Exploration

Franco-Nevada has approximately 148 contracts on non-producing mineral properties in the U.S., Canada, Australia and several other countries. While none of these properties are currently in production, they nonetheless represent potential future royalty streams. The non-producing royalty contracts cover various commodity types, with approximately 127 of the royalty contracts covering properties with gold potential, 2 contracts covering properties with PGM potential and the remainder covering properties with base metal and other mineral potential.

The properties are in various stages of exploration, pre-development, reserve development and feasibility analysis. Several of the interests represent claims over land areas in or adjacent to currently producing properties. Franco-Nevada benefits from capital expenditures incurred by the property owners on these exploration properties.

Franco-Nevada has the petroleum and natural gas rights in approximately 100,000 gross acres of unproved land. Franco-Nevada also has approximately 76,000 gross (net 11,000) acres of unproved non-producing lands under lease. The unproved lands and unproved non-producing leased lands are located in Alberta, Saskatchewan and Manitoba.