Exhibit 99.2

Management’s Discussion and Analysis

This Management’s Discussion and Analysis (“MD&A”) of financial position and results of operations of Franco-Nevada Corporation (“Franco-Nevada”, the “Company”, “we” or “our”) has been prepared based upon information available to Franco-Nevada as at November 3, 2025 and should be read in conjunction with Franco-Nevada’s unaudited condensed consolidated interim financial statements and related notes as at and for the three and nine months ended September 30, 2025 and 2024 (the “financial statements”). The financial statements and this MD&A are presented in U.S. dollars and the financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS Accounting Standards”) applicable to the presentation of condensed interim financial statements, including IAS 34 Interim Financial Reporting.

Readers are cautioned that this MD&A contains forward-looking statements and that actual events may vary from management’s expectations. Readers are encouraged to read the “Cautionary Statement on Forward-Looking Information” at the end of this MD&A and to consult Franco-Nevada’s financial statements which are available on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on Form 6-K furnished to the United States Securities and Exchange Commission (“SEC”) on EDGAR at www.sec.gov. Additional information related to Franco-Nevada, including our Annual Information Form and Form 40-F, are available on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov, respectively. These documents contain descriptions of certain of Franco-Nevada’s producing and advanced royalty and stream assets, as well as a description of risk factors affecting the Company. For additional information, please see our website at www.franco-nevada.com.

Table of Contents


3	Overview
4	Strategy
5	Selected financial information
6	Highlights
10	Guidance
11	Market overview
12	Revenue by asset
13	Review of quarterly financial performance
18	Review of year-to-date financial performance
23	Reversal of impairments of royalties, streams and working interests
23	General and administrative and share-based compensation expenses
23	Other income and expenses
25	Summary of quarterly information
26	Balance sheet review
27	Liquidity and capital resources
32	Critical accounting policies and estimates
32	Outstanding share data
33	Internal control over financial reporting and disclosure controls and procedures
33	Gold equivalent ounces and net gold equivalent ounces
34	Non-GAAP financial measures
38	Cautionary statement on forward-looking information

Abbreviations Used in this Report

The following abbreviations may be used throughout this MD&A:


Abbreviated Definitions
Periods under review		Measurement		Interest types
"Q4"	The three-month period ended December 31	"GEO"	Gold equivalent ounce	"NSR"	Net smelter return royalty
"Q3"	The three-month period ended September 30	"PGM"	Platinum group metals	"GR"	Gross royalty
"Q2"	The three-month period ended June 30	"NGL"	Natural gas liquids	"ORR"	Overriding royalty
"Q1"	The three-month period ended March 31	"oz"	Ounce	"GORR"	Gross overriding royalty
"H2"	The six-month period ended December 31	"oz Au"	Ounce of gold	"FH"	Freehold or lessor royalty
"H1"	The six-month period ended June 30	"oz Ag"	Ounce of silver	"GMR"	Gross margin royalty
		"oz Pt"	Ounce of platinum	"NPI"	Net profits interest
		"oz Pd"	Ounce of palladium	"NRI"	Net royalty interest
Places and currencies		"62% Fe"	62% Fe iron ore fines, dry metric	"WI"	Working interest
"U.S."	United States		tonnes CFR China
"$" or "USD"	United States dollars	"LBMA"	London Bullion Market Association
"C$" or "CAD"	Canadian dollars	"bbl"	Barrel
"R$" or "BRL"	Brazilian reais	"mcf"	Thousand cubic feet
"A$" or "AUD"	Australian dollars	"WTI"	West Texas Intermediate

For definitions of the various types of agreements, please refer to our most recent Annual Information Form filed on SEDAR+ at www.sedarplus.com or our Form 40-F filed on EDGAR at www.sec.gov.

Overview

Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets.


Our Portfolio (at November 3, 2025)
	Precious Metals	Other Mining	Energy	TOTAL
Producing	51	13	56	120
Advanced	30	8	—	38
Exploration	164	85	27	276
TOTAL	245	106	83	434

Our shares are listed on the Toronto and New York stock exchanges under the symbol FNV. An investment in our shares is expected to provide investors with yield and exposure to commodity price and exploration optionality while limiting exposure to cost inflation and other operating risks.


Third Quarter 2025 Management’s Discussion and Analysis	3

Strategy

We believe that combining lower risk gold investments with a strong balance sheet, progressively growing dividends and exposure to exploration optionality is the right mix to appeal to investors seeking to hedge market instability. Since our Initial Public Offering over 17 years ago, we have increased our dividend annually and our share price has outperformed the gold price and all relevant gold equity benchmarks. Creating successful long-term partnerships with operators is a core objective. The alignment and the natural flexibility of royalty and stream financing has made it an attractive source of capital for the cyclical resource sector. We also work to be a positive force in all our communities, providing a safe and diverse workplace, promoting responsible mining and contributing to build community support for the operations in which we invest.

Our revenue is generated from various forms of agreements, ranging from net smelter return royalties, streams, profit-based royalty interests, net royalty interests, working interests and other types of arrangements. We do not operate mines, develop projects or conduct exploration. Franco-Nevada has a free cash flow generating business with no additional capital requirements other than the initial commitment, and management is focused on managing and growing its portfolio of royalties and streams. We recognize the cyclical nature of the industry and have a long-term investment outlook. We maintain a strong balance sheet to minimize financial risk and to provide capital to the industry when it is otherwise scarce.

The advantages of this business model are:

●

Exposure to commodity price optionality;

●

A perpetual discovery option over large areas of geologically prospective lands;

●

No additional capital requirements other than the initial commitment;

●

Limited exposure to cost inflation;

●

A free cash-flow business with limited cash calls;

●

A high-margin business that can generate cash through the entire commodity cycle;

●

A scalable and diversified business in which a large number of assets can be managed with a small stable overhead; and

●

Management that focuses on forward-looking growth opportunities rather than operational or development issues.

Our short-term financial results are primarily tied to the price of commodities and the amount of production from our portfolio of assets. Our attributable production has typically been supplemented by acquisitions of new assets. Over the longer term, our results are impacted by the amount of exploration and development capital available to operators to expand or extend our producing assets or to progress our advanced and exploration assets into production.

The focus of our business is to create exposure to gold and precious metal resource optionality. This principally involves investments in gold mines and providing capital to copper and other base metal mines to obtain exposure to by-product gold, silver and platinum group metals production. We also invest in other metals and energy to expose our shareholders to additional resource optionality. In YTD 2025, 86.2% of our revenue was earned from mining assets, of which 82.5% was earned from precious metals.

A strength of our business model is that our margins are not generally impacted when producer costs increase. The majority of our interests are royalty and streams with payments/deliveries that are based on production levels with no adjustments for the operator’s operating costs. In YTD 2025, these interests accounted for 93.0% of our revenue (YTD 2024 – 92.3%). We also have WI, NPI, NRI and GMR royalties which are based on the margin or profit of the underlying operations.


Third Quarter 2025 Management’s Discussion and Analysis	4

Selected Financial Information


(in millions, except Average Gold Price, GEOs sold, Net GEOs sold,	For the three months ended						For the nine months ended
Adjusted EBITDA Margin, Adjusted Net Income Margin,	September 30,						September 30,
per GEO amounts and per share amounts)	2025			2024			2025			2024

Statistical Measures
Average Gold Price	$	3,456		$	2,477		$	3,199		$	2,296
GEOs sold⁽¹⁾		138,772			110,110			377,450			343,271
Net GEOs sold⁽¹⁾		125,115			97,232			340,129			301,730

Statement of Comprehensive Income
Revenue	$	487.7		$	275.7		$	1,225.5		$	792.6
Costs of sales		47.2			31.9			119.2			94.6
Depletion and depreciation		87.0			54.2			219.4			165.3
Operating income		341.0			182.0			900.3			509.2
Net income		287.5			152.7			744.4			376.7
Basic earnings per share	$	1.49		$	0.79		$	3.86		$	1.96
Diluted earnings per share	$	1.49		$	0.79		$	3.86		$	1.96

Dividends declared per share	$	0.38		$	0.36		$	1.14		$	1.08
Dividends declared (including DRIP)	$	73.7		$	69.3		$	220.0		$	208.3
Weighted average shares outstanding		192.7			192.3			192.6			192.3

Non-GAAP Measures
Cash Costs⁽²⁾	$	47.2		$	31.9		$	119.2		$	94.6
Cash Costs⁽²⁾per GEO sold	$	340		$	290		$	316		$	276
Adjusted EBITDA⁽²⁾	$	427.3		$	236.2		$	1,114.9		$	674.2
Adjusted EBITDA⁽²⁾ per share	$	2.22		$	1.23		$	5.79		$	3.51
Adjusted EBITDA Margin⁽²⁾		87.6	%		85.7	%		91.0	%		85.1	%
Adjusted Net Income⁽²⁾	$	275.0		$	153.9		$	719.0		$	434.7
Adjusted Net Income⁽²⁾ per share	$	1.43		$	0.80		$	3.73		$	2.26
Adjusted Net Income Margin⁽²⁾		56.4	%		55.8	%		58.7	%		54.8	%

Statement of Cash Flows
Net cash provided by operating activities	$	348.0		$	213.6		$	1,067.2		$	586.5
Net cash used in investing activities	$	(208.0)		$	(279.0)		$	(2,097.1)		$	(506.2)
Net cash used in financing activities	$	(64.2)		$	(61.1)		$	(197.1)		$	(178.4)


	As at		As at
	September 30,		December 31,
(expressed in millions)	2025		2024
Statement of Financial Position
Cash and cash equivalents	$	236.7	$	1,451.3
Investments		774.2		325.5
Royalty, stream and working interests, net		6,087.1		4,098.8
Total assets		7,516.9		6,330.4
Deferred income tax liabilities		369.0		238.0
Total shareholders’ equity		6,999.3		5,996.6
Available capital⁽³⁾		1,189.3		2,433.6

Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs sold and Net GEOs sold. Net GEOs sold are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce.

Cash Costs, Cash Costs per GEO sold, Adjusted EBITDA, Adjusted EBITDA per share, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income per share and Adjusted Net Income Margin are non-GAAP financial measures with no standardized meaning under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section of this MD&A for more information on each non-GAAP financial measure.

3	Available capital comprises our cash and cash equivalents and the amount available to borrow under our $1.0 billion revolving credit facility (the “Corporate Revolver”) as referenced in the “Credit Facility” section of this MD&A.


Third Quarter 2025 Management’s Discussion and Analysis	5

Highlights

Financial Update –Q3 2025 compared to Q3 2024

●

$487.7 million in revenue (a new record), +76.9% from $275.7 million in Q3 2024;

●

138,772 GEOs sold (including 11,208 GEOs from Cobre Panama), +26.0% from 110,110 GEOs in Q3 2024;

●

125,115 Net GEOs sold, +28.7% from 97,232 Net GEOs in Q3 2024;

●

Cash Costs of $340 per GEO sold, compared to $290 per GEO sold in Q3 2024;

●

$427.3 million, or $2.22 per share, of Adjusted EBITDA (new records), +80.9% and 80.5%, respectively, from $236.2 million, or $1.23 per share, in Q3 2024;

●

87.6% in Adjusted EBITDA Margin, compared to 85.7% in Q3 2024;

●

$287.5 million, or $1.49 per share, in net income (new records), +88.3% and +88.6%, respectively, from $152.7 million, or $0.79 per share, in Q3 2024;

●

$275.0 million, or $1.43 per share, in Adjusted Net Income (new records), +78.7% and +78.8%, respectively, from $153.9 million, or $0.80 per share, in Q3 2024;

●

56.4% in Adjusted Net Income Margin, compared to 55.8% in Q3 2024;

●

$84.4 million in proceeds and $67.4 million in realized gains from sale of equity investment in Q3 2025 (Q3 2024 – proceeds of $25.9 million, realized gains of $5.0 million);

●

$348.0 million in net cash provided by operating activities, +62.9% from $213.6 million in Q3 2024;

●

$236.7 million in cash and cash equivalents as at September 30, 2025 (December 31, 2024 – $1,451.3 million);

●

$1.2 billion in available capital as at September 30, 2025 (December 31, 2024 – $2.4 billion).

Financial Update –YTD 2025 compared to YTD 2024

●

$1,225.5 million in revenue (a new record), +54.6% from $792.6 million;

●

377,450 GEOs sold (including 11,208 GEOs from Cobre Panama), +10.0% from 343,271 GEOs;

●

340,129 Net GEOs sold, +12.7% from 301,730 GEOs;

●

Cash Costs of $316 per GEO sold, compared to $276 per GEO sold;

●

$1,114.9 million, or $5.79 per share, in Adjusted EBITDA (new records), +65.4% and +65.0%, respectively;

●

91.0% in Adjusted EBITDA Margin (a new record), compared to 85.1%;

●

$744.4 million, or $3.86 per share, in net income (new records), +97.6% and +96.9%, respectively;

●

$719.0 million, or $3.73 per share, in Adjusted Net Income (new records), +65.4% and +65.0%, respectively;

●

58.7% in Adjusted Net Income Margin (a new record), compared to 54.8%;

●

$109.9 million in proceeds and $74.7 million in realized gains from sale of equity investment in YTD 2025 (YTD 2024 – proceeds of $34.4 million, realized gains of $5.2 million);

●

$1,067.2 million in net cash provided by operating activities (a new record), +82.0% compared to prior year.

Corporate Developments

Acquisition of Royalty on AngloGold Ashanti plc’s Arthur Gold Project – Nevada, U.S.

On July 23, 2025, we acquired, through a wholly-owned subsidiary, a 1.0% NSR (of an existing 1.5% NSR) on AngloGold Ashanti plc’s (“AngloGold”) Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation (“Altius”) for $250.0 million in cash, plus a contingent cash payment of $25.0 million. The contingent cash consideration is payable dependent upon the final award outcome of an arbitration process between Altius and AngloGold related to the coverage of the royalty. The final award decision confirming the extent of the area of coverage was received by Altius on August 14, 2025. As such, we expect to make the cash payment of $25.0 million in Q4 2025 following the expiry of any relevant appeal or challenge periods.

Pre-construction Funding of Cascabel Stream – Ecuador

On July 17, 2025, our wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”), funded the second of three equal-sized payments in the amount of $23.3 million to SolGold plc (“SolGold”) for pre-construction activities of the Cascabel project. FNBC acquired the Cascabel stream from SolGold in July 2024 with Osisko Gold Royalties Ltd.’s subsidiary, Osisko Bermuda Limited (“Osisko”), on a 70%/30% basis. Subject to the achievement of certain conditions, FNBC has committed to providing a total of $525.0 million and Osisko a total of $225.0 million for a total combined funding of $750.0 million.

Acquisition of Additional Royalty on Gold Quarry Mine – Nevada, U.S.

On July 11, 2025, through a wholly-owned subsidiary, we acquired from a third party an additional NSR on Nevada Gold Mines LLC’s Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined NSR which provides an annual minimum payment of at least 1,650 gold ounces tied to mineral reserves and stockpiles attributed to the royalty property. Franco-Nevada expects to receive this annual minimum payment through to the end of the mine life with the potential to increase to a higher level if mineral reserves increase beyond current levels. The contingent consideration is payable dependent upon the annual minimum payment.


Third Quarter 2025 Management’s Discussion and Analysis	6

Acquisition of Royalty on Côté Gold Mine – Ontario, Canada

On June 24, 2025, we acquired an existing royalty on the Côté Gold mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold mine is operated through an unincorporated joint venture by IAMGOLD Corporation (“IAMGOLD”) and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (“Sumitomo”) (30%). IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada’s attributable cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.1%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada’s royalty purchase price ($262.5 million).

Financing Package with Discovery Silver Corp. on the Porcupine Complex – Ontario, Canada

On April 15, 2025, we completed a comprehensive financing transaction with Discovery Silver Corp. (“Discovery”) to support its acquisition of the Porcupine complex located near Timmins, Ontario, from Newmont Corporation. The financing package includes: i) a 4.25% NSR, consisting of two tranches, for $300.0 million, on production from the Porcupine complex, ii) a $100.0 million senior secured term loan (the “Discovery Term Loan”), and iii) $48.6 million (C$70.9 million) of equity participation. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine complex.

Porcupine Royalty

The royalty on the Porcupine complex consists of two tranches: (i) a 2.25% NSR in perpetuity on all minerals produced, and (ii) a 2.00% NSR on all minerals produced until the earlier of royalty payments on the tranche equivalent to 72,000 gold ounces or a cash payment equal to a pre-tax annual internal rate of return of 12% in reference to a $100.0 million attributable purchase price.

Discovery Term Loan

The Discovery Term Loan was a $100.0 million, 7-year term loan with an availability period of 2 years from closing at an interest rate of 3-Month Secured Overnight Financing Rate (“3-Month SOFR”) +4.50% per annum and amortization after year 5 at 5% per quarter, with no restrictions on prepayment. The loan provided for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028.

On September 15, 2025, after arranging a $250.0 million revolving credit facility with a syndicate of commercial banks, Discovery terminated the Discovery Term Loan, which remained undrawn as of the date of termination.

Discovery Common Shares

As part of Discovery’s public offering of subscription receipts of approximately $169.5 million (C$247.5 million) which closed on February 3, 2025, we purchased 78,833,333 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of $48.6 million (C$70.9 million). Upon closing of the acquisition of the Porcupine complex by Discovery, the subscription receipts were automatically exchanged for common shares of Discovery.

On September 18, 2025, we sold 26,000,000 shares for aggregate net proceeds of $84.4 million (C$116.5 million) and realized a gain of $67.4 million (C$93.1 million). The proceeds were used to repay our Corporate Revolver and for general corporate purposes.

As our equity investments are accounted for at fair value through other comprehensive income, the fair value gain of $67.4 million is presented within shareholders’ equity. This gain was included within accumulated other comprehensive income and was transferred to retained earnings upon disposal. As such, the gain is not included in, and is incremental to, net income.


Third Quarter 2025 Management’s Discussion and Analysis	7

Acquisition of Precious Metals Stream on Sibanye Stillwater Limited’s Western Limb Mining Operations – South Africa

On February 28, 2025, our wholly-owned subsidiary, FNBC completed the acquisition of a precious metals stream (the “Western Limb Stream”) with reference to specific production from Sibanye Stillwater Limited’s (“Sibanye-Stillwater”) Marikana, Rustenburg and Kroondal mining operations (the “Stream Area”) in South Africa for a purchase price of $500.0 million. The Western Limb Stream is comprised of a gold component for the life of mine (“LOM”) and a platinum component for approximately 25 years.

Key terms:

●

Gold stream deliveries to FNBC are initially based off the platinum, palladium, rhodium and gold (“4E PGM”) production from the Stream Area, according to the following schedule:

o

Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then

o

Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, then

o

80% of gold contained in concentrate for the remaining LOM.

●

Platinum stream deliveries to FNBC are based on platinum production from the Western Limb Stream area, according to the following schedule:

o

1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then

o

Step-up to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, then

o

No further platinum deliveries.

Other terms include:

●

Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold to FNBC.

●

Effective start date of the Western Limb Stream is September 1, 2024. First deliveries related to production from September 1, 2024 to December 31, 2024 were received in March 2025.

Pandora Royalty – South Africa

On February 28, 2025, Franco-Nevada and Sibanye-Stillwater converted Franco-Nevada’s 5% net profit interest on the Pandora property to a 1% net smelter return royalty. Sibanye-Stillwater’s Pandora property forms a portion of its Marikana operations and includes the currently operating E3 decline.

Acquisition of Royalty on Hayasa Metals Inc.’s Urasar Project – Armenia

On January 21, 2025, we acquired a 0.625% NSR covering all minerals produced from Hayasa Metals Inc.’s (“Hayasa”) Urasar gold-copper project in northern Armenia for $0.55 million, pursuant to a joint acquisition agreement with EMX Royalty Corporation (“EMX”).

Acquisition of Mineral Rights with Continental Resources, Inc. – U.S.

Through a wholly-owned subsidiary, we have a strategic relationship with Continental Resources, Inc. (“Continental”) to acquire, through a jointly-owned entity (the “Royalty Acquisition Venture”), royalty rights within Continental’s areas of operation. Franco-Nevada recorded contributions to the Royalty Acquisition Venture of $2.6 million and $7.0 million in Q3 2025 and YTD 2025, respectively (Q3 2024 and YTD 2024 – $1.9 million and $21.1 million, respectively). As at September 30, 2025, Franco-Nevada has remaining commitments of up to $39.3 million.

Canada Revenue Agency Audit

On September 11, 2025, we reached a settlement with the Canada Revenue Agency (the “CRA Settlement”) which provided for a final resolution of Franco-Nevada’s tax dispute in connection with the reassessments under transfer pricing rules of the 2013 to 2019 taxation years (the “Reassessments”) in relation to its Mexican and Barbadian subsidiaries. Under the terms of the CRA Settlement, no payment of any tax in Canada is required on the foreign earnings of the Company’s Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years. Please refer to the “Contingencies – Canada Revenue Agency Audit” section of this MD&A for further details.

Franco-Nevada has posted security in the form of cash totaling $44.1 million (C$61.4 million) and standby letters of credit totaling $47.4 million (C$66.0 million), which the Company expects will be released in the short term.


Third Quarter 2025 Management’s Discussion and Analysis	8

Credit Facility

On July 22, 2025, we drew down $175.0 million of the $1.0 billion unsecured revolving term credit facility (the “Corporate Revolver”) to finance part of the acquisition of the royalty on the Arthur Gold Project, as referenced above. The Corporate Revolver was fully repaid within the quarter, with $100.0 million repaid on August 21, 2025, and $75.0 million on September 22, 2025. Interest expense of $1.2 million incurred in connection with the Corporate Revolver was capitalized as part of the cost of the Arthur Gold Project mineral interest, in accordance with IAS 23 Borrowing Costs.

As at the date of this MD&A, there are four standby letters of credit issued against the Corporate Revolver in relation to the audit by the CRA, as referenced above. These standby letters of credit reduce the available balance under the Corporate Revolver. As such, the available balance on our Corporate Revolver as of the date of this MD&A is $952.6 million.

Dividends

In Q3 2025, we declared a quarterly dividend of $0.38 per share, compared to the dividend of $0.36 per share in Q3 2024. During the quarter, we paid total dividends of $73.7 million, of which $67.3 million was paid in cash and $6.4 million was settled in common shares under our Dividend Reinvestment Plan (the “DRIP”).

In YTD 2025, we paid total dividends of $220.0 million, of which $204.5 million was paid in cash and $15.5 million was settled in common shares under our DRIP.

Portfolio Updates

Additional updates related to our portfolio of assets are available in our News Release issued on November 3, 2025 available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov.

Cobre Panama Updates

Cobre Panama remains on preservation and safe management (“P&SM”) with production halted since November 2023. First Quantum Minerals Ltd. (“First Quantum”) has been working with the Government of Panama (the “GOP”) and the Ministry of Commerce and Industry (the “MICI”) to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panama (the “P&SM Plan”).

On January 6, 2025, Panama’s Ministry of Environment (“MiAmbiente”) released the draft terms of reference for the environmental audit of the Cobre Panama mine. A public consultation process on the terms of reference concluded on February 7, 2025. The overall timeline and final scope for the proposed environmental audit are pending finalization and announcement by MiAmbiente. Separately, an independent audit of the copper concentrate stored on site was completed by the GOP in December 2024, which confirmed the quantities of copper concentrate stored at the facilities.

On January 12, 2025, the Minister of Environment and the Minister of Public Security conducted a site visit of Cobre Panama. During the visit, the ministers toured the mine as well as the process, port and power plant facilities to inspect the upkeep of the mine and the status of surrounding communities and the environment. The visit also enabled the ministers to inspect and approve the export of 7,960 tons of ammonium nitrate stored at the mine’s Punta Rincón port. Export of the ammonium nitrate commenced by road in January 2025.

On May 30, 2025, the GOP, through the MICI, approved and formally instructed the execution of the P&SM Plan by means of MICI Resolution No. 45. The implementation of the P&SM Plan is now underway.

The P&SM Plan approval authorized the export of the 122,520 dry metric tonnes of copper concentrate. Following the first shipment of this material at the end of Q2 2025, the remaining concentrate was exported during Q3 2025. First Quantum reported that it expects to use the proceeds from the concentrate sales to fund P&SM activities including local supply and procurement in Panama and the ongoing environmental stewardship of the mine and its surroundings.

The execution of the P&SM Plan also provides for the import of fuel and the restart of Cobre Panama’s thermoelectric power plant (“power plant”). First Quantum has commenced pre-commissioning of the power plant and the mobilization of specialists to site. The power plant is currently anticipated to restart in Q4 2025, with the first 150MW unit expected to be fired and synchronized with the national grid in November 2025.

On October 10, 2025, MiAmbiente issued the order for SGS Panama Control Services Inc. (“SGS”) to proceed with the integral audit of the Cobre Panamá Project. MiAmbiente and MICI, together with SGS, are coordinating the audit planning and implementation, which is expected to cover environmental, social, legal and fiscal compliance aspects.

During Q3 2025, Franco-Nevada received 11,208 GEOs in stream deliveries in reference to the shipped copper concentrate and expects approximately 1,000 GEOs in Q4 2025 or early Q1 2026. As a result of the stream deliveries, we recorded a partial impairment reversal of $4.8 million, of which $4.1 million was recorded in Q2 2025 and $0.7 million in Q3 2025.


Third Quarter 2025 Management’s Discussion and Analysis	9

Arbitration Proceedings

On March 31, 2025, First Quantum announced it had agreed to discontinue its International Chamber of Commerce arbitration proceedings and has also agreed to suspend its Canada-Panama Free Trade Agreement arbitration.

On June 18, 2025, Franco-Nevada agreed to suspend its arbitration proceeding against the GOP. Franco-Nevada reiterates its hope for a resolution with the State of Panama providing the best outcome for the Panamanian people and all parties involved.

Salares Norte Royalty Buy-Back

In May 2025, Gold Fields Limited exercised its option to buy back 1% of Franco-Nevada’s 2% NSR on Salares Norte after having paid $6.0 million in cumulative royalty payments.

Guidance

The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the “Cautionary Statement on Forward-Looking Information” section at the end of this MD&A and the “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov. The 2025 guidance is based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.

We present our guidance in reference to GEO sales. For streams, our guidance reflects GEOs that have been delivered from the operators of our assets and that we have subsequently sold. Our GEO deliveries may differ from operators’ production based on timing of deliveries and due to recovery and payability factors. Our GEO sales may differ from GEO deliveries based on the timing of the sales. For royalties, GEO guidance reflects the timing of royalty payments or accruals.

Our 2025 revised guidance is based on the following assumed commodity prices for the remainder of 2025: $3,800/oz Au, $47.50/oz Ag, $1,450/oz Pt, $1,350/oz Pd, $100/tonne Fe 62% CFR China, $60/bbl WTI oil and $3.00/mcf Henry Hub natural gas.

We earned record revenue during the first nine months of 2025, driven by record gold prices and a robust performance across our portfolio. We further benefited from additional deliveries from Cobre Panama and initial contributions from our recently acquired Côté Gold royalty, both of which were not included in our original guidance. We now expect to exceed our initial Precious Metal GEO sales guidance.

For Total GEO sales, we have narrowed our guidance range, toward the higher end of our original guidance. Total GEOs, which include GEOs from our non-gold assets, are impacted by the relative performance of commodity prices relative to gold. Our initial guidance assumed a gold price of $2,800/ounce. For reference, a $100 increase in the price of gold from our initial assumption of $2,800/oz results in a decrease of approximately 4,750 GEOs, with all other commodity prices and production levels held constant.

The table below presents our revised Precious Metal GEO sales guidance and reiterates our Total GEO sales guidance for 2025:


	2025 Revised Guidance	2025 Initial Guidance	YTD 2025 Actual
Precious Metal GEO sales	420,000 - 440,000	385,000 - 425,000	312,181
Total GEO sales	495,000 - 525,000	465,000 - 525,000	377,450

We expect our streams to contribute between 255,000 and 285,000 of our GEO sales for 2025. For YTD 2025, we sold 202,148 GEOs from our streams.

Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental as part of our remaining commitment of $39.3 million.

Interest revenue: Interest revenue from our loans receivable in 2025 is expected to be between $13.0 million and $15.0 million.

Depletion expense: We expect to exceed our previously stated depletion and depreciation expense estimate due to the addition of Côté Gold, and now anticipate between $300.0 million and $315.0 million for 2025. In YTD 2025, depletion expense was $219.4 million.

Income tax: We expect our annual effective tax rate to be between 19% and 22%.

Capital commitments: We anticipate making the third pre-construction payment for the Cascabel stream of $23.3 million in late 2025. As of September 30, 2025, our remaining capital commitment to the Royalty Acquisition Venture with Continental was $39.3 million, of which between $3.0 million and $5.0 million is expected to be deployed in Q4 2025. Refer to the “Commitments” section of this MD&A for further details on our other commitments.


Third Quarter 2025 Management’s Discussion and Analysis	10

Market Overview

The prices of gold and other precious metals are the largest factors in determining profitability and cash flow from operations for Franco-Nevada. The price of gold can be volatile and is affected by macroeconomic and industry factors that are beyond our control. Major influences on the gold price include interest rates, fiscal and monetary stimulus, inflation expectations, currency exchange rate fluctuations including the relative strength of the U.S. dollar and supply and demand for gold.

Commodity price volatility also impacts the number of GEOs when reflecting revenue from non-gold commodities as GEOs. Silver, platinum, palladium, iron ore, other mining commodities and oil and gas are reflected as GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may refer to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. Refer to the commodity price tables on pages 13 and 18 of this MD&A for further details.

Gold prices rallied in the first nine months of 2025, reflecting strong safe haven demand, central bank buying, anticipations of U.S. interest rate cuts, and economic uncertainty. Silver prices also increased due to robust industrial and safe haven demand. During this same time period, oil and gas prices fell due to economic uncertainty and oversupply. Subsequent to quarter-end, precious metal prices pulled back from their historic highs reached in mid-October 2025.


Third Quarter 2025 Management’s Discussion and Analysis	11

Revenue by Asset

The following table details revenue for the three and nine months ended September 30, 2025 and 2024:


		For the three months ended				For the nine months ended
(expressed in millions)	Interest and %	September 30,				September 30,
Property	(Gold unless otherwise indicated)	2025		2024		2025		2024
PRECIOUS METALS
South America
Candelaria	Stream 68% Gold & Silver	$	57.6	$	32.5	$	168.5	$	100.6
Antapaccay	Stream (indexed) Gold & Silver		42.9		31.2		90.3		92.4
Antamina	Stream 22.5% Silver		30.2		15.2		74.8		41.2
Tocantinzinho	Stream 12.5%		21.4		2.9		51.1		2.9
Condestable	Stream Gold & Silver, Fixed through 2025		11.1		7.9		30.3		22.0
Yanacocha	NSR 1.8%		9.5		2.9		22.7		2.9
Salares Norte	NSR 1%		6.8		—		11.2		—
Other			0.1		2.2		3.7		5.5
Central America & Mexico
Guadalupe-Palmarejo	Stream 50%	$	47.1	$	22.0	$	126.5	$	62.9
Cobre Panama⁽²⁾	Stream (indexed) Gold & Silver		38.3		—		38.3		0.1
Canada
Detour Lake	NSR 2%	$	13.4	$	9.3	$	33.5	$	22.9
Hemlo	NSR 3%, NPI 50%		4.1		3.1		33.2		12.2
Côté Gold	GMR 7.5%		18.5		—		19.9		—
Porcupine	NSR 4.25%		9.7		—		16.3		—
Greenstone	NSR 3%		5.7		3.3		13.5		4.2
Kirkland Lake (Macassa)	NSR 1.5-5.5%, NPI 20%		4.1		2.4		11.4		6.8
Musselwhite	NPI 5%		1.4		—		10.0		1.8
Sudbury	Stream 50% PGM & Gold		3.3		2.2		9.2		8.7
Brucejack	NSR 1.2%		3.2		2.6		6.7		4.6
Magino	NSR 3%		2.8		1.2		6.2		3.7
Other			2.1		1.8		6.6		6.4
United States
Goldstrike	NSR 2-4%, NPI 2.4-6%	$	5.8	$	3.6	$	14.0	$	14.2
Bald Mountain	NSR/GR 0.875-5%		5.0		3.3		14.1		11.7
Stillwater	NSR 5% PGM		4.8		4.3		10.7		15.6
Marigold	NSR 1.75-5%, GR 0.5-4%		2.3		2.0		6.5		4.0
Gold Quarry	NSR 7.29%		0.2		0.3		0.5		1.1
Other			7.2		3.8		17.3		8.6
Rest of World
Western Limb	Stream Gold (indexed) & 1% Platinum	$	16.7	$	—	$	47.1	$	—
Subika (Ahafo)	NSR 2%		11.3		10.4		37.3		27.0
Tasiast	NSR 2%		8.8		7.9		23.2		21.8
Sabodala	Stream 6%, Fixed to 105,750 oz		8.2		5.9		22.8		16.3
Duketon	NSR 2%		2.6		3.0		6.7		8.2
MWS	Stream 25%		—		18.8		—		51.6
Other			10.3		5.7		27.1		16.8
		$	416.5	$	211.7	$	1,011.2	$	598.7
DIVERSIFIED
Vale	Various Royalty Rates	$	13.3	$	8.8	$	29.3	$	28.4
LIORC	GORR 0.7% Iron Ore, IOC Equity 1.5%⁽¹⁾		1.8		3.3		5.4		10.5
Other mining assets			2.6		2.7		10.0		7.4
United States (Energy)
Marcellus	GORR 1%	$	6.8	$	6.7	$	23.0	$	19.6
Haynesville	Various Royalty Rates		7.4		3.8		21.7		15.2
SCOOP/STACK	Various Royalty Rates		10.0		7.0		32.9		23.0
Permian Basin	Various Royalty Rates		9.6		11.8		36.3		30.8
Other			—		—		0.2		0.2
Canada (Energy)
Weyburn	NRI 11.71%, ORR 0.44%, WI 2.56%	$	10.5	$	11.2	$	30.0	$	34.6
Orion	GORR 4%		3.0		3.7		9.3		10.9
Other			2.1		2.2		6.5		6.8
		$	67.1	$	61.2	$	204.6	$	187.4
Revenue from royalty, stream and working interests		$	483.6	$	272.9	$	1,215.8	$	786.1
Interest revenue and other interest income		$	4.1	$	2.8	$	9.7	$	6.5
Total revenue		$	487.7	$	275.7	$	1,225.5	$	792.6

1	Includes interest attributable to Franco-Nevada’s 9.9% equity ownership of Labrador Iron Ore Royalty Corporation.

2	Revenue from Cobre Panama in 2024 relates to the finalization of sales from 2023 vessels.


Third Quarter 2025 Management’s Discussion and Analysis	12

Review of Quarterly Financial Performance

The prices of precious metals, iron ore, and oil and gas and production from our assets are the largest factors in determining our profitability and cash flow from operations. The following table summarizes average commodity prices and average exchange rates during the periods presented.



Quarterly average prices and rates		Q3 2025		Q3 2024		Variance
Gold⁽¹⁾	($/oz)	$	3,456	$	2,477	39.5	%
Silver⁽¹⁾	($/oz)		39.38		29.42	33.9	%
Platinum⁽¹⁾	($/oz)		1,385		963	43.8	%
Palladium⁽¹⁾	($/oz)		1,171		970	20.7	%
Iron Ore Fines 62% Fe CFR China	($/tonne)		101		100	1.0	%

Edmonton Light	(C$/bbl)		85.08		98.26	(13.4)	%
West Texas Intermediate	($/bbl)		64.93		75.09	(13.5)	%
Henry Hub	($/mcf)		3.07		2.24	37.1	%

CAD/USD exchange rate⁽²⁾			0.7261		0.7333	(1.0)	%

Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver.

Based on Bank of Canada daily rates.

Revenue and GEOs

Revenue and GEO sales by commodity, geographical location and type of interest for the three months ended September 30, 2025 and 2024 were as follows:


	Gold Equivalent Ounces⁽¹⁾			Revenue (in millions)
For the three months ended September 30,	2025	2024	Variance	2025		2024		Variance
Commodity
Gold	101,068	71,100	29,968	$	351.6	$	177.6	$	174.0
Silver	15,407	11,111	4,296		55.4		28.5		26.9
PGM	2,634	2,166	468		9.5		5.6		3.9
Precious Metals	119,109	84,377	34,732	$	416.5	$	211.7	$	204.8
Iron ore⁽²⁾	4,451	5,528	(1,077)	$	15.1	$	12.1	$	3.0
Other mining assets	758	1,068	(310)		2.6		2.7		(0.1)
Oil	9,580	14,366	(4,786)		30.4		32.5		(2.1)
Gas	3,336	2,576	760		14.3		8.4		5.9
NGL	1,538	2,195	(657)		4.7		5.5		(0.8)
Diversified	19,663	25,733	(6,070)	$	67.1	$	61.2	$	5.9
Revenue from royalty, stream and working interests	138,772	110,110	28,662	$	483.6	$	272.9	$	210.7
Interest revenue and other interest income	—	—	—	$	4.1	$	2.8	$	1.3
	138,772	110,110	28,662	$	487.7	$	275.7	$	212.0

Geography
South America	55,152	42,404	12,748	$	194.0	$	105.5	$	88.5
Central America & Mexico	24,518	8,860	15,658		85.7		22.4		63.3
Canada⁽²⁾	24,753	18,653	6,100		89.8		49.1		40.7
United States	17,273	19,363	(2,090)		59.3		46.9		12.4
Rest of World	17,076	20,830	(3,754)		58.9		51.8		7.1
	138,772	110,110	28,662	$	487.7	$	275.7	$	212.0

Type
Revenue-based royalties	48,697	46,787	1,910	$	167.5	$	113.1	$	54.4
Streams	78,844	54,805	24,039		276.9		138.6		138.3
Profit-based royalties	9,548	4,575	4,973		33.1		11.4		21.7
Interest revenue and other⁽²⁾	1,683	3,943	(2,260)		10.2		12.6		(2.4)
	138,772	110,110	28,662	$	487.7	$	275.7	$	212.0

Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs.

Includes interest attributable to Franco-Nevada’s 9.9% equity ownership of Labrador Iron Ore Royalty Corporation.


Third Quarter 2025 Management’s Discussion and Analysis	13

We recognized $487.7 million in revenue in Q3 2025, an increase of 76.9% from Q3 2024, primarily due to record gold prices and contributions from Precious Metal assets which were acquired or commenced production in the past year. During the quarter, we also received deliveries from Cobre Panama as a result of the shipment of copper concentrate that had been stored at site. Revenue from our Diversified assets also increased, largely due to higher contributions from our Vale royalty and natural gas assets. Revenue also includes interest revenue of $4.1 million related to our loans receivable.

In Q3 2025, we earned 85.4% of our revenue from Precious Metals, compared to 76.8% in Q3 2024. Geographically, 88.0% of our revenue was derived from the Americas in Q3 2025, compared to 81.2% in Q3 2024.

We sold 138,772 GEOs in Q3 2025, an increase of 26.0% compared to 110,110 GEOs in Q3 2024. A comparison of our sources of GEOs in Q3 2025 to Q3 2024 is shown below:


Third Quarter 2025 Management’s Discussion and Analysis	14

Precious Metals

Our Precious Metal assets contributed 119,109 GEOs in Q3 2025, an increase of 41.2% compared to 84,377 GEOs in Q3 2024, primarily due to the following:

●

Cobre Panama – We received and sold 11,208 GEOs from Cobre Panama. While Cobre Panama remains on P&SM, concentrate that had been stored at site since November 2023, when production was suspended, was approved for export by the GOP.

●

Côté Gold – We earned 5,343 GEOs from our Côté Gold royalty, which we acquired in June 2025. In June 2025, IAMGOLD announced that the Côté Gold mine achieved nameplate throughput after operating at 36,000 tonnes per day on average over thirty consecutive days. Costs at the mine and mill are expected to decrease from current levels following the completion of ramp-up and stabilization activities and the installation of an additional secondary crusher in Q4 2025.

●

Tocantinzinho – We received and sold 6,115 GEOs from Tocantinzinho in Q3 2025, compared to 1,108 GEOs in Q3 2024. During the quarter, the mine achieved its highest quarterly gold production since reaching commercial production.

●

Western Limb – We received and sold 4,838 GEOs from our gold and platinum stream on Sibanye-Stillwater’s Western Limb mining operations acquired in February 2025. We continue to benefit from increased platinum prices and expect further benefits as prices steadily increase subsequent to quarter-end.

●

Guadalupe-Palmarejo – We received and sold 13,227 GEOs from Guadalupe-Palmarejo, compared to 8,720 GEOs in Q3 2024, reflecting higher production from Palmarejo and a greater proportion of production being mined from stream ground.

The above increases were partly offset by the following:

●

MWS – There were no GEO deliveries from MWS as our stream reached its cumulative cap of 312,500 gold ounces in Q4 2024. In the prior year quarter, MWS had delivered 7,577 GEOs.

Diversified

Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $67.1 million in revenue compared to $61.2 million in Q3 2024, an increase of 9.6%. However, when converted to GEOs, our Diversified assets contributed 19,663 GEOs compared to 25,733 GEOs in Q3 2024, a decrease of 23.6% when compared to Q3 2024 due to the impact of higher gold prices on the conversion of non-gold revenue to GEOs.

Iron Ore and Other Mining

Our Iron Ore and Other Mining assets generated $17.7 million in Q3 2025, an increase compared to $14.8 million in Q3 2024.

●

Vale Royalty – We recorded $13.3 million in revenue from our Vale Royalty in Q3 2025 compared to $8.8 million in Q3 2024. The increase is due to initial contributions from the Southeastern System, where the cumulative sales threshold of 1.7 billion tonnes of iron ore was reached in Q2 2025.

●

LIORC – Labrador Iron Ore Royalty Corporation (“LIORC”) contributed $1.8 million in revenue in Q3 2025 compared to $3.3 million in Q3 2024. LIORC declared a cash dividend of C$0.40 per common share in the current period, compared to C$0.70 in Q3 2024. Production in Q3 2025 was constrained as IOC focuses on pit health, with lower ore feed to the concentrator.

Energy

Our Energy interests contributed $49.4 million in revenue in Q3 2025, 6.5% higher than $46.4 million in Q3 2024.

●

U.S. – Revenue from our U.S. Energy interests increased to $33.8 million in Q3 2025, compared to $29.3 million in Q3 2024. The increase was largely driven by higher production from our SCOOP/STACK interests acquired with Continental and higher realized natural gas prices when compared to Q3 2024.

●

Canada – Revenue from our Canadian Energy interests was $15.6 million in Q3 2025, compared to $17.1 million in the prior year quarter, primarily due to lower oil prices.

Interest revenue

Revenue in Q3 2025 included interest revenue of $4.1 million related to our loans receivable. Our loans include term loans to G Mining Ventures Corp. and EMX with principal amounts outstanding of $79.1 million and $25.0 million, respectively, as at September 30, 2025.

On September 15, 2025, after arranging a $250 million revolving credit facility with a syndicate of commercial banks, Discovery terminated the Discovery Term Loan agreement. No funds had been advanced under the Discovery Term Loan.

In September 2025, EMX and Elemental Altus Royalties Corp. (“Elemental Altus”) announced a proposed arrangement pursuant to which Elemental Altus would acquire all of the issued and outstanding common shares of EMX. The EMX term loan would become due and payable in full upon occurrence of EMX’s change of control.


Third Quarter 2025 Management’s Discussion and Analysis	15

Costs of Sales

The following table provides a breakdown of costs of sales, excluding depletion and depreciation, incurred in the periods presented:


	For the three months ended September 30,
(expressed in millions)	2025		2024		Variance
Costs of stream sales	$	43.2	$	26.9	$	16.3
Mineral production taxes		0.9		0.6		0.3
Mining costs of sales	$	44.1	$	27.5	$	16.6
Energy costs of sales		3.1		4.4		(1.3)
	$	47.2	$	31.9	$	15.3

Costs of sales related to our streams increased compared to Q3 2024, reflecting the increase in stream GEOs and higher costs per ounce for streams where the ongoing purchase price varies as a function of spot prices. Costs of sales related to our Energy assets decreased compared to the prior year period due to lower property taxes, which are reassessed from time to time. Energy costs of sales also include royalties payable and production taxes which vary based on revenue. Costs of sales incurred in Q3 2025 compared to Q3 2024 are shown below:


Third Quarter 2025 Management’s Discussion and Analysis	16

Depletion and Depreciation

Depletion and depreciation expense totaled $87.0 million in Q3 2025 compared to $54.2 million in Q3 2024. The increase compared to the prior year period is due to a higher proportion of our GEOs being generated from recently acquired assets which carry a relatively higher depletion rate per ounce. Depletion rates per ounce decrease over time when mineral resources are converted into mineral reserves. The increase in depletion expense incurred in Q3 2025 compared to Q3 2024 is shown below:

Gain on Sale of Gold and Silver Bullion

Certain of our royalties are settled in-kind with gold and silver bullion rather than cash payments. In Q3 2025, we sold 9,000 gold ounces with a carrying value of $28.2 million for proceeds of $31.3 million and realized a gain of $3.1 million. At September 30, 2025, we held 2,902 ounces of gold and 12,713 ounces of silver at a carrying value of $9.5 million and $0.3 million, respectively.

Income Taxes

Income tax expense was $74.9 million in Q3 2025, an increase compared to $42.2 million in Q3 2024 due to higher income before taxes earned in the quarter.

Net Income and Adjusted Net Income

Net income for Q3 2025 was $287.5 million, or $1.49 per share, compared to $152.7 million, or $0.79 per share, in Q3 2024. The increase is primarily attributable to higher revenue partly offset by higher costs of sales and depletion expense. Adjusted Net Income for the same period was $275.0 million, or $1.43 per share, compared to $153.9 million, or $0.80 per share, in Q3 2024. Please refer to the “Non-GAAP Financial Measures” section of this MD&A for further details on the computation of Adjusted Net Income.


Third Quarter 2025 Management’s Discussion and Analysis	17

Review of Year-to-Date Financial Performance

The following table summarizes average commodity prices and average exchange rates during the periods presented.



Average prices and rates		YTD 2025		YTD 2024		Variance
Gold⁽¹⁾	($/oz)	$	3,199	$	2,296	39.3	%
Silver⁽¹⁾	($/oz)		34.98		27.21	28.6	%
Platinum⁽¹⁾	($/oz)		1,142		951	20.1	%
Palladium⁽¹⁾	($/oz)		1,041		973	7.0	%
Iron Ore Fines 62% Fe CFR China	($/tonne)		101		112	(9.8)	%

Edmonton Light	(C$/bbl)		88.63		99.98	(11.4)	%
West Texas Intermediate	($/bbl)		66.70		77.54	(14.0)	%
Henry Hub	($/mcf)		3.48		2.22	56.8	%

CAD/USD exchange rate⁽²⁾			0.7152		0.7350	(2.7)	%

1	Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver.

2	Based on Bank of Canada daily rates.

Revenue and GEOs

Revenue and GEO sales by commodity, geographical location and type of interest for the nine months ended September 30, 2025 and 2024 were as follows:


	Gold Equivalent Ounces⁽¹⁾			Revenue (in millions)
For the nine months ended September 30,	2025	2024	Variance	2025		2024		Variance

Commodity
Gold	265,329	215,662	49,667	$	855.9	$	495.4	$	360.5
Silver	39,418	34,799	4,619		130.6		81.5		49.1
PGM	7,434	9,284	(1,850)		24.7		21.8		2.9
Precious Metals	312,181	259,745	52,436	$	1,011.2	$	598.7	$	412.5
Iron ore⁽²⁾	10,536	17,984	(7,448)	$	34.7	$	38.9	$	(4.2)
Other mining assets	3,215	3,223	(8)		10.0		7.4		2.6
Oil	33,411	44,713	(11,302)		95.9		94.6		1.3
Gas	12,078	11,450	628		48.5		31.5		17.0
NGL	6,029	6,156	(127)		15.5		15.0		0.5
Diversified	65,269	83,526	(18,257)	$	204.6	$	187.4	$	17.2
Revenue from royalty, stream and working interests	377,450	343,271	34,179	$	1,215.8	$	786.1	$	429.7
Interest revenue and other interest income	—	—	—	$	9.7	$	6.5	$	3.2
	377,450	343,271	34,179	$	1,225.5	$	792.6	$	432.9

Geography
South America	149,557	130,868	18,689	$	486.2	$	299.9	$	186.3
Central America & Mexico	50,112	27,891	22,221		165.6		64.0		101.6
Canada⁽²⁾	68,189	57,997	10,192		227.4		140.6		86.8
United States	56,897	64,191	(7,294)		178.3		144.9		33.4
Rest of World	52,695	62,324	(9,629)		168.0		143.2		24.8
	377,450	343,271	34,179	$	1,225.5	$	792.6	$	432.9

Type
Revenue-based royalties	139,833	138,222	1,611	$	445.3	$	312.8	$	132.5
Streams	202,148	172,526	29,622		659.0		398.6		260.4
Profit-based royalties	27,567	18,997	8,570		86.0		43.2		42.8
Interest revenue and other⁽²⁾	7,902	13,526	(5,624)		35.2		38.0		(2.8)
	377,450	343,271	34,179	$	1,225.5	$	792.6	$	432.9

1	Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs.

2	Includes interest attributable to Franco-Nevada’s 9.9% equity ownership of Labrador Iron Ore Royalty Corporation.


Third Quarter 2025 Management’s Discussion and Analysis	18

We recognized $1,225.5 million in revenue in YTD 2025, up 54.6% from YTD 2024. Revenue in the current period benefited from record gold prices, recently acquired Precious Metal assets, and higher natural gas prices compared to the prior year period. During the period, we also received deliveries from Cobre Panama as a result of the shipment of copper concentrate that had been stored at site. Revenue also includes interest revenue and other interest income of $9.7 million related to our loans receivable.

We earned 82.5% of our YTD 2025 revenue from Precious Metal assets, compared to 75.6% in YTD 2024. Geographically, we remain heavily invested in the Americas, with 86.3% of revenue in YTD 2025, compared to 81.9% in YTD 2024.

We sold 377,450 GEOs in YTD 2025, a 10.0% increase compared to 343,271 GEOs in YTD 2024. The increase in GEO sales generated from our Precious Metal assets was partly offset by the decrease in GEO contributions from our Diversified assets. The conversion of revenue from our non-gold assets into GEOs was impacted by the outperformance of gold prices relative to other commodities. A comparison of our sources of GEOs in YTD 2025 to YTD 2024 is shown below:


Third Quarter 2025 Management’s Discussion and Analysis	19

Precious Metals

Our Precious Metal assets contributed 312,181 GEOs in YTD 2025, up 20.2% from 259,745 GEOs in YTD 2024, primarily due to the following:

●

Tocantinzinho – We received and sold 15,777 GEOs from Tocantinzinho in YTD 2025, of which 667 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024. Production at the mine commenced in July 2024. Nameplate capacity of 12,890 tonnes per day was reached in July 2025.

●

Western Limb – We received and sold 14,624 GEOs from our recently acquired gold and platinum stream on Western Limb. The stream had an effective date of September 1, 2024.

●

Guadalupe-Palmarejo – We received and sold 38,661 GEOs from Guadalupe-Palmarejo, of which 2,216 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024, compared to 27,430 GEOs sold in YTD 2024. The current period benefited from higher production from Palmarejo and a greater proportion of production being mined from stream ground.

●

Cobre Panama – We received and sold 11,208 GEOs from Cobre Panama. While Cobre Panama remains on P&SM, concentrate that had been stored at site since November 2023 when production was suspended were approved for export by the GOP.

●

Candelaria – We received and sold 52,858 GEOs from our Candelaria stream, of which 3,333 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024, compared to 43,702 GEOs sold in YTD 2024. Production in YTD 2025 benefited from increased throughput due to higher overall production. Production is expected to continue at similar levels through Q4 2025.

The above increases were partly offset by the following factors:

●

MWS – There were no GEO deliveries from MWS as our stream reached its cumulative cap of 312,500 gold ounces in Q4 2024. In the prior year period, MWS had delivered 22,412 GEOs.

●

Antapaccay – We received and sold 28,067 GEOs from our Antapaccay stream in YTD 2025, compared to 40,807 GEOs sold in YTD 2024, primarily reflecting a delay in the timing of shipments from the mine in Q2 2025. We expect a stronger Q4 2025, having recovered from the delays in shipments.

Diversified

Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $204.6 million in revenue in YTD 2025, an increase of 9.2% compared to $187.4 million in YTD 2024. When converted to GEOs, Diversified assets contributed 65,269 GEOs in YTD 2025, a decrease of 21.9% compared to YTD 2024, due to changes in gold prices used in the conversion of non-gold revenue into GEOs.

Iron Ore and Other Mining

Our Iron Ore and Other Mining assets generated $44.7 million in YTD 2025, compared to $46.3 million in YTD 2024.

●

Vale Royalty – Revenue from Vale was $29.3 million in YTD 2025 compared to $28.4 million in YTD 2024. Sales from the Southeastern System were attributed to the royalty after the cumulative threshold of 1.7 billion tonnes of iron ore was reached in Q2 2025. This benefit was partly offset by lower iron ore prices in YTD 2025 compared to YTD 2024.

●

LIORC – LIORC contributed $5.4 million in revenue in YTD 2025 compared to $10.5 million in YTD 2024. Production of iron ore at IOC is expected to be at lower end of 2025 production guidance as IOC focuses on pit health.

●

Caserones – Revenue from our effective NSR on the Caserones mine was $4.3 million in YTD 2025, an increase compared to $4.0 million in YTD 2024.

Energy

Our Energy interests contributed $159.9 million in revenue in YTD 2025, compared to $141.1 million in YTD 2024.

●

U.S. – Revenue from our U.S. Energy interests increased to $114.1 million in YTD 2025, compared to $88.8 million in YTD 2024. We benefited from an increase in realized gas prices, strong performance from our royalties in the Permian Basin and additional volumes from our royalty venture with Continental in the SCOOP/STACK, partly offset by the impact of lower oil prices.

●

Canada – Revenue from our Canadian Energy interests decreased to $45.8 million in YTD 2025, compared to $52.3 million in YTD 2024. The decrease in revenue is primarily attributable to a lower oil price.

Interest revenue

Revenue in YTD 2025 included interest revenue of $9.7 million related to our loans receivable. Our loans include term loans to G Mining Ventures Corp. and EMX with principal amounts outstanding of $79.1 million and $25.0 million, respectively, as at September 30, 2025.

On April 15, 2025, we received a prepayment of $10.0 million from EMX in connection with the $35.0 million term loan advanced in 2024.


Third Quarter 2025 Management’s Discussion and Analysis	20

Costs of Sales

The following table provides a breakdown of costs of sales, excluding depletion and depreciation, incurred in the periods presented:


	For the nine months ended September 30,
(expressed in millions)	2025		2024		Variance
Costs of stream sales	$	106.9	$	82.9	$	24.0
Mineral production taxes		2.3		1.8		0.5
Mining costs of sales	$	109.2	$	84.7	$	24.5
Energy costs of sales		10.0		9.9		0.1
	$	119.2	$	94.6	$	24.6

Costs of sales related to our streams in YTD 2025 increased relative to YTD 2024, reflecting the increase in stream GEOs and higher costs per ounce for streams where the ongoing purchase price varies as a function of spot prices. Costs of sales related to our Energy assets include royalties payable and production taxes which vary based on revenue, and property taxes which may be reassessed from time to time. Costs of sales incurred in YTD 2025 compared to YTD 2024 are shown below:


Third Quarter 2025 Management’s Discussion and Analysis	21

Depletion and Depreciation

Depletion and depreciation expense totaled $219.4 million in YTD 2025 compared to $165.3 million in YTD 2024. The increase compared to the prior year period is due to an increase in the proportion of our GEOs being generated from recently acquired assets which carry a relatively higher depletion rate per ounce. Depletion rates per ounce decrease over time when mineral resources are converted into mineral reserves. Depletion expense incurred in YTD 2025 compared to YTD 2024 is shown below:

Gain on Sale of Gold and Silver Bullion

Certain of our royalties are settled with payments in-kind in the form of gold and silver bullion rather than cash. YTD 2025, we sold 63,984 gold ounces with an average carrying value of $156.2 million for proceeds of $208.6 million, and recognized a corresponding gain of $52.4 million. At September 30, 2025, we held 2,902 ounces of gold and 12,713 ounces of silver at a cost of $9.5 million and $0.3 million, respectively.

Income Taxes

Income tax expense was $203.3 million in YTD 2025, compared to $165.0 million in YTD 2024, reflecting higher net income before taxes earned in the current period. The YTD 2024 period also included a deferred tax expense of approximately $49.1 million in relation to the remeasurement of our deferred tax liability due to the changes in the Barbados tax rate enacted in Q2 2024.

Net Income and Adjusted Net Income

Net income in YTD 2025 was $744.4 million, or $3.86 per share, compared to $376.7 million, or $1.96 per share in YTD 2024. The increase is primarily attributable to higher revenue and a gain of $52.4 million from the sale of gold and silver bullion, partly offset by higher costs of sales, depletion and income tax expense. Adjusted Net Income was $719.0 million, or $3.73 per share, compared to $434.7 million, or $2.26 per share, in YTD 2024. Please refer to the “Non-GAAP Financial Measures” section of this MD&A for further details on the computation of Adjusted Net Income.


Third Quarter 2025 Management’s Discussion and Analysis	22

Impairment Reversal

Cobre Panama

First Quantum has been working with the GOP and the MICI to implement the P&SM Plan. On May 30, 2025, the GOP, through the MICI, approved and formally instructed the execution of the P&SM Plan, including the shipment of 121 thousand dry metric tonnes of copper concentrate that had been stored at site since operations were suspended in November 2023. Exports of the copper concentrate commenced in June 2025.

Based on the resulting stream deliveries to Franco-Nevada, we determined that this was an indicator of a partial reversal of the impairment we recorded in 2023 and recorded a partial impairment reversal of $4.8 million, of which $4.1 million was recorded in Q2 2025 and $0.7 million in Q3 2025, in relation to the gold and silver ounces we expect as a result of the sale of copper concentrate. We continue to assess our Cobre Panama stream for further indicators of impairment reversals.

General and Administrative and Share-Based Compensation Expenses

The following table provides a breakdown of general and administrative (“G&A”) expenses and share-based compensation (“SBC”) expenses incurred for the periods presented:


	For the three months ended September 30,						For the nine months ended September 30,
(expressed in millions)	2025		2024		Variance		2025		2024		Variance
Salaries and benefits	$	2.7	$	2.3	$	0.4	$	10.3	$	7.3	$	3.0
Cobre Panama arbitration expenses		1.2		1.9		(0.7)		5.8		4.2		1.6
Professional fees		2.2		1.5		0.7		5.0		5.2		(0.2)
Community contributions		0.4		0.6		(0.2)		0.9		1.0		(0.1)
Board of Directors' costs		0.2		0.1		0.1		0.4		0.3		0.1
Office expenses		0.4		0.2		0.2		1.2		0.6		0.6
Insurance costs		0.3		0.2		0.1		0.7		0.7		—
Other expenses		1.2		1.0		0.2		3.3		2.6		0.7
General and administrative expenses	$	8.6	$	7.8	$	0.8	$	27.6	$	21.9	$	5.7
Share-based compensation expenses		7.7		2.4		5.3		16.2		7.0		9.2
	$	16.3	$	10.2	$	6.1	$	43.8	$	28.9	$	14.9

G&A expenses increased to $27.6 million in YTD 2025 compared to $21.9 million in YTD 2024. The increase was primarily due to higher salary and benefit expenses, and expenses incurred in connection with the Cobre Panama arbitration. The Company agreed to suspend its arbitration proceedings in June 2025, and as such, does not expect to incur significant expenses going forward.

Included in G&A expenses are business development expenses and community contributions. Business development expenses vary based on the level of business development related activities in the period and the timing of the closing of transactions. Community contributions relate to the environmental and social initiatives we contribute to for the benefit of the communities where we operate, or own assets.

SBC expenses increased to $16.2 million in YTD 2025 compared to $7.0 million in YTD 2024. SBC expenses include expenses related to equity-settled stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”), as well as the mark-to-market gain or loss related to the DSUs which are fair valued based on the Company’s share price. The increase in SBC expenses in the current year periods reflects the significant increase in the Company’s share price during these periods.

G&A (including Cobre Panama arbitration expenses and SBC expenses) represented 3.6% of revenue in YTD 2025, compared to 3.6% in YTD 2024.

Other Income and Expenses

Foreign Exchange Gain (Loss) and Other Income (Expenses)

The following table provides a list of foreign exchange and other income/expenses incurred for the periods presented:


	For the three months ended September 30,						For the nine months ended September 30,
(expressed in millions)	2025		2024		Variance		2025		2024		Variance
Foreign exchange gain (loss)	$	1.2	$	(0.2)	$	1.4	$	5.6	$	(8.6)	$	14.2
Gain (loss) on derivative financial instruments		12.9		(1.0)		13.9		18.5		(4.0)		22.5
Other expenses		0.1		(0.1)		0.2		(0.1)		(0.1)		—
	$	14.2	$	(1.3)	$	15.5	$	24.0	$	(12.7)	$	36.7

The foreign exchange gain of $5.6 million recognized in YTD 2025 is largely related to our cash and account receivable balances held in Brazilian Reais received from our Vale royalty, which strengthened relative to the U.S. dollar in the year-to-date period. Under IFRS Accounting Standards, all foreign exchange gains or losses related to monetary assets and liabilities held in a currency other than the functional currency are recorded in net income as opposed to other comprehensive income (loss). The parent company’s functional currency is the Canadian dollar, while the functional currency of certain subsidiaries is the U.S. dollar.


Third Quarter 2025 Management’s Discussion and Analysis	23

The gain (loss) on derivative instruments includes the mark-to-market of financial instruments that are designed at Fair Value Through Profit and Loss. The instruments include warrants and other derivative instruments the Company holds, such as warrants in Discovery and EMX. The Company recognized a significant gain during the current year periods due to the increase in the share price of the underlying common shares.

Finance Income and Finance Expenses

The following table provides a breakdown of finance income and expenses incurred for the periods presented:


	For the three months ended September 30,						For the nine months ended September 30,
(expressed in millions)	2025		2024		Variance		2025		2024		Variance
Finance income
Interest	$	8.0	$	14.9	$	(6.9)	$	25.7	$	47.1	$	(21.4)
	$	8.0	$	14.9	$	(6.9)	$	25.7	$	47.1	$	(21.4)
Finance expenses
Standby charges	$	0.6	$	0.5	$	0.1	$	1.8	$	1.5	$	0.3
Amortization of debt issue costs		0.1		0.2		(0.1)		0.3		0.4		(0.1)
Accretion of lease liabilities		0.1		—		0.1		0.2		—		0.2
	$	0.8	$	0.7	$	0.1	$	2.3	$	1.9	$	0.4

Finance income includes interest earned on our cash and cash equivalents. We earned less interest income in the current year periods due to a decrease in yields and cash and cash equivalents balances held compared to YTD 2024. Also included in finance income is accrued interest of $5.3 million (C$7.5 million) earned on our cash deposits posted with the CRA, which we expect to recover as a result of the CRA Settlement.

Finance expenses consist of standby charges, which represent the costs of maintaining our Corporate Revolver based on the unutilized portion of our credit facility, fees incurred in connection with standby letters of credit outstanding, and the amortization of costs incurred with respect to the initial set-up or subsequent amendments of our Corporate Revolver. In Q3 2025, we borrowed $175.0 million against our Corporate Revolver to fund the acquisition of the Arthur Gold royalty and incurred $1.2 million in interest expense, which was capitalized as part of the acquisition cost of the Arthur Gold royalty asset.


Third Quarter 2025 Management’s Discussion and Analysis	24

Summary of Quarterly Information

Selected quarterly financial and statistical information for the most recent eight quarters⁽¹⁾ is set out below:


(in millions, except Average Gold Price, Adjusted EBITDA Margin, Adjusted Net Income Margin, GEOs sold, net GEOs sold,		Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
per GEO amounts and per share amounts)		2025		2025		2025		2024		2024		2024		2024		2023
Revenue	$	487.7	$	369.4	$	368.4	$	321.0	$	275.7	$	260.1	$	256.8	$	303.3
Costs and expenses⁽²⁾		146.7		63.6		114.9		103.6		93.7		91.1		98.6		1,290.9
Operating income (loss)		341.0		305.8		253.5		217.4		182.0		169.0		158.2		(987.6)
Other income		21.4		9.9		16.1		4.8		12.9		5.8		13.8		27.8
Income tax expense		74.9		68.6		59.8		46.8		42.2		95.3		27.5		22.7
Net income (loss)		287.5		247.1		209.8		175.4		152.7		79.5		144.5		(982.5)
Basic earnings (loss) per share	$	1.49	$	1.28	$	1.09	$	0.91	$	0.79	$	0.41	$	0.75	$	(5.11)
Diluted earnings (loss) per share	$	1.49	$	1.28	$	1.09	$	0.91	$	0.79	$	0.41	$

FRANCO NEVADA Corp 6-K