Financial Data and Key Metrics Changes - Franco Nevada reported record financial results for Q2 2025, with total revenue increasing by 42% to $369.4 million compared to Q2 2024 [19][20] - Adjusted EBITDA also reached a record high, increasing by 65% to $365.7 million from $221.9 million in the prior year [20][22] - Adjusted net income was $238.5 million, or $1.24 per share, reflecting a 65% increase year-over-year [23] Business Line Data and Key Metrics Changes - Total GEOs sold increased by 2% to 112,093 in Q2 2025, with precious metal GEOs sold rising by 12% to 92,449 [17][19] - Revenue from precious metals accounted for 82% of total revenue, with Candelaria being the largest contributor at 15% [23][24] - Diversified GEOs sold decreased to 19,644 from 27,914 in the prior year, attributed to higher gold prices impacting the conversion of diversified revenue to GEOs [19] Market Data and Key Metrics Changes - Average gold prices increased by 40% year-over-year, while silver prices rose by 17% [16] - Prices for platinum and palladium rebounded, while iron ore and oil prices remained volatile and lower compared to the previous year [16] Company Strategy and Development Direction - The company is focused on long-term growth through the acquisition of high-quality gold assets, with a strong pipeline of potential deals [13][95] - Franco Nevada aims to benefit from the unlocking of mine permitting processes in the U.S., with several projects moving ahead [7] - The company is also exploring opportunities to support companies as a long-term financial backer, reducing their financial risk [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential restart of operations at Cobre Panama, viewing it as a significant upside opportunity [30][94] - The company remains well-capitalized with approximately $1.35 billion in available capital after recent acquisitions [25] - Management indicated that the current pricing environment for gold and silver is favorable, with guidance based on $3,250 gold and $37 silver prices [92] Other Important Information - The company acquired a royalty on IAMGOLD's Cote Gold Mine, which is expected to contribute significantly to future revenues [9][46] - Franco Nevada has begun receiving deliveries from Cobre Panama based on their stream agreement, expecting approximately 10,000 GEOs in Q3 [27] Q&A Session Summary Question: Why did Franco decide to suspend the arbitration proceeding for Cobre Panama? - Management indicated that the best outcome is to see the mine back in operation, and the suspension was requested by the government to find a new solution [30] Question: Will the available capital affect future deal sizes? - Management stated that the business continues to generate significant cash flow, and there are no constraints on capital for future transactions [31] Question: What impact will platinum price rebounds have on recent acquisitions? - Management noted that the rebound in platinum prices has positively affected operations and improved the economics of extension projects [36] Question: What is the outlook for the Permian asset base? - Management expressed that production levels may remain consistent but could soften slightly with lower oil prices [51] Question: How much gold inventory remains on the balance sheet? - The company reported having 2,469 gold ounces remaining in inventory as of June [55] Question: What is the expected contribution from the New Prosperity project? - Management indicated that the project could yield approximately 40,000 to 50,000 ounces of gold per year if developed [63] Question: What are the implications if Cobre Panama remains offline into 2026? - Management stated that they have not built Cobre Panama into their guidance, viewing it as a significant upside opportunity [94] Question: What is the strategy regarding asset acquisitions? - Management confirmed a focus on acquiring quality gold assets while remaining opportunistic for diversified assets [95][98]

Financial Performance - Revenue increased by 42% from $260.1 million in Q2 2024 to $369.4 million in Q2 2025[16, 17] - Adjusted EBITDA increased by 64.8% from $221.9 million in Q2 2024 to $365.7 million in Q2 2025[16, 17] - Adjusted EBITDA per share increased by 65.2% from $1.15 in Q2 2024 to $1.90 in Q2 2025[17] - Net income increased significantly by 210.8% from $79.5 million in Q2 2024 to $247.1 million in Q2 2025[17] - Adjusted net income increased by 64.6% from $144.9 million to $238.5 million[17] - Adjusted net income per share increased by 65.3% from $0.75 to $1.24[17] - Adjusted EBITDA margin increased from 85.3% to 99.0%, a 16.1% increase[17] Production and Pricing - Gold equivalent ounces (GEOs) sold increased by 1.7% from 110,264 in Q2 2024 to 112,093 in Q2 2025[17] - Average gold price increased by 40.2% from $2,338/oz in Q2 2024 to $3,279/oz in Q2 2025[11, 17, 32] Capital and Liquidity - Available capital as of June 30, 2025, is approximately $1.61 billion[25]

Exhibit 99.3 Franco-Nevada Corporation Condensed Consolidated Statements of Financial Position (unaudited, in millions of U.S. dollars) | | | At June 30, | | At December 31, | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | ASSETS | | | | | | Cash and cash equivalents (Note 4) | $ | 160.3 | $ | 1,451.3 | | Receivables | | 146.7 | | 151.8 | | Gold and silver bullion and stream inventory (Note 7) | | 7.0 | | 96.8 | | Loans receivable (Note 6) | | 17.8 | | 5.9 | | Other current assets (Note 8) | | 25.5 ...

Group 1 - The Trump administration plans to issue a new policy clarifying that gold bullion imports should not be subject to tariffs, aiming to calm the global gold market turmoil caused by a previous ruling from U.S. Customs and Border Protection [1][4] - Following the announcement, gold prices in New York and London experienced a narrowing of the price difference, which had previously surged to over $100 per ounce due to tariff concerns, now reduced to below $60 [1] - The initial market chaos was triggered by a ruling stating that gold bars weighing one kilogram and 100 ounces would be subject to "equivalent tariffs," which could have significant implications for the global gold market and disrupt U.S. gold futures contracts [4] Group 2 - The announcement from the White House led to a rapid decline in gold-related stocks, including Newmont Corp, Agnico Eagle Mines, Franco-Nevada, and VanEck Gold Miners ETF, as the market reacted to the news [4] - Analysts noted that gold serves as both a financial asset and an international currency, distinguishing it from industrial metals like copper, steel, and aluminum that were previously affected by tariffs [4] - The market anticipates that the issuance of a clarifying executive order will help alleviate the market turmoil caused by concerns over gold tariffs, although Trump administration officials have emphasized that future tariff policies will avoid broad exemptions to maintain tariff effectiveness [4]

Industry Overview - The Zacks Mining – Gold industry is part of the broader Zacks Basic Materials sector, which is expected to see a decline in earnings for the second quarter, with overall earnings projected to fall by 7.5% despite a 2.8% increase in revenues [1] Gold Prices and Market Dynamics - Gold prices have increased significantly this year, rising approximately 29% year to date, driven by global trade tensions and safe-haven demand [3] - On April 22, gold prices reached a record high of $3,500 per ounce, and while they retreated, they closed the second quarter above $3,300 per ounce, marking a nearly 6% increase in the quarter [4] Company Performance Expectations - Gold mining companies are expected to benefit from higher gold prices and efforts to improve operational efficiency and reduce costs in their second-quarter results [2] - Despite higher mining costs due to inflationary pressures, companies are focused on reducing operational costs and improving efficiency, which is anticipated to support their margins [5] Selected Companies and Earnings Estimates - Barrick Mining Corporation is expected to report earnings of 47 cents per share, with an Earnings ESP of +1.14% and a Zacks Rank 1, having beaten earnings estimates in three of the last four quarters [9] - Franco-Nevada Corporation has an Earnings ESP of +0.91% and a Zacks Rank 3, with a consensus estimate of $1.10 for second-quarter earnings, benefiting from increased contributions from streaming agreements [11] - Integra Resources Corp. has an Earnings ESP of +4.76% and a Zacks Rank 3, with a consensus estimate of 7 cents for second-quarter earnings, expected to benefit from strong production at the Florida Canyon mine [13]

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Have you been searching for a stock that might be well-positione ...

Core Viewpoint - Franco-Nevada Corporation has acquired a 1.0% net smelter return royalty on AngloGold Ashanti's Arthur Gold Project for $250 million, with potential additional payments based on certain conditions, highlighting the project's significant growth potential in the gold sector [1][2]. Transaction Highlights - The acquisition includes a contingent cash payment of $25 million, dependent on the outcome of ongoing arbitration regarding the royalty's coverage [6]. - The Arthur Gold Project has seen a 20% year-over-year increase in its resource base, now totaling 3.4 million ounces of Indicated Mineral Resources and 12.9 million ounces of Inferred Mineral Resources [1][6]. - Franco-Nevada structured the transaction as an asset sale, utilizing cash on hand and a $175 million draw from its $1 billion credit facility for funding [6]. Key Transaction Terms - The royalty applies to a substantial land package in Nevada, covering most of the existing Mineral Resource of the Arthur Gold Project, with no step-downs or buy-down provisions [6]. - The project is expected to provide stable gold cash flow once in production, with ongoing arbitration potentially expanding the royalty footprint significantly [6]. - AngloGold is advancing a Preliminary Feasibility Study (PFS) for the project, expected to be completed by late 2025 or early 2026, focusing on both heap leach and milling operations [6]. Company Overview - Franco-Nevada Corporation is a leading gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets, providing investors with gold price and exploration optionality while limiting exposure to cost inflation [7]. - The company trades under the symbol FNV on both the Toronto and New York stock exchanges, utilizing free cash flow to expand its portfolio and pay dividends [7].

Group 1: Price Trend and Technical Analysis - Franco-Nevada (FNV) has experienced a bearish price trend, losing 6.4% over the past two weeks, but a hammer chart pattern suggests a potential trend reversal as bulls may have gained control [1] - The hammer pattern indicates a nearing bottom with likely subsiding selling pressure, which supports a bullish case for the stock [2] - Hammer candles signal that bears might have lost control over the price, indicating a potential trend reversal when formed at the bottom of a downtrend [5] Group 2: Fundamental Analysis - There has been an upward trend in earnings estimate revisions for FNV, which is considered a bullish indicator as it typically leads to price appreciation [7] - The consensus EPS estimate for the current year has increased by 4.8% over the last 30 days, indicating strong agreement among Wall Street analysts regarding the company's potential for better earnings [8] - FNV holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which usually outperform the market [9][10]

Industry Overview - Gold prices are on the rise, currently around $3,342/oz, reflecting a 37% increase year to date, driven by supply constraints and strong demand from central banks [4][5] - The World Gold Council indicates a scarcity of gold mining deposits, which is expected to sustain the upward momentum in gold prices [1] - Central banks, particularly in emerging economies, are increasing their gold reserves due to rising global debt levels and geopolitical risks, which supports demand for gold [3] Investment Opportunities - It is recommended to invest in gold mining stocks with a favorable Zacks Rank, specifically those rated 1 (Strong Buy), including Franco-Nevada Corp. (FNV), Royal Gold Inc. (RGLD), Kinross Gold Corp. (KGC), AngloGold Ashanti plc (AU), and Agnico Eagle Mines Ltd. (AEM) [2] - All five selected stocks exhibit strong growth estimates and recent upward earnings revisions for the current year [9] Company Highlights Franco-Nevada Corp. (FNV) - FNV is expected to achieve revenue and earnings growth rates of 34.6% and 43.9%, respectively, for the current year, with a recent earnings estimate improvement of 0.2% [12] - The company has a debt-free balance sheet and focuses on expanding its portfolio and paying dividends, benefiting from rising gold prices [11] Royal Gold Inc. (RGLD) - RGLD anticipates revenue and earnings growth rates of 28.8% and 42%, respectively, for the current year, with a 4.5% improvement in earnings estimates over the last 30 days [14] - The company maintains high margins despite inflationary pressures and is focused on allocating cash flow towards dividends and debt reduction [13] Kinross Gold Corp. (KGC) - KGC is projected to have revenue and earnings growth rates of 17.9% and 72.1%, respectively, for the current year, with a 5.4% increase in earnings estimates recently [17] - The company is enhancing production through its Tasiast mine expansion and has promising projects like the Great Bear project in Ontario [15][16] AngloGold Ashanti plc (AU) - AU expects revenue and earnings growth rates of 52.8% and over 100%, respectively, for the current year, with a 1.6% improvement in earnings estimates [19] - The company operates in multiple regions and focuses on gold exploration and production, with a flagship mine in Tanzania [18] Agnico Eagle Mines Ltd. (AEM) - AEM is projected to achieve revenue and earnings growth rates of 26.6% and 52.5%, respectively, for the current year, with a 7% increase in earnings estimates [22] - The company is advancing key projects and has strengthened its market position through strategic acquisitions and mergers [20][21]

Core Points - Franco-Nevada Corporation will report its second quarter 2025 results on August 11th before market open [1] - A conference call and webcast will take place on August 11th at 10:00 am ET [1] - Dial-in numbers for the conference call include a toll-free number and an international number [1] - Participants can join the conference call via a URL link for automated call back [1] - A replay of the conference call will be available until August 18th [1]