UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the month of August 2015

Commission File Number 001-35286

FRANCO-NEVADA CORPORATION

(Translation of registrant’s name into English)

199 Bay Street, Suite 2000, P.O. Box 285, Commerce Court Postal Station, Toronto, Ontario, Canada
M5L 1G9
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

2

INDEX TO EXHIBITS

3

Exhibit 99.1

Franco-Nevada Reports Q2 2015 Results and Declares Quarterly Dividend

TORONTO, August 10, 2015 - Franco-Nevada Corporation (TSX: FNV; NYSE: FNV) today reported second quarter 2015 financial results realizing 83,040 Gold Equivalent Ounces (“GEOs”)(1) from its mineral assets and $10.3 million in revenue from its oil & gas assets. Net Income and Adjusted Net Income(2) were $21.6 million, or $0.14 per share, and $22.9 million, or $0.15 per share, respectively, with Adjusted EBITDA(3) being $82.2 million, or $0.53 per share.

“Franco-Nevada’s diversified portfolio continues to deliver very stable revenues and cash flows despite declining commodity prices,” said David Harquail, President and CEO.  “Our balance sheet remains very liquid with no debt.  We see downturns as an opportunity for even better investments. There continues to be many active opportunities and Franco-Nevada has increased its credit facility to $750 million to be better positioned to act on the right ones.”

REVENUES AND GEOs BY ASSET CATEGORIES

For the second quarter 2015, revenue was earned 88% from precious metals (80% gold and 8% PGM) and 82% from the Americas (17% U.S., 24% Canada and 41% Latin America). Costs and expenses were impacted by higher depletion expense and costs of sales due to the recent Candelaria acquisition. Oil & gas production levels were stable with the associated oil & gas revenue decreasing significantly year over year due to lower average oil & gas prices in 2015. Cash provided by operating activities before changes to working capital was $78.0 million.

Corporate Updates

·      Credit Facility: On May 22, 2015, Franco-Nevada amended its credit facility which increased the amount available to $750.0 million and extended the maturity to May 2020.

·      Candelaria: On July 29, 2015, Franco-Nevada and Lundin Mining Corporation (“Lundin”) finalized certain post-closing items with Franco-Nevada making an additional and final $7.5 million payment due to an increase in the reserves under the stream agreement.

·  Ring of Fire: On April 28, 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario by providing $28.5 million in loan and royalty financing to Noront Resources Ltd.

·      Karma: True Gold Mining Inc. announced it had resumed construction at its Karma project and anticipates its first gold pour at the end of Q1 2016. Franco-Nevada has funded $53.7 million of the $90.0 million committed under the stream agreement.

·      Cobre Panama: Franco-Nevada and First Quantum Minerals Ltd. are making progress in negotiating amendments to the Cobre Panama stream agreement. The amount to be paid by Franco-Nevada upon finalizing the revised agreement based on expenditures to June 30, 2015 is agreed to be $275.0 million.

Portfolio Updates

·      Gold — U.S.: GEOs from U.S. gold assets increased to 11,715 GEOs mainly due to the Fire Creek/Midas acquisition and higher production at Marigold, Bald Mountain and Gold Quarry. Silver Standard Resources Inc. has reported new mineralized zones at Marigold while Klondex Mines Ltd. has increased 2015 production guidance at Fire Creek/Midas. At South Arturo, Premier Gold Mines Limited reports construction is progressing well with Barrick as a 60% owner/operator. Production is expected to be processed at Goldstrike and is forecasted to be over 200,000 ounces in 2016. Franco-Nevada holds a 4-9% royalty depending on metallurgy, grade and throughput.

·      Gold — Canada: GEOs from Canadian assets decreased in the quarter due to lower production at the Sudbury streams and Hemlo NPI. Lake Shore Gold Corp. has announced a second gold discovery at its 144 Gap Zone where Franco-Nevada holds a 2.25% NSR. Rubicon Minerals Corporation announced its first gold pour at its Phoenix project where Franco-Nevada holds a royalty.

·      Gold — Latin America: Candelaria had a strong quarter delivering 24,192 GEOs to Franco-Nevada. On July 29, 2015, Lundin announced an updated mine plan for Candelaria. The plan indicates 26% higher precious metal production over the next four years than originally indicated in Lundin’s October 6, 2014 NI 43-101 Technical Report.

·      Gold — Rest of World: Contributions from Sabodala and Mine Waste Solutions represented approximately 70% of the total GEOs received from Rest of World gold assets for Q2 2015. Perseus Mining Limited has announced its decision to proceed with development of the Sissingue gold project where Franco-Nevada holds a 0.5% NSR.

·      PGM: PGM GEOs were impacted by the declining palladium and platinum prices in the quarter.

·      Oil & gas: Revenue from oil & gas assets was $10.3 million in Q2 2015 with similar production levels as Q2 2014. The decrease in revenue is the result of lower average oil & gas prices.

Dividend Declaration

Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of $0.21 per share. The dividend will be paid on September 24, 2015 to shareholders of record on September 10, 2015. The Canadian dollar equivalent is determined based on the noon rate posted by the Bank of Canada on August 7, 2015. The dividend has been designated as an “eligible dividend” for the purposes of applicable Canadian federal and provincial tax rules. 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.

The Company adopted a Dividend Reinvestment Plan (“DRIP”) commencing with the October 2013 dividend. Participation in the DRIP is optional. The Company will issue the additional common shares through treasury at a 3% discount to the Average Market Price, as defined in the DRIP.  However, the Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. The DRIP and enrollment forms are available on the Company’s website at www.franco-nevada.com. Registered shareholders may also enroll in the DRIP online through the plan agent’s self-service web portal at www.investorcentre.com/franco-nevada. Beneficial shareholders should contact their financial intermediary to arrange enrollment.

This press release is not an offer to sell or a solicitation of an offer to buy securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company’s profile on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

2

Shareholder Information

The complete Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis can be found today on Franco-Nevada’s website at www.franco-nevada.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Management will host a conference call tomorrow, Tuesday, August 11, 2015 at 10:00 a.m. Eastern Time to review Franco-Nevada’s Q2 2015 results.

Interested investors are invited to participate as follows:

·             Via Conference Call:  Toll-Free: (888) 231-8191; International: (647) 427-7450

·             Conference Call Replay: A recording will be available until August 18, 2015 at the following numbers: Toll-Free (855) 859-2056; International (416) 849-0833; Pass code 74539637.

·             Webcast: A live audio webcast will be accessible at www.franco-nevada.com.

Corporate Summary

Franco-Nevada Corporation is the leading gold-focused royalty and stream company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies. Franco-Nevada has substantial cash, no debt and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.  Franco-Nevada is the gold investment that works.

For more information, please go to our website at www.franco-nevada.com or contact:

Prepared in accordance with IFRS and presented in U.S. dollars (unless otherwise noted).

Forward Looking Statements

This press release contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the U.S. Private Securities Litigation Reform Act of 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 and gold equivalent ounces 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”, “budgets”, “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 and 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 U.S. 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 Franco-Nevada is determined to have PFIC status; potential changes in Canadian tax treatment of offshore streams; 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; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; 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

3

and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; 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; Franco-Nevada’s ongoing income and assets relating to determination of its PFIC status; no material change to existing tax treatment; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the 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 investors 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, investors 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 most recent Annual Information Form as well as Franco-Nevada’s most recent annual Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on 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.

4

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, on SEDAR and on EDGAR.

(1)         GEOs include our gold, silver, platinum, palladium and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium, silver and other minerals were converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the average gold price for the period. For Q2 2015, the average commodity prices were as follows: $1,193/oz gold (2014 - $1,289/oz); $1,127/oz platinum (2014 - $1,447/oz); $16.41/oz silver (2014 - $19.62/oz) and $760/oz palladium (2014 - $815/oz).

(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.

(3)         Adjusted EBITDA is defined by the Company as net income (loss) excluding income tax expense/recovery, finance income and expenses, foreign exchange gains/losses, gains/losses on the sale of investments, depletion and depreciation, non-cash costs of sales and impairment charges related to royalties, streams, working interests and investments.

Reconciliation to IFRS measures:

5

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited, in millions of U.S. dollars)

The notes are an integral part of these interim consolidated financial statements and can be found in our 2015 Q2 Report available on our website.

6

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions of U.S. dollars, except per share amounts)

The notes are an integral part of these interim consolidated financial statements and can be found in our 2015 Q2 Report available on our website.

7

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions of U.S. dollars)

The notes are an integral part of these interim consolidated financial statements and can be found in our 2015 Q2 Report available on our website.

8

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 August 10, 2015 and should be read in conjunction with Franco-Nevada’s unaudited condensed interim consolidated financial statements and related notes as at and for the three and six months ended June 30, 2015 and 2014.  The unaudited condensed interim consolidated statements and MD&A are presented in U.S. dollars and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements in accordance with IAS 34, Interim Financial Reporting.

Readers are cautioned that the 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 audited consolidated financial statements for the year ended December 31, 2014 and the corresponding notes to the financial statements which are available on our website at www.franco-nevada.com, on SEDAR at www.sedar.com and in our most recent Form 40-F filed with the Securities and Exchange Commission on EDGAR at www.sec.gov.

Additional information related to Franco-Nevada, including our Annual Information Form, is available on SEDAR at www.sedar.com, and our Form 40-F is available on EDGAR at www.sec.gov. These documents contain detailed descriptions and maps of certain of Franco-Nevada’s producing and advanced royalty and stream assets.  For additional information, our website can be found at www.franco-nevada.com.

1

Table of Contents

2

Overview

Franco-Nevada is the leading gold royalty and stream company by both gold revenues and number of gold assets. The Company is gold-focused but also has the largest and most diversified portfolio of royalties and streams by commodity, geography, revenue type and stage of project.  The portfolio is actively managed with the aim to maintain over 80% of revenue from precious metals (gold, silver & PGM).

The Company does not operate mines, develop projects or conduct exploration.  Franco-Nevada’s business model is focused on managing and growing its portfolio of royalties and streams. The advantages of this business model are:

·                  Exposure to the gold price and exploration optionality;

·                  Limited exposure to many of the risks associated with operating companies;

·                  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;

·                  A forward-looking business in which management focuses on growth opportunities rather than operational or development issues; and

·                  A perpetual discovery option over large areas of geologically prospective lands with no cost other than the initial investment.

Franco-Nevada’s financial results in the short-term are primarily tied to the price of commodities and the amount of production from its portfolio of producing assets.  From time to time, financial results are also supplemented by acquisitions of new producing assets.  Over the longer-term, results are impacted by the availability of exploration and development capital applied by other companies to expand or extend Franco-Nevada’s producing assets or to advance Franco-Nevada’s advanced and exploration assets into production.

Franco-Nevada has a long-term focus in making its investments and recognizes it is in a cyclical industry.  Franco-Nevada has historically operated by maintaining a strong balance sheet so that it can make investments during commodity cycle downturns.  At June 30, 2015, Franco-Nevada had $688.3 million in working capital, an undrawn $750.0 million unsecured credit facility and no debt.

Franco-Nevada’s shares are listed on the Toronto and New York stock exchanges under the symbol FNV.  An investment in Franco-Nevada’s shares is expected to provide investors with yield and exposure to gold price and exploration optionality while limiting exposure to many of the risks of operating companies. Since its IPO over seven years ago, Franco-Nevada has increased its dividend annually and its share price has outperformed the gold price and all relevant gold equity benchmarks.

3

Highlights

Financial — 3 months

·                  83,040 Gold Equivalent Ounces (“GEOs”)1  earned (2014 — 64,7341), an increase of 28.3% over Q2 2014;

·                  Revenue of $109.4 million (2014 - $107.7 million);

·                  Adjusted EBITDA2of $82.2 million, or $0.53 per share (2014 - $87.2 million or $0.59 per share);

·                  Margin2 of 75.1% (2014 — 81.0%);

·                  Net income of $21.6 million, or $0.14 per share (2014 — $36.9 million or $0.25 per share); and

·                  Adjusted Net Income2 of $22.9 million, or $0.15 per share (2014 - $36.0 million or $0.24 per share).

Financial — 6 months

·                  168,121 GEOs1 earned (2014 — 130,5701), an increase of 28.8% over 2014;

·                  Revenue of $218.6 million (2014 - $211.8 million);

·                  Adjusted EBITDA2 of $165.5 million, or $1.06 per share (2014 - $172.0 million or $1.17 per share);

·                  Margin2 of 75.9% (2014 — 81.2%);

·                  Net income of $40.8 million, or $0.26 per share (2014 — $72.3 million or $0.49 per share); and

·                  Adjusted Net Income2 of $45.8 million, or $0.30 per share (2014 - $70.3 million or $0.48 per share).

Corporate

Credit Facility

On May 22, 2015, the Company amended its credit facility which increased the amount available to $750.0 million and extended the maturity to May 22, 2020.

Ring of Fire

On April 28, 2015, the Company acquired royalty rights in the Ring of Fire mining district of Ontario by providing $28.5 million in loan and royalty financing to Noront Resources Ltd.

Dublin Gulch (Eagle)

On January 14, 2015, the Company acquired an existing 1.5% NSR and 2.0% gross royalty on certain claims that comprise the Eagle deposit located in the Yukon, Canada for cash consideration of $7.0 million.

The royalties acquired were accounted for as asset acquisitions.

1  GEOs include our gold, silver, platinum, palladium and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium and other minerals were converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the average gold price for the period. For average commodity prices used in calculation of GEOs, please refer to average commodity price tables on pages 15 and 27 of this MD&A.

2  Adjusted Net Income, Adjusted EBITDA and Margin are non-IFRS financial measures with no standardized meaning under IFRS. For further information and a detailed reconciliation, please see pages 40-42 of this MD&A.

4

Candelaria

On July 29, 2015, Franco-Nevada made an additional and final $7.5 million payment to Lundin due to an increase in reserves following resolution of certain post-closing items pursuant to the Candelaria stream agreement. The amount has been recorded as part of the stream interest and accrued as at June 30, 2015.

Guidance

The following contains forward looking statements about our guidance for the remainder of 2015. Reference should be made to the “Cautionary Statement on Forward Looking Information” section at the end of this MD&A. For a description of material factors that could cause our actual results to differ materially from the forward looking statements in the following, please see the Cautionary Statement, the “Risk Factors” section 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.sedar.com and our most recent Form 40-F filed with the Securities and Exchange Commission on www.sec.gov.

For the first half of 2015, Franco-Nevada realized 168,121 GEOs and $15.8 million in revenue from its oil & gas assets. For fiscal 2015, Franco-Nevada continues to expect to receive between 335,000 to 355,000 GEOs from its mineral assets and $20.0 to $30.0 million in revenue from its oil & gas assets. Of the 335,000 to 355,000 GEOs, Franco-Nevada expects to receive 205,000 to 215,000 GEOs under its various stream agreements.

GEOs include our gold, platinum, palladium, silver and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by Franco-Nevada. For net profit interest (“NPI”) royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium, silver and other minerals were converted to GEOs by dividing the associated revenue, which includes settlement adjustments, by the average gold price for the period. For the remainder of 2015, platinum, palladium and silver metals have been converted to GEOs using commodity prices of $1,100/oz Au, $1,000/oz Pt, $600/oz Pd and $15.00/oz Ag.  For 2015, the WTI oil price is assumed to average $50 per barrel with a $7.00 per barrel price differential for Canadian oil.  2015 guidance assumes the continued steady state of operations from our assets and is also based on the assumptions set out below.

Franco-Nevada and First Quantum Minerals Ltd. are making progress in negotiating amendments to the Cobre Panama stream agreement. The amount to be paid by Franco-Nevada upon finalizing the revised agreement based on expenditures to June 30, 2015 is agreed to be $275.0 million.

More specifically, we expect the following with respect to our key asset categories for 2015:

·                                          Gold — U.S.:  Overall GEOs from U.S. gold assets are expected to be slightly higher in 2015 compared with 2014. Goldstrike royalty ounces are expected to be slightly higher with Barrick’s thiosulphate project now ramping up production. Fire Creek/Midas is expected to deliver 7,500 ounces in 2015 pursuant to the agreement. Gold Quarry is expected to deliver 11,250 royalty ounces in 2015 as

5

payments will be based on the minimum royalty provision.

·                                          Gold — Canada:  GEOs earned from Canadian assets in 2015 are expected to be lower than 2014 levels. Detour Lake royalty ounces are expected to be higher as Detour continues to ramp-up production. This increase is expected to be offset by declines in production from other Canadian assets.

·                                          Gold — Latin America:  GEOs from Latin America will grow significantly with Franco-Nevada benefitting from a full year of production from Candelaria in 2015 compared to a partial year in 2014. Candelaria is expected to deliver 85,000 GEOs in 2015, a substantial increase over 2014 when Candelaria contributed 20,099 GEOs.

·                                          Gold — Rest of World:  Rest of World gold assets are expected to generate lower GEOs in 2015. Sabodala is expected to deliver 22,500 ounces pursuant to the stream agreement. Subika is expected to be lower as a result of the delayed expansion at Ahafo.

·                                          PGM:  Sudbury stream ounces for 2015 are expected to be lower in 2015 and lower PGM ounces are expected from Stillwater.

·                                          Other minerals:  GEOs from other minerals are expected to be lower in 2015 as Osborne has lowered its production forecast and Peculiar Knob is scheduled to be put on care and maintenance.

·                                          Oil & Gas: For 2015, oil & gas revenues are projected to be $20.0 million to $30.0 million reflecting significantly lower oil price assumptions compared to last year.

6

Selected Financial Information

1                   Impairments include impairment charges on investments, royalties, streams and working interests.

2                   For average commodity prices used in calculation of GEOs, please refer to average commodity price tables on pages 15- and 27 of this MD&A.

3                   Adjusted EBITDA, Margin and Adjusted Net Income are non-IFRS financial measures with no standardized meaning under IFRS. For further information and a detailed reconciliation, please see pages 40-42 of this MD&A.

7

Overview of Financial Performance — Q2 2015 to Q2 2014

Gold Equivalent Ounces

The Company continued to grow its GEOs compared to Q2 2014 with 83,040 GEOs earned in the second quarter of 2015, an increase of 28.3% over the second quarter of 2014. Franco-Nevada continues to grow its portfolio through acquisitions and organic growth.

8

The following table outlines GEOs attributable to Franco-Nevada for the three months ended June 30, 2015 and 2014 by commodity, geographical location and type of interest (excluding oil & gas):

1  For average commodity prices used in calculation of GEOs, please refer to average commodity price tables on page 15 of this MD&A.

GEOs were earned from the following asset classes (excluding oil & gas):

1  For average commodity prices used in calculation of GEOs, please refer to average commodity price tables on page 15 of this MD&A.

Our portfolio is well-diversified with GEOs being earned from approximately 45 different mineral interests in various jurisdictions.

9

GEO Reconciliation — Q2 2014 to Q2 2015

Gold GEOs

GEOs earned from gold assets increased by 44.0% to 73,419 GEOs in the second quarter of 2015 from 50,970 GEOs in the second quarter of 2014. The growth in GEOs was mainly attributable to the addition of the Candelaria and Fire Creek/Midas streams/fixed ounces. GEOs from existing gold assets were lower in the quarter due to lower production levels. For the quarter, 1,352 GEOs from our gold NPIs were earned compared with 3,266 GEOs earned from gold NPIs in the same period in 2014.

U.S. assets produced 11,715 GEOs, representing an increase of 35.0%, or 3,035 GEOs. The increase is due to:

·                  the newly—acquired Fire Creek/Midas fixed ounces (2,500 GEOs);

·                  higher production from Marigold (963 GEOs), Bald Mountain (797 GEOs) and Gold Quarry (225 GEOs);

·                  partially offset by lower production from Goldstrike (1,318 GEOs), with the NPI contributing 1,220 fewer GEOs in 2015 than 2014, Mesquite (94 GEOs) and other assets (38 GEOs).

Canadian assets produced 8,205 GEOs in the quarter, a decrease of 1,475 GEOs, or 15.2%. The largest increase came from:

·                  Musselwhite (476 GEOs), with the NPI benefitting from the weaker Canadian dollar, and higher production at Detour (342 GEOs) and Golden Highway (107 GEOs);

10

·                  offset by lower production at Hemlo (1,398 GEOs), Sudbury (683 GEOs) and other assets (319 GEOs).

Latin American assets, which include the recent Candelaria acquisition, generated 37,602 GEOs with the major contributions as follows:

·                  Candaleria’s production was 24,192 GEOs, or 64.3%, of total GEOs from Latin America;

·                  production from Palmarejo decreased with the Company receiving the minimum of 12,501 for the quarter.

Rest of World assets generated 15,897 GEOs, a decrease of 12.0%, over 2014 levels, attributable to:

·                  higher production at MWS (532 GEOs);

·                  offset by lower production at Subika (1,508 GEOs), Tasiast (276 GEOs), Duketon (245 GEOs) and other assets (681 GEOs).

PGM GEOs

PGM GEOs produced were 7,323 for the quarter compared to 10,890 GEOs in 2014, a decrease of 32.8%. The decrease in GEOs is attributable to:

·                  lower production from the Sudbury assets (2,703 GEOs) and Stillwater (864 GEOs); and

·                  the impact of a lower palladium to gold ratio.

Overall palladium production was 20.5% lower in the quarter with overall platinum production 27.9% lower over the second quarter of 2014.

Other Mineral GEOs

GEOs generated from other minerals decreased to 2,298 GEOs from 2,874 GEOs in the comparable period. Production at Peculiar Knob, an iron-ore project in Australia, was lower in the period with the operation expected to be put on care and maintenance in the third quarter of 2015.

Revenue

Franco-Nevada’s revenue is generated from various forms of agreements, ranging from NSR royalties, streams, NPI royalties, net royalty interests (“NRI”), working interests and other. For definitions of the various types of agreements, please refer to our Annual Information Form filed on SEDAR at www.sedar.com or our Form 40-F filed on EDGAR at www.sec.gov.

The market prices of gold, PGM, oil and natural gas are the primary drivers of our profitability and our ability to generate operating cash flow for shareholders.

11

Quarterly Revenue Breakdown

(millions of dollars)

Revenue by Commodity

12

Revenue by Region

The following table outlines Franco-Nevada’s revenue for the three months ended June 30, 2015 and 2014, by commodity, geographical location and type of interest and highlights the diversification of the portfolio: