide/transition
156 Mineral Resources assumes a cut-off grade of 4.0g/t for Upper Elsburg and
3.0 for the Middle Elsburg and assume a gold price of $775/oz
157 Mineral Resources as of December 31, 2010
158 Mineral Reserves and Resources reported as of December 31, 2011
159 Mineral Resources as of December 31, 2010
160 Mineral Reserves and Resources reported figures are for La Manchas 45.9% interest
161 Mineral Resources for the Agi Dagi project, which include the Baba, Deli, and Fire
Tower zones as of June 30, 2012; Camyurt Mineral Resources as of June 28, 2012
162 Mineral Resources oxide & transition material only with cut-off determined as
a net of process value of $0.10 per tonne, for each model block
163 Mineral Resources assumes a $1,250/oz gold price and a $22.50/oz silver price,
based on a March 2012 Resources model
164 Mineral Reserves and Resources as of December 31, 2011
165 Mineral Resources assumes a cut-off grade of 0.5 g/t
166 Mineral Resources as of March 1, 2012
167 Mineral Resources based on a price of $1.50/lb copper and a 0.30% cut-off
168 Mineral Resources as of Nov 21, 2012
169 Mineral Resources assumes a 0.3% copper equivalent cut-off on sulphides,
0.2 g/t gold cut-off on oxides
170 Mineral Resources copper equivalent calculated using $2.00/lb Cu, $800/oz Au,
$12.00/lb Mo
171 Mineral Resources as of July 30, 2012
172 Mineral Resources assumes: Cipoeiro cut-off of 0.33 g/t and Chega Tudo cut-off 0.33 g/t
173 Mineral Resources as of October 2011
174 Mineral Resources assumes a cut-off grade of 1 g/t Au
175 Mineral Reserves as of Straits Resources Limited 2012 annual report published
August 30, 2012
176 Mineral Resources cut-off grades vary from variable up to 1.0 g/t gold equivalent
177 Mineral Resources gold equivalent cut-off gold to silver ratio based on $1,500/oz
gold and $34/oz silver
178 Mineral Reserves and Resources at of December 31, 2010
179 Mineral Resources and Reserves estimated using $2.50/lb Cu, $7.00/lb Ni,
$1,500/oz Pt, $400/oz Pd and $1,000/oz Au
180 Mineral Resources estimated as of September 30, 2012
181 Mineral Resources calculated from Lonmin Plc 34.85% interest
182 Mineral Reserves and Resources as of August 28, 2012
183 Mineral Resources cut-off: Oxides 0.10% CuEq; Sulfide 0.15% CuEq; and mixed
0.3% CuEq based on $2.50/lb Cu, $15/lb Mo & $20/oz Ag
184 Mineral Resources as at December 31, 2011
185 Mineral Resources estimates assumes $2.62/lb copper, $12.50/lb molybdenum
and $15/oz silver
186 Mineral Resources as of November 21, 2012
187 Mineral Resources assumes a copper equivalent cut-off of 0.3% based on $2.00/
lb Cu, $800/oz Au and $12/oz Ag
188 Mineral Reserves and Resources reported as of December 31, 2010
189 Mineral Resources reported above a cut-off of 1.24 recoverable lbs Cu per ton
and a long term gold price of $1,000/oz and a long term copper price of $2.50/lb
190 Mineral Resources as of June 2, 2008
191 Mineral Resources assumes an oxide cut-off of 0.2%, a sulphide cut-off of 0.3%
and is constrained by a $2.00/lb copper pit shell
192 Mineral Resources as of June 30, 2012
193 Mineral Resources as of December 31, 2011
194 Mineral Resources assumes a cut-off grade of 1.2% Ni

ROYALTY EQUIVALENT UNITS (REUs)

Royalties and Streams Explained


REUs Explained
Precious Metals REUs
Other Minerals REUs
Oil & Gas

19
FNV

ROYALTY EQUIVALENT UNITS

ROYALTY EQUIVALENT
UNITS (REUs)

ROYALTIES & STREAMS


EXPLAINED

ROYALTY EQUIVALENT UNITS

Royalties are ongoing economic interests in the production


or future production from a property and, depending on
their terms and the laws applicable to the royalty and the
project, in general share the following characteristics:
They are not subject to cash calls to fund exploration,
development, capital or closure costs and so are lower
risk in this respect than an operating interest.
They provide exposure to the upside of commodity
price, reserve and production increases.
In some cases, they provide an interest on any new
discoveries made on a property which has resulted
in significant value creation for Franco-Nevada.
They do not involve operational or development
management so a large and diversified portfolio
can be assembled without the need for significant
corporate overheads.
The following are brief descriptions of the various royalty
structures:
Revenue-based Royalties are based on the value of the
production or net proceeds received by the operator with
defined deductions as specified by the royalty contract.
Some forms of revenue-based royalties in the mining
and oil & gas industries are:
NSR Net Smelter Return Royalty
ORR Overriding Royalty
GR Gross Royalty
FH Freehold or Lessor Royalty
Economics of NSR vs. Stream vs. NPI
The following is an example of the impact that
commodity prices and cost assumptions have on
the various structures that Franco-Nevada
currently has. The examples assume:

Profit-based Interest Royalties are based on the


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

Gold price of $1,600/oz


Stream interest has a predetermined purchase cost of $400/oz
All in operating and sustaining capital costs of $895/oz for a developed NPI/WI(1)
All in operating and construction capital costs of $1,131/oz for an undeveloped NPI/WI(1)
4% NSR, NPI or stream
NSR

Stream

Developed NPI/WI

Undeveloped NPI/WI

Realized price ($/oz)


Applicable Costs ($/oz)

$1,600

$1,600
$400

$1,600
$895 1

$1,600
$1,131 1

Margin for calculation ($/oz)


NSR, Stream or NPI %
Revenue to FNV ($/oz)
NSR equivalent

$1,600
4%
$64
100%

$1,200
4%
$48
75%

$705
4%
$28
44%

$469
4%
$19
29%

Alternatively
Ounces required to equal a 1% NSR

1.00 oz

1.33 oz

2.27 oz

3.41 oz

For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporations (Barrick) 2012 all-in sustaining cash cost
measure, as Barrick represents the largest gold company by production and reserves, as well as being the operator at five of Franco-Nevadas assets. Excluded from the
all-in sustaining measure are general and administrative costs as Franco-Nevada also has such costs which have not been reflected in the applicable cost for NSRs or streams.
(2)
For applicable costs for an undeveloped NPI or WI, Franco-Nevada has adopted similar assumptions to those listed above. To reflect the cost of developing a new mine,
Franco-Nevada has, for illustrative purposes, assumed Barricks depreciation per ounce for 2012 of $236 per ounce.
(1)

20
FNV

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

ROYALTY EQUIVALENT UNITS


(REUs) EXPLAINED
In the previous section, Mineral Reserves and Mineral
Resources for Franco-Nevadas assets were tabulated
based on the publicly disclosed reports of each operator
for each property on a 100% basis. This form of tabulation
provides an overall indication of the growth of reserves
or resources on projects within Franco-Nevadas portfolio.
However, the tabulation does not provide a specific
measure for Franco-Nevadas interest in such Mineral
Reserves and Mineral Resources for the following reasons:
Not all of Franco-Nevadas assets cover the entire
property associated with the operators publicly
reported figures and Franco-Nevada is not in a position
to report separate Mineral Reserve and Resource
figures for those properties.

Directly attributing specific Mineral Reserves and


Mineral Resources to Franco-Nevada may not be
appropriate if the operators are not in turn deducting
royalty and stream interests from their own publicly
reported numbers and may lead to two companies
quoting the same reserves and resources.
Franco-Nevadas most common royalty interest is a simple
percentage of the commodity produced by an operator
from a property. A 2% NSR royalty on a gold property
is typical. For this example, attributing 2% of the gold
property ounces to Franco-Nevada can provide a view of
the potential value realization to Franco-Nevada. NSR
royalties are subject to minor transportation, refining
and other deductions often approximating $5 per ounce
that is generally seen as not material to overall valuations.
Effectively, multiplying the number of attributable
royalty ounces times the assumed average future gold
price can provide a rough approximation of the potential
undiscounted pre-tax cash flow to Franco-Nevada from
that asset before metallurgical recoveries. By contrast,
the valuation of Mineral Reserves and Mineral Resources
from an operators perspective requires more significant
assumptions including, but not limited to, an operators
future operating, capital and other carrying and closure
costs.

1. The royalty or stream property does not cover



all the operator reported reserves or resources.
Franco-Nevadas management will provide its best
approximation for each asset as to the appropriate
percentage of mineral resources and mineral reserves that
should be factored to estimate the equivalent REUs.
2. It is a stream interest with an associated

$400 cost per ounce.
The number of attributable stream ounces will be factored
to make them economically equivalent to an NSR ounce.
As demonstrated in the previous section, for a $1,600
gold price and a $400 cost per ounce, stream ounces are
factored by 75% to become comparable to NSR equivalent
ounces of REUs.

ROYALTY EQUIVALENT UNITS

As demonstrated on the previous pages, royalty and


stream interests have different economics than an
operator has for its stated Mineral Reserves and
Resources. In addition, the economics differ between
NSR, NPI and stream interests and by property and
would need to be factored to be comparable to each
other or to an operators interest.

Franco-Nevada is providing guidance to analysts and


investors on how the Company estimates the Royalty
Equivalent Units (REUs) on a broad range of its assets.
The objective of an REU for any property is that it should
be a reasonable comparison to a calculation of the number
of attributable NSR royalty ounces that Franco-Nevada
might have with a typical straight forward gold royalty
or stream covering all of the reported operator reserves
and resources. The use of REUs provides a common basis
of comparison between different asset types and royalty
property coverages. To achieve comparable REU figures,
guidance and adjustments are required from FrancoNevada management in the following circumstances:

3. It is an NPI royalty.
An NPI is subject to the operating and capital costs
specific to each asset. For planning purposes, FrancoNevadas management generates its own internal LOM
projections for each of its assets in order to determine its
own reasonable estimates. Franco-Nevada management
will provide its best approximation as to the economically
equivalent NSR rate using a $1,600 gold price assumption.
4. It is an asset producing PGMs.
The number of attributable platinum or palladium
ounces are converted into gold equivalent ounces using
analyst consensus prices. In addition, NSR deductions
are more material for certain PGM assets subject to
NSR deductions such as Stillwater. For Stillwaters REU
calculation, 14% of the ounces have been deducted to
reflect the higher NSR deduction for that asset compared
to typical gold NSR assets.

2013 ASSET HANDBOOK

Franco-Nevada Corporation

21
FNV

5. It is a base metal asset.


These REUs are calculated similar to precious metals but
are done so in units of attributable copper or nickel net
of NSR deductions as these deductions are more material
than for gold operations. The objective again is to provide
an REU to which an assumption of future commodity
prices can be applied to estimate an undiscounted
pre-tax cash flow to Franco-Nevada before metallurgical
recoveries.

ROYALTY EQUIVALENT UNITS

In the following section, Franco-Nevada has provided


details on assets that include summary figures for
the Mineral Reserves (P&P Reserves), Mineral Resources
(M&I Resources inclusive of reserves) and Inferred
Resources associated for each asset profiled.
Franco-Nevada management has also provided the
related P&P REUs, M&I REUs and INF REUs for each
of those assets and the key guidance and assumptions
that were required to derive those REUs.

REU

For oil & gas assets, Franco-Nevada receives a technical


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

M&I REU

M&I REU

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

22

P&P

P&P P&P

United States
United
United
States
States

NSR

M&I

M&I M&I

Canada Canada
Canada

Stream Stream
Stream

Inf

Inf Inf

Australia Australia
Australia

NPI

Rest of World
Rest Rest
of World
of World

FNV

The GOLD Investment that WORKS

NSR NSR
NPI NPI

PRECIOUS METALS REUs


Precious Metal REUs 1,2
Asset Type

P&P REUs
(000s)

M&I REUs 3
(000s)

Inf REUs
(000s)

GOLD - UNITED STATES


Goldstrike
Gold Quarry
Marigold
Bald Mountain
Mesquite
Hollister
Dee (Storm/South Arturo)
Sandman
Pinson
Robinson

NSR/NPI
NSR
NSR
NSR
NSR
NSR
NSR
NSR
NSR
NSR

336
113
189
120
36
14
85
0
0
1

390
113
214
146
86
21
129
1
0
7

23
0
43
14
10
7
25
2
0
1

GOLD - CANADA
NSR
NSR
Stream
NSR
NSR
NSR
NSR
NPI
NSR/NPI
NSR
NSR
NSR
NSR
NSR
Stream
NSR
NSR

311
0
15
1
5
49
2
43
31
19
18
0
0
1
1,824
20
66

465
49
30
3
25
106
17
44
69
28
21
7
10
1
2,171
21
81

116
39
8
0
51
26
4
17
10
41
2
35
22
0
0
5
35

GOLD - AUSTRALIA
Duketon
Henty
South Kalgoorlie
Bronzewing
Red October
Admiral Hill
Bullabulling
Glenburgh
White Dam
Wiluna

NSR
NSR
NSR
NSR
NSR
NSR
NSR
NPI
NSR
NSR

60
2
9
7
1
0
0
0
0
0

88
5
35
13
4
0
11
2
0
61

65
0
25
6
2
0
5
3
0
69

ROYALTY EQUIVALENT UNITS

Detour Lake
Detour Block A
Sudbury Au
Hislop
Holloway
Holt
Taylor, Aquarius and Clavos
Musselwhite
Hemlo
Timmins West
Canadian Malartic
Phoenix
Kirkland Lake
Mouska
New Prosperity*
Goldfields (Box/Athona)
Courageous Lake

GOLD - REST OF WORLD


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

Stream
Stream
Stream
NSR
NSR
NSR
NSR
Stream
NSR
NSR
NSR
NSR
NSR
NSR
NSR
NSR
NSR

4,132
249
219
159
157
15
51
0
2
2
0
20
7
0
23
3
3

4,975
611
219
294
201
33
81
139
6
8
30
28
98
82
33
4
3

2,254
171
0
16
46
17
26
1,339
0
1
19
11
4
18
2
0
0

GOLD REUs

6,596

9,150

4,633

PGM
Stillwater
Sudbury PGM
Pandora

NSR
Stream
NPI

465
69
28

465
115
302

0
14
42

PGM REUs

563

882

57

Total Precious Metals REUs

7,159

10,032

4,690

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

23
FNV

OTHER MINERAL REUs


Copper REUs
Copper REUs 1,2,3
Asset Type

P&P REUs
(millions)

M&I REUs 4
(millions)

Inf REUs
(millions)

NSR
NSR
NSR
NSR
NSR

75
2
0
106
0

97
9
43
156
194

14
2
40
54
69

Total Copper REUs

183

499

179

Rosemont
Robinson
Vizcachitas
Relincho
Taca Taca

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

Nickel REUs

Nickel REUs 1,2,3


Asset Type

P&P REUs
(millions)

M&I REUs 4
(millions)

Inf REUs
(millions)

NSR
NPI

6
44

13
51

1
3

Total Nickel REUs

49

63

ROYALTY EQUIVALENT UNITS

Mt Keith
Falcondo

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

OIL & GAS


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

Reserves Category

24
FNV

Light &
Medium Oil
Gross
(mbbl)

Net
(mbbl)

Heavy
Oil
Net
(mbbl)

Gross
(mmcf)

Net
(mmcf)

Gross
(mbbl)

Net
(mbbl)

Total Oil
Equivalent
Gross
(mboe)

Net
(mboe)

Proved
Producing
14,491
13,562

113
1
8,555

231
14,491
Developed Non-Producing
1,596
1,394






1,596
Undeveloped
4,639
4,277




171
171
4,810

15,332
1,394
4,448

Total Proved

20,726

19,233

113

8,555

171

402

20,897

21,174

Total Probable

10,049

9,302

25

2,762

92

175

10,141

9,962

Total Proved Plus Probable

30,775

28,535

138

11,316

263

577

31,038

31,136

The GOLD Investment that WORKS

Gross
(mbbl)

Natural
Gas
NGLs

The following table set forth the net present value of future net revenue attributable to the reserves categories referred to above,
before deducting future income tax expenses, calculated without discount and using a discount rate of 5%, 10%, 15% and 20%:
Net Present Values of Future Net Revenue
Before Income Taxes Discounted At (%/year)
Reserves Category
0%
5%

10%
15%
(C$000)

Proved Producing
$ 770,542
$
Developed Non-Producing 102,233
Undeveloped 196,733

553,150
$
57,211
89,850

426,149
$
35,009
41,648

345,007
$
23,036
17,685

289,554
16,083
4,867

Total Proved 1,069,507


Total Probable 681,901

700,212
318,536

502,806
173,900

385,728
106,007

310,504
70,069

676,706

491,735

380,573

Total Proved Plus Probable

$ 1,751,408

$ 1,018,748

20%

The following table sets forth the net present value of future net revenue attributable to the proved, probable and proved plus
probable reserves, by major and other producing assets, before deducting future income tax expenses, calculated without discount
and using a discount rate of 5%, 10%, 15% and 20%. Columns may not add due to rounding.

Reserves Category
0%
5%

10%
15%
(C$000)

20%

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

700,212

502,806

Probable
Weyburn
$ 624,370
$ 292,218
$ 158,574
$
Midale
15,767
6,116
3,228
Edson
15,824
8,726
5,647

Other
25,940
11,476
6,451

Total Probable

681,901

318,536

173,900

385,728

310,504

ROYALTY EQUIVALENT UNITS

Net Present Values of Future Net Revenue


Before Income Taxes Discounted At (%/year)

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

70,069

Proved Plus Probable


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

$ 1,751,408

$ 1,018,748

$ 676,706

$ 491,735

$ 380,573

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

25
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

ASSET INDEX BY CATEGORY

ASSETS

Gold

26
FNV

Page

UNITED STATES
Goldstrike
Gold Quarry
Marigold
Bald Mountain
Mesquite
Hollister
Dee (Storm/South Arturo)
Pinson

29
30
31
32
33
34
35
36

CANADA
Detour
Sudbury Gold (3 mines)
Golden Highway (3 mines)
Musselwhite
Hemlo
Timmins West
Canadian Malartic
Phoenix
Kirkland Lake
New Prosperity
Goldfields
Courageous Lake

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

AUSTRALIA
Duketon
Henty
South Kalgoorlie (2 mines)
Bronzewing
Red October

49
50
51
52
53

REST OF WORLD
Cobre Panama
Palmarejo
MWS
Tasiast
Subika
Cerro San Pedro
Edikan
Cooke 4
Ity
Agi Dagi
Perama Hill
San Jorge
Gurupi

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

PGM
Stillwater
Sudbury PGM (3 mines)
Pandora

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

Oil & Gas


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

The GOLD Investment that WORKS

Page

67
68
69

Page

70
71
72
73
74
75
76

Page

77
78
79
80
81

ASSETS

FRANCO-NEVADA
ASSETS

27
FNV

ASSETS

Gold - United States


Gold - Canada
Gold - Australia
Gold - Rest of World
PGMs
Other Minerals
Oil & Gas
Exploration

ALPHABETICAL ASSET INDEX


63
81
32
52
43
59
58
61
48
35
37
49
60
79
74
39
47
30
29
66
41
50
34
62
45
31
33

Midale Unit (Oil)


Mt Keith (Ni)
Musselwhite
MWS
New Prosperity
Other Producing Oil & Gas Assets
Palmarejo
Pandora
Peculiar Knob (Fe)
Perama Hill
Phoenix
Pinson
Red October
Relincho (Cu, Mo)
Robinson (Cu, Au)
Rosemont (Cu, Mo, Ag)
San Jorge
South Kalgoorlie (2 mines)
Stillwater
Subika
Sudbury Gold (3 mines)
Sudbury PGM (3 mines)
Taca Taca (Cu, Au, Mo)
Tasiast
Timmins West
Weyburn Unit (Oil)

78
70
40
56
46
80
55
69
72
64
44
36
53
75
73
71
65
51
67
58
38
68
76
57
42
77

Various Producing
and Advanced Assets
have been profiled.
Exploration Assets
can be found tabulated
on pages 82-84.

ASSETS

Agi Dagi
Arctic Gas
Bald Mountain
Bronzewing
Canadian Malartic
Cerro San Pedro
Cobre Panama
Cooke 4
Courageous Lake
Dee (Storm/South Arturo)
Detour
Duketon
Edikan
Edson (Gas/NGL)
Falcondo (Ni)
Golden Highway (3 mines)
Goldfields
Gold Quarry
Goldstrike
Gurupi
Hemlo
Henty
Hollister
Ity
Kirkland Lake
Marigold
Mesquite

28
FNV

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

The GOLD Investment that WORKS

GOLDSTRIKE

Location:

Nevada

Operator:

Barrick Gold Corporation

Royalty:

NSR: 2-4% / NPI: 2.4-6%

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

1 Mile

Corbett
2% NSR

Goldstrike
5% NPI
4% NSR

Pandora
2% NSR

Weimer
4% NSR

Rodeo
Creek
4% NSR

Above 4600

Goldstrike
Mine

SPLC
Lease
6% NPI

2012

2011

2010

20.7
35.0
55.7

$

$

20.3
25.2
45.0

$

$

16.0
33.2
49.2

Total NSR Revenue to Franco-Nevada ($ million):


Total NPI Revenue to Franco-Nevada ($ million):
Total Revenue to Franco-Nevada ($ million):

$

$

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

12,338
14,320
834

12,377
14,352
836

P&P REUs (000s) 2


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

336
390
23

444
514
30

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

ASSETS

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

5% NPI
4% NSR

Bazza
2% NSR

29
FNV

GOLD
QUARRY
Location:

Nevada

Operator:

Newmont Mining

Corporation

Royalty:

NSR: 7.29%

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

7.29%
NSR

7.29%
NSR

0.5 Mile

Gold Quarry
Open Pit

West Wall Layback

Gold Quarry
Mine

ASSETS

Potential Greater
Gold Quarry Expansion

FNV

2011

2010

20.4

Revenue to Franco-Nevada ($ million):

18.6

17.9

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

NA
NA
NA

NA
NA
NA

P&P REUs (000s) 3


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

113
113

113
169

30

2012

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

The GOLD Investment that WORKS

MARIGOLD

Location:

Nevada

Operator:

Goldcorp Inc. / Barrick

Gold Corporation

Royalty:

NSR: 1.75-5% / GR: 0.5-4%

The Marigold mine is located approximately 64 km southeast of Winnemucca, Nevada. It is a conventional open pit heap leach
operation and is operated by a joint venture between Goldcorp Inc. (Goldcorp) (66.7%) and Barrick (33.3%). Franco-Nevada has
various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering almost all of the
current mineral reserve base. Franco-Nevadas original royalties were acquired in connection with the IPO and, in December 2009,
additional royalties covering alternate sections were added.
The operators reported production decreased by approximately 6% to
144 koz in 2012 compared to 2011 production of 153 koz. Marigold
continued to focus on a stripping campaign during the year as
mining transitioned from the Basalt pit to the Target 2 pit. Ore will
predominately be sourced from the Target 2 pit during 2013.

5% NSR

1.75% NSR

5% NSR

Valmy

The operators reported a significant increase in proven and probable


gold reserves at the mine (on a 100% basis) to 4.92 Moz at December
31, 2012 from 3.48 Moz at December 31, 2011. Exploration focused on
the Target II, Target III and the Red Dot deposits with approximately
half the reserve increase attributed to positive results and the other half
attributed to a decrease in cut-off grade associated with a higher gold
price assumption.

5% NSR

5 North
Deposit

5% NSR

5% NSR

5% NSR

N
1 Mile

5% NSR

2.5%-4% GR*

Asset highlights:
Proven long life established operation with world class operator
Impressive increase to reserves at December 31, 2012
Higher gold prices have recently transformed smaller satellite pits
into potentially a larger continuous pit approximately 3 km in length

5% NSR

1.75% NSR

5% NSR

8 North
Deposit

Terry Zone
North Deposit

1.75% NSR

2.5%-4% GR*

5% NSR

Terry
Zone
Pit
2.5%-4% GR*

0.5%-1.5% GR*

Marigold
Mine

2.5%-4% GR*

*December 2009
Acquisition

Red Dot East Hill


Deposit East Deposit
Mackay
Deposit
2.5%4% GR*

5% NSR

3% NSR*

Target
Pit

Target 2
Deposit
1.75% NSR

5% NSR

3% NSR*

5% NSR

3% NSR*

Schematic
Representation
Only

Antler
Pit

1.75% NSR

ASSETS

Basalt
Pit

2012

2011

10.3

Revenue to Franco-Nevada ($ million):

10.9

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

4,920
5,550
1,110

3,480
3,885
150

P&P REUs (000s) 2


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

190
214
43

92
103
4

2010
9.1

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

31
FNV

BALD
MOUNTAIN
Location:

Nevada

Operator:

Barrick Gold Corporation

Royalty:

NSR/GR: 0.875-5%

The Bald Mountain mine lies within the Southern Ruby Mountains of
northeastern Nevada, approximately 110 km southeast of Elko. Bald
Mountain is operated by Barrick and ore is sourced from multiple open
pits over an estimated 150,000 acre property. Processing is done at
multiple conventional heap leaching facilities using carbon absorption
for gold recovery. The U.S. Bureau of Land Management (the BLM)
approved a planned expansion of the Bald Mountain mine and Barrick
is working on a plan to consolidate the site into two plans of operations
so it can expand. The new north area plan would expand the disturbance
footprint from 8,899 acres to 13,631 acres. The expansion is expected to
increase the life of the mine to 2032. The new south area would expand
the ground disturbance from 90 to 3,644 acres and add a new area called
the Gator Pit. The plans were submitted to the BLM in October 2011 and
it is anticipated the draft environmental impact statement (the BLM
EIS) will be approved in 2013. The final BLM EIS is expected in 2014
and a record of decision is expected in 2015.
Franco-Nevadas Bald Mountain royalties cover a significant portion,
but not all, of the Bald Mountain property. Franco-Nevada holds various
revenue royalties on the property depending on the claim groups
ranging from 0.875% to 5% NSR/GR. A detailed map of our royalties
is shown in the schematic.

1%-5%
GR

Royale

1%-5% GR

LJ Ridge
2/3
5

South
Ridge

RBM

North Duke
South
Duke

Banghart
1

North Block

Poker
Flats

4%
NSR*

4% NSR*

Rat

Galaxy

Top
0.875
to
1.75%
NSR

Sage Flats
4% NSR

Bida
Belmont

2.418%
NSR

Horseshoe

4% NSR

Saga

4% NSR

4%
NSR*

4%
NSR*

N
1 Mile

ASSETS

4% NSR*

Barrick reported that production at Bald Mountain increased by


73% from 2011 to 161 koz of gold in 2012 mainly due to increased
tons mined and processed as a result of an ongoing mine expansion.
According to Barrick, production in 2013 is expected to decrease due
to the impact of increased waste stripping on the availability of ore.
Bald Mountain is expected to be a long-term stable producer for
Franco-Nevada.

Lux/Vantage
Targets
4% NSR*

South Block
South
Block

FNV

Bald
Mountain
Mine

Yankee
Targets

Asset highlights:
Proven established long life operation with world class operator
Recently completed mine expansion
Ongoing exploration

Excluded from Royalty

4% NSR*

* Subject to possible reduction


by third-party royalty

32

North
Block

4% NSR

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

5,161
6,663
762

5,102
6,725
787

P&P REUs (000s) 2


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

120
146
14

123
150
13

8.8

2011
3.9

2010
1.6

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

The GOLD Investment that WORKS

MESQUITE

Location:

California

Operator:

New Gold Inc.

Royalty:

NSR: 0.5-2%

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

Big
Chief
Brownie

Rainbow

0.5%
NSR

1% NSR
$500
Gold Pit

2% NSR

Asset highlights:
2013 mining scheduled to remain on lower grade
portion of mine resulting in a modest production
decrease
After 2013, production is expected to increase
to historic levels

Vista

Mesquite
Mine

1 Mile

ASSETS

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

2,342
5,684
651

2,762
5,534
512

P&P REUs (000s) 2


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

36
86
10

46
92
9

3.9

2011
4.8

2010
4.2

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

33
FNV

HOLLISTER

Location:

Nevada

Operator:

Great Basin Gold Limited

Royalty:

NSR: 3-5%

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

Hillcrest Finley
River Block
3% NSR

N
1 Mile

Hollister
Deposit

Hollister/Ivanhoe
5% NSR

Hatter
Discovery

USX
Pits

ASSETS

Hollister
Project

34
FNV

2012

2011

Revenue to Franco-Nevada ($ million):

3.2

5.0

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

455
706
221

832
1,463
1,027

P&P REUs (000s) 2


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

14
21
7

25
44
31

2010

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

The GOLD Investment that WORKS

1.1

DEE

(STORM/SOUTH ARTURO)

Location:

Nevada

Operator:

Barrick Gold Corporation /

Goldcorp Inc.

Royalty:

GR: 4-9% with AMR

The Dee project is located at the north end of the Carlin Trend, approximately 45 km north-west of the town of Carlin, Nevada.
The project is operated by a joint venture between Barrick (60%) and Goldcorp (40%). Underground mining is occurring on the Storm
property immediately north of the Dee property which is accessed through the historic Dee pit.
Franco-Nevada holds a sliding scale gross royalty on production
from the Dee claims which ranges from 4% to 9% and is tied to a
consumer price indexed (CPI) dollar value of the ore. Additionally,
Franco-Nevada receives annual advance minimum royalty payments
of $200,000 which will be credited against any future production
royalty payments.

Dee
4-9% GR

N
1 Mile

Storm
Underground
Deposit

The draft environmental impact statement for the project proposal


completed its 45-day public review and comment period in
March 2013. The proposed project includes the expansion of the
existing open pit, construction of two new waste-rock disposal
storage facilities, construction of a new heap-leach facility, and
the construction of new support facilities. The life of the project is
estimated to be approximately 10 years of mining and ore processing
followed by 3 years of site closure and reclamation.

Exclude

Deep
North
Target
South
Arturo
Deposit

Historic
Dee
Pit

Dee Project

Exclude
from Royalty

ASSETS

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

2,368
3,587
703

2,330
3,710
393

P&P REUs (000s)


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

85
129
25

84
134
14

0.2

2011
0.2

2010

0.2

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

35
FNV

PINSON

Location:

Nevada

Operator:

Atna Resources Ltd. and

Barrick Gold Corporation

Royalty:

NSR: 1-2%

Franco-Nevada holds a 1-2% NSR royalty on approximately 20 sections and a smaller royalty on another half section of
checkerboard land in the area covering portions of the Pinson and Getchell projects in Nevada.
The Pinson project is located near Winnemucca in Humboldt County, Nevada, just south of Barrick and Newmonts Getchell/
Turquoise Ridge mine and 8 miles from Newmonts Twin Creeks mine complex. From 1980 to 1999, the Pinson mine produced
985 koz of gold through open pit mining and heap leach and oxide mill recovery.
In September 2011, Atna Resources Ltd. (Atna) announced that it had
acquired Pinson Mining Companys (PMC) 70% interest in the Pinson
mine. The 70% interest includes four square miles of land (2,560 acres)
which contains all areas of previous gold production as well as the area
containing the current estimated mineral resources. PMC (a subsidiary
of Barrick) became the owner of all, or portions of 21 square miles
(13,440 acres) of land surrounding the four sections owned by Atna.
As part of the transaction, Atna also signed a non-exclusive ore milling
and gold purchase agreement allowing for processing of Pinson mine
ores at Barricks Goldstrike processing facilities.

Twin
Creeks
Mine

Atna reported that work in 2012 focused on the development of


secondary egress while driving the spiral deeper and completing
crosscuts to ore stoping areas. Construction of the site assay lab was
completed and is now in operation. A major modification to the operating
permit was submitted in 2012 to allow an increased mining rate of up to
400,000 tons of ore per year. Public comment for this permit expired on
January 7, 2013. Atna is awaiting the outcome of this process.

Turquoise
Ridge
Deposit

ASSETS

Atnas goal for 2013 is to end the year with a total of nine operating ore
stoping areas, with additional stopes being continuously developed to
replace depleting stopes. Together with underground truck haulage, this
number of working faces should achieve a daily production rate in the
800 to 1,000 ton per day range. Ore production is expected to increase
through the year as additional ore stopes are developed.

2% NSR
(Getchell)

.08% NSR

2% NSR
(Getchell)

1% NSR

Pinson
Royalty
Lands

1% NSR

36
FNV

2% NSR
(Getchell)

2% NSR
(Getchell)

Mineral
Resource
Area

1 Mile

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

645
2,055
874

2,055
874

P&P REUs (000s) 2


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

2
1

0.1

2011
0.1

2% Getchell Royalty

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

The GOLD Investment that WORKS

2010
0.1

DETOUR

Location:

Ontario / Quebec

Operator:

Detour Gold Corporation

Royalty:

NSR: 2%

Franco-Nevada has a 2% NSR royalty that covers all reported mineral resources at the Detour Lake mine which is located 185 km
northeast from the town of Cochrane, Ontario. Detour Gold Corporation (Detour) is the operator. Placer Dome Inc. operated a
mine on the property from 1983 through 1999 and has reported that it produced approximately 1.8 Moz of gold.
The mine poured its first gold in February 2013 and Franco received its first payment in March. Franco expects Detour to be a
long-term revenue contributor to the Company with a current life of mine plan of over 20 years. Average annual gold production
is estimated by Detour at 657 koz of gold based on a throughput ranging from 55,000 to 61,000 tonnes per day (tpd) at total cash
costs between $710-749/oz. For 2013, Detour expects to produce between 300-350 koz.

Asset highlights:
Poured first gold in February 2013
Expected to produce 300-350 koz in 2013
At full production, expected to produce on
average 650 koz
Possibility of future expansion

Ontario

Gowest
(TWD)

D
Detour
Gold
Project

Quebec

The property has a large prospective land position of approximately 566 square kilometres (km2) with two main gold structures
with a total strike length of over 80 km. Detour continues to explore focusing on the Block A property (consolidated with the
purchase of Trade Winds Ventures Inc. in December 2011) as well as testing targets on structure south of Detour Lake. Detour has
a stated goal of growing its reserve base to
greater than 20 Moz from its current reserve
TWD
Project
Mine Option
A
base of 15.6 Moz.
Property

Sunday Lake
Deformation Zone

Detour Lake
Lower Detour Lake
Deformation Zone

Franco-Nevada 2% NSR royalty property

2.5

Kilometres

ASSETS

2012

2011

2010

Revenue to Franco-Nevada ($ million):

Detour Lake P&P Reserves (koz Au) :


Detour Lake M&I Resource (koz Au)1:
Detour Lake Inferred Resource (koz Au)1:

15,573
23,261
5,785

15,573
23,261
5,785

Block A M&I Resource (koz Au)1:


Block A Inferred Resource (koz Au)1:

2,448
1,967

2,448
1,967

P&P REUs (000s)


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

311
514
155

311
514
155

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

37
FNV

SUDBURY GOLD

Location:

Ontario

Operator:

KGHM International Ltd.

Stream:

50% Gold Stream

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

N
0

Coleman

5
Km

Strathcona
Mill
Nickel Rim South

SUDBURY

Sudbury Igneous Complex


Chelmsford Formation

Clarabelle Mill

Onaping & Onwatin Formations

Smelter

Current and Former Mines


Mill

Copper Cliff

Smelter

Creighton

ASSETS

Totten

38
FNV

2012

2011

2010

15.4

Revenue to Franco-Nevada ($ million):

14.3

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

40
80
20

40
80
20

P&P REUs (000s) 2


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

15
30
8

15
30
8

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

The GOLD Investment that WORKS

GOLDEN
HIGHWAY
Location:

Ontario

Operator:

St Andrew Goldfields Ltd.

Royalty:

NSR: 0.25%-15%

Holt Mine & Mill

Holloway Mine

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

11

Hoyle Pond
Kinross 1060 Zone

Kidd Creek

Frederick
House
Lake

Lake
Abitibi

Matheson

Stock

Beatty

Carr

Timmins

Hollinger
101

Delnite

Kenogamisis
Lake

Hallnor

Matheson

Pamour
#1

Porcupine

Dome
Paymaster
Porcupine
Aunor
Peninsula
Royal Oak

20 kilometres

McCool

Hislop
11

Cody

Macklem

Bond

Currie

Bowman

Rand

Jonpol

Apollo
Black Fox

Broulan Reef
McIntyre

Munro

Stoughton

101

Michaud

Ross Mine
Ludgate

Garrison

Harker

Marriot

Holloway

Holt Royalty

1-2% NSR

Hislop Royalty

Taylor Royalty

4% NSR

1% NSR

Cook

Barnet

Sliding scale

Thackeray

Central Timmins Royalty Claims


0.25-1% NSR
Present or past producing mine

2012

2011

10.8

Revenue to Franco-Nevada ($ million):

14.3

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

735
3,104
1,101

712
2,015
1,945

P&P REUs (000s) 2


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

56
151
81

51
140
159

Frecheville

Holt Mine

Guibord

Aquarius Royalty
Night
Hawk
Lake

Lamplugh

Holloway Mine

2010
6.3

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

2013 ASSET HANDBOOK

ASSETS

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

German

Owl Creek
Bell Creek

Taylor

Franco-Nevada Corporation

39
FNV

MUSSELWHITE

Location:

Ontario

Operator:

Goldcorp Inc.

Royalty:

5% NPI

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

Musselwhite
N
O

1.5

Kilometres

Asset highlights:
Newly paying royalty
2013 production estimate of 250-260 koz
Promising new exploration

Esker North
Area of Interest Boundary

Opapimiskan Lake
Exploration

West Anticline

Mill

Zeemel Lake

Leased Lands
Unpatented Lands

ASSETS

Deposits

40
FNV

2012

2010

5.1

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

2,290
2,370
920

2,280
2,430
920

P&P REUs (000s) 2


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

43
44
17

47
50
19

6.3

2011

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

The GOLD Investment that WORKS

HEMLO

Location:

Ontario

Operator:

Barrick Gold Corporation

Royalty:

NSR: 3% / NPI: 50%

(on portion)

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

Hemlo
Long Section

Williams
Shaft & Mill
Surface

C Zone Pit

The NPI is expected to contribute for a number of years.


Asset highlights:
Established mine operation in Ontario
Barricks only Canadian operation
Expected growing royalty production from 50% NPI

9975

C Zone
9765

Mined Area
9555

9450

Mined Area
W

9240

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

3% NSR
+
50% NPI

9160

B Zone

ASSETS

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

1,150
2,978
373

1,139
1,549
374

P&P REUs (000s) 2


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

31
69
10

47
49
2

7.5

2011
1.4

2010

0.1

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

41
FNV

TIMMINS WEST

Location:

Ontario

Operator:

Lake Shore Gold Corp.

Royalty:

NSR: 2.25%

Franco-Nevada acquired a 2.25% NSR royalty on Lake Shore Gold Corp.s (Lake Shore) Timmins West property in February 2012.
The royalty covers a large land package to the west of the City of Timmins, Ontario which hosts the Timmins and Thunder Creek
deposits as well as the Gold River Trend and 144 exploration zones to the south. Lake Shore reported that production from the
Timmins West property was 64 koz in 2012.

Burr

Lake Shore is expanding its milling facilities to 3,000 tpd from 2,000 tpd which it expects to be completed by Q2 2013. Lake Shore
reported that it is targeting 120-135 koz of production in 2013 and that 80-85% will be from the Timmins West royalty ground.
The remainder of production is expected to come from the Bell Creek property which is not subject to the royalty. At full production,
Lake Shore has estimated that the
Timmins West mine will contribute
140-160 koz of gold per year.
Bell Creek
ows

Complex

Bell Creek Mine & Mill


Hoyle Pond

ult

t Fa

edic

Ben

r Fault

mi Rive

Mattaga

Lake Shore continues to explore at its


most advanced exploration targets,
the Gold River Trend and the 144 Zone.
The Gold River deposit has a resource
of over 1 Moz and Lake Shore announced
impressive drill results in early 2013 from
the 144 Zone. Given the significant land
package, Franco-Nevada expects that
Lake Shore will be able to add to existing
reserves and resources.

Hollinger
McIntyre

Timmins

Fault

20

Km

Dome
Mine

Timmins
West

UG Mine Shaft
Deposits

Timmins
West
2.25% NSR

Timmins
Deposit

Timmins
West
Thunder Creek Deposit Mine

N
4 kms

101

144
Zone

Gold River Trend

ASSETS

Asset highlights:
New and expanding mining
operations
Located adjacent to Timmins, Ontario
Mill expansion from 2,000 tpd to
3,000 tpd

Destor-Porcupine

Pamour Mine

42
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

2.0

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

824
1,240
1,819

812
1,240
1,819

P&P REUs (000s) 2


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

19
28
41

18
28
41

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

The GOLD Investment that WORKS

CANADIAN
MALARTIC
Location:

Quebec

Operator:

Osisko Mining Corporation

Royalty:

GR: 1.5%

In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of Osisko Mining Corporations (Osisko) open pit Canadian
Malartic gold project located in Quebec. The royalty covers seven claims on the property including a central portion of the open pit.
Some of the current exploration targets to the east of the pit also fall partially on the royalty claims. Royalty payments are expected
to fluctuate annually based on the location of mining relative to the royalty property.

ail

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

Highway 117

The Canadian Malartic project is located in the prolific Abitibi mining district and is one of Canadas largest new gold mines.
Osisko reported that commercial production was achieved on May 19, 2011. In 2011, 200 koz of gold was produced from the property
increasing to 388 koz of gold produced in
2012. Osisko announced that it expects
Canadian
to produce 485-510 koz in 2013, a portion
Royalty Claims
Malartic
of which will come from Franco-Nevadas
Exploration Targets
Royalty
royalty ground.
Area
Open Pit
R
lin

Malartic
(town site)

1.5% Gross Royalty

Highway 117

Open Pit

Barnat
Extension
Norrie
Deeps

Mill

Jeffrey Zone

Canadian Malartic
Property

3.5

Km

ASSETS

2012

2010

0.0

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

10,120
11,690
1,200

10,710
12,230
1,160

P&P REUs (000s)


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

18
21
2

19
22
2

0.2

2011

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

43
FNV

PHOENIX

Location:

Ontario

Operator:

Rubicon Minerals

Corporation

Royalty:

NSR: 2%

In August 2011, Franco-Nevada purchased a 2% NSR (subject to a buy-back of 0.5%) on the water claims (which cover the majority
of resources) of the Phoenix gold project in Red Lake, Ontario operated by Rubicon Minerals Corporation (Rubicon). The Phoenix
project is located 10 km from Goldcorps Red Lake mine.
Rubicon released a Preliminary Economic Assessment (PEA) in
August 2011 and continues to look at ways to optimize its findings.
Rubicon is looking at the potential to incorporate more mechanized
equipment which could increase productivity from the F2 gold
system and hence would increase the throughput levels above the
currently envisioned 1,250 tpd. Rubicon is also looking at deepening
the shaft below the 610 m level for improved access to more
potential mining areas. Rubicon continues to target production in
2014.

Fault

Km

RED LAKE

Rubicon plans to complete and release the summary of its updated


mineral resource for the Phoenix project during the first half of
2013. The report will include data from over 100,000 m of core
drilling since late 2011.

Phoenix
Shaft

Asset highlights:
Production anticipated to begin in 2014
Resource remains open to depth and along strike
Resource update expected in Q2 2013

F2 Gold
System

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

Cochenour
Mine

Red Lake
Mine

ASSETS

Campbell
Mine

FNV

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:


477
2,317

477
2,317

P&P REUs (000s) 2


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


7
35

7
35

44

2012

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

The GOLD Investment that WORKS

KIRKLAND LAKE

Location:

Ontario

Operator:

Kirkland Lake Gold Inc. /

Osisko Mining Corporation

Royalty:

NPI: 20%; NSR: 2-3%

Franco-Nevada has various royalties covering over 25 km of the Larder Lake and Main Breaks in the historic Kirkland Lake gold
camp of Ontario. Kirkland Lake Gold Inc. (KLG) operates the Macassa mine and has recently discovered and started mining the
high grade South Mine Complex (SMC). Immediately to the south-west of the SMC, Franco-Nevada has a 20% profit-based royalty
as shown in the inset of the schematic. In addition to the Macassa NPI royalty, Franco-Nevada has a 2-3% NSR royalty on claims that
KLG purchased from Queenston Mining Inc. (Queenston) in July 2012 as well as a 2% NSR royalty on a number of other claims
held by Osisko which acquired Queenston in December 2012.
KLG has followed the SMC onto the 20% NPI royalty
claims and is processing some of this material. The
first profit royalty payments were made to FrancoNevada in late 2011. KLG has reported additional
high grade intercepts on the royalty claims as far as
600 metres west of initial mining. Franco-Nevada
expects that more intermittent mining will be
undertaken on the royalty claims as KLG expands
production. However, no mineral reserve and
resource figures are available for the royalty portion
of the SMC. The mineral resource figures tabulated
below represent the Upper Canada, Anoki-McBean
and Amalgamated Kirkland projects as shown on the
broader schematic. Franco-Nevada believes that the
area will see a renewed focus on exploration following
the agreement between KLG and Queenston to
consolidate the previous joint venture claims. Given
the land position and historic mining in the area,
Franco-Nevada believes that there will be continued
exploration success from both KLG and Osisko.

ASSETS

Asset highlights:
High grade SMC discovery extending onto
Franco-Nevada royalty ground
Exploration drilling indicating additional
potential on royalty ground
KLG expanding operations
Represents potential near term upside for
Franco-Nevada

2012

2010

0.2

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:


518
1,077

518
1,077

P&P REUs (000s) 2


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


10
22

10
22

0.1

2011

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

45
FNV

NEW
PROSPERITY
Location:

British Columbia

Operator:

Taseko Mines Limited

Stream:

22% Gold Stream

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

ASSETS

Franco-Nevadas financing commitment remains available to


Taseko but can be terminated at the option of Franco-Nevada
as the project was not fully permitted and financed by May 12,
2012. Franco-Nevada does not currently intend to terminate
its commitment. The New Prosperity gold stream is currently
classified as an advanced asset of Franco-Nevada.

46
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

11,052
13,157

11,052
13,157

P&P REUs (000s) 2


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

1,824
2,171

1,848
2,200

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

The GOLD Investment that WORKS

GOLDFIELDS

Location:

Saskatchewan

Operator:

Brigus Gold Corp.

Royalty:

NSR: 2%

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

Athona
Project

Uranium
City

Eldorado

SASKATCHEWAN
Regina

Beaverlodge
Lake

Location Map

Box Mine
Athona
Deposit

Goldfields
Projects

Lake
Athabasca

2% NSR

Km

ASSETS

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

1,020
1,027
226

1,020
1,027
226

P&P REUs (000s)


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

20
21
5

20
21
5

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

47
FNV

COURAGEOUS
LAKE
Location:

Northwest Territories

Operator:

Seabridge Gold Inc.

Royalty:

NSR: 1.02%

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

ASSETS

Asset highlights:
Published PFS in 2012 which included the first mineral reserve estimate of 6.5 Moz
PFS envisions 15 year mine life producing an average 385 koz per year
Active drilling program continues with recent success

48
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

6,500
7,974
3,432

7,974
3,432

P&P REUs (000s) 2


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

66
81
35

81
35

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

The GOLD Investment that WORKS

DUKETON

Location:

Australia

Operator:

Regis Resources Ltd.

Royalty:

NSR: 2%

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

Location Map

Port Hedland

2% NSR
Current Royalty
Tenements
PERTH

Original Royalty
Tenements
Deposits

Moolart Well
Anchor
Dogbolter

Petra

Rosemont

30

Garden Well

* Additional royalty lands


to south not shown
due to scale.

Russells Find

King John
No Mistake

Reichelts
Find

Erlistoun

2012

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

3,003
4,413
3,239

2,870
4,063
2,432

P&P REUs (000s)


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

60
88
65

57
81
49

5.3

2011

Revenue to Franco-Nevada ($ million):

Km

Kalgoorlie
Kambalda
Norseman

3.1

2010
0.6

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

2013 ASSET HANDBOOK

ASSETS

Asset highlights:
Garden Well, the second mine on the property began
production in Q3 2012
Rosemont, the third mine, expected online in Q3 2013

Duketon
Royalty
Area

Franco-Nevada Corporation

49
FNV

HENTY

Location:

Tasmania

Operator:

Unity Mining Limited

Royalty:

GR: 1%; 10%

Franco-Nevada holds a 10% gross royalty on certain claims and a 1% gross


royalty on the balance of the claims at the Henty Gold Mine located in northwest
Tasmania operated by Unity Mining Limited (Unity). All current production,
mineral reserves and mineral resources are on property subject to FrancoNevadas royalties which cover 1,458 ha.
1% GR

Henty is a small underground gold mine that has been in continuous production
since 1996. Unity has reported that the mine has historically produced 1.3 Moz
of gold. Ownership has changed multiple times during this period. Revenues
have increased in recent years due to the increased share of production from
10% royalty ground. Unity reported that in 2012, Henty produced 40 koz of gold.
While Unity has reported that it expects that the production rate will increase
to 45-55 koz of gold per annum in the future, Franco-Nevada expects its revenue
to decline as a higher share of production is sourced from the 1% royalty area.
The largest contributor to mineral resource additions in recent years has been
from the 1% royalty area.

Henty

Henty North

N
Note:
not to scale

Asset highlights:
Expected mine life now extends beyond 5 years
Increased production likely from 1% ground and less from 10% ground

10% GR

Mine
workings

Portal

Exploration
Targets

Process site

ASSETS

1% GR

2012

FNV

2011

Revenue to Franco-Nevada ($ million):

2.7

4.5

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

133
328
10

121
319
7

P&P REUs (000s) 2


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

2
5

4
11

50

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

The GOLD Investment that WORKS

2010
2.4

SOUTH
KALGOORLIE
Location:

Australia

Operator:

Alacer Gold Corp.

Royalty:

NSR/GR: 1-1.75%

Franco-Nevada holds a 1.75% NSR royalty for gold and a 1% NSR royalty for other minerals on portions of Alacer Gold Corp.s
(Alacer) South Kalgoorlie operation. South Kalgoorlie is located 15 km south of Kalgoorlie in Western Australia. Franco-Nevadas
royalty interest covers 46,752 ha of the South Kalgoorlie area and includes the northern and central sections of the HBJ deposit and
all of the Mt Marion and Mt Martin deposits as shown in the schematic. The northern and central section of the HBJ deposit lies
within the Location 50 freehold land area which is owned by Franco-Nevada with the mineral rights leased to Alacer.
During 2011, Alacer purchased the Mt Martin deposit from the previous lessee and incorporated it into its South Kalgoorlie
operation. Mt Martin is a small open pit gold deposit located 10 km east of Alacers Jubilee mill. Prior to this acquisition, Alacer had
mined Mt Martin under a sub-lease arrangement that expired in 2010. Franco-Nevada also holds a 1.75% NSR royalty for gold and
a 1% NSR royalty for other minerals on Mt Martin. The Mt Martin deposit lies within the Location 45 freehold land area which
is owned by Franco-Nevada with the mineral rights leased to Alacer.
South Kalgoorlie ore is processed at the 1.2Mtpa Jubilee mill, which also processes Alacers share of ore mined from the Frogs Leg
joint venture located to the northwest. Alacer reported that
South Kalgoorlie total production in 2012 was 94 koz of gold.
Kalgoorlie
South
Kalgoorlie
Royalty
Area

10

Km

South Kalgoorlie (Alacer)


1.75% NSR for gold
1% NSR other minerals

Location Map

Port Hedland

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

Feysville
PERTH

Kalgoorlie
Kambalda
Norseman

Loc. 50
Loc. 45

Mt Martin
HBJ Pit
Jubilee
Mill

Mt Marion

Loc. 48

Franco-Nevada also holds the same royalties on the Hampton


property shown in the schematic. This is classified as an exploration
asset. It was part of the original royalty property but operatorship
on this property has since been acquired by BHP Billiton Limited
(BHP Billiton).

Kambalda

2012

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

540
2,820
2,046

515
2,808
2,047

P&P REUs (000s)


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

9
35
25

8
36
26

1.3

2011

Revenue to Franco-Nevada ($ million):

ASSETS

During 2012, Alacer announced that it would not proceed with


the previously announced South Kalgoorlie Operations Expansion
Project. In February 2013, Alacer announced an agreement to sell
its interest in the Frogs Leg joint venture to La Mancha Resources
Australia Pty Ltd. Alacer also announced a revised mine plan to
target several open pits in the SBS28 mining complex in 2013. The
SBS28 deposits are not on Franco-Nevadas royalty area. Alacer has
budgeted A$20 million for exploration at South Kalgoorlie in 2013,
including targets at Location 48 and Mt Marion, located on ground
subject to Franco-Nevadas 1-1.75% royalty. According to Alacer,
the 2013 program has already shown results with significant
shallow high-grade mineralization discovered close to the Jubilee
processing plant as well as deeper mineralization at the historical
Barbara and Surprise underground mines.

0.9

2010
1.0

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

51
FNV

BRONZEWING

Location:

Australia

Operator:

Navigator Resources

Limited

Royalty:

NSR: 2%

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

Location Map

Port Hedland

Barwadgee

Wiluna
Leinster

Corboys

PERTH

North

West

Lake Maitland

N
Km

10
Polar Bear

Kalgoorlie
Kambalda
Norseman

Bronzewing
Royalty
Area

Mt Joel

Current Bronzewing
Royalty Tenements
(2% NSR)

Mount Grey Outcamp

Current Lake Maitland


Royalty Tenements
(1% NSR)

Bronzewing
Discovery
Bronzewing
Lotus
Central
Cockburn

Previous Royalty Tenements


subject to reacquisition rights
Mandoline Well

Mine
Deposit
Prospect

Success
Parmelia
Challenger

Closed Mine
Yandall

Challenger South

ASSETS

Venus

Asset highlights:
Increased royalty from 1% to 2% in 2012
All disclosed mineral reserves and resources now included
in royalty area
Navigator appointed administrators March 28, 2013 and
mining operations ceased
Royalty survives any change of ownership

Dragon

52
FNV

Katherine Well

Apollo/Vulcan

2012

2011

Revenue to Franco-Nevada ($ million):

2.3

0.9

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

331
674
307

540
738
329

P&P REUs (000s) 2


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

7
13
6

11
15
7

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

The GOLD Investment that WORKS

2010
0.6

RED OCTOBER

Location:

Australia

Operator:

Saracen Mineral Holdings

Limited

Royalty:

NSR: 1.75%

Franco-Nevada has a 1.75% NSR royalty on gold recovered from Saracen Mineral Holdings Limiteds (Saracen) Red October project
located in the Laverton region of Western Australia, 15 km south of Sunrise Dam. Franco-Nevadas royalty interest covers 2,860
ha surrounding the Red October deposit and includes all disclosed gold mineral resources on the project. The royalty applies to
production after 160 koz has been produced. Historic production from open pit mining was 106,779 oz of gold to the end of 2012.
Development of the Red October underground mine commenced in October 2011 and by the end of 2011 mine development had
reached ore. Ore from Red October underground was processed at Saracens Carosue Dam plant throughout 2012. Red October mine
production for Q1 2012 was development ore of 20,849 tonnes at 1.87 g/t. For Q2 through Q4 2012, Red October mine production
was 64,712 tonnes at 7.98g/t with tonnes increasing each quarter. Carosue Dam plant recoveries were 92.0% in H2 2012. Saracen
has announced plans to expand the Carosue Dam plant to 3.2Mtpa. A financing was completed in Q4 2012 and Saracen expects
to award the Stage 1 $25M contract in H1 2013 for
construction to be completed and fully commissioned
in Q1 2014. Once completed, Saracen has forecasted
annual production of 180-190 koz of gold per annum.
Franco-Nevada also has two other royalties in the
Red October district: a 1% NSR on the Butcher Well
deposit after 50 koz of gold are produced and a 1%
NSR on the Crimson Belle and Thin Lizzie deposits.
Two small pits in the Butcher Well area, Sizzler and
Old Camp, were mined in Q3 2012 to provide oxide
feed to the blend at the Carosue Dam plant. Total
production was 145,721 tonnes at 1.89 g/t. Both
pits were completed in the quarter.

Red October
Royalty
Area

Red October
Butcher
Well

Red October
1.75% NSR
Butcher Well
1.00% NSR

10

Km

ASSETS

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

78
291
202

389
119

P&P REUs (000s) 2


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

1
4
2

5
1

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

53
FNV

COBRE PANAMA

Location:

Panama

Operator:

First Quantum

Minerals Ltd.

Stream:

Gold and Silver Stream

Franco-Nevada entered into an agreement with Inmet Mining Corporation (Inmet) in August 2012 for a precious metals stream
on the Cobre Panama copper project in Panama, one of the worlds largest copper-gold-silver-molybdenum porphyry deposits
currently being constructed. Under the terms of the Cobre Panama Agreement, Franco-Nevada will provide a $1 billion deposit
to fund a portion of the Cobre Panama project capital costs. In 2013, Inmet was acquired by First Quantum Minerals Ltd. (First
Quantum) which will now advance the development of the Cobre Panama project. Franco-Nevadas deposit will become available
after First Quantums funding reaches $1 billion and funding of the deposit will be pro-rata on a 1:3 ratio with First Quantums
subsequent funding contributions, up to a maximum of $1 billion. The amount of precious metals deliverable under the stream
is indexed to the copper in concentrate produced from the entire project and approximates 86% of the payable precious metals
attributable to First Quantums 80% ownership based on the initial 31 year mine plan contemplated in the Cobre Panama
Engineering Summary Report dated May 6, 2012. Beyond the initial contemplated mine life, the precious metals deliverable
under the stream will be based on a fixed percentage of the precious metals in concentrate.
Subsequent to August 2012, reserves and resources at the project have
been materially increased. Gold reserves increased by 2.2 Moz and
silver reserves increased by 27 Moz which reflect the addition of the
Balboa, Brazo and Botija-Abajo deposits. The Cobre Panama mineral
reserves have been estimated using a $2.25/lb copper price, unchanged
from the 2011 copper price assumption. Assuming a more commonly
used economic pit shell of $3.00/lb copper, Inmet had estimated an
additional 1.3 Moz of gold and 26 Moz of silver
of mineral resources would be contained within pit shell.

ASSETS

Inmet estimated that the mine life has been extended from
31 years to 40 years based on the updated reserve figures (based
on the original price assumption) with continued potential for further
extension. Drilling is underway at the next target area. The foregoing
assumes no material change to the development of the Cobre Panama
project under First Quantums ownership.

Punta Rincn

Panama
City
Pacific Ocean

Cobre Panama
* Property located
approximately
20 km from
Caribbean Sea

N
4 km

Concession
Boundary

Power Transmission
230 kv line

Collina Pit
Balboa
Pit

Valle Grande
Pit

Botija
Pit
Plant
Site
Camp

Brazo
Pit

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

7,288
9,006
4,396

P&P REUs (000s) 2


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

4,132
4,975
2,254

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

The GOLD Investment that WORKS

Panama
Canal

River Caimito

Asset highlights:
$1 billion commitment to help finance construction of project
Estimated mine life of 40 years based on reserves
2012 year end mineral reserve and resource update saw reserve
tonnes increased by 30%

FNV

Cobre Panama
Project

Caribbean Sea

54

Caribbean Sea

Port and
Powerplant

PALMAREJO

Location:

Mexico

Operator:

Coeur Mining

Stream:

50% Gold Stream

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

Perimeter
of gold stream
property
Palmarejo
Agua Salada

Guadalupe
Area

Palmarejo
Gold Stream

Mine
Palmarejo
Area

Non-stream
ground

La
Patria
Area

Km

ASSETS

2012

2011

2010

66.1

Revenue to Franco-Nevada ($ million):

96.0

101.9

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

665
1,629
457

688
893
615

P&P REUs (000s) 2


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

249
611
171

261
339
234

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

55
FNV

MWS

Location:

South Africa

Operator:

AngloGold Ashanti Limited

Stream:

25% Gold Stream

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

Slimes Dam

MWS
Dumps MWS 4

New Tailings Dam Site


0

Km

Town

MWS 5

River

N
12

MWS 2

Road

KLERKSDORP

Plant Site

STILFONTEIN

Flanagan
H6

NKGE

H5

Hartebeestfontein
Dumps

H1
H2

Elaton
H7
B2

ASSETS

B5

2012

2011

2010

32.3

Revenue to Franco-Nevada ($ million):

33.0

P&P Reserves (koz Au) :


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

2,688
2,628
145

2,688
2,628
145

P&P REUs (000s) 2


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

219
219

238
238

FNV

B4

Tailings
Storage
Facility
Site

56

B3

Buffelsfontein
Dumps

B1

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

The GOLD Investment that WORKS

TASIAST

Location:

Mauritania

Operator:

Kinross Gold Corporation

Royalty:

NSR: 2%

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

Kinross acquired control of Tasiast in September 2010 pursuant


to its acquisition of Red Back Mining Inc. Kinross expects to
complete a pre-feasibility study for construction of a mid-sized
carbon-in-leach mill in the 30,000 tpd range in 2013. Kinross
has made the decision not to proceed with further study or
implementation of a previously announced 60,000 tpd mill
option.

Original Royalty Area

TASIAST

MAURITANIA
SENEGAL

MALI

25 km

Approximately 330,000 metres were drilled at Tasiast in 2012


of which most of the drilling (approximately 275,000 metres)
focused on targets outside the 8 km footprint of the Tasiast
deposit. Recent exploration results from two step-out drilling
targets outside the current resource footprint at Tasiast have
confirmed the presence of narrow, high-grade veins.

Tasiast
Main Trend

Plant Site

Asset highlights:
Pre-feasibility study regarding plant expansion expected in
Q2 2013
Recent exploration success outside of current resource
footprint
Tasiast Permit Area
Tasiast License Area, March 2012

ASSETS

Tasiast Mining License

Original 2% NSR
Royalty Boundary

Gold Prospects
Trends
Resource/Reserve Target
Plant Site

2012

2010

2.8

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

7,965
14,722
790

7,457
18,562
1,860

P&P REUs (000s)


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

159
294
16

149
371
37

6.4

2011

Revenue to Franco-Nevada ($ million):

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

57
FNV

SUBIKA

Location:

Ghana

Operator:

Newmont Mining

Corporation

Royalty:

NSR: 2%

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

Amoma

Subika
Project Area

Ntotoroso

Awonsu

N
Note:
not to scale

Apensu
Plant and Offices

Subika

Kenyase

ASSETS

2% NSR
Royalty Area

58
FNV

2012

2011

2010

3.2

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

12,080
15,454
3,543

12,080
15,454
3,543

P&P REUs (000s) 2


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

157
201
46

157
201
46

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

The GOLD Investment that WORKS

CERRO
SAN PEDRO
Location:

Mexico

Operator:

New Gold Inc.

Royalty:

GR: 1.95%

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

Ultimate
Pit Limit

Note:
not to scale

Asset highlights:
Commercial production commenced May 2007
Current mine production is a nominal 105,000 tpd
of total material
Upside resource potential from the underground
sulphides

Cerro San Pedro


Mine
1.95% GR

ASSETS

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au) :


M&I Resource (koz Au)1,3:
Inferred Resource (koz Au)1,3:

760
1,703
850

1,006
1,812
956

P&P REUs (000s) 2,3


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

15
33
17

20
35
17

1,3

5.5

2011
5.9

2010
3.8

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

59
FNV

EDIKAN

Location:

Ghana

Operator:

Perseus Mining Limited

Royalty:

NSR: 1.5-3.0%

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

Mining License
and Royalty Area

Location Map

Ayanfuri
Mine
Licenses

Exploration License
Deposit

Dadieso

GHANA
Ayanfuri
Gold
Project

Accra

Asset highlights:
Full year of commercial production in 2012
Expects to produce between 209-229 koz in
2013

10

ASSETS

Km

60
FNV

2012

2010

1.5

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

3,378
5,405
1,713

3,273
5,273
1,758

P&P REUs (000s) 2


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

51
81
26

49
79
26

5.1

2011

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

The GOLD Investment that WORKS

COOKE 4

Location:

South Africa

Operator:

Gold One International

Limited

Stream:

7% Gold Stream

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

Krugersdorp

Johannesburg
Doornkop
Randfontein
N
0

Cooke 1
Cooke 2
Cooke 3
N12

Tau Tona
(Anglogold)

R501

Cooke 4
Project

Driefontein
(Goldfields)

Blyvooruitzicht
(DRD Gold)

(Gold One)
SV1

Kloof
(Goldfields)

SV2/3

SD1
Kusasalethu
(Harmony)

South Deep
(Goldfields)

ASSETS

Asset highlights:
Asset acquired by Gold One in 2012
Long term potential at depth

Randfontein (Harmony/First Reserve)

10
Km

Carltonville

In 2012, 2 koz of gold was delivered to


Franco-Nevadas account under the
Cooke 4 stream agreement.

N1

Mponeng
(Anglogold)

2012

2011

2010

27.3

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:


2,655
25,511

2,655
25,511

P&P REUs (000s) 2


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


139
1,339

141
1,357

3.3

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

61
FNV

ITY

Location:

Cte dIvoire

Operator:

La Mancha Resources Inc.

Royalty:

NSR: 1-1.5%

(approximately)

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

Ity Project

N
Note:
not to scale

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

ASSETS

Exploration Concession
PR No. 61

62
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

0.9

0.5

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

182
645
455

308
662
445

P&P REUs (000s) 2


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

2
8
1

4
9
1

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

The GOLD Investment that WORKS

AI DAI

Location:

Turkey

Operator:

Alamos Gold Inc.

Royalty:

NSR: 2%

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

Kirazli

an

an Coal Mine

Asset highlights:
Response expected from Turkish Government
on EIA submissions
Continued exploration drilling at Camyurt

Etili

Km

Agi Dagi
Property

2% NSR
Babadag & Delidag
future open pits
Major Roads

amyurt
Target

ASSETS

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:


1,510
995

1,299
383

P&P REUs (000s) 2


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


30
19

26
8

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

63
FNV

PERAMA HILL

Location:

Greece

Operator:

Eldorado Gold

Corporation

Royalty:

NSR: 2%

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

BULGARIA

MACEDONIA
(SKOPJE)

Black Sea

TURKEY

Sea of Marmara

ALBANIA

Perama Hill
GREECE
TURKEY
Aegean Sea

Ionian Sea

Asset highlights:
Construction decision expected later in 2013
Average annual production of 110 koz of gold
planned

Sea of Crete

ASSETS

Mediterranean Sea

64
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

975
1,382
554

975
1,382
554

P&P REUs (000s) 2


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

20
28
11

20
28
11

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

The GOLD Investment that WORKS

SAN JORGE

Location:

Argentina

Operator:

Coro Mining Corp.

Royalty:

NSR: 7.5% / advanced

payments

San Jorge is an advanced stage copper-gold porphyry project located in the Province of
Mendoza, Argentina. The property is located within a 120,000 ha ranch controlled by
Minera San Jorge.

PERU
Arica

Franco-Nevada acquired the San Jorge royalty through its acquisition of Lumina
Royalty Corp. in December 2011. In February 2012, Coro Mining Corp. (Coro)
announced an agreement to amend the terms of the purchase agreement for Minera
San Jorge by which Coro may acquire its 100% interest from Franco-Nevada. Under
the terms of the agreement:

BOLIVIA

Iquique

Antofagasta

Taca
Taca

Coro has agreed to make annual payments of US$1.25 million per year for 10 years
commencing March 31, 2012
Pay a 7.5% NSR on all gold produced from the property
Project would revert to Franco-Nevada if Coro does not make the annual payments

Copiapo

Relincho

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

ARGENTINA

La Serena

San Jorge
Vizcachitas
Santiago

CHILE

ASSETS

2012

2011

2010

Revenue to Franco-Nevada ($ million):

1.3

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:


1,211
59

1,257
337

P&P REUs (000s) 2


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

7
98
4

7
102
25

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

65
FNV

GURUPI
Gurupi

Location:

Brazil

Operator:

Jaguar Mining Inc.

Royalty:

NSR: 0-1%

Franco-Nevada holds a sliding scale NSR royalty


(1% at greater than $400 per ounce gold) on the Gurupi
project located in the state of Maranho in northern Brazil.
The project is owned by Jaguar Mining Inc. (Jaguar).
Jaguar reported the results of a feasibility study for Gurupi
in January 2011. The feasibility study plans for an open-pit
mine that would produce approximately 149 koz ounces
of gold annually for a period of 13 years. Pre-production
capital costs are expected to be approximately $278
million. Jaguar has announced that it is proceeding
with environmental and permitting work. In June 2012,
Jaguar reported an updated resource estimate which
included measured and indicated mineral resources
of 3.2 Moz with a cutoff grade of 0.33 g/t Au.

30

Km

Area of Interest
Boundary
(AOI)

Garupi River

Cipoeiro
Deposit

Chega
Tudo
Deposit

Gurupi
Project
1% current Royalty
(sliding scale)

ASSETS

Jaguar is continuing exploration and development at


Gurupi with an aggressive drilling program to further
define the resource base. The results to date confirm the
potential to significantly increase gold indicated mineral
resources at the projects Cipoeiro and Chega Tudo
deposits.

66
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz Au)1:


M&I Resource (koz Au)1:
Inferred Resource (koz Au)1:

2,328
3,250
165

2,328
2,518
617

P&P REUs (000s) 2


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

23
33
2

23
25
6

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

The GOLD Investment that WORKS

STILLWATER

Location:

Montana

Operator:

Stillwater Mining Company

Royalty:

NSR: 5%

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

o.

Limit of
Claims

River

Rive

ty
un
e
lin

Franco-Nevada Royalty Land

o.

.
Co

sC

as

rk
Pa

tgr

Co

ee

Sw

We
st

Fork

Still

FrancoNevada
Royalty

Source:
Stillwater Mining Co.
(2002 Annual Report)

FrancoNevada
Royalty

Stillwater

Lewis Gu
lch

sC

Co

as

ter

tgr

Stillwater
Mill Site

lwa

er

Riv

lder

ee

er

ould

Camp
Lake
Bou

5% NSR

tB

East
Boulder
Adit

Stil

Stillwater
Complex

Dry Fork Creek

Sw

le
Mi

wate

Eas

Asset highlights:
Expected production of
500 koz of PGMs in 2013
Production expected to
increase to 575 koz by 2017
with development of Graham
Creek and Far West

ASSETS

2012

2011

2010

17.3

23.1

13.1

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz PGM) :


M&I Resource (koz PGM)1:
Inferred Resource (koz PGM)1:

19,979
19,979

19,979
19,979

P&P REUs (000s) 2,3


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

465
465

443
443

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

67
FNV

SUDBURY PGM

Location:

Ontario

Operator:

KGHM International Ltd.

Stream:

50% Precious Metal Stream

Franco-Nevada acquired three precious metals streams in the Sudbury basin of Ontario with its acquisition of Gold Wheaton
on March 14, 2011. Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall
portions of three separate mines in the Sudbury basin of Ontario for $400 per gold equivalent ounce (subject to an annual 1%
inflation adjustment). At the time of acquisition by Franco-Nevada, the mines were operated by Quadra FNX Mining Ltd.
(Quadra FNX) which was acquired by KGHM in March 2012.
The three mines are the Levack (Morrison deposit), Podolsky and McCreedy West mines. The footwall deposits are primarily rich in
palladium followed by platinum and gold. The PGM revenues are reported separately from the gold revenues. KGHM does not have
processing facilities in Sudbury and sells the ore to third parties for processing. The stream is calculated based on contained precious
metals in the delivered ore rather than payable metals as is common in many royalty and stream arrangements.
Levack (Morrison deposit): The stream agreement applies to the Levack (Morrison deposit) which has been in production since
2007. In late 2011, Quadra FNX and Xstrata Nickel (Xstrata) entered into an agreement which allowed Quadra FNX to utilize the
underground infrastructure of Xstratas Craig Mine. KGHM expects that the use of Xstratas Craig infrastructure will significantly
improve the operational flexibility and provide additional mining and drill access in the deeper high grade portions
of the Morrison deposit.
McCreedy West Mine: The stream agreement applies
to the PM and 700 deposits at the McCreedy West mine
which has been in production since 2003. In Q3 2011,
McCreedy West changed from mining copper and precious
metal-rich ores to mining contact nickel ores.

ASSETS

Podolsky Mine: The stream agreement applies to the


2000 and North deposits at the Podolsky mine which has
been in operation since 2008. The operator reported that
it plans to put Podolsky on care and maintenance once
existing mineral reserves at the 2000 deposit are mined
which is expected to be by the end of Q1 2013.
Asset highlights:
Craig shaft access expected to accelerate exploration
and development of high grade Morrison deposit
Podolsky mine expected to be put on care and
maintenance in first half of 2013

Podolsky
Levack
(Morrison
Deposit)
McCreedy
West

N
0

Coleman
Strathcona
Mill

Nickel Rim South

SUDBURY

68
FNV

Sudbury Igneous Complex


Chelmsford Formation

Clarabelle Mill

Onaping & Onwatin Formations

Smelter

Current and Former Mines


Mill

Copper Cliff

Smelter

Creighton

Totten

2012

2011

PGM Revenue to Franco-Nevada ($ million):

43.1

40.4

P&P Reserves (koz PGM) :


M&I Resource (koz PGM)1:
Inferred Resource (koz PGM)1:

290
480
60

290
480
60

P&P REUs (000s)1,2,3


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

69
115
14

70
117
14

5
Km

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

The GOLD Investment that WORKS

2010

PANDORA

Location:

South Africa

Operator:

Anglo American Platinum

Limited / Lonmin Plc

Royalty:

NPI: 5%

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

Merensky Reef
Pandora JV

N
Pretoria
Johannesburg

Pandora

5% NPI

5% NPI

Asset highlights:
World class operator
Significant increase to mineral resource in
2012 following large drilling program in 2011

Current
development

Future
development

rop

utc

2R

o
eef

UG

Pandora JV
mining
to date

E3
Decline
from
surface

Lonmin UG2
mining to date

Km

ASSETS

2012

Revenue to Franco-Nevada ($ million):

P&P Reserves (koz PGM) :


M&I Resource (koz PGM)1:
Inferred Resource (koz PGM)1:

2,344
24,924
3,491

1,882
7,765
13,176

P&P REUs (000s) 2,3


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

28
302
42

25
102
174

0.3

2011
0.4

2010

1.0

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

69
FNV

MT KEITH (Ni)

Location:

Australia

Operator:

BHP Billiton Limited

Royalty:

NPI: 0.25% / GR: 0.375%

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

122.5 km2

Throughout its operating life, Mt Keith has stockpiled a large volume of


high talc ore. In December 2011, a talc redesign project was commissioned
which allows the Mt Keith concentrator to obtain full value from processing
talc-bearing ore. In February 2012, the mining rate at Mt Keith was
expected to be reduced and stockpiled ore would be used to produce nickel
concentrate, keeping output close to current levels.

Jericho

Mt Keith
Kingston
Royalty
Area

Albion Downs

Total: 236.5 km2

Asset highlights:
Mining rate reduction announced in February 2012
Concentrate production expected to be maintained by processing
stockpiled high talc ore at close to current levels

N
O

10

Kilometres

Mt Keith
Port Hedland

Wiluna

Kalgoorlie

114 km2

ASSETS

Perth

Mt Keith
Royalty Area

Cliffs

Yakabindie

2012
$

P&P Reserves (Mlbs Ni) :


Inclusive M&I Resource (Mlbs Ni)1:
Inferred Resource (Mlbs Ni)1:

1,555
3,501
339

1,665
3,651
339

FNV

P&P REUs (millions) 2


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

6
13
1

7
15
3

2.2

2011

Revenue to Franco-Nevada ($ million):


1

70

3.8

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

The GOLD Investment that WORKS

2010
3.1

ROSEMONT
(Cu, Mo, Ag)

Location:

Arizona

Operator:

Augusta Resource

Corporation

Royalty:

NSR: 1.5%

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

Patented
Mining
Claims
Mine
Workings

Rosemont
Property

Rosemont
Deposit

Unpatented Mining Claims

ay 83

1.5% NSR

Patented Mining Claims


Highw

Asset highlights:
Construction to start in 2013 assuming all
permits received
Franco-Nevadas royalty covers all metals
including copper, molybdenum, silver and gold

Fee Lands
(To Highway 82)

ASSETS

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (Mlbs Cu) :


Inclusive M&I Resource (Mlbs Cu)1,3:
Inferred Resource (Mlbs Cu)1,3:

5,851
7,640
1,110

5,243
6,003
1,728

P&P REUs (millions) 2,3


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

75
97
14

67
77
22

1,3

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

71
FNV

PECULIAR KNOB
(Fe)

Location:

Australia

Operator:

Arrium Limited

Royalty:

Production Payment

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

Peculiar Knob
Royalty Area
Arrium
Oz Minerals

During 2012, Arrium continued work on the Whyalla Port expansion from 6Mtpa to
13Mtpa. The Whyalla Port expansion is expected to be completed mid-2013 at a total
cost of A$200 million. Arrium expenditures totaled A$154 million to December 31,
2012. Once completed, Arrium intends to increase Peculiar Knob production rate to
3.6Mtpa.

Road

10

Km

Railway

ML 6314

Peculiar
Knob

EL 4283

ASSETS

Prominent
Hill


Revenue to Franco-Nevada ($ million):

72
FNV

The GOLD Investment that WORKS

2012

2011

2010

0.6

ROBINSON (Cu, Au)

Location:

Nevada

Operator:

KGHM International Ltd.

Royalty:

NSR: 0.225% / other

The Robinson open pit mining complex is located near Ely, Nevada. Copper, gold and molybdenum are recovered in concentrates
that are transported offsite for smelting. The mine was operated by Quadra FNX until its acquisition by KGHM in March 2012.
Franco-Nevada has three royalty agreements covering the Robinson mine:

A NSR of 0.225% on all base metal and


associated precious metal production paid
quarterly.
A NSR of 10% on 51% of the gold production
from the property in excess of 60 koz of gold per
year paid yearly.
A price participation royalty on 51% of 40%
of each pound of copper production from the
property in excess of 130 Mlbs multiplied by
the spot price less $1.00 per pound adjusted
for inflation (based on 1990 dollars). Amounts
are only payable in any year in which the average
price of copper during that year exceeds a
$1 per pound threshold, as adjusted for
inflation (based on 1990 dollars).

N
1 Mile

Ruth
Mill
Facilities

Tripp-Veteran
Pit

Liberty
Pit

Ruth
Pit

Ely

Property Boundary

Robinson
Mine

0.225% NSR
Provisional Gold Royalty
Provisional Copper Royalty

ASSETS

2012

Copper Revenue to Franco-Nevada ($ million):


Gold Revenue to Franco-Nevada ($ million):

$
$

P&P Reserves (Mlbs Cu)1:


Inclusive M&I Resource (Mlbs Cu)1:
Inferred Resource (Mlbs Cu)1:

1,222
4,728
882

1,222
4,728
882

P&P REUs (millions) 2


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

2
9
2

2
9
2

0.9
0.1

$
$

2011
0.8
0.1


$
$

2010
0.7
1.2

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

73
FNV

FALCONDO (Ni)

Location:

Dominican Republic

Operator:

Xstrata Plc

Royalty:

4.1% Dividend

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

Montaria

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

Pinar Sucio

Falcondo
Concession

Miranda
0

N
Km

100
Peurto
Plata

Caribe

Dominican
Republic

Larga
Taina

La Vega

PLANT

Bonao

Peguera

Guardarraya

Punta
Cana

ASSETS

Haina
Port

74
FNV

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (Mlbs Ni)1:


Inclusive M&I Resource (Mlbs Ni)1:
Inferred Resource (Mlbs Ni)1:

2,132
2,472
151

2,132
2,472
151

P&P REUs (millions) 2


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

44
51
3

44
51
3

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

The GOLD Investment that WORKS

RELINCHO (Cu, Mo)

Location:

Chile

Operator:

Teck Resources Limited

Royalty:

NSR: 1.5%

Franco-Nevada has a 1.5% NSR royalty covering the Relincho copper/molybdenum property being advanced by Teck Resources
Limited (Teck). Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011.
The Relincho property is located in the 3rd Region of Chile approximately 50 km northeast of the City of Vallenar and 650 km
north of Santiago at an elevation of 1,500 to 2,000 metres above sea level. Royalty highlights include:

1.5% NSR subject to a maximum price of $6.00/lb copper and threshold price of $1.50/lb copper, inflation adjusted.
No royalty is paid if the average price for the quarter is less than the threshold price.
Royalty commences after 4 years after commercial production.

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

Proposed
Mill

Antofagasta

N
0

10

Royalty
Area

Km

Candelaria

Copiapo

Relincho
Royalty Area

Relincho
Location Map

1.5% NSR

La Serena

South
America

Mining and Royalty


Area

Chile

Pit

Marte-Lobo
Cerro Casali
Regalito
El Morro

Pascua-Lama
Andacollo

Argentina

Santiago

ASSETS

Asset highlights:
Feasibility study expected in Q4 2013
Prefeasibility work assumed a 22 year mine life

Bolivia

Iquique

Proposed Pit

Chile

2012

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (Mlbs Cu)1:


Inclusive M&I Resource (Mlbs Cu)1:
Inferred Resource (Mlbs Cu)1:

9,826
14,396
4,940

9,826
14,396
4,940

P&P REUs (millions) 2


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

106
156
54

106
156
54

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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

75
FNV

TACA TACA
(Cu, Au, Mo)

Location:

Argentina

Operator:

Lumina Copper Corp.

Royalty:

NSR: 1.08%

Franco-Nevada has a 1.08% NSR royalty on all copper, gold and molybdenum
produced from Taca Taca, the principal asset of Lumina Copper Corp. (Lumina
Copper). Franco-Nevada acquired the royalty through its acquisition of Lumina
Royalty Corp. in December 2011. Lumina Copper can repurchase the royalty
for an amount calculated based on a feasibility study.

PERU
Arica
N

The property is located in the Puna region of northwestern Argentina in Salta


Province, 230 km west of the provincial capital of Salta and 90 km east of the
worlds largest copper mine, Escondida.

BOLIVIA

Iquique

Antofagasta

Taca
Taca

Taca Taca is a very large copper/gold/molybdenum porphyry system which remains


open to depth in some areas and along the southern boundary of the deposits
northeastern limb while boundaries of the oxide gold resource appear to be fully
defined.

Copiapo

During the course of 2012, Lumina Copper provided two resource updates for the
project which saw total indicated mineral resource tonnage increase by ~270%
based on a 0.3% CuEq cut-off. Indicated sulphide mineral resources are now
estimated to contain 21.15 billion pounds of copper, 5.56 Moz of gold
and 615.8 Mlbs of molybdenum. In addition, Lumina Copper estimates that
Taca Taca contains an indicated oxide mineral resource of 2.07 Moz
of gold.

Relincho
ARGENTINA

La Serena

San Jorge
Vizcachitas
Santiago

Asset highlights:
Significant increase to mineral resource estimate released in 2012

ASSETS

CHILE

FNV

2011

2010

Revenue to Franco-Nevada ($ million):

P&P Reserves (Mlbs Cu) :


Inclusive M&I Resource (Mlbs Cu)1:
Inferred Resource (Mlbs Cu)1:


21,150
7,550

6,590
8,280

P&P REUs (millions) 2


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


194
69

60
76

76

2012

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

The GOLD Investment that WORKS

WEYBURN UNIT
(Oil)

Location:

Saskatchewan

Operator:

Cenovus Energy Inc.

Royalty:

NRI: 11.71% / ORR: 0.44%

/ WI: 2.26%

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

R14W2

R13W2

R12W2

R11W2

R10W2

R9W2

R8W2

T9

For 2012, revenue received by Franco-Nevada from the Weyburn Unit


was $25 million and light/medium oil production net to Franco-Nevada
was 887 Bbls/d. Franco-Nevada takes product-in-kind for the WI and NRI
shares of this production and markets it through a third party marketer.
As of December 31, 2012, Franco-Nevadas proved reserves for the Weyburn
Unit were 21,162 Mbbls.

T9

T8

T8

Weyburn, SK

T7

T7

T6

T6

N
Note:
not to scale

On February 23, 2012, Franco-Nevada purchased an additional


1.15% WI in the Weyburn Unit. The effective date of this acquisition
was January 1, 2012.

Weyburn
Unit

T3

T3

R15W2

R14W2

R13W2

R12W2

R11W2

R10W2

R9W2

R8W2

T7

N
Note:
not to scale

T6

Weyburn
Unit
Unitized land
wells

T5

R14W2

R13W2


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

Proved Reserves (Mbbl) 3,4:


Proved plus Probable Reserves (Mbbl) 3,4:

1
2
3
4

T4

Unitized land

ASSETS

Asset highlights:
Added two royalty interests to this long life asset
in 2012
CO2 Enhanced Oil Recovery (EOR) project commenced
in 2000
Proved plus probable reserves of 31.5 MMbbl net
to Franco-Nevada under current EOR project

T5

T4

On November 13, 2012, Franco-Nevada purchased


an 11.71% NRI in the Weyburn Unit. The effective
date of this acquisition was October 1, 2012.
The following table sets forth the revenue and production
from the Weyburn Unit for the periods indicated.

Midale, SK

T5

R12W2

2012

2011

2010

25.0
325

12.3
146

10.4
149

21,162
31,516

3,968
5,801

Revenue refers only to payments made to Franco-Nevada


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

2013 ASSET HANDBOOK

Franco-Nevada Corporation

77
FNV

MIDALE UNIT
(Oil)

Location:

Saskatchewan

Operator:

Apache Canada Ltd.

Royalty:

ORR: 1.14% / WI: 1.59%

The Midale Unit was discovered in 1953 and unitized in 1964 for the purpose of implementing a pressure maintenance scheme
by water injection. The Midale Unit is located in southeast Saskatchewan approximately 40 km southeast of the city of Weyburn
and encompasses 13,760 gross (net 376) acres with 242 gross (net 6.6) producing wells. Franco-Nevada holds a 1.14% gross override
royalty interest and a 1.59% working interest in the Midale Unit. Apache is the operator.
For 2012, revenue received by Franco-Nevada from the Midale Unit was $4.0
million and light/medium oil production net to Franco-Nevada was 132 Boe/d.
Franco-Nevada takes product-in-kind for the working interest portion of this
production and markets it through a third party marketer. As of December 31,
2012, Franco-Nevadas proved reserves for the Midale Unit were 664 Mboe.
The following table sets forth the revenue and production from the Midale Unit
for the periods indicated.

R15W2

R14W2

R13W2

R12W2

R10W2

R9W2

R8W2
T9

T8

T8

Weyburn, SK

T7

T7

T6

T6

N
Note:
not to scale

Midale
Unit

T5

Asset highlights:
CO2 EOR project commenced in 2005
Proved plus probable reserves of 845 Mboe net to Franco-Nevada under
current EOR project

R11W2

T9

Midale, SK

T5

Unitized land

T4

T4

T3

T3

R15W2

R14W2

R13W2

R12W2

R11W2

R10W2

R9W2

R8W2

T7
N
Note:
not to scale

Midale
Unit

T6

Unitized land

ASSETS

wells

T5

R12W2

R11W2

78
FNV

R10W2

2012

2011

Revenue to Franco-Nevada ($ million)1:


Production (Mboe)2 :

4.0
48

4.1
48

Proved Reserves (Mboe)2,3:


Proved plus Probable Reserves (Mboe)2,3:

664
845

703
891

1 Revenue refers only to payments made to Franco-Nevada


2 Net to the Oil & Gas Interests
3 As at December 31, 2012. The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties
due to the effects of aggregation

The GOLD Investment that WORKS

2010
3.6
52

EDSON
(Gas/NGL)

Location:

Alberta

Operator:

Canadian Natural

Resources Limited

Royalty:

ORR: 15%

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

R21W5

R20W5

R19W5

R18W5

T53

T53

T52

T52

Edson
Lands
T51

T51

N
Note:
not to scale

T50

T50

R21W5

R20W5

R19W5

R18W5

ASSETS


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

Proved Reserves (Mboe)2,3:


Proved plus Probable Reserves (Mboe)2,3:

2012

2011

2010

3.9
207

7.7
256

12.1
360

1,081
1,470

1,213
1,683

1 Revenue refers only to payments made to Franco-Nevada


2 Net to the Oil & Gas Interests
3 As at December 31, 2012. The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects
of aggregation

2013 ASSET HANDBOOK

Franco-Nevada Corporation

79
FNV

OTHER PRODUCING
OIL & GAS
ASSETS
Location:

AB / BC / MB / SK

Operator:

Various

Royalty:

ORR/FH: 0.5%-20%

Other Producing Assets, Western Canada


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


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

Proved Reserves (Mboe) 2,3:


Proved plus Probable Reserves (Mboe)2,3:

2012

2011

2010

8.0
205

10.8
225

9.7
214

1,291
1,632

1,376
1,729

1 Revenue refers only to payments made to Franco-Nevada


2 Net to the Oil & Gas Interests
3 As at December 31, 2012. The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties
due to the effects of aggregation

Undeveloped Oil & Gas Interests, Western Canada

ASSETS

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

80
FNV

The GOLD Investment that WORKS

160

140

120

100

80

60

40

80

ARCTIC GAS

80

Arctic Ocean
Prince Patrick
Island

Beaufort
Sea Banks

Melville
Island

Island

Axel
Heiberg
Island

Ellesmere
Island

Devon Island

Canada Arctic

Operator:

Royalty:

WI: 3-15%

Northwest
Territories
Norman
Wells

Fort Simpson

Victoria
Island

Echo Bay
Great Bear (Port Radium)
Lake

Bathurst Inlet

Qaanaaq (Thule)

Baffin Bay

Da

Pond
Inlet

Aklavik

Location:

Greenland

Elah

Nunavut

Prince
Charles
Island

70

Str

Baffin
Island

Repulse Bay
Baker Lake

vis

ait

Pangnirtung
Iqaluit

Southampton
Island

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

ASSETS

81
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

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

Exploration Assets
Asset

Operator

Interest and % (1)

Zeox Corporation
Telegraph Gold Corp.
Project Darwin LLC
Sungro Minerals Inc.
Kenneth Henry, Tom Ver Hoef, Amargosa
Hondo Minerals, Inc.
Elkhorn Goldfields LLC
Elkhorn Goldfields LLC
Beartooth Platinum Corp
Barrick Gold Corporation
Tesoro Gold Company
South Meadows Property Ltd.
EP Minerals, LLC
Barrick Gold Corporation
Barrick Gold Corporation
McEwen Mining Inc.
Glamis Marigold Mining Company
Newmont Mining Corporation
Barium, Inc.
Pacific Spar Corp.
Barrick Gold Corporation
Barrick Gold Corporation
McEwen Mining Inc.
Evolving Gold Corp.
Total E&P USA/H&L Newgulf
Bridge Oil
Pacific Coast Mines, Inc.
Geomark Exploration Ltd.
Unico, Inc.
Keystone Surveys
Pathfinder Mines Corp.

$1.50/ton plus escalator (Clay)


1%, 4%, 5% NSR (Au)
5% NSR plus other (Au, etc.)
2% NSR; capped at $2M (Au, Ag, Zn, Cu, Pb)
2% NSR (Au, Ag, Zn)
3% NSR (Au, Ag)
5% NSR (Au)
1.1875% NSR (Au)
2% NSR (All Minerals)
1-5% GR (Au)
1.67% NSR (All Minerals)
2% NSR (Au)
$0.25/short ton plus other
2% NSR (Au)
4% NSR; capped at $500K (Au, Ag)
1.5-2.5% NSR (Au)
5% NSR (Au)
3% NSR (Au)
3% GP (All Precious Metals)
3% GP (Au)
10% NP (Au)
1.5-7.5% NSR (Au, Ag)
1-2% NSR (Au)
2% NSR (Metals, Ores, Minerals & Concentrates)
$0.0028225 per long ton (Sulfur)
20% OR (Uranium)
4% GR (Sulfur)
4% NSR (Au)
5% NSR plus other (Au, Cu, Pb, Zn)
1% NSR (All Minerals)
4% on FMV (Uranium)

ASSETS

UNITED STATES

82
FNV

Zeolites, Arizona
Castle Mountain, California
Darwin, California
Santa Rosa, California
Shoshone, California
Cripple Creek, Colorado
Corbin Wickes, Montana
Elkhorn, Montana
Forest Products (Tuxedo Mine), Montana
Bald Mountain (White Pine), Nevada
Chukar Claims, Nevada
Curtiss-Wright, Nevada
EaglePicher Diatomite II, Nevada
Getchell, Nevada
Goldstrike (Rodeo Creek), Nevada
Limousine Butte, Nevada
Marigold (SAR), Nevada
Marigold (Trout Creek), Nevada
NMC/NGC Deeds Barium, Nevada
NMC/NGC Deeds Pacific Spar, Nevada
Preble, Nevada
Preble (Pinson Fee), Nevada
Tonkin Springs, Nevada
Malone, New Mexico
Boling Dome, Texas
Hobson Pearson, Texas
Texas Sulfur, Texas
Kings Canyon, Utah
Silver Bell, Utah
Tintic, Utah
Davy Crockett, Wyoming

The GOLD Investment that WORKS

Exploration Assets
Asset

Operator

Interest and % (1)

Barrick Gold Corporation


Barkerville Gold Mines Ltd.
0945473 B.C. Ltd.
Roca Mines Inc. (Forty Two Metals Inc.)
Mega Precious Metals Inc.
Alto Ventures Ltd.
Tyhee Gold Corp.
Copper North Mining Corp.
MacDonald Mines Exploration Ltd.
Katrine Exploration and Development Inc.
Katrine Exploration and Development Inc.
Alpha Minerals Inc.
St Andrew Goldfields Ltd.
St Andrew Goldfields Ltd.
Brigus Gold Corp.
Harte Gold Corp.
St Andrew Goldfields Ltd.
Beaufield Resources Inc. (Jiminex option)
Sheltered Oak Resources Corp.
Kirkland Lake Gold Inc.
Kirkland Lake Gold Inc.
Osisko Mining Corporation
Stillwater Canada Inc.
Sabina Gold & Silver Corp.
Redstar Gold Corp.
Sabina Gold & Silver Corp.
Creso Exploration Inc.
Bear Paw Resources Inc.
Richmont Mines Inc.
Noble Mineral Exploration Inc.
Richmont Mines Inc.
Trillium North Minerals Ltd.
John Prochnau
Goldcorp Inc.
Wesdome Gold Mines/Windarra Minerals
Agnico-Eagle Mines Limited
IAMGOLD/Cogitore Resources
Agnico-Eagle Mines Limited
Alto Ventures Ltd.
Eastmain Mines Inc.
Nyrstar NV
Eastmain Resources Inc.
Americas Bullion Royalty Corp.
Newmont Mining Corporation

1% NSR (Au, Ag, Pb)


3% NSR (All Minerals)
1.5% NSR (All Minerals)
2.5% NSR (All Minerals)
2-3% NSR (Au)
1.5-2.5% NSR (All Minerals)
2-3% NSR (All Minerals)
3-4% NSR (Cu, Ag)
ROFR on Diagnos Royalty (Diamonds/Base Metals)
1/3 of a 2-3% NSR (All Minerals)
2-3% NSR (All Minerals)
0.4824% NSR (All Minerals)
1-2% NSR (All Minerals)
0-1% NSR (All Minerals)
1% NSR (All Minerals)
0.5-2.5% NSR (Au)
1% NSR (All Minerals)
0.5-1% NSR (Au)
1-2% NSR (Au)
2% NSR (Au)
2-3% NSR (Au)
2% NSR (Au)
2% NSR (Pt, Pd)
1.5-2% NSR (All Minerals)
1.5-2% NSR (Au)
1% NSR (All Minerals)
Option to acquire 2% NSR (All Minerals)
2-3% NSR (Au)
1.05-1.75% NSR (Au)
Option to purchase 2.25% NSR (Au, Other Minerals)
1.5-2.5% NSR (Au)
2% NSR (All Minerals)
2.5% NSR (All Minerals)
2.5% NSR (All Minerals)
0.5% NSR (All Minerals)
1.5% NSR (All Minerals)
1.275-2.125% NSR (Au)
2-3% NSR (Au)
3% NSR (All Minerals)
1-1.15% NSR on initial 250 koz (Au)
1.5-2% NSR (Au)
2% NSR (All Minerals)
$10-40/oz; capped at $300K (Au)
1.2% NSR (All Minerals)

Straits Resources Limited


Australian Native Landscapes/Hargraves
Emmerson Resources Limited
Legend International Holdings, Inc
ABM Resources NL
Adelaide Resources Limited
Emmerson Resources Limited
North Australian Diamonds Ltd et al
Basin Gold Pty Ltd
Evolution Mining Limited
Millmerran Power Partners
Sovereign Metals/Paladin Energy
Orion Metals Limited
Perilya/Minotaur Exploration
Gold Fields Limited

2.25% NSR (All Minerals)


2.25% NSR (All Minerals)
A$17.10 or A$30/oz (Au)
1% Gross Revenue (All Minerals)
1-2.5% NSR (Au)
1.5-2.5% NSR (All Minerals)
1.29% NSR (Au)
1.25% NPI (All Minerals)
2.75% GR (All Minerals)
2.75% GR (All Minerals)
8.3% of cashflow; NPV threshold (Coal)
2% NSR (All Minerals)
0.5% Gross Returns (Au)/NPI (Other Minerals)
0.5% NSR (Zn)
2.5% GR (All Minerals)

CANADA

ASSETS

Eskay Creek, British Columbia


Myrtle Proserpine, British Columbia
Tide, British Columbia
Trout Lake (MAX Moly Mine), British Columbia
Monument Bay, Manitoba
Oxford Lake, Manitoba
Clan Lake (Sito Lake), NWT
Redstone (Coates Lake), NWT
Butler and Sanderson (Diagnos), Ontario
Catharine 1, Ontario
Catharine 4, Ontario
Detour (Mikwam), Ontario & Quebec
Golden Highway (Aquarius), Ontario
Golden Highway (Central Timmins), Ontario
Golden Highway (Stock), Ontario
Golden Highway (Stoughton), Ontario
Golden Highway (Taylor), Ontario
Hemlo (JOA), Ontario
Kerrs Leases, Ontario
Kirkland Lake (KLG 2% NSR), Ontario
Kirkland Lake (KLG 2-3% NSR), Ontario
Kirkland Lake (Osisko 2% NSR), Ontario
Marathon PGM (Par Lake), Ontario
Newman-Heyson (Madsen), Ontario
Newman-Todd, Ontario
Red Lake (Skinner), Ontario
Shining Tree (Creso), Ontario
Shining Tree (Knight), Ontario
Timmins (Cripple Creek), Ontario
Timmins (Project 81), Ontario
Timmins (Sewell), Ontario
Timmins (West Porcupine), Ontario
Timmins (Whitney 1), Ontario
Timmins (Whitney 2), Ontario
Windarra (East Property), Ontario
Cadillac-Sphinx, Quebec
Casa Berardi (Caribou-Estrees), Quebec
Casa Berardi (Dieppe), Quebec
Destiny (Rochebaucourt), Quebec
Eastmain, Quebec
Galinee, Quebec
Radisson, Quebec
Brewery Creek, Yukon
Wernecke, Yukon

AUSTRALIA
Blayney, New South Wales
Browns Creek, New South Wales
Chariot Gold/Giants Reef, Northern Territory
Legend, Northern Territory
Reynolds Range, Northern Territory
Rover, Northern Territory
Tennant Creek, Northern Territory
Yambarra, Northern Territory
Crush Creek, Queensland
Mt Carlton, Queensland
Power Station, Queensland
Tate River, Queensland
Top Camp, Queensland
Third Plain, S. Australia
Agnew, W. Australia

2013 ASSET HANDBOOK

Franco-Nevada Corporation

83
FNV

Exploration Assets
Asset

Operator

Interest and % (1)

Gold Fields Limited


Norton Gold Fields Limited
Blackham Resources/Phoenix Gold
Westgold Resources Limited
South Boulder Mines/Independence Group
South Boulder Mines/Independence Group
Orex Mining/Maximus Resources
Panoramic Resources Limited
BHP Billiton Limited
Independence Group NL
Orex Mining/Maximus Resources
Mincor Resources NL
Integra Mining Ltd
Phoenix Gold Limited
Mega Uranium Mining /Jaurd/Itochu
Norilsk Nickel
Enterprise Metals Limited
St Barbara Limited
Blackham Resources Ltd
Norton Gold Fields Limited
Breakaway Resources Limited
Gold Fields Limited
Platina Resources Limited
E Bouverie, Trindal P/L, Lucas Gold P/L et al
Echo Resources Limited
Saracen Mineral Holdings Limited
Panoramic Resources Limited
Astro Resources NL
KCGM Pty Ltd (Newmont/Barrick)
Barrick Gold Corporation
Wild Acre Metals Limited

5% GR (Au)
$1/ton (All Minerals)
3% NPI (All Minerals)
1% GR (Au)
2% NSR (All Minerals)
2% NSR (All Minerals)
1% NSR (Au, Other Minerals)
$0.60/tonne (Au)
1.75% NSR (Au, Ag); 1% NSR (Other Minerals)
1-2% NSR (Cu, Zn, Other Metals)
1% NSR (All Minerals)
2% GP (Au)
$10-20/oz (Au)
4.5% GR (Au)
1% NSR (All Minerals)
2% NPI (All Minerals)
2% NSR (All Minerals)
$0.50-1.00/cubic metre (Au)
3-5% NSR (Au); 2% NSR (Ni)
A$0.60/tonne (A$1.00/t x 60%) (Au)
0.5% of Production (Ni)
3% GR (Au)
One-time payment on production (Au and/or Pt)
1-1.5% GR (Au)
0.5 or 1.5% NSR (All Minerals)
0.68-1% NSR (Au)
$0.35/dry tonne (All Minerals)
1% Gross Revenue (All Minerals)
1.25% GR (Au)
1% NSR (All Minerals)
2% NSR (All Minerals)

Amarillo Gold Corporation


Kinross Gold Corporation
Los Andes Copper Limited
Energold Drilling Corp.
First Point Minerals Corp.
Kazakhymys PLC
Penoles
Geoandina Exploraciones SAC
Minera del Norte S.A./Aruntani S.A.C.
Dorato Resources Inc.
Compass Resources/Indo Mines
Nickel Asia Corporation
Ariana Resources PLC
Teck/Koza Altin
Koza Altin
Koza Altin

1% NSR (Au, Ag)


3% NSR (Au)
1-2% NSR (All Minerals)
0.6% NSR (All Minerals)
0.6% NSR (Au, Ag)
$10.41/oz plus escalator (Au)
2-3% NSR (Au, Ag, Base Metals)
1% NSR (Au)
0.1-0.3% NSR (Au)
2% NSR (All Minerals)
1.5% NSR (Au)
Production Payment
2% NSR (Au)
2% NSR (Au)
2.5% NSR (Au)
1.5% NSR (Au)

AUSTRALIA continued
Agnew-Cox, W. Australia
Breakaway Dam (12 Mile), W. Australia
Carbine North (Chadwins Dam), W. Australia
Day Dawn (Big Bell Gold), W. Australia
Duketon Southwest, W. Australia
Duketon West, W. Australia
Flushing Meadow, W. Australia
Gidgee (Wyooda Thangoo), W. Australia
Hampton, W. Australia
Heather Bore/Mount Clifford, W. Australia
Ironstone Well, W. Australia
Jeffreys Gold, W. Australia
Karonie (Aldiss), W. Australia
Lady Jane, W. Australia
Lake Maitland, W. Australia
Lake Percy, W. Australia
Langfords Find, W. Australia
Marvel Loch (May Queen), W. Australia
Matilda, W. Australia
Matt Dam, W. Australia
Miranda (Ni), W.Australia
Miranda Gold, W. Australia
Munni Munni (Elizabeth Hill), W. Australia
Randwick Gold Hill, W. Australia
Red Lake, W. Australia
Red October District, W. Australia
Sandstone II, W. Australia
Tanami, W. Australia
Western Lease, W. Australia
Windich South, W. Australia
Yerilla, W. Australia

ASSETS

REST OF WORLD
Mara Rosa, Brazil
La Coipa, Chile
Vizcachitas, Chile
Hispaniola, Dominican Republic
Camporo (Cacamuya), Honduras
Charaltyn, Kazakhstan
Magallanes, Mexico
Ayahuanca, Peru
Choreveco, Peru
Dorato, Peru
Nangali, Peru
NPI, Philippines
Demirci, Turkey
Hasandagi-Dikmen, Turkey
Karadag, Turkey
Torul, Turkey

84
FNV

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

The GOLD Investment that WORKS

ADDITIONAL INFORMATION

Asset Counts and Categories


Asset Mine Lives
Corporate Organization
Glossary
Cautionary Statements
Corporate Information

ADDITIONAL INFORMATION

ADDITIONAL
INFORMATION

TOTAL ASSET COUNTS


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

Franco-Nevada Asset Tabulation


Gold

PGM

Other Minerals

Total Mineral

Producing
Advanced
Exploration

36
23
115

3
0
2

7
5
20

46
28
137

137

# (1)

183
28
137

Total

174

32

211

137

348

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

86
FNV

The GOLD Investment that WORKS

Oil & Gas

TOTAL

TOTAL ACREAGE OF ASSETS


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

Franco-Nevada Acreage Tabulation


Producing

Advanced

Exploration

TOTAL

Gold - United States


Gold - Canada
Gold - Australia
Gold - Rest of World
PGM
Other Minerals

66,993
132,550
1,038,240
1,290,934
36,450
246,809

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

184,490
578,923
642,988
716,076
18,914
2,719,689

264,931
800,505
1,932,740
2,274,187
55,364
3,072,569

Total Minerals

2,811,976

727,240

4,861,080

8,400,296

Oil & Gas



Total Estimated Acreage

1,542,039

Total Km

40,235

(1)

9,942,335

(1) Gross Acreage.

87
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

ASSET MINE LIVES


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

88
FNV

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

Mine Life (years)

0.0

5.0

10.0

The GOLD Investment that WORKS

15.0

20.0

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

(Canada)

100%

100%

Franco-Nevada
Alberta
Corporation
(Alberta)

100%

Franco-Nevada
Canada Holdings
Corp.
(Canada)

99%

1%

100%

Franco-Nevada
GLW Holdings
Corp.
(British Columbia)
7

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

100%

3
100%

Franco-Nevada
(Barbados)
Corporation
(Barbados)
9

Franco-Nevada
Alberta
Holdings ULC
(Alberta)
8

100%

FN Subco Inc.
(British Columbia)

100%

Franco-Nevada
LRC Holdings
Corp.
(British Columbia)

Franco-Nevada
Australia Pty
Ltd.
(Australia)
4

100%

100%

Minera Global
Copper Chile S.A.
(Chile)

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

5
100%

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

1 Franco-Nevada

Corporation
Properties in Canada
unless noted
Producing:
Canadian Malartic
Cerro San Pedro - Mexico
Edikan - Ghana
Falcondo - Dominion Republic
Golden Highway
Hemlo
Ity - Cote divoire
Kasese - Uganda
Kirkland Lake (Macassa)
Mouska
Musselwhite
Pandora - South Africa
Timmins West

Franco-Nevada U.S.
Corporation
Properties in the US
unless noted

4 Franco-Nevada GLW Holdings

Franco-Nevada Australia
Pty Ltd.
Properties in Australia
unless noted

Corp.
Properties in Canada
unless noted

Producing:
Admiral Hill
Bronzewing
Duketon
East Location 45
Flying Fox
Henty
Mt Keith
Peculiar Knob
South Kalgoorlie
White Dam

Producing:
Bald Mountain
EaglePicher
Gold Quarry
Goldstrike
Hollister
Marigold
Mesquite
Mt Muro - Indonesia
North Lanut - Indonesia
Robinson
Sterling
Stillwater

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

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

Advanced:
Cobre Panama - Panama

Other Advanced & Exploration

Other Advanced & Exploration

Other Advanced & Exploration


Oil & Gas Assets

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

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

8 Franco-Nevada LRC Holdings


Corp.

Advanced:
Relincho - Chile
San Jorge - Argentina
Taca Taca - Argentina

9 FN Subco Inc.

Properties in Ghana
unless noted
Producing:
Subika

Exploration:
Vizcachitas - Chile

2013 ASSET HANDBOOK

Franco-Nevada Corporation

89
FNV

GLOSSARY
A$ means Australian dollars.

fracture means breaks in a rock, usually due to intensive folding or faulting.

Adjusted EBITDA defined by the Corporation as net income (loss) excluding


income tax expense, finance income and costs, foreign exchange gains
and losses, gains and losses on sale of investments, income and losses
from equity investees, depletion and depreciation and impairment charges
related to royalties, streams, working interests and investments.

Franco-Nevada means Franco-Nevada Corporation and is also referred to as


Franco, FNV, the Company, Corporation, management, we, or our
in this Asset Handbook.

Adjusted Net Income defined by Franco-Nevada as net income excluding impairment


charges related to royalties, working interests and investments; fair value changes
for royalties accounted for as derivative assets; foreign currency gains and losses;
gains and losses on sale of investments; and the impact of taxes on all these items.

g/t means grams per tonne.

AMR means Advanced Minimum Royalty and is rent paid to the royalty holder
prior to the payment of royalties on production. Once production begins, the AMR
payments are then credited in full against stream of production royalty payments.
Au means the chemical symbol for the element gold.

Freehold means an interest in real property.

g represents grams.
Gold Wheaton Agreement means the stream purchase
agreement acquired by Franco-Nevada on March 14, 2011.
GOR means Gross Overriding Royalty and is the right to receive a
royalty based on the gross value of the minerals produced with few, if any,
deductions therefrom. Usually employed for non-metallic projects.
GR means Gross Royalty and is a royalty based on all revenues in cash
or in-kind products received by the operator for the sale of product.

bbl means barrel.


Bbls/d means barrels per day.
Bcf means billion cubic feet.
Boe mean barrels of oil equivalent.
Boe/d means barrels of oil equivalent per day.
CAGR means Compounded Annual Growth Rate.
CIM Definitions means the CIM Standards on Mineral Resources
and Reserves Definition and Guidelines adopted by CIM Council
on December 11, 2005, as amended from time to time.
CIM means the Canadian Institute of Mining, Metallurgy and Petroleum.
concentrate is the product of physical concentration process, such
as flotation or gravity concentration, which involves separating ore
minerals from unwanted waste rock. Concentrates require subsequent
processing (such as smelting or leaching) to break down or dissolve
the ore minerals and obtain the desired elements, usually metals.
Cu means the chemical symbol for the element copper.
cut-off grade means the lowest grade of mineral resource considered economic;
used in the calculation of reserves and resources in a given deposit.
diamond drill is a type of drill in which the rock cutting is done by abrasion, with
a diamond impregnated bit, rather than by percussion. The drill cuts a core of rock
which is recovered in long cylindrical sections. Syn: core drill.
dip is the angle between a horizontal plane and an inclined surface such as a rock
formation, fault or vein.
drift is a horizontal passage underground that follows along the length of a vein
of rock formation.
eq or Eq means equivalent.
fault means a fracture in a rock where there has been displacement of the two
sides.

grade means the concentration of each ore metal in a rock sample, usually
given as weight percent. Where extremely low concentrations are involved,
the concentration may be given in grams per tonne (g/t) or oz per ton (oz/t).
Guide 7 means the mining industry guide entitled Description of
Property by Issuers Engaged or to be Engaged in Significant Mining
Operations contained in the Securities Act Industry Guides published by
the United States Securities and Exchange Commission, as amended.
ha means hectares; 10,000 square metres.
heap leaching process is the process of extracting gold and silver
by placing broken ore on an impermeable pad and applying a diluted
cyanide solution that dissolves a portion of the contained gold and
silver, which are then recovered in metallurgical processes.
Indicated Resources has the meaning ascribed to the term
indicated mineral resource pursuant to CIM Definitions.
Infmeans Inferred.
Inferred Resources has the meaning ascribed to the term
inferred mineral resource by CIM Definitions.
JORC means the Australasian Code for Reporting of Mineral Resources
and Reserves prepared by the Joint Ore Reserves Committee of the
Australasian Institute of Mining and Metallurgy, Australian Institute of
Geoscientists and Mineral Council of Australia, as amended.
kg represents kilogram.
km represents kilometre.
km2 represents square kilometre.
koz means thousand ounces.
kt means thousand tonnes.
lb represents pound.

Fe means the chemical symbol for iron.

LOM means life of mine.

feasibility study means a comprehensive study of a mineral deposit


in which all geological, engineering, legal, operation, economic, social,
environmental and other relevant factors are considered in sufficient
detail that it could reasonably serve as a basis by a financial institution
to finance the development of a deposit for mineral production.

M&I means Measured and Indicated.

FH means Freehold.
flotation is a process by which mineral particles are induced to become
attached to bubbles and float, in an ore and water slurry, so that the valuable minerals
are concentrated at the slurry surface and separated from the worthless gangue.

90

m means metres.
Mboe/mboe means thousand barrels of oil equivalent.
Mbbls/mbbls means thousand barrels.
Mcf/mcf means thousand cubic feet.
Measured Resources has the meaning ascribed to the term
measured mineral resource pursuant to CIM Definitions.
Mineral Royalties means the royalty interests in precious and base metal
properties and certain equity interests owned by Franco-Nevada.

FNV

The GOLD Investment that WORKS

mineralization usually implies minerals of value occurring in rocks.


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

Probable Reserve in respect of mineral reserves has the meaning ascribed


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

91
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

CAUTIONARY STATEMENT ON
FORWARD LOOKING STATEMENTS

This Asset Handbook contains certain forward looking information and forward looking statements within the meaning of applicable
Canadian securities laws and the United States Private Securities Litigation Reform Act 1995, respectively, which may include, but are not
limited to, statements with respect to future events or future performance, managements expectations regarding Franco-Nevadas growth,
results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates,
production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business
prospects and opportunities. In addition, statements (including data in tables) relating to reserves and resources together with related
REU calculations are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and
no assurance can be given that the estimates will be realized. Such forward looking statements reflect managements current beliefs and
are based on information currently available to management. Often, but not always, forward looking statements can be identified by
the use of words such as plans, expects, is expected, budget, scheduled, estimates, forecasts, predicts, projects, intends,
targets, aims, anticipates or believes or variations (including negative variations) of such words and phrases or may be identified
by statements to the effect that certain actions may, could, should, would, might or will be taken, occur or be achieved. Forward
looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance
or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied
by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking
statement, including, without limitation, fluctuations in the prices of the primary commodities that drive royalty and stream revenue
(gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil & gas), fluctuations in the value of the Canadian and
Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the US dollar, changes in national and
local government legislation, including permitting and licensing regimes and taxation policies, regulations and political or economic
developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or
through which they are held, risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest,
including changes in the ownership and control of such operators, influence of macroeconomic developments, business opportunities that
become available to, or are pursued by Franco-Nevada, reduced access to debt and equity capital, litigation, title, permit or license disputes
related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, whether or not the Company
is determined to have PFIC status, excessive cost escalation as well as development, permitting, infrastructure, operating or technical
difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, rate and timing of production
differences from resource estimates, risks and hazards associated with the business of development and mining on any of the properties
in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and
metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, and the integration of acquired assets.
The forward looking statements contained in this Asset Handbook are based upon assumptions management believes to be reasonable,
including, without limitation, the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest
by the owners or operators of such properties in a manner consistent with past practice, the accuracy of public statements and disclosures
made by the owners or operators of such underlying properties, no material adverse change in the market price of the commodities that
underlie the asset portfolio, the Companys ongoing income and assets relating to determination of its PFIC status, no adverse development
in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest, accuracy of publicly disclosed
expectations for the development of underlying properties that are not yet in production, integration of acquired assets and the absence of
any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be
no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements and readers are cautioned that forward looking statements are not guarantees of future performance.
Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly, readers
should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with
respect to risks, uncertainties and assumptions, please refer to the Risk Factors section of our AIF, as well as Franco-Nevadas most
recent Managements Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and contained
in Franco-Nevadas Form 40-F filed with the SEC on www.sec.gov. The forward looking statements herein are made as of the dates set out
in this Asset Handbook only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information,
estimates or opinions, future events or results or otherwise, except as required by applicable law.

92
FNV

The GOLD Investment that WORKS

Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards


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

93
FNV

2013 ASSET HANDBOOK

Franco-Nevada Corporation

TECHNICAL AND THIRD PARTY


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

94
FNV

The GOLD Investment that WORKS

CORPORATE INFORMATION
Directors

Head Office

Share Capital

Pierre Lassonde,
Chairman

Exchange Tower
130 King Street West
Suite 740, P.O. Box 467
Toronto, Canada M5X 1E4

As at March 19, 2013

David Harquail,
President & CEO
Derek Evans
Graham Farquharson
Louis Gignac
Randall Oliphant
Hon. David R. Peterson

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

Tel: (416) 306-6300


Fax: (416) 306-6330

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

Common shares
outstanding
Reserved for:
2013 Warrants:
2014 Warrants:
2017 Warrants:
Options & other:
Fully diluted:

146,730,310
4,045,600
136,150
8,510,769
2,337,883
161,760,712

Investor Information
Stefan Axell, Manager,
Investor Relations
info@franco-nevada.com

Australia Office

www.franco-nevada.com

44 Kings Park Road, Suite 41


West Perth, WA 6005

Tel:
(416) 306-6328
Toll Free: (877) 401-3833

Tel: 61-8-6263-4425

Barbados Office
(Effective June 1, 2013)

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

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

Transfer Agent
Computershare Investor
Services Inc.

100 University Avenue, 9th Floor


Toronto, Canada M5J 2Y1
Toll Free: (800) 564-6253
Tel:
(514) 982-7555
service@computershare.com

Auditors
PricewaterhouseCoopers LLP
Toronto, Canada

2017 Warrants: FNV.WT.A


1 warrant + C$75.00
= 1 common share
Expiry: June 16, 2017

New York Stock Exchange


Common shares: FNV

FNV

Printed in Canada using vegetable based inks on


chlorine-free paper containing post consumer product
and which is 100% recyclable.
Concept and Design:
Goodhoofd Inc.

Project Management and Production:


Walter J. Mishko & Co. Inc.

2013 ASSET HANDBOOK

Franco-Nevada Corporation

www.franco-nevada.com

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