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Franco-Nevada Reports Strong 2012 Financial Results and Hosts Investor Day

March 19, 2013

TORONTO, March 19, 2013 /PRNewswire/ – Franco-Nevada Corporation (TSX: FNV)
(NYSE: FNV) today reported its financial results for the three and
twelve months ended December 31, 2012. Financial results are prepared
in accordance with International Financial Reporting Standards (“IFRS”)
and are expressed in U.S. dollars (unless otherwise noted). The
Company’s Consolidated Annual Financial Statements and Management’s
Discussion and Analysis can be found on Franco-Nevada’s website at www.franco-nevada.com.


    Selected Financial Information

      (in millions of U.S. dollars,       Q4        Q4
      except per share amounts)         2012      2011      2012       2011

      Revenue                       $  114.1 $   118.5 $   427.0 $    411.2

      Operating income (loss)         (21.8)   (107.7)     138.4       28.0

      Net income (loss)               (33.1)   (105.4)     102.6      (6.8)

      Basic earnings (loss) per     $ (0.23) $  (0.80) $    0.72 $   (0.05)
      share

      Dividends paid per share      $   0.15 $    0.12 $    0.54 $     0.32

      Adjusted EBITDA(1)            $   93.7 $    94.2 $   347.8 $    327.3

      Adjusted EBITDA(1) per share  $   0.65 $    0.72 $    2.43 $     2.61

      Adjusted Net Income(2)        $   47.0 $    40.8 $   171.0 $    136.0

      Adjusted Net Income(2) per    $   0.32 $    0.31 $    1.19 $     1.08
      share

                                                         As at December 31,

                                                            2012       2011

      Cash and cash equivalents                        $   631.7 $    794.1

      Working capital                                      822.4      851.1

      Total Assets                                       3,243.9    2,901.0

      Total Shareholders' Equity                       $ 3,149.1 $  2,834.2

    (1)  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 investments, depletion and depreciation
         and impairment charges related to royalties, streams, working
         interests and investments. See Non-IFRS Measures at the end of
         this press release.

    (2)  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,
         and the impact of taxes on all these items. See Non-IFRS Measures
         at the end of this press release.

This press release contains forward-looking statements.  Reference
should be made to the Cautionary Statement on Forward Looking
Information at the end of this press release.

David Harquail, President and CEO, commented:

“This is our fifth full-year set of financial results since
Franco-Nevada was reborn as a public company with our IPO in late
2007.  The last five years have proven that our business model, with
its focus on gold royalties and streams, can create tremendous
shareholder value.  We experienced our best year in 2012 with record
Revenues and Adjusted Net Income. Our Cobre Panama and Weyburn
transactions in 2012 have added cornerstone assets with expected lives
of 40 or more years.  We recorded an impairment on our Arctic Gas
resource assets to reflect the current markets.

We expect our existing portfolio will continue to generate a growing
number of ounces over the next five years. We continue to see good
opportunities to further supplement this growth with further
investments and, with our recently expanded credit facility, we are
well-positioned with approximately $1.4 billion of capital available
for further investments.”

Portfolio Highlights & Outlook

Details of the individual revenue contributions by asset and commodity
can be found in our Management’s Discussion and Analysis, Annual
Information Form and Form 40-F available on our web site.

2012 Portfolio Highlights

        --  Gold - U.S.: Revenue increased to $101.7 million in 2012,
            compared to US$87.4 million in 2011, primarily due to higher
            net profits at Goldstrike and higher production at Bald
            Mountain.
        --  Gold - Canada:Revenue increased to $46.0 million in 2012,
            compared to US$32.4 million in 2011, primarily due to higher
            production from our Golden Highway assets and higher
            contributions from Hemlo where our net profit interest ("NPI")
            reached payout supplementing a revenue royalty.
        --  Gold - Australia: Continued growth at our Australian assets was
            primarily due to the commencement of production at the Garden
            Well mine in addition to the original Moolart Well mine, both
            covered by our Duketon royalty, and an addition to our royalty
            over the Bronzewing gold project in early 2012.
        --  Gold - Rest of World: Revenue decreased to $161.3 million in
            2012, compared to US$177.5 million in 2011, primarily due to
            the completion of minimum payment obligations by Cooke 4
            (Ezulwini) in 2011 and production interruptions in South Africa
            which were resolved in November. Palmarejo had slightly lower
            production but remained the largest revenue generator before
            the deduction for the cost of stream ounces. Higher royalty
            revenues were realized from Tasiast, Edikan (a recent
            acquisition) and Subika where operations surpassed an aggregate
            production threshold in 2012.
        --  PGM Assets: Revenue decreased to $60.7 million in 2012,
            compared to $63.9 million, due to lower average PGM prices and
            lower production from Stillwater partially offset by higher
            production from the Sudbury assets.
        --  Oil & Gas Assets: Revenue increased to $40.9 million in 2012,
            compared to $34.9 million in 2011, primarily due to additional
            investments at the Weyburn Unit but revenue growth was muted by
            a higher price discount for Canadian oil.  2012 oil & gas
            revenue was generated 95% from oil and 5% from gas.

2013 Guidance

        --  Guidance - The Corporation is expecting to receive a total of
            215,000 to 235,000 gold equivalent ounces from its mineral
            assets and $55-$65 million in revenue from its oil & gas
            assets. This compares to approximately 230,000 gold equivalent
            ounces received from mineral assets and $40.9 million in
            revenue recorded from oil & gas assets in 2012. Of the 215,000
            to 235,000 gold equivalent ounces, the Corporation expects to
            receive 100,000 to 110,000 gold equivalent ounces in 2013 under
            its various stream agreements compared with 114,000 ounces in
            2012.

            Gold equivalent royalty and stream ounces are estimated for
            gross ounces, and in the case of stream ounces, before the
            payment of approximately $400 per gold equivalent ounce paid by
            the Corporation. Platinum and palladium metals have been
            converted to gold equivalent ounces using commodity prices of
            $1,600/oz Au, $1,600/oz Pt and $725/oz Pd.  The WTI oil price
            is assumed to average $90 per barrel with similar price
            discounts for Canadian oil as experienced in 2012. 2013
            guidance assumes the continued steady state of operations from
            its assets and is also based on the assumptions set out below.
        --  Gold - U.S.:  Goldstrike royalty ounces for 2013 are expected
            to be lower than 2012.  Barrick announced that construction
            activities surrounding its thiosulfate project are expected to
            reduce capacity at the autoclave facility.  As well, Barrick
            announced higher expected capital expenditures during 2013.
            These developments will impact our NSR royalty ounces and NPI
            royalty ounces, respectively but the investment is expected to
            accelerate production from stockpiles and benefit future
            royalty revenues.  At Gold Quarry, the Company expects higher
            royalty ounces for 2013 than in prior years based on stockpiled
            ore. Royalty ounces from Bald Mountain, Hollister and Mesquite
            are expected to be lower in 2013 due to mining sequencing at
            Bald Mountain, creditor protection activities at Hollister and
            mining on ground that attracts a lower royalty at Mesquite.
        --  Gold - Canada:  Detour Lake poured its first gold in February
            2013. Detour Gold Corporation ("Detour") announced that it
            expects to produce 350,000 to 400,000 ounces of gold in 2013
            from Detour Lake on which the Corporation has a 2% NSR.  At
            Hemlo, the Corporation's NPI on the down dip extension of the
            mine is expected to benefit from a full year of production as
            initial capital costs have been recovered. At Timmins West,
            where the Corporation has a 2.25% NSR, Lake Shore announced
            that it expects to produce 120,000-135,000 ounces of gold in
            2013 and reach its full production rate of 140,000 to 160,000
            ounces by the end of 2013.
        --  Gold - Australia:  Duketon gold production is expected to
            increase with Moolart Well being supplemented by a full year of
            Garden Well production. The operator, Regis Resources Ltd.
            ("Regis"), has announced plans to add a third operation,
            Rosemont, later in 2013.
        --  Gold - Rest of World:  Palmarejo is expected to remain a
            significant revenue contributor and Coeur d'Alene Mines
            Corporation ("Coeur") has forecasted 2013 gold production of
            98,000 to 105,000 ounces. The Corporation's 50% gold stream
            over Palmarejo includes an annual minimum provision of 50,000
            ounces, payable monthly. At Mine Waste Solutions ("MWS"), the
            Corporation expects increased stream ounces in 2013 compared to
            2012 reflecting fewer expected interruptions under the new
            ownership of AngloGold Ashanti Limited ("AngloGold Ashanti").
            At Tasiast, where the Corporation has a 2% NSR, Kinross Gold
            Corporation ("Kinross") has announced that it expects a
            reduction in its overall production for 2013 citing lower
            grades. Kinross' updated pre-feasibility study for a mill
            expansion is expected in 2013. At Subika, royalty ounces are
            expected to be higher in 2013 as a full year of production will
            be earned as Subika surpassed aggregate production hurdles in
            Q3 2012. At Edikan, where the Corporation has an effective 1.5%
            NSR, Perseus Mining Limited has announced 2013 gold production
            guidance of 209,000 to 229,000 ounces.  At Cooke 4 (Ezulwini)
            the operation resumed production in November 2012 and fewer
            production interruptions are expected in 2013.
        --  PGMs:  Sudbury stream ounces are expected to decline in 2013 as
            the operator, KGHM International Ltd. ("KGHM") confirmed its
            intention to put Podolsky on care and maintenance. In addition,
            KGHM is expected to continue to focus on mining nickel ore at
            McCreedy which does not generate payable PGMs attributable to
            the Corporation. Development is ongoing at Morrison and
            production is expected to increase in 2013. At Stillwater, 2013
            royalty ounces are expected to be consistent with historical
            levels.
        --  Other minerals:  At the Peculiar Knob iron-ore project in South
            Australia, production has begun and the Corporation expects to
            receive full-year revenue in 2013.
        --  Oil & Gas:  The Corporation expects 2013 revenue to be higher
            at $55 million to $65 million. This reflects the additional
            investments in the Weyburn Unit in 2012 offset partly by a
            price discount for Canadian oil.
        --  Investments:  The Corporation expects to fund approximately
            $270.0 million in 2013 in connection with its precious metals
            stream agreement on Cobre Panama.  The Corporation has assumed
            no material changes to the timing or development of the project
            should First Quantum Minerals Ltd.'s ("First Quantum") bid for
            Inmet Mining Corporation ("Inmet") be successful.

Five Year Outlook (2017)

Our five year outlook is based upon the respective operators’ public
projections for each asset. Using the same commodity price assumptions
as for 2013 and assuming no other acquisitions, the Company expects its
existing portfolio to generate by 2017 between 300,000 to 325,000 gold
equivalent ounces and $70 to $80 million in oil & gas revenues.  This
outlook is also based on the following assumptions:

        --  Detour Gold:  The outlook assumes the successful commissioning
            of the new operation to produce on average 657,000 ounces per
            year over the life of mine. No further expansion has been
            assumed within the next five years. 
        --  Tasiast: The outlook assumes no material expansion within the
            five year period as expansion plans have not been publicly
            disclosed. Production levels in 2017 are assumed to be
            comparable to current production levels.
        --  Cobre Panama:The outlook assumes a successful commissioning of
            the Cobre Panama project with a full year of production in 2017
            as projected by Inmet.In the event that First Quantum's bid for
            Inmet is successful, the outlook assumes no material changes to
            the timing or development of the project. No further expansions
            are incorporated in this period. In December 2012, Inmet
            announced updated reserve and resource estimates for its Cobre
            Panama project as well as an extension to the estimated mine
            life.  The expected mine life of the Cobre Panama project based
            on a revised mine plan has been extended to 40 years from 31
            years.
        --  New mines: The outlook assumes new mines will be contributing
            to the portfolio at levels close to the current operator's
            projections at Rosemont(owned by Augusta Resource), Phoenix
            (owned by Rubicon Minerals), Agi Dagi(owned by Alamos Gold),
            Perama Hill(owned by Eldorado Gold), Duketon(comprising
            Rosemont and Erlistoun and owned by Regis Resources) and
            Peculiar Knob(owned by Arrium Limited).Increased production is
            expected by 2017 at Subika (operated by Newmont Mining) and
            Holt(operated by St Andrews).  Lower production is expected by
            2017 at Palmarejoand Goldstrike.  New Prosperityhas not been
            included in the guidance to 2017 pending progress on
            permitting.
        --  Oil & gas: The outlook assumes the ongoing enhanced oil
            recovery capital program at Weyburn and Canadian oil price
            differentials returning to historic norms.
        --  Beyond 2017:The Company expects to incorporate expansions at
            its Tasiast, Detour and Cobre Panama assets in its future
            guidance. Receipt of permits at New Prosperity would provide a
            material added contribution.

Financial Results

Revenue

        --  Revenue was $114.1 million for the fourth quarter of 2012
            compared with $118.5 million for the fourth quarter of 2011.
            The decrease in revenue for the quarter was partly attributable
            to lower production at Palmarejo and the completion of minimum
            stream payments from Cooke 4 (Ezulwini) in 2011. These
            decreases were partially offset by higher revenue from
            Goldstrike which contributed $19.4 million to revenue in Q4
            2012.
        --  Revenue for 2012 was $427.0 million compared with $411.2
            million for 2011, an increase of 4%. Growth in revenue for the
            year was driven by higher production at Goldstrike, higher
            average commodity prices and recent acquisitions.
        --  Revenue for the fourth quarter was earned 87% from precious
            metal assets (74% gold; 13% PGMs), 11% from oil & gas (10% oil;
            1% gas) and 2% from other minerals.  For 2012, precious metals
            revenue represented 89% (75% gold; 14% PGMs), oil & gas 10% (9%
            oil; 1% gas) and 1% for other minerals. For 2012,
            geographically, 83% of revenue came from North America (28% US,
            31% Canada and 24% Mexico), 12% from Africa, 4% from Australia
            and 1% from other jurisdictions. The components of revenue were
            earned as follows: 42% revenue-based, 45% streams, 9%
            profit-based, 3% working interests and 1% other.

Costs and expenses

        --  Costs of sales include the costs of gold equivalent ounces
            purchased under stream agreements, oil & gas production taxes,
            operating costs on oil & gas working interests and net proceeds
            taxes on mineral interests. Costs of sales for the fourth
            quarter of 2012 were $13.7 million which included $10.3 million
            for the cost of stream ounces. Depletion and depreciation was
            $32.8 million compared with $33.2 million recorded in the
            fourth quarter of 2011. Depletion was lower due to lower
            depletion on Cooke 4 (Ezulwini), Gold Quarry and Palmarejo,
            partially offset by higher depletion on oil & gas assets,
            Goldstrike and the Sudbury assets.
        --  For the year ended December 31, 2012, costs of sales were $59.2
            million compared to $63.3 million for the year ended December
            31, 2011. The decrease was attributable in part to the lower
            volume of stream ounces received during 2012 from our
            international stream properties. The decrease was partially
            offset by higher oil & gas production taxes attributable to the
            acquisition of Weyburn Unit working interest and higher Nevada
            net proceeds taxes as higher revenue was generated from our
            Nevada royalties.
        --  During the fourth quarter, the Company recorded impairment
            charges of $74.1 million on its Arctic Gas assets. Given the
            nature of the exploration assets and development profile,
            management determined that indications of impairment were
            evident and completed an impairment analysis. In addition, the
            Company recorded $8.6 million in impairment charges related to
            certain long-term investments held which experienced a
            significant or prolonged decline in their value. Please refer
            to the Company's annual consolidated financial statements and
            management's discussion and analysis for a more detailed
            discussion.
        --  Income tax expense was $10.9 million and $52.3 million for the
            three and twelve months ended December 31, 2012, respectively.

Net Income

        --  Net loss for the fourth quarter of 2012 was $33.1 million, or
            $0.23 per share, and Adjusted Net Income(2) for the fourth
            quarter was $47.0 million, or $0.32 per share. For the year
            ended December 31, 2012, net income was $102.6 million, or
            $0.72 per share, compared with a net loss of $6.8 million, or
            $0.05 per share, for 2011. Adjusted Net Income(2) for the year
            ended December 31, 2012 was $171.0 million, or $1.19 per share,
            compared with $136.0 million, or $1.08 per share, for the year
            ended December 31, 2011.
        --  Adjusted EBITDA(1) was $93.7 million, or $0.65 per share, and
            $347.8 million, or $2.43 per share, respectively, for the three
            and twelve months ended December 31, 2012. Our definitions of
            these non-IFRS financial measures and the reconciliations to
            IFRS measures can be found in the Company's Annual Management's
            Discussion and Analysis and at the end of this press release.

Statement of Financial Position

        --  As at December 31, 2012, Franco-Nevada had a strong financial
            position with cash, cash equivalents and short-term investments
            of $779.9 million, working capital of $822.4 million,
            investments valued at $108.4 million, of which $73.9 million
            are held in publicly traded equity investments and no debt or
            hedges. On January 23, 2013, the Company replaced its $175
            million credit facility with a four year $500 million unsecured
            revolving credit facility which is currently undrawn.

Dividend Declaration

        --  Today, the Board of Directors of Franco-Nevada declared the
            monthly dividend of $0.06 per share for each of April, May and
            June 2013.  The April dividend will be paid on April 25, 2013
            to shareholders of record on April 11, 2013, the May dividend
            will be paid on May 30, 2013 to shareholders of record on May
            16, 2013 and the June dividend will be paid on June 27, 2013 to
            shareholders of record on June 13, 2013.
        --  The Canadian dollar equivalent is determined based on the noon
            rate posted by the Bank of Canada on March 19, 2013.  Under
            Canadian tax legislation, Canadian resident individuals who
            receive "eligible dividends" are entitled to an enhanced
            gross-up and dividend tax credit on such dividends.

Shareholder Information and Investor Day

The complete Annual Consolidated Financial Statements and Management’s
Discussion and Analysis will be available on Franco-Nevada’s website at
www.franco-nevada.com and on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

An Investor Day and conference call is planned for tomorrow, Wednesday,
March 20, 2013, at 10:00 a.m. Eastern Time to discuss the Q4 2012
results as well as provide further background and details on the
Company’s asset portfolio and outlook.

Interested investors are invited to participate as follows:

        --  In Person: St Andrew's Club & Conference Centre, 27th floor,
            150 King Street West, Toronto.  Participants are asked to RSVP
            via
            info@franco-nevada.com.
        --  Via Conference Call: Local: 647-427-7450; Toll-Free:
            1-888-231-8191; Title: Franco-Nevada Investor Day.
        --  Conference Call Replay: A recording will be available until
            March 27, 2013 at the following numbers:

            Local: 416-849-0833; Toll-Free: 1-855-859-2056; Pass code:
            18181024.
        --  Webcast: A live audio webcast will be accessible at
            www.franco-nevada.com.
        --  Slides: A presentation to accompany the conference call will be
            available on the Company's website prior to the call.

Corporate Summary

Franco-Nevada is a gold focused royalty and stream company.  The Company
has a diversified portfolio of cash-flow producing assets and interests
in some of the largest new gold development and exploration projects in
the world.  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 cash flow from its portfolio that is being used to expand
its portfolio and pay monthly dividends.  Franco-Nevada’s common shares
trade under the symbol FNV on both the Toronto and New York stock
exchanges.

FORWARD LOOKING STATEMENTS

Certain information contained in this press release contains “forward
looking information” and “forward looking statements” within the
meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act 1995, respectively, which may include, but are not limited to, statements
with respect to future events or future performance, management’s
expectations regarding Franco-Nevada’s growth, results of operations,
estimated future revenues, 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 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 management’s current
beliefs and are based on information currently available to management.
Often, but not always, forward looking statements can be identified by
the use of words such as “plans”, “expects”, “is expected”, “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 press release are based upon assumptions
management believes to be reasonable, including, without limitation,
the ongoing operation of the properties in which Franco-Nevada holds a
royalty, stream or other interest by the owners or operators of such
properties in a manner consistent with past practice, the accuracy of
public statements and disclosures made by the owners or operators of
such underlying properties, no material adverse change in the market
price of the commodities that underlie the asset portfolio, the
Company’s ongoing income and assets relating to determination of its
PFIC status, no 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 Franco-Nevada’s Annual Information Form, as
well as Franco-Nevada’s most recent Management’s Discussion and
Analysis filed with the Canadian securities regulatory authorities on
SEDAR at www.sedar.com and Franco-Nevada’s most recent Form 40-F filed with the U.S.
Securities and Exchange Commission on EDGAR at www.sec.gov. The forward looking statements herein are made as of the date of this
press release 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.

NON-IFRS MEASURES:  Adjusted Net Income and Adjusted EBITDA are intended to provide
additional information only and do not have any standardized meaning
prescribed under IFRS and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS.  These measures are not necessarily indicative of operating
profit or cash flow from operations as determined under IFRS.  Other
companies may calculate these measures differently. For a
reconciliation of these measures to various IFRS measures, please see
below or the Company’s current MD&A disclosure found on the Company’s
website and on SEDAR and on EDGAR.

Non-IFRS Measures Reconciliation


                                        Three months ended       Year ended
                                              December 31,     December 31,

    (in millions except per share
    amounts)                                2012      2011    2012     2011

    Net Income (Loss)                   $ (33.1) $ (105.4) $ 102.6 $  (6.8)

      Income tax expense                    10.9       4.5    52.3     45.9

      Finance costs                          0.2       0.2     1.1      2.3

      Finance income                       (1.4)     (1.4)   (9.6)    (4.3)

      Depletion and depreciation            32.8      33.2   126.7    130.6

      Impairment on stream interests        74.1     151.2    74.1    151.2

      Impairment on investments              8.6      17.5     8.6     17.5

      Foreign exchange gains/losses and
      other expenses                         1.6     (3.6)   (8.0)      3.1

      Loss from equity investee                -         -       -      1.7

      Gain on investments                      -     (2.0)       -   (13.9)

    Adjusted EBITDA                     $   93.7 $    94.2 $ 347.8 $  327.3

    Basic Weighted Average Shares
    Outstanding                            145.3     131.3   143.1    125.4

    Adjusted EBITDA per share           $   0.65 $    0.72 $  2.43 $   2.61

      Net Income (Loss)                 $ (33.1) $ (105.4) $ 102.6 $  (6.8)

      Foreign exchange (gain) loss and
      other expenses, net
      of income tax                        (0.5)     (0.3)   (0.1)      2.9

      Gain on acquisition of Gold
      Wheaton/sale of
      investments, net of income tax           -     (1.2)       -   (20.0)

      Mark-to-market changes on
      derivative                             1.4     (2.1)   (7.2)        -

      Loss from equity investee, net of
      income tax                               -         -       -      1.7

      Impairment of stream/royalty
      interests                             74.1     130.2    74.1    130.2

      Impairment of investments              7.6      15.1     7.6     15.1

      Transaction costs of Gold
      Wheaton, net of income tax               -         -       -      7.8

      Foreign withholding taxes                -       4.5   (3.5)      4.5

      One-time deferred tax recovery
      charge                               (2.5)         -   (2.5)        -

      Credit facility costs written
      off, net of income tax                   -         -       -      0.6

    Adjusted Net Income                 $   47.0 $    40.8 $ 171.0 $  136.0

    Adjusted Net Income per share       $   0.32 $    0.31 $  1.19 $   1.08

 

 

 

 

SOURCE Franco-Nevada Corporation


Source: PR Newswire