1 2 0 0 8 T H I R D Q U A R T E R R E P O R T
Franco-Nevada
Corporation
www.franco-nevada.com
Press Release
Third Quarter Ended, September 30, 2008
FOR RELEASE: November 11, 2008
Franco-Nevada Reports Strong Third Quarter
Results and Declares Dividend
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
This press release contains forward-looking statements.
Reference should be made to "Forward-looking Statements"
at the end of this press release.
Highlights (US dollars)
• Franco-Nevada"s financial results for the three months ended September 30, 2008 were close to its second
quarter results with revenues of $40.0 million, EBITDA* of $34.3 million ($0.34 per share) and Net Income of
$9.9 million ($0.10 per share).
The impact of lower commodity prices was largely offset by operating gains
from key royalties.
• For the nine months ended September 30, 2008, Franco-Nevada realized revenue of $108.6 million, EBITDA*
of $91.8 million ($0.94 per share) and Net Income of $25.0 million ($0.26 per share).
• Franco-Nevada"s financial position remains strong.
At September 30, 2008, the Company had no debt or
hedges, no anticipated material capital requirements and working capital of $334.4 million.
The Company
continues to hold over 70% of its treasury in US dollar denominated short-term notes and over 93% of its
cash, cash equivalents and short-term investments are government guaranteed.
• Franco-Nevada"s board today declared a semi-annual dividend of CDN $0.12 per share for shareholders
of record on December 5th and payable December 19th.
Combined with the dividend paid in June, this will
bring dividends paid to shareholders in 2008 to CDN $0.24 per share, or approximately CDN $24.1 million.
TORONTO, November 11, 2008 - Franco-Nevada Corporation (TSX:FNV) today reported its financial results
for the three months and nine months ended September 30, 2008.
All figures are in US dollars unless otherwise
noted.
The complete Financial Statements and Management"s Discussion and Analysis can be found on
www.sedar.com and on Franco-Nevada"s web site at www.franco-nevada.com.
On December 20, 2007, Franco-Nevada completed its initial public offering, listed on the Toronto Stock
Exchange and purchased its royalty portfolio and other assets.
As Franco-Nevada was established only
in late-2007, there are no year-over-year comparable figures.