Franco-Nevada (FNV) 6-K 8 Mar 18 2017 FY Franco-Nevada Reports Record Results for 2017 Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	FRANCO NEVADA Corp
Entity Central Index Key	1,456,346
Document Type	6-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents (Note 5)	$ 511.1	$ 253
Receivables	65.9	71.1
Prepaid expenses and other (Note 7)	39.4	37.1
Current assets	616.4	361.2
Royalty, stream and working interests, net (Note 8)	3,939.2	3,668.3
Investments (Note 6)	203.1	147.4
Deferred income tax assets (Note 17)	14.5	21.3
Other assets (Note 9)	15.2	23.4
Total assets	4,788.4	4,221.6
LIABILITIES
Accounts payable and accrued liabilities (Note 10)	21.5	21
Current income tax liabilities	1.1	16.6
Current liabilities	22.6	37.6
Deferred income tax liabilities (Note 17)	60.3	37.5
Total liabilities	82.9	75.1
SHAREHOLDERS' EQUITY (Note 18)
Common shares	5,107.8	4,666.2
Contributed surplus	14.2	41.6
Deficit	(310)	(336.8)
Accumulated other comprehensive loss	(106.5)	(224.5)
Total shareholders' equity	4,705.5	4,146.5
Total liabilities and shareholders' equity	$ 4,788.4	$ 4,221.6

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
Revenue (Note 14)	$ 675,000,000	$ 610,200,000
Cost of sales
Costs of sales (Note 15)	142,000,000	105,800,000
Depletion and depreciation (Note 8(a))	273,000,000	273,800,000
Total cost of sales	415,000,000	379,600,000
Gross profit	260,000,000	230,600,000
Other operating expenses (income)
Corporate administration	21,300,000	20,700,000
Business development	3,600,000	3,400,000
Impairment charges (Note 8(b))	0	67,500,000
Gain on sale of royalty interest (Note 8(c))		(14,100,000)
(Gain) on sale of gold bullion	(300,000)	(2,300,000)
Total other operating expenses (income)	24,600,000	75,200,000
Operating income	235,400,000	155,400,000
Foreign exchange gain (loss) and other income (expense)	1,100,000	200,000
Realized gain on investments	2,000,000	12,400,000
impairment of investment	(4,500,000)
Income before finance items and income taxes	234,000,000	168,000,000
Finance items
Finance income	5,400,000	3,500,000
Finance expense (Note 13)	(3,400,000)	(3,600,000)
Net income before income taxes	236,000,000	167,900,000
Income tax expense (Note 17)	41,300,000	45,700,000
Net income	194,700,000	122,200,000
Items that may be reclassified subsequently to profit and loss:
Unrealized gain in the fair value of available-for-sale investments, net of income tax expense of $6.1 (2016 - $5.3) (Note 6)	38,400,000	52,900,000
Reclassification of realized loss (gain) in fair value of available-for-sale investments, net of income tax recovery of $0.2 (2016 - income tax expense of $1.6) (Note 6)	2,400,000	(10,600,000)
Currency translation adjustment	77,200,000	21,300,000
Other comprehensive income	118,000,000	63,600,000
Total comprehensive income (loss)	$ 312,700,000	$ 185,800,000
Basic earnings per share (Note 19) (in dollars per share)	$ 1.06	$ 0.70
Diluted earnings per share (Note 19) (in dollars per share)	$ 1.06	$ 0.69

CONSOLIDATED STATEMENTS OF INC4

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Unrealized change in market value of available-for-sale, tax expense	$ 6.1	$ 5.3
Realized change in market value of available-for-dale, tax expense	$ 0.2	$ 6

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income	$ 194.7	$ 122.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation	273	273.8
Non-cash costs of sales	7.7	6.5
Share-based payments	4.6	5
Impairment charges (Note 8(b))		67.5
Gain on sale of royalty interest		(14.1)
Unrealized foreign exchange (gain) loss	(1.7)	0.5
Mark-to-market on warrants	0.2	(0.4)
Gain on investments	(2)	(12.4)
Impairment of investment	4.5
Deferred income tax expense	21.8	3.5
Other non-cash items	(2.1)	(1.2)
Acquisition of gold bullion	(24.1)	(53.5)
Proceeds from sale of gold bullion	19	67.3
Operating cash flows before changes in non-cash working capital	495.6	464.7
Changes in non-cash working capital:
Decrease (increase) in receivables	5.2	(6)
Decrease (increase) in prepaid expenses and other	3.3	(4.5)
(Decrease) increase in current liabilities	(15.5)	16.8
Net cash provided by operating activities	488.6	471
Cash flows from investing activities
Proceeds from sale of investments	12.6	28.6
Proceeds from sale of royalty interest		30.3
Acquisition of investments	(12.3)	(1.6)
Acquisition of royalty, stream and working interests	(499.5)	(744.8)
Acquisition of oil & gas well equipment	(1.7)	(2.1)
Acquisition of property and equipment		(0.2)
Net cash used in investing activities	(500.9)	(689.8)
Cash flows from financing activities
Net proceeds from issuance of common shares		883.5
Repayment of Credit Facility		(460)
Credit facility amendment costs	(1)
Payment of dividends	(125.8)	(118.1)
Proceeds from exercise of warrants	356.4
Proceeds from exercise of stock options	10.1	16.3
Net cash provided by financing activities	239.7	321.7
Effect of exchange rate changes on cash and cash equivalents	30.7	0.9
Net change in cash and cash equivalents	258.1	103.8
Cash and cash equivalents at beginning of year	253	149.2
Cash and cash equivalents at end of year	511.1	253
Supplemental cash flow information:
Cash paid for interest expense and loan standby fees	2.4	3
Income taxes paid	$ 38.2	$ 30.7

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Share capital (Note 14)	Contributed Surplus	Accumulated other comprehensive income (loss)	Deficit	Total
Balance at beginning of year at Dec. 31, 2015	$ 3,709	$ 44.3	$ (288.1)	$ (302.2)	$ 3,163
Net income				122.2	122.2
Other comprehensive income			63.6		63.6
Total comprehensive income (loss)					185.8
Equity offering	893.9				893.9
Exercise of stock options	21.8	(5.5)			16.3
Share-based payments		5.6			5.6
Vesting of restricted share units	2.8	(2.8)
Dividend reinvestment plan	38.7				38.7
Dividends Declared				156.8	156.8
Balance at end of year at Dec. 31, 2016	4,666.2	41.6	(224.5)	(336.8)	4,146.5
Net income				194.7	194.7
Other comprehensive income			118		118
Total comprehensive income (loss)					312.7
Exercise of warrants	382.9	(26.5)			356.4
Exercise of stock options	14.1	(4)			10.1
Share-based payments		5.6			5.6
Vesting of restricted share units	2.5	(2.5)
Dividend reinvestment plan	42.1				42.1
Dividends Declared				167.9	167.9
Balance at end of year at Dec. 31, 2017	$ 5,107.8	$ 14.2	$ (106.5)	$ (310)	$ 4,705.5

Corporate Information

Corporate Information	12 Months Ended
	Dec. 31, 2017
Corporate Information
Corporate Information	Note 1 – Corporate Information Franco-Nevada Corporation (“Franco-Nevada” or the “Company”) is incorporated under the Canada Business Corporations Act. The Company is a gold-focused royalty and stream company with additional interests in silver, platinum group metals, oil & gas and other resource assets. The majority of revenues are generated from a diversified portfolio of properties in the United States, Canada, Mexico, Peru, Chile, Australia and Africa. At December 31, 2017, the portfolio includes approximately 341 assets covering properties at various stages from production to early stage exploration. The Company’s shares are listed on the Toronto Stock Exchange and the New York Stock Exchange and the Company is domiciled in Canada. The Company’s head and registered office is located at 199 Bay Street, Suite 2000, Toronto, Ontario, Canada.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
Significant accounting policies	Note 2 – Significant accounting policies (a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) under the historical cost convention, except for cash and cash equivalents, available-for-sale investments and derivatives which are measured at fair value. IFRS comprise IFRS, International Accounting Standards (“IAS”) and interpretations issued by the IFRS Interpretations Committee (“IFRIC”) and the former Standing Interpretations Committee (“SIC”). These consolidated financial statements were authorized for issuance by the Board of Directors on March 7, 2018. (b) Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (its “subsidiaries”) (together the “Company”). (i) These consolidated financial statements include the accounts of Franco-Nevada and its subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. The Company consolidates subsidiaries where it has the ability to exercise control. Control of an investee is defined to exist when the Company is exposed to variable returns from its involvement in the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, it has all of the following: power over the investee (i.e. existing rights that give the Company the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect its returns. Control is presumed to exist where the Company owns more than one half of the voting rights unless it can be demonstrated that ownership does not constitute control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. The consolidated financial statements include all assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany transactions. All subsidiaries of the Company and their geographic locations at December 31, 2017 were as follows: Entity Jurisdiction Economic Franco-Nevada U.S. Corporation Delaware 100% Franco-Nevada GLW Holdings Corp. British Columbia 100% Franco-Nevada Mexico Corporation, S.A. de C.V. Mexico 100% Franco-Nevada Canada Holdings Corp. Canada 100% Franco-Nevada (Barbados) Corporation Barbados 100% Franco-Nevada Australia Pty Ltd. Australia 100% Franco-Nevada LRC Holdings Corp. British Columbia 100% Franco-Nevada Alberta Holdings ULC Alberta 100% Franco-Nevada U.S. Holding Corp. Delaware 100% Franco-Nevada Delaware LLC Delaware 100% Franco-Nevada Texas LP (1) Texas 100% Minera Global Copper Chile S.A. Chile 100% Franco-Nevada Alberta Corporation Alberta 100% FN Subco Inc. British Columbia 100% Franco-Nevada Idaho Corporation Delaware 100% FN Holdings ULC Alberta 100% 1 Added during the year. All the above entities are classified as subsidiaries of the Company. There are no significant restrictions on the Company’s ability to access or use assets or settle liabilities of its subsidiaries. (ii) A joint arrangement is defined as an arrangement over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. There are two types of joint arrangement, joint operations (“JO”) and joint ventures (“JV”). A JO is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to the Company’s interest in any JO, the Company would recognize its share of any assets, liabilities, revenues and expenses of the JO. The Company participates in joint operations with respect to oil & gas working interests but does not have joint control. A working interest is an ownership position in the oil & gas property and related operating assets, whereby the Company is liable for its proportionate share of gross costs of capital and operations based on information received from the operator. The Company’s share of the assets, liabilities, revenues and expenses of the joint operation are recognized in the statements of financial position and statements of income and comprehensive income (loss). (c) Business combinations On the acquisition of a business, the acquisition method of accounting is used whereby the purchase consideration is allocated to the identifiable assets, liabilities and contingent liabilities (identifiable net assets) of the business on the basis of the fair value at the date of acquisition. Provisional fair values allocated at a reporting date are finalized as soon as the relevant information is available, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date. The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences at the date of acquisition and taken out of the consolidated financial statements from the date on which control ceases. When all or part of the purchase consideration is contingent on future events, the cost of the acquisition initially recorded includes an estimate of the fair value of the contingent liability amounts expected to be payable in the future. The cost of acquisition is adjusted when revised estimates are made, with corresponding adjustments made to the consolidated statement of income and comprehensive income (loss). When a business is acquired in a number of stages, the cost of each stage is compared with the fair value of the identifiable net assets at the date of that purchase. When the cost of the acquisition exceeds the fair values of the identifiable net assets acquired, the difference is recorded as goodwill. If the fair value attributable to the Company’s share of the identifiable net assets exceeds the cost of acquisition, the difference is recognized as a gain in the consolidated statement of income and comprehensive income (loss). Acquisition costs are expensed. (d) Currency translation (i) The functional currency for each entity within the Franco-Nevada group is the currency of the primary economic environment in which it operates. These consolidated financial statements are expressed in United States dollars, which is the functional currency of some of the subsidiaries. The parent Company’s functional currency is the Canadian dollar. The U.S. dollar is used as the presentation currency of the Company to ensure comparability with the Company’s peers. References herein to C$ are to Canadian dollars. (ii) Foreign currency transactions are translated into the functional currency of the respective subsidiary, using the exchange rate prevailing at the dates of the transaction (spot exchange rates). Foreign exchange gains and losses resulting from the settlement of such transactions and the re-measurement of monetary items and available-for-sale securities at the date of the consolidated statements of financial position are recognized in net income. Non-monetary items measured at historical cost are translated into the functional currency using the exchange rate at the date of the transaction. The results and financial position of the subsidiaries that have a functional currency different from the presentation currency are translated into U.S. dollars, the group’s presentation currency, as follows: · assets and liabilities for each subsidiary are translated at the closing exchange rate at the date of the balance sheet; · income and expenses for each subsidiary are translated at the average exchange rates during the period; and · all resulting exchange differences are charged/credited to the currency translation adjustment in other comprehensive income (loss). (e) Royalty, stream and working interests Royalty, stream and working interests consist of acquired royalty interests, stream metal purchase agreements, and working interests in producing, advanced/development and exploration stage properties. Royalty, stream and working interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses. The cost of royalty, stream and working interests is determined by reference to the cost model under IAS 16 Property, Plant and Equipment . The major categories of the Company’s interests are producing, advanced and exploration. Producing assets are those that have generated revenue from steady-state operations for the Company or are expected to in the next year. Advanced assets are interests on projects which are not yet producing, but where in management’s view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Royalty, stream and working interests for producing and advanced assets are recorded at cost and capitalized in accordance with IAS 16, while exploration assets are recorded and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources . Management uses the following criteria in its assessment of technical feasibility and commercial viability: (i) Geology: there is a known mineral deposit which contains mineral reserves or resources; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral reserves or resources. (ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable. Producing mineral royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates. The life of the property is estimated using life of mine models specifically associated with the mineral royalty or stream properties which include proven and probable reserves and may include a portion of resources expected to be converted into reserves. Where life of mine models are not available, the Company uses publicly available statements of reserves and resources for the mineral royalty or stream properties to estimate the life of the property and portion of resources that the Company expects to be converted into reserves. Where life of mine models and publicly available reserve and resource statements are not available, depletion is based on the Company’s best estimate of the ounces to be produced and delivered under the contract. The Company relies on information available to it under contracts with operators and/or public disclosures for information on reserves and resources from the operators of the producing mineral and stream interests. Producing oil & gas interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available estimated proved and probable reserves specifically associated with the oil & gas properties. For oil & gas interests, management engages previous reserve reports prepared by independent petroleum consultants engaged by the Company or engages other qualified parties. On acquisition of a producing royalty, stream or working interest, an allocation of its fair value is attributed to the exploration potential of the interest. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated reserve and resource information obtained from the operators of the royalty, stream or working interest properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. If the cost of a royalty, stream or working interest includes contingent consideration, the contingent consideration is measured at fair value on the date of acquisition and included in the cost of the interest. Any changes in the fair value of the contingent consideration subsequent to the acquisition date are recorded against the cost of the interest acquired. Royalty, stream and working interests for advanced and exploration assets are recorded at cost and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources. Acquisition costs of advanced and exploration stage royalty, stream and working interests are capitalized and are not depleted until such time as revenue-generating activities begin. The Company may receive advanced minimum payments prior to the commencement of production on some of its interests. In these circumstances, the Company would record depletion expense as described above, up to a maximum of the total of the advanced minimum payment received. (f) Working interests in oil & gas properties Acquired oil & gas working interests are accounted for at cost and capitalized as tangible assets of developing or operating properties, or in accordance with IFRS 6 for exploration properties. For each oil & gas property on which the Company has a working interest, the Company bears its proportionate share of the gross costs of capital and operations based on information received from the operator. Such capital costs are capitalized to oil & gas well equipment which is a component of other assets on the statement of financial position. Capitalized costs, other than those related to oil & gas well equipment, are depreciated when the asset is available for its intended use on a units-of-production basis, whereby the denominator is the proved and probable reserves associated with the oil & gas properties. For oil & gas well equipment, capitalized costs are depreciated by application of a 25% declining balance method. (g) Impairment of non-financial assets Producing and advanced mineral, stream and oil & gas interests are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of cash-generating units (“CGUs”) which, in accordance with IAS 36 Impairment of Assets , are identified as the smallest identifiable group of assets that generates cash inflows, which are largely independent of the cash inflows from other assets. This is usually at the individual royalty, stream, oil & gas or working interest level for each property from which cash inflows are generated. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal (“FVLCD”) and value-in-use (“VIU”). The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the mineral, stream and oil & gas properties, respectively, that could affect the future recoverability of the Company’s interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (i) net present value of estimated future cash flows; (ii) dollar value per ounce or pound of reserve/resource; (iii) cash-flow multiples; and/or (iv) market capitalization of comparable assets. Impairment losses are charged to the mineral, stream or oil & gas interest or working interest and any associated oil & gas well equipment in the case of working interests. Assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an impairment loss are subsequently reversed and the asset’s recoverable amount exceeds its carrying amount. Impairment losses can be reversed only to the extent that the recoverable amount does not exceed the carrying value that would have been determined had no impairment been recognized previously. Gold bullion, prepaid gold and prepaid expenses are similarly assessed for impairment whenever indicators of impairment exist in accordance with IAS 36. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of FVLCD and VIU. Mineral and oil & gas interests classified as exploration are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of FVLCD and VIU. An interest that has previously been classified as exploration is also assessed for impairment before reclassification to either advanced or producing, and the impairment loss, if any, is recognized in net income. (h) Financial instruments Financial assets and financial liabilities are recognized on the Company’s statement of financial position when the Company has become a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. The Company’s financial instruments consist of cash and cash equivalents, receivables, accounts payables, accrued liabilities, debt, and investments, including equity investments, loans receivable, warrants and term deposits. Financial instruments are recognized initially at fair value. (i) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are classified as available-for-sale and measured at fair value. (ii) Receivables, other than those related to agreements with provisional pricing mechanisms, are classified as loans and receivables and are initially recorded at fair value of the amount expected to be received and subsequently measured at amortized cost less any provision for impairment. Individual receivables are considered for recoverability when they are past due or when other objective evidence is received that a specific counterparty will default. Impairments for receivables are presented in the consolidated statement of income and comprehensive income (loss). (iii) Investments comprise equity interests in publicly-traded and privately-held entities, marketable securities with original maturities at the date of the purchase of more than three months and a loan receivable. Available-for-sale investments are recognized initially at fair value plus transaction costs. Subsequent to initial recognition, available-for-sale investments are measured at fair value and changes in the fair value are recognized directly in other comprehensive income (loss), except for impairment losses, which are recognized in net income in the consolidated statement of income and comprehensive income (loss). When an available-for-sale investment is sold or impaired, the accumulated gains or losses are reversed from accumulated other comprehensive income (loss) and included in other income (expense) or impairment of investments in the statement of income and comprehensive income (loss). Where the Company holds an investment in a privately-held entity for which there is no active market and for which there is no reliable estimate of fair value, the investment is carried at cost less any provision for impairment. Translation differences on equity securities classified as available-for-sale, are included in other comprehensive income (loss). Derivative investments, such as warrants and receivables related to agreements with provisional pricing mechanisms, are classified as fair value through profit and loss and are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value. Changes in the fair value of receivables related to agreements with provisional pricing mechanisms are recognized in revenue in the statement of income and other comprehensive income (loss). Changes in fair value of warrants are recognized as other income (expenses) in the statement of income and comprehensive income (loss). Loans receivable are classified as loans and receivables because they have fixed or determinable payments and are not quoted in an active market. Loans are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate method and presented as finance income in the statement of income and comprehensive income (loss). (iv) Financial liabilities, including accounts payable, accrued liabilities and debt, are classified as other financial liabilities at amortized cost using the effective interest method. (v) The Company assesses at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. Financial assets are considered to be impaired if objective evidence indicates that a change in the market, economic or legal environment in which the Company invested has had a negative effect on the estimated future cash flows of that asset. For equity securities classified as available-for-sale, a significant or prolonged decline in fair value of the security below its cost is also evidence that the assets may be impaired. If such evidence exists for available-for-sale financial assets, the cumulative loss, measured as the difference between the acquisition cost and the current fair value, is removed from accumulated other comprehensive income (loss) and recognized as an impairment on investments in net income in the statement of income and other comprehensive income (loss). An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Impairment losses are recognized in net income. For financial assets measured at amortized cost, any reversal of impairment is recognized in net income in subsequent periods if the fair value of the financial assets increase and the increase can be objectively related to an event occurring after the impairment loss was recognized in net income. If the value of the previously impaired available-for-sale equity investment subsequently recovers, additional unrealized gains are recorded in other comprehensive income (loss) and the previously recorded impairment losses are not reversed. (i) Revenue recognition Revenue comprises revenue earned in the period from royalty, stream and working interests and dividend income. Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and/or working interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. For royalty interests, revenue recognition generally occurs in the month of production from the royalty property. For stream and working interests, relevant commodities received from the stream or working interest operators are sold to the Company’s third party customers. Revenue from these sales is recognized when title and risks of the delivered commodity are passed on to the Company’s third party customers. Under the terms of certain revenue stream agreements and concentrate sales contracts with independent smelting companies, sales prices are provisionally set on a specified future date after shipment based on market prices. Revenue is recorded under these contracts at the time of shipment, which is also when the risk and rewards of ownership pass to the smelting companies, using forward commodity prices on the expected date that final sales prices will be fixed. Variations between the price recorded at the shipment date and the actual final price set under the smelting contracts are caused by changes in market commodity prices, and result in an embedded derivative in the receivable. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of stream revenue. (j) Gold and silver sales Gold and silver, including gold and silver received under stream agreements, is sold primarily in the spot market. The sales price is fixed at the delivery date based on the gold or silver spot prices. The Company records the sales when title and risks of the delivered commodity are passed on to the Company’s third party customers. (k) Oil & gas sales Revenue from the sale of crude oil, natural gas and natural gas liquids is recorded at the time it enters the pipeline system, which is also when risks and rewards of ownership are transferred. At the time of delivery of oil & gas, revenues are determined based upon contracts by reference to monthly market commodity prices plus certain price adjustments. Price adjustments include product quality and transportation adjustments and market differentials. (l) Costs of sales Costs of sales includes various mineral and oil & gas production taxes that are recognized with the related revenues and the Company’s share of the gross operating costs for the working interests in the oil & gas properties. For stream agreements, the Company purchases gold and/or silver for a cash payment of the lesser of a set contractual price, subject to annual inflationary adjustments, and the prevailing market price per ounce of gold and/or silver when purchased. Under certain stream agreements, the Company purchases gold and/or silver for a cash payment that is a fixed percentage of the prevailing market price per ounce of gold and/or silver when purchased. In certain instances, the Company purchases a fixed amount of gold by providing an initial deposit. The initial deposit is recorded as a prepaid gold asset and classified within current prepaid expenses and other assets or non-current other assets dependent on whether delivery will occur within 12 months of the reporting date. When gold is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the gold is recorded as a cost of sale. (m) Income taxes The income tax expense or recovery represents the sum of current and deferred income taxes. Current income tax payable is based on taxable profit for the year. Taxable profit differs from net income as reported in the consolidated statement of income and other comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated by using tax rates and laws that have been enacted or substantively enacted at the statement of financial position date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary differences arise from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are enacted or substantively enacted at the statement of financial position date and are expected to apply to the period when the deferred tax asset is realized or the liability is settled. Deferred tax is charged or credited in the consolidated statement of income and other comprehensive income (loss), except when it relates to items credited or charged directly to equity, in which case the deferred tax is also accounted for within equity. (n) Stock options The Company may issue equity-settled share-based payments to directors, officers, employees and consultants under the terms of its share compensation plan. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the date of grant of equity-settled share-based payments is expensed over the expected service period with a corresponding entry to contributed surplus and is based on the Company’s estimate of shares that will ultimately vest. Fair value is measured by use of the Black-Scholes option pricing valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions and behavioural considerations. Expected volatility is estimated by considering historic average share price volatility. Any consideration paid or received upon the exercise of the stock options or purchase of shares is credited to share capital. (o) Deferred share units Non-executive directors may choose to convert their directors’ fees into deferred share units (“DSUs”) under the terms of the Company’s deferred share unit plan (the “DSU Plan”). Directors must elect to convert their fees prior to January 1 in each year. The Company may also award DSUs to non-executive directors under the DSU Plan as compensation. When dividends are declared by the Company, directors are also credited with dividend equivalents in the form of additional DSUs based on the number of vested DSUs each director holds on the record date for the payment of a dividend. The fair value of DSUs at the time of conversion or award, as applicable, is determined with reference to the weighted average trading price of the Company’s common shares over the five trading days immediately preceding the date of conversion or award, as applicable. The fair value of the DSUs, which are settled in cash, is recognized as a share-based compensation expense with a corresponding increase in liabilities, over the service period. The fair value of the DSUs is marked to the quoted market price of the Company’s common shares at each reporting date with a corresponding change in the consolidated statement of income and comprehensive income (loss). (p) Restricted share units The Company may grant restricted share units to officers and employees under the terms of its share compensation plan. The Company plans to settle every restricted share unit with one common share of the parent company. The Company recognizes the fair value of the restricted share units as share-based compen

Significant judgments, estimate

Significant judgments, estimates and assumptions	12 Months Ended
	Dec. 31, 2017
Significant judgments, estimates and assumptions
Significant judgments, estimates and assumptions	Note 3 – Significant judgments, estimates and assumptions The preparation of consolidated financial statements in accordance with IFRS requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience. However, actual outcomes may differ from the amounts included in the consolidated financial statements. In particular, the areas which require management to make significant judgments, estimates and assumptions in determining carrying values are: Reserves and Resources Royalty, stream and working interests comprise a large component of the Company’s assets and as such, the reserves and resources of the properties to which the interests relate have a significant effect on the Company’s financial statements. These estimates are applied in determining the depletion of and assessing the recoverability of the carrying value of royalty, stream and working interests. For mineral royalty and stream interests, the public disclosures of reserves and resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. For oil & gas interests, the estimated reserves in reserve reports prepared by previous independent petroleum consultants engaged by the Company or other qualified parties engaged by the Company reflect similar assessments of geological and geophysical studies and economic data and reliance on assumptions. These assumptions are, by their very nature, subject to interpretation and uncertainty. The estimates of reserves and resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the estimates of reserves and resources may materially affect the recorded amounts of depletion and the assessed recoverability of the carrying value of royalty, stream and working interests. Impairment of Royalty, Stream and Working Interests Assessment of impairment of royalty, stream, working interests and oil & gas well equipment requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test on the Company’s royalty, stream and working interests, investments measured at cost and/or oil & gas equipment. The assessment of fair values requires the use of estimates and assumptions for recoverable production, long-term commodity prices, discount rates, reserve/resource conversion, foreign exchange rates, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include judgment and estimates related to (i) dollar value per ounce or pound of reserve/resource; (ii) cash-flow multiples; and (iii) market capitalization of comparable assets. Changes in any of the assumptions and estimates used in determining the fair value of the royalty, stream or working interests, investments measured at cost, or oil & gas well equipment could impact the impairment analysis. Asset Acquisition The assessment of whether an acquisition meets the definition of a business, or whether assets are acquired is an area of key judgment. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition-date fair value. The excess, if any, of the fair value of consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. The determination of the acquisition-date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of royalty, stream or working interests generally requires a high degree of judgment, and include estimates of mineral reserves and resources acquired, future metal prices, discount rates and reserve/resource conversion. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities. Income Taxes The interpretation and application of existing tax laws, regulations or rules in Canada, Barbados, the United States, Australia or any of the countries in which the mining operations are located or to which shipments of silver or gold are made requires the use of judgment. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on facts and circumstances of the relevant tax position considering all available evidence. Differing interpretation of these laws, regulations or rules could result in an increase in the Company’s taxes, or other governmental charges, duties or impositions. In assessing the probability of realizing deferred income tax assets, the Company makes estimates related to expectations of future taxable income and expected timing of reversals of existing temporary differences. Such estimates are based on forecasted cash flows from operations which require the use of estimates and assumptions such as long-term commodity prices and recoverable ounces of silver and gold. Therefore, the amount of deferred income tax assets recognized on the balance sheet could be reduced if the actual results differ significantly from forecast. The Company reassesses its deferred income tax assets at the end of each reporting period. Functional Currency The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment.

Acquisitions and other transact

Acquisitions and other transactions	12 Months Ended
	Dec. 31, 2017
Acquisitions and other transactions
Acquisitions and other transactions	Note 4 – Acquisitions and other transactions (a) Acquisition of Bowen Basin Coal Royalties, Australia Subsequent to year end, on February 28, 2018, Franco-Nevada, through a wholly-owned subsidiary, acquired a portfolio of metallurgical coal royalties located in the Bowen Basin of Queensland, Australia for a cash consideration of A$4.2 million. The portfolio includes certain claims that comprise the producing Moorvale mine, the Olive Downs project which had permitting applications, and another 33 exploration tenements. The Bowen Basin Coal royalty is a production payment of A$0.10 per tonne, adjusted for consumer price index changes since December 31, 1997. (b) Acquisition of Additional Stream and Update on the Cobre Panama Project - Panama The Company has a precious metals stream agreement for First Quantum Minerals Ltd.’s (“First Quantum”) Cobre Panama project (“Cobre Panama”). The project, which is located in Panama, is in the construction phase. Under the terms of the agreement, Franco-Nevada is funding a deposit of $1.0 billion against future deliveries of gold and silver from Cobre Panama. The deposit is funded on a pro-rata basis of 1:3 with First Quantum’s 80% share of the capital costs in excess of $1.0 billion. In 2017, the Company funded $264.4 million (2016 - $124.3 million) towards the stream, for a cumulative total of $726.6 million (2016 - $462.2 million) of its maximum $1.0 billion commitment. Capitalized costs for the Cobre Panama project of $734.4 million (2016 - $467.5 million) are included in royalty, stream and working interests on the consolidated statement of financial position as at December 31, 2017. On September 7, 2017, the Company agreed to terms with First Quantum to purchase an additional precious metals stream from the Cobre Panama project for a purchase price of $178.0 million. This agreement was expanded to $356.0 million and signed on January 22, 2018 to also include a precious metal stream on the 10% indirect interest held by Korea Resources Corp. (“KORES”). The total purchase price of $356.0 million is payable as a one-time advance payment upon closing of the transaction which is expected to occur before the end of March. No additional pro-rata funding commitments will apply to the additional stream. The terms of the additional stream, other than the ongoing price, will be similar to the existing stream on the Cobre Panama project, including initially linking precious metals deliveries to copper in concentrate shipped. Full details of the terms of the additional precious metal stream are provided in Note 20 – Commitments. (c) Acquisition of U.S. Oil & Gas Royalties – Delaware, Texas Subsequent to year-end, on February 20, 2018, the Company purchased a royalty portfolio in the Delaware Basin, which represents the western portion of the Permian Basin for $101.3 million. The royalties are derived principally from mineral title which provides a perpetual interest in royalty lands. The transaction entitles the Company to royalties effective October 1, 2017. No amounts have been recorded in the statement of income and comprehensive income as of December 31, 2017. Prior to year-end, the Company advanced $11.0 million into escrow in respect to this transition and this amount was included in Royalty, stream and working interests, net on the statement of financial position as at December 31, 2017. (d) Acquisition of Additional of U.S. Oil & Gas Royalties – STACK, Oklahoma On November 1, 2017, the Company purchased for $27.6 million, a second package of mineral titles in the core of the Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties (“STACK”) shale play in Oklahoma from a private company. Franco-Nevada has the right to royalties on production beginning from June 1, 2017. On December 19, 2016, the Company acquired a package of royalty rights in the Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties (“STACK”) shale play in Oklahoma’s Anadarko Basin for a price of $100.0 million. The two primary operators of the lands are Newfield Exploration Company and Devon Energy Corporation. (e) Acquisition of Canadian Oil & Gas Royalties – Orion Thermal Project, Alberta On September 29, 2017, Franco-Nevada acquired a 4% Gross Overriding Royalty (“GORR”) on the Clearwater formation within the Orion oil sands project (“Orion”) in the Cold Lake region of Alberta from Osum Oil Sands Corp. (“Osum”) for a cash consideration of $74.1 million (C$92.5 million). (f) Acquisition of Railroad Royalty – Carlin Trend, Nevada On May 26, 2017, Franco-Nevada, through a wholly-owned U.S. subsidiary, acquired an existing 1% NSR on certain claims that comprise the Railroad deposit located on the Carlin Trend in north-central Nevada for a cash consideration of $0.9 million. (g) Acquisition of U.S. Oil & Gas Royalties – Midland Basin, Texas On March 13, 2017, Franco-Nevada, through a wholly-owned U.S. subsidiary, entered into an agreement to purchase a royalty portfolio in the Midland Basin of West Texas for $110.0 million. Following completion of due diligence, the first part of the portfolio was acquired for $89.8 million and closed on May 24, 2017. The second part of the portfolio closed on August 8, 2017. The total purchase price was $114.6 million including adjustments for title due diligence and the acquisition of the second part of the portfolio. (h) Restructuring of Existing Royalties and Acquisition of Shares - Castle Mountain, California On June 16, 2016, Franco-Nevada and NewCastle Gold Ltd. completed the restructuring of Franco-Nevada’s existing royalties at the Castle Mountain gold project in California, USA, into a single 2.65% royalty covering a larger property for C$2.2 million in cash. In addition, the Company purchased 3,636,364 common shares of NewCastle and 1,818,182 common share purchase warrants for C$1.2 million. Each common share purchase warrant is exercisable to acquire one common share at a price of C$0.64 for a period of five years, expiring on May 9, 2021. On December 22, 2017, NewCastle, Anfield Gold Corp. and Trek Mining Inc. combined their business to create Equinox Gold Corp. (“Equinox Gold”). The Company received 0.873 Equinox Gold common shares and warrants for each NewCastle common share and warrant held, respectively. The Company recorded a gain on the consolidated statements of income and comprehensive income for the year ended December 31, 2017 of $1.5 million, net of tax, in respect to the exchange of the shares. The Company currently holds 3,174,545 common shares and 1,587,272 warrants in Equinox Gold. (i) Acquisition of Stream – Antapaccay, Peru On February 26, 2016, the Company acquired a $500.0 million precious metal stream from Glencore plc with reference to production from the Antapaccay mine located in Peru. Under the stream agreement, gold and silver deliveries are initially referenced to copper in concentrate shipped. The Company will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold and 10.0 million ounces of silver have been delivered. Thereafter, the Company will receive 30% of the gold and silver shipped. The Company pays an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 million ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold and silver. All of the above acquisitions have been classified as asset acquisitions.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2017
Cash and Cash Equivalents.
Cash and Cash Equivalents	Note 5 – Cash and Cash Equivalents As at December 31, 2017 and 2016, cash and cash equivalents were primarily held in interest-bearing deposits. Cash deposits $ $ 182.4 Term deposits 70.6 $ $ 253.0

Investments

Investments	12 Months Ended
	Dec. 31, 2017
Investments
Investments	Note 6 – Investments Non-current investments Equity investments $ $ 118.4 Warrants 0.9 Loan Receivable 28.1 Total Investments $ $ 147.4 Non-current investments These investments comprise: (i) equity interests in various public and non-public entities which the Company acquired through the open market or through transactions; (ii) warrants in various publicly-listed companies; and (iii) a loan receivable from Noront acquired through the Ring of Fire transaction in 2015. Equity investments have been designated as available-for-sale and, as a result, have been recorded at fair value. One equity investment of a non-public entity, having a carrying value of $4.1 million (2016 - $3.8 million), has been designated as an equity investment held at cost as no reliable estimate of fair value can be determined because there is no publicly available information with which to estimate future cash flows, associated operating costs or capital expenditures and no alternative active market. Management does not intend to dispose of the investment and expects to recover the carrying value through the payment of dividends. The loan receivable has been designated as loans and receivables under IFRS and is carried at amortized cost using the effective interest rate method. The unrealized gains (losses) on available-for-sale investments recognized in other comprehensive income (loss) for the year ended December 31, 2017 and 2016 were as follows: For the year ended December 31, Mark-to-market gain on equity investments $ $ 58.2 Deferred tax (expense) recovery in other comprehensive income (6.1) (5.3) Unrealized gain on available-for-sale securities, net of tax 52.9 Reclassification for realized change in market value recognized in net income, net of tax 2.4 (10.6) $ $ 42.3

Prepaid expenses and other

Prepaid expenses and other	12 Months Ended
	Dec. 31, 2017
Prepaid expenses and other
Prepaid expenses and other	Note 7 – Prepaid expenses and other Prepaid expenses and other current assets comprise the following: Gold bullion $ $ 9.3 Inventory 2.7 Prepaid gold — 7.0 Prepaid expenses 17.5 Debt issue costs 0.6 $ $ 37.1

Royalty, Stream and Working Int

Royalty, Stream and Working Interests, Net	12 Months Ended
	Dec. 31, 2017
Royalty, Stream and Working Interests, Net
Royalty, Stream and Working Interests, Net	Note 8 – Royalty, Stream and Working Interests, Net a) Royalties, Streams and Working Interests 2017 Accumulated Cost Depletion (1) Impairment Carrying Value Mineral Royalties $ $ (530.9) $ — $ Streams (1,140.5) — Oil and Gas (326.8) — Advanced (36.2) — Exploration (15.6) — $ $ (2,050.0) $ — $ 2016 Accumulated Cost Depletion (1) Impairment Carrying Value Mineral Royalties $ 963.0 $ (475.0) $ — $ 488.0 Streams 3,450.0 (880.4) (67.4) 2,502.2 Oil and Gas 732.4 (283.5) — 448.9 Advanced 222.9 (34.1) — 188.8 Exploration 52.0 (11.5) (0.1) 40.4 $ 5,420.3 $ (1,684.5) $ (67.5) $ 3,668.3 1 Accumulated depletion includes previously recognized impairment charges. Mineral Royalties Streams Oil & Gas (1) Advanced Exploration Total Balance at January 1, 2016 $ 538.2 $ 2,122.3 $ 356.3 $ 200.4 $ 40.3 $ 3,257.5 Acquisitions — 642.8 101.3 1.7 — 745.8 Disposals (16.2) — — — — (16.2) Transfers 6.2 — — (6.2) — - Impairments — (67.4) — — (0.1) (67.5) Depletion (52.1) (195.5) (19.1) (0.7) (0.2) (267.6) Impact of foreign exchange 11.9 — 10.4 (6.4) 0.4 16.3 Balance at December 31, 2016 $ 488.0 $ 2,502.2 $ 448.9 $ 188.8 $ 40.4 $ 3,668.3 Acquisitions (Note 4) — 265.8 232.7 — 1.0 499.5 Transfers 42.1 — — (43.2) 1.1 — Impairments — — — — — — Depletion (52.3) (192.6) (23.0) (1.0) — (268.9) Impact of foreign exchange 8.3 — 24.1 7.3 0.6 40.3 Balance at December 31, 2017 $ 486.1 $ 2,575.4 $ 682.7 $ 151.9 $ 43.1 $ 3,939.2 1 Of the net book value as at December 31, 2017, $453.7 million (2016 - $345.8 million) is depletable and $229.0 million (2016 - $103.1 million) is non-depletable. b) Impairments of Royalties, Streams and Working Interests Impairments in the carrying value of each CGU (generally individual royalty or stream interest or in the case of oil & gas, a group of interests in the same property and the associated oil & gas well equipment) are measured and recorded to the extent that the carrying value of each CGU exceeds its estimated recoverable amount, which is generally calculated using an estimate of future discounted cash-flows. As part of the Company’s regular asset impairment analysis, which included the presence of impairment indicators, the Company recorded impairment charges for the year ended December 31, 2016, as summarized in the following table: Royalty, stream and working interests, net: Cooke 4 $ — $ 67.4 Exploration assets — 0.1 Total impairment losses $ — $ 67.5 There were no impairment indicators identified during 2017. During 2016, the following were identified as indicators of impairment: Cooke 4 On October 27, 2016, Sibanye Gold Limited (“Sibanye”) announced that it had ceased production at the Cooke 4 underground operation. Management assessed the cessation of operations as an indicator of impairment, and accordingly, performed an impairment assessment. Exploration assets The Company was notified, pursuant to various royalty agreements, that the explorer/developer had abandoned tenements, concessions or ground which was subject to royalty rights held by the Company. In the circumstances, the Company wrote-off the carrying value of the associated exploration assets to nil. For the year ended December 31, 2016, the total amount written off was $0.1 million. Key assumptions and sensitivity The key assumptions and estimates used in determining the recoverable amount are related to commodity prices and discount rates. The FVLCD for Cooke 4 was determined by calculating the net present value (“NPV”) of the estimated future cash-flows expected to be generated by the processing of the Cooke 4 tailings. The estimates of future cash-flows were derived from a model developed by management based on expected performance using publicly released information from the operator. Based on observable market or publicly available data, the Company’s management made assumptions of future commodity prices to estimate future revenues. These price assumptions were supported by longer-term consensus price estimates obtained from a sample of analysts. The future cash-flows were discounted using an after-tax discount rate which reflects specific market risk factors associated with Cooke 4. The Company estimated the recoverable amount of its Cooke 4 interest to be $2.1 million. The key assumptions in the impairment testing consisted of the timing of the estimated future cash flows, forecasted gold prices, and the discount rate. The Company used a long-term gold price of $1,321 per ounce, and a discount rate of 8%. The Company also performed sensitivity analyses on these key assumptions that impact the impairment calculations, by applying a change of 10% on the gold price assumption, a change of 300 basis points for the discount rate assumption, and a 5-year change in the timing of expected future cash flows. These sensitivity analyses did not result in a significant change in the estimated recoverable amount and impairment charge. c) Disposals of Royalties, Streams and Working Interests In October 2016, Kirkland Lake Gold Ltd. (“Kirkland Lake”) exercised its option to buy back 1% of an overlying 2.5% net smelter return royalty for an aggregate cash consideration of $30.3 million ($36.0 million less royalty proceeds attributable to the buyback portion of the NSR paid to Franco-Nevada prior to the effective date of the buyback). The carrying value of the NSR portion subject to the buyback was $16.2 million. The Company recognized a gain on disposal of $14.1 million in the consolidated statement of income and comprehensive income for the year ended December 31, 2016.

Other assets

Other assets	12 Months Ended
	Dec. 31, 2017
Other assets
Other assets	Note 9 – Other assets Other assets comprise the following: Prepaid gold $ — $ 7.1 Oil & gas well equipment, net 14.0 Furniture and fixtures, net 0.7 Debt issue costs 1.6 $ $ 23.4

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2017
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	Note 10 – Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities comprise the following: Accounts payable $ $ 9.6 Accrued liabilities 11.4 $ $ 21.0

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2017
Fair value measurements
Fair value measurements	Note 11 - Fair value measurements Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same — to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. · Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers between the levels of the fair value hierarchy during the year ended December 31, 2017. Assets and Liabilities Measured at Fair Value on a Recurring Basis: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at December 31, 2017 (Level 1) (Level 2) (Level 3) Fair Value Cash and cash equivalents $ $ — $ — $ Receivables from provisional gold equivalent sales — 11.3 — Available-for-sale equity investments 168.1 — — Warrants — 0.8 — $ $ $ — $ Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at December 31, 2016 (Level 1) (Level 2) (Level 3) Fair Value Cash and cash equivalents $ 253.0 $ — $ — $ 253.0 Receivables from provisional gold equivalent sales — 9.8 — 9.8 Available-for-sale equity investments 114.6 — — 114.6 Warrants — 0.9 — 0.9 $ 367.6 $ 10.7 $ — $ 378.3 Fair Values of Financial Assets and Liabilities The fair values of the Company’s remaining financial assets and liabilities, which include receivables, loan receivables, accounts payable and accrued liabilities, approximate their carrying values due to their short-term nature and historically negligible credit losses and/or fair value of collateral. The Company has not offset financial assets with financial liabilities. Assets Measured at Fair Value on a Non-Recurring Basis: Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Aggregate As at December 31, 2017 (Level 1) (Level 2) (Level 3) Fair Value Royalty, stream and working interests $ — $ — $ $ $ — $ — $ $ Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Aggregate As at December 31, 2016 (Level 1) (Level 2) (Level 3) Fair Value Royalty, stream and working interests $ — $ — $ 2.1 $ 2.1 $ — $ — $ 2.1 $ 2.1 The valuation techniques that are used to measure fair value are as follows: a) Cash and cash equivalents The fair values of cash and cash equivalents, including interest bearing deposits, are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. b) Receivables The fair values of receivables arising from gold and platinum group metal sales contracts that contain provisional pricing mechanisms are determined using the appropriate quoted forward prices from the exchange that is the principal active market for the particular metal. As such, these receivables are classified within Level 2 of the fair value hierarchy. c) Investments The fair values of publicly-traded investments, including available-for-sale equity investments, are determined based on a market approach reflecting the closing prices of each particular security at the statement of financial position date. The closing prices are quoted market prices obtained from the exchange that is the principal active market for the particular security, and therefore are classified within Level 1 of the fair value hierarchy. The fair values of warrants are estimated using the Black-Scholes pricing model which requires the use of inputs that are observable in the market. As such, these investments are classified within Level 2 of the fair value hierarchy. d) Royalty, stream, and working interests and oil well equipment The fair values of royalty, stream, and working interests and oil well equipment are determined primarily using a market approach using unobservable discounted future cash-flows and cash-flow and revenue multiples. As a result, the fair values are classified within Level 3 of the fair value hierarchy.

Financial Risk Management

Financial Risk Management	12 Months Ended
	Dec. 31, 2017
Financial Risk Management
Financial Risk Management	Note 12 – Financial Risk Management The Company’s financial instruments are comprised of financial assets and liabilities. The Company’s principal financial liabilities comprise accounts payable, accrued liabilities and debt. The Company’s principal financial assets are cash and cash equivalents, short-term investments, receivables and investments. The main purpose of these financial instruments is to manage short-term cash flow and working capital requirements and fund future acquisitions. The Company is engaged in the business of acquiring, managing and creating resource royalties and streams. Royalties and streams are interests that provide the right to revenue or production from the various properties, after deducting specified costs, if any. These activities expose the Company to a variety of financial risks, which include direct exposure to market risks (which includes commodity price risk, foreign exchange risk and interest rate risk), credit risk, liquidity risk and capital risk management. Management designs strategies for managing some of these risks, which are summarized below. The Company’s executive management oversees the management of financial risks. The Company’s executive management ensures that our financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk appetite. The Company’s overall objective from a risk management perspective is to safeguard its assets and mitigate risk exposure by focusing on security rather than yield. a) Market risk is the risk that changes in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of the Company’s financial instruments. The Company manages market risk by either accepting it or mitigating it through the use of economic strategies. Commodity Price Risk The Company’s royalties/streams are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold, silver, platinum, palladium and oil are the primary drivers of the Company’s profitability and ability to generate free cash flow. All of the Company’s future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities. Foreign Exchange Risk The functional currencies of the Company’s entities include the Canadian, U.S. and Australian dollars with the reporting currency of the Company being the U.S. dollar. The Company is primarily exposed to currency fluctuations relative to the U.S. dollar on balances and transactions that are denominated and settled in Canadian dollars and Australian dollars. The Company has exposure to the Canadian dollar through its oil & gas activities and corporate administration costs. Consequently, fluctuations in the U.S. dollar exchange rate against these currencies increase the volatility of depletion, corporate administration costs and overall net earnings, when translated into U.S. dollars. The Company invests its cash and cash equivalents and short-term investments in U.S. and Canadian dollar denominated interest-bearing deposits on a ratio of 87% to 2%, respectively, and 11% in other currencies, as at December 31, 2017. During the year ended December 31, 2017, the U.S. dollar weakened in relation to the Canadian dollar and upon the translation of the Company’s assets and liabilities held in Canada, the Company recorded a currency translation adjustment income of $77.2 million in other comprehensive income (2016 — income of $2 1.3 million). Interest Rate Risk Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. As at December 31, 2017, the Company’s interest rate exposure arises mainly from the interest receipts on cash, cash equivalents and short-term investments. The following table shows the approximate interest rate sensitivities of our financial assets and liabilities as at December 31: Effect on Net Income Effect on Equity 0.5% increase $ (2.2) $ (1.0) $ (2.2) $ (1.0) 0.5% decrease 2.2 1.0 2.2 1.0 b) Credit Risk Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. Credit risk arises from cash and cash equivalents, short-term investments, receivables and loan receivables. The Company closely monitors its financial assets and maintains its cash deposits in several high-quality financial institutions and as such does not have any significant concentration of credit risk. As at December 31, 2017, the Company is unaware of any information which would cause it to believe that these financial assets are not fully recoverable. c) Liquidity Risk Liquidity risk is the risk of loss from not having access to sufficient funds to meet both expected and unexpected cash demands. The Company manages its exposure to liquidity risk through prudent management of its statement of financial position, including maintaining sufficient cash balances and access to undrawn credit facilities. The Company has in place a planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. Management continuously monitors and reviews both actual and forecasted cash flows, including acquisition activities. As at December 31, 2017, the Company held $511.1 million in either cash, cash equivalents or highly-liquid investments (2016 – $253.0 million). All of the Company’s financial liabilities are due within one year. The Company’s near-term cash requirements include corporate administration costs, certain costs of sales, including the ore purchase commitments described in Note 20(a), dividends and income taxes directly related to the recognition of royalty, stream and working interest revenues. In addition, the Company is committed to fund under its precious metals stream agreements as described in Note 4 (a) . d) Capital Risk Management The Company’s primary objective when managing capital is to provide a sustainable return to shareholders through managing and growing the Company’s resource asset portfolio while ensuring capital protection. The Company defines capital as its cash, cash equivalents, short-term investments and long-term investments which is managed by the Company’s management subject to approved policies and limits by the Board of Directors. There were no changes in the Company’s approach to capital management during the year ended December 31, 2017 compared to the prior year. The Company is not subject to material externally imposed capital requirements or significant financial covenants or capital requirements with our lenders. The Company is in compliance with all its covenants under its credit facility as at December 31, 2017. As at December 31, 2017, the Company has cash, cash equivalents and available-for-sale short-term investments totaling $511.1 million (2016 – $253.0 million), long-term investments totaling $203.1 million (2016 – $147.4 million), of which $168.1 million (2016 – $114.6 million) are held in liquid securities. The Company also has $1.0 billion (2016 – $1.0 billion) available under its unsecured revolving term credit facility. All of these sources of capital were available for growing the Company’s asset portfolio and paying dividends.

Revolving term credit facility

Revolving term credit facility	12 Months Ended
	Dec. 31, 2017
Revolving term credit facility
Revolving term credit facility	Note 13 – Revolving term credit facility (a) The Company has a five year $1.0 billion unsecured revolving term credit facility (the “Credit Facility”). On March 22, 2017, the Company amended its Credit Facility by extending the term from November 12, 2020 to March 22, 2022. Subsequent to year end, on March 7, 2018, the Company further amended its Credit Facility by extending the term from March 22, 2022 to March 22, 2023. Advances under the Credit Facility can be drawn as follows: U.S. dollars · · Canadian dollars · · All loans are readily convertible into loans of other types, described above, on customary terms and upon provision of appropriate notice. Borrowings under the Credit Facility are guaranteed by certain of the Company’s subsidiaries and are unsecured. The Credit Facility is subject to a standby fee of 0.24% to 0.44% per annum, depending on the Company’s leverage ratio, even if no amounts are outstanding under the Credit Facility. As at December 31, 2017, there was no balance (December 31, 2016 – $Nil) outstanding under the Credit Facility. As at December 31, 2017, a balance of $2.5 million related to debt issue costs is remaining to be amortized over the remaining term of the Credit Facility (December 31, 2016 – $2.2 million). The unamortized debt issue costs associated with the Credit Facility are included in prepaid expenses and other current assets, and other non-current assets. For the year ended December 31, 2017, the Company recognized debt issuance cost amortization expense of $0.9 million (2016 - $0.6 million), and $2.5 million (2016 – $2.2 million) of standby and administrative fees in the consolidated statement of income and comprehensive income. (b) On March 20, 2017, the Company’s subsidiary, Franco-Nevada (Barbados) Corporation, entered into an unsecured revolving term credit facility (the “FNBC Credit Facility”). The FNBC Credit Facility provides for the availability over a one-year period of up to $100.0 million in borrowings. The FNBC Credit Facility has a maturity date of March 20, 2018. The Company has the option of requesting, during a period of time before each anniversary date, up to two additional one-year extensions of the maturity. These requests are subject to approval from the lenders. Subsequent to year end, on February 21, 2018, the FNBC Credit Facility’s maturity date was extended from March 20, 2018 to March 20, 2019. Advances under the FNBC Credit Facility can be drawn as follows: · Base rate advances with interest payable monthly at the CIBC base rate, plus 0.35% per annum; or · LIBOR loans for periods of 1, 2, 3 or 6 months with interest payable at a rate of LIBOR plus 1.35% per annum. All loans are readily convertible into loans of other types on customary terms and upon provision of appropriate notice. The FNBC Credit Facility is subject to a standby fee of 0.27% per annum, even if no amounts are outstanding. As at December 31, 2017, there was no balance outstanding under the FNBC Credit Facility. As at December 31, 2017, $0.1 million related to debt issue costs were capitalized and will be amortised over the remaining term of the FNBC Credit Facility.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2017
Revenue.
Revenue	Note 14 – Revenue Revenue is comprised of the following: Mineral royalties $ 173.7 $ 169.3 Mineral streams 443.3 401.6 Sale of prepaid gold 11.0 9.2 Oil & gas interests 47.0 30.1 $ 675.0 $ 610.2

Costs of sales

Costs of sales	12 Months Ended
	Dec. 31, 2017
Costs of sales
Costs of sales	Note 15 – Costs of sales Costs of sales are comprised of the following: Per ounce stream purchase cost $ 127.4 $ 95.6 Cost of prepaid ounces 7.7 6.5 Mineral production taxes 2.3 0.5 Oil & gas operating costs 4.6 3.2 $ 142.0 $ 105.8

Related party disclosures

Related party disclosures	12 Months Ended
	Dec. 31, 2017
Related party disclosures
Related party disclosures	Note 16 – Related party disclosures Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management personnel include the Board of Directors and the executive management team. Compensation for key management personnel of the Company was as follows: Short-term benefits (1) $ 4.5 $ 4.5 Share-based payments (2) 6.4 5.1 $ 10.9 $ 9.6 1 Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period. 2 Represents the expense of stock options, restricted share units earned and mark-to-market charges on deferred share units during the year.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2017
Income taxes
Income taxes	Note 17 - Income taxes Income tax expense for the years ended December 31, 2017 and 2016 was as follows: Current income tax expense Expense for the year $ 25.1 $ 35.5 Adjustment in respect of prior years (5.6) 5.4 Current income tax expense $ 19.5 40.9 Deferred income tax expense (recovery) Origination and reversal of temporary differences in the current year 15.7 15.3 Impact of U.S. Tax Reform 7.1 — Impact of changes in tax rate (0.9) (0.8) Change in (reversal of) unrecognized deductible temporary differences 0.1 (4.4) Adjustments in respect of prior years 0.6 (4.3) Other (0.8) (1.0) Deferred income tax expense 21.8 4.8 Total $ 41.3 $ 45.7 A reconciliation of the provision for income taxes computed at the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the consolidated statement of income and comprehensive income (loss) for the years ended December 31, 2017 and 2016, is as follows: Net income before income taxes $ 236.0 $ 167.9 Statutory tax rate Tax expense at statutory rate 62.8 44.7 Reconciling items: Change in (reversal of) unrecognized deductible temporary differences 0.1 (4.4) Income/expenses not (taxed) deductible (3.0) (1.9) Differences in foreign statutory tax rates (20.9) 4.8 Differences due to changing future tax rates (0.9) (0.8) Impact of U.S. Tax Reform 7.1 — Foreign withholding tax 1.4 1.8 Temporary differences subject to initial recognition exemption (5.2) 0.5 Other (0.1) 1.0 Net income tax expense $ 41.3 $ 45.7 On December 22, 2017, the United States enacted Tax Reform legislation. Among the significant changes include a reduction in the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, which resulted in a deferred tax expense of $7.1 million on the re-measurement of the Company’s deferred tax assets in the U.S. The impact of the U.S. Tax Reform on the Company may differ from the expense recorded due to changes as a result of additional information and guidance that will be issued by the Department of Treasury. Income tax (expense) recognized in other comprehensive income (loss) is as follows: 2017 2016 After After Before Tax Tax Before Tax Tax Tax Gain Expense Gain Tax Loss Expense Loss Change in market value of available-for-sale investments $ 47.1 $ (6.3) $ 40.8 $ 46.0 $ (3.7) $ 42.3 Cumulative translation adjustment 77.2 — 77.2 21.3 — 21.3 Other comprehensive loss $ 124.3 $ (6.3) $ 118.0 $ 67.3 $ (3.7) $ 63.6 Deferred tax $ — $ (6.3) $ - $ — $ (3.7) $ — The significant components of deferred income tax assets and liabilities as at December 31, 2017 and 2016, respectively, are as follows: Deferred income tax assets: Deductible temporary differences relating to: Royalty, stream and working interests $ 5.6 $ 10.7 Non-capital loss carry-forwards 9.5 11.2 Other (0.6) (0.6) $ 14.5 $ 21.3 Deferred income tax liabilities: Taxable temporary differences relating to: Share issue and debt issue costs $ (7.1) $ (9.7) Royalty, stream and working interests 71.1 54.2 Non-capital loss carry-forwards (5.6) (4.4) Investments 5.8 (0.1) Other (3.9) (2.5) $ 60.3 $ 37.5 Deferred income tax liabilities, net $ 45.8 $ 16.2 Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. The analysis of deferred tax assets and deferred tax liabilities is as follows: Deferred income tax assets: Deferred income tax asset to be recovered within 12 months $ 0.1 $ 0.1 Deferred income tax asset to be recovered after more than 12 months 14.4 21.2 $ 14.5 $ 21.3 Deferred income tax liabilities: Deferred income tax liability to be settled within 12 months 0.9 1.2 Deferred income tax liability to be settled after more than 12 months 59.4 36.3 $ 60.3 $ 37.5 Deferred income tax liabilities, net $ 45.8 $ 16.2 Movement in net deferred taxes: Balance, beginning of year $ 16.2 $ 17.1 Recognized in profit/loss 21.8 4.8 Recognized in other comprehensive income 6.3 3.7 Recognized in equity — (10.0) Other 1.5 0.6 Deferred income tax liabilities, net $ 45.8 $ 16.2 The following table summarizes the Company’s non-capital losses at December 31, 2017 that can be applied against future taxable profit: Country Type Amount Expiry Date Canada Non-Capital Losses $ 2028-2037 Unrecognized deferred tax assets and liabilities The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized as at December 31, 2017 is $336.8 million (December 31, 2016 – $324.8 million). No deferred tax liabilities are recognized on the temporary differences associated with investment in subsidiaries because the company controls the timing of reversal and it is not probable that they will reverse in the foreseeable future. The aggregate amount of deductible temporary differences associated with other items, for which deferred tax assets have not been recognized as at December 31, 2017 is $4.0 million (December 31, 2016 - $3.7 million). No deferred tax asset is recognized in respect of these items because it is not probable that future taxable profits will be available against which the company can utilize the benefit.

Shareholders' equity

Shareholders' equity	12 Months Ended
	Dec. 31, 2017
Shareholders' equity
Shareholders' equity	Note 18 - Shareholders’ equity a) Common shares The Company’s authorized capital stock includes an unlimited number of common shares (issued 185,930,331 common shares) having no par value and preferred shares issuable in series (issued - nil). During the year ended December 31, 2017, 433,718 common shares (2016 – 545,087 common shares) were issued on the exercise of stock options, for cash proceeds of $10.1 million (2016 - $16.3 million), 50,393 common shares (2016 – 66,032 common shares) were issued upon vesting of restricted share units and 6,388,528 common shares (2016 – 489 common shares) were issued upon the exercise of warrants for cash proceeds of $356.4 million (2016 - $0.03 million). In addition, 575,553 common shares (2016 – 588,182 common shares) were issued pursuant to the terms of the Company’s Dividend Reinvestment Plan (“DRIP”) for the year ended December 31, 2017. On February 19, 2016, the Company completed a bought deal financing with a syndicate of underwriters for 19.2 million common shares at $47.85 per common share. The net proceeds to the Company were $883.5 million after deducting share issue costs and expenses of $36.6 million. The Company recorded a deferred tax asset of $10.4 million relating to the share issue costs. b) Dividends The Company declared dividends in the amount of $167.9 million (2016 - $156.8 million), or $0.91 per share (2016 - $0.87 per share), in the year ended December 31, 2017. The Company paid cash dividends in the amount $125.8 million (2016 - $118.1 million) and issued common shares pursuant to its DRIP valued at $42.1 million (2016 - $38.7 million), in the year ended December 31, 2017. c) Stock-based payments On November 12, 2007, the Company’s Board of Directors adopted a stock option plan, which was replaced by the Company’s share compensation plan covering both stock options and RSUs effective May 12, 2010 (the “Plan”). Pursuant to the Plan, the Company may grant incentive stock options to directors, officers, employees and consultants at the discretion of the Board of Directors. The exercise price and vesting period of any option is fixed by the Board of Directors on the date of grant. The term of options is at the sole discretion of the Board of Directors but may not exceed ten years from the date of grant. Options expire on the earlier of the expiry date or the date of termination. Options are non-transferable. The options granted will be adjusted in the event of an amalgamation, rights offering, share consolidation or subdivision or other similar adjustments of the share capital of the Company. The aggregate number of common shares that may be issued under the Plan is limited to 5,700,876 common shares. Within any one-year period, the number of common shares issued to any single insider participant under the Plan shall not exceed 5% of the common shares then issued and outstanding. During the year ended December 31, 2017, the Company granted 97,789 stock options (2016 — 263,568) to employees at a weighted average exercise price of C$100.10 (2016 — C$75.45). These ten-year term options vest over three years in equal portions on the anniversary of the grant date. The fair value of stock options granted during 2017 has been determined to be $2.3 million (2016 - $4.3 million). The fair value of the options was calculated using the Black-Scholes option pricing model and utilized the following weighted average assumptions, and resulted in a weighted average fair value of C$30.30 per stock option (2016 — C$21.78 per stock option): Risk-free interest rate % 0.66 % Expected dividend yield % 1.54 % Expected price volatility of the Company’s common shares % 37.70 % Expected life of the option 5 years 5 years Forfeiture rate % 0 % During the year ended December 31, 2017, an expense of $3.1 million (2016 - $2.3 million) related to stock options has been included in the consolidated statement of income and other comprehensive income (loss) and $0.5 million was capitalized to royalty, stream and working interest, net (2016 - $0.3 million). As at December 31, 2017, there is $4.2 million (2016 - $5.3 million) of total unrecognized non-cash stock-based compensation expense relating to stock options granted under the Plan, which is expected to be recognized over a weighted average period of 1.4 years (2016 — 1.4 years). Options to purchase common shares of the Company that have been granted in accordance with the Plan and pursuant to other agreements are as follows: 2017 2016 Weighted Weighted average exercise average exercise Number price Number price Stock options outstanding, beginning of year 1,304,328 C$ 50.64 1,592,480 C$ 46.67 Granted C$ 263,568 C$ 75.45 Exercised C$ (545,087) C$ 39.25 Forfeited C$ (6,633) C$ 58.35 Stock options outstanding, end of the year 955,603 C$ 1,304,328 C$ 50.64 Exercisable stock options, end of the year C$ 825,875 C$ 39.72 Options to purchase common shares outstanding at December 31, 2017, exercise prices and weighted average lives to maturity as follows: Weighted Exercise Options Options average life price outstanding exercisable (years) C$15.41 5,000 5,000 0.89 C$31.39 10,000 10,000 2.39 C$31.45 38,000 38,000 2.71 C$33.12 1,500 1,500 2.90 C$33.20 1,000 1,000 2.98 C$40.87 52,786 52,786 5.95 C$42.43 3,000 3,000 4.25 C$42.67 2,500 2,500 3.92 C$46.17 100,000 100,000 5.64 C$55.58 27,397 27,397 4.95 C$59.52 155,936 155,936 6.95 C$58.67 65,000 43,333 7.64 C$65.76 136,718 90,759 7.95 C$75.45 258,977 86,328 8.95 C$100.10 97,789 — 9.95 955,603 617,539 7.46 d) Share Purchase Warrants Outstanding share purchase warrants as at December 31, 2017 and 2016 are as follows: Warrants outstanding, beginning of the year 6,510,280 6,510,769 Exercised (6,388,528) (489) Forfeited (121,752) — Warrants outstanding, end of the year — 6,510,280 During the year ended December 31, 2017, 6,388,528 warrants were exercised for cash proceeds of $356.4 million in exchange for the issuance of 6,388,528 common shares. The warrants had an exercise price of C$75.00 per warrant and expired on June 16, 2017. e) Deferred Share Unit Plan Under the DSU Plan, non-executive directors may choose to convert all or a percentage of their directors’ fees into DSUs. The directors must elect to convert their fees prior to January 1 in each year. In addition, the Company may award DSUs to non-executive directors as compensation. DSUs earn dividend equivalents in the form of additional DSUs at the same rate as dividends on common shares. Participants are not allowed to redeem their DSUs until retirement or termination of directorship. For DSUs that have been credited upon the conversion of directors’ fees, the DSUs vest immediately. The cash value of the DSUs at the time of redemption is equivalent to the market value of the Company’s common shares when redemption takes place. During the year ended December 31, 2017, 19,632 DSUs and Dividend Equivalent DSUs were granted to directors under the DSU Plan (2016 — 19,209). The value of the DSU liability as at December 31, 2017, was $6.7 million (2016 - $3.8 million). The mark-to-market adjustment recorded for the year ended December 31, 2017, in respect of the DSU Plan, was $1.6 million (2016 - $0.2 million). f) Restricted Share Units Under the Plan, employees and officers may be granted performance-based or time-based RSUs. When each RSU vests, the holder is entitled to one common share for no additional consideration. Performance-based RSUs vest at the end of a three year period following the achievement of certain performance criteria and target settlement will range from 0% to 100% of the value. Time-based RSUs vest over a three year period on the anniversary of the date of grant. During the year ended December 31, 2017, 21,095 performance-based RSUs (2016 — 25,611) and 20,745 time-based RSUs (2016 — 25,164) were awarded to management of the Company. The fair value of the RSUs, which is determined with reference to the weighted average trading price of the Company’s common shares over the five trading days immediately preceding the date of issuance granted, was determined to be $3.3 million in 2017 (2016 - $2.9 million). Included in the Company’s stock-based compensation expense is an amount of $1.5 million (2016 – $2.7 million) relating to RSUs. In addition, $0.3 million related to the RSUs was capitalised to royalty, stream and working interest, net (2016 – $0.3 million). As at December 31, 2017, there is $5.3 million (2016 – $4.1 million) of total unrecognized non-cash stock-based compensation expense relating to non-vested restricted share units granted under the Plan, which is expected to be recognized over a weighted average period of 1.5 years (2016 — 1.5 years). g) Outstanding Share Purchase Warrants, Incentive Stock Options, Special Warrants and Restricted Share Units The following table sets out the maximum shares that would be outstanding if all of the share purchase warrants, incentive stock options and restricted share units, at December 31, 2017 and 2016, respectively, were exercised: Common shares outstanding 178,482,139 Stock options 1,304,328 Restricted Share Units 138,614 Warrants — 6,510,280 Special Warrant (1) — 2,000,000 188,435,361 1 In connection with a transaction with Taseko Mines Limited, one special warrant was granted to Taseko which was exchangeable into 2,000,000 purchase share warrants entitling Taseko to purchase one common share of the Company at a price of C$75.00 once Taseko’s New Prosperity project gets fully permitted and financed. New Prosperity’s most recent permit application was denied and the warrant expired unexercised on June 16, 2017.

Earnings per share ("EPS")

Earnings per share ("EPS")	12 Months Ended
	Dec. 31, 2017
Earnings per share ("EPS")
Earnings per share ("EPS")	Note 19 – Earnings per share (“EPS”) Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ $ Effect of dilutive securities — — Diluted EPS $ $ For the year ended December 31, 2017, 5,626 stock options (2016 – Nil) and 1,194 time-based RSUs (2016 – Nil) were excluded in the computation of diluted EPS due to the strike price exceeding the weighted average share price during the year. Restricted share units totaling 73,947 (2016 – 84,094) were excluded from the computation of diluted EPS for the year ended December 31, 2017 due to the performance criteria for the vesting of the RSUs not being measurable as at December 31, 2017. Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 122.2 175.2 $ 0.70 Effect of dilutive securities — 1.2 (0.01) Diluted EPS $ 122.2 176.4 $ 0.69

Commitments

Commitments	12 Months Ended
	Dec. 31, 2017
Commitments
Commitments	Note 20 – Commitments (a) The following table summarizes the Company’s commitments to pay for gold, silver and platinum group metals (“PGM”) pursuant to the associated precious metals agreements: Attributable Payable Production to be Purchased Per Ounce Cash Payment (1),(2) Term of Date of Interest Gold Silver PGM Gold Silver PGM Agreement (3) Contract Antamina 0 % 22.5 % (4) 0 % n/a 5 % (5) n/a 40 years 7-Oct-15 Antapaccay — % (6) — % (7) 0 % 20 % (8) 20 % (9) n/a 40 years 10-Feb-16 Candelaria 68 % (10) 68 % (10) 0 % $ 400 $ 4.00 n/a 40 years 6-Oct-14 Cobre Panama I (25) — % (11) — % (12) 0 % $ 418 (13) $ 6.27 (14) n/a 40 years 22-Jan-18 Cobre Panama II (25) — % (15) — % (16) 0 % 20 % (17) 20 % (18) n/a 40 years 22-Jan-18 Karma 4.875 % (19) 0 % 0 % 20 % (20) n/a n/a 40 years 11-Aug-14 Guadalupe-Palmarejo 50 % 0 % 0 % $ 800 n/a n/a 40 years 2-Oct-14 Sabodala 6 % (21) 0 % 0 % 20 % (22) n/a n/a 40 years 12-Dec-13 MWS 25 % 0 % 0 % $ 400 n/a n/a 40 years (23) 2-Mar-12 Cooke 4 7 % 0 % 0 % $ 400 n/a n/a 40 years 5-Nov-09 Sudbury (24) 50 % 0 % 50 % $ 400 n/a $ 400 40 years 15-Jul-08 1 Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Karma, Guadalupe-Palmarejo and Sabodala. 2 Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price. 3 Subject to successive extensions. 4 Subject to a fixed payability of 90%. Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement. 5 Purchase price is 5% of the average silver price at the time of delivery. 6 Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold have been delivered. Thereafter, percentage is 30% of gold shipped. 7 Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver have been delivered. Thereafter, percentage is 30% of silver shipped. 8 Purchase price is 20% of the spot price of gold until 750,000 ounces of gold has been delivered, thereafter the purchase price is 30% of the spot price of gold. 9 Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver has been delivered, thereafter the purchase price is 30% of the spot price of silver. 10 Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement. 11 Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced to 1,716,188 ounces of gold delivered, thereafter 63.4% of the gold in concentrate. 12 Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter, 1,776 ounces of silver per 1 million pounds of copper produced to 29,731,000 ounces of silver delivered, thereafter 62.1% of the silver in concentrate. 13 In accordance with the terms of the agreement, the purchase price was adjusted from $406 per ounce to $418.27 per ounce after November 2018 on the initial gold deliveries. After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce. 14 In accordance with the terms of the agreement, the purchase price was adjusted from $6.09 per ounce to $6.27 per ounce after November 2018 on the initial silver deliveries. After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce. 15 Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced to 429,047 ounces of gold delivered, thereafter 15.85% of the gold in concentrate. 16 Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced to 7,432,750 ounces of silver delivered, thereafter 15.53% of the silver in concentrate. 17 Purchase price is 20% of the spot price of gold until 604,000 ounces of gold delivered. Thereafter, purchase price is 50% of the spot price of gold. 18 Purchase price is 20% of the spot price of silver until 9,618,000 ounce of silver delivered. Thereafter, purchase price is 50% of the spot price of silver. 19 Gold deliveries are fixed at 15,000 ounces per annum from March 31, 2016 until February 28, 2021. Thereafter, percentage is 4.875%. 20 Purchase price is 20% of the average gold price at the time of delivery. 21 Gold deliveries are fixed at 1,875 ounces per month until December 31, 2019. Thereafter, percentage is 6% of gold produced. 22 Purchase price is 20% of prevailing market price at the time of delivery. 23 Agreement is capped at 312,500 ounces of gold. 24 The Company is committed to purchase 50% of the precious metals contained in ore from the properties. Cash payment is based on gold equivalent ounces. 25 Agreement amended subsequent to year-end. (b) The Company is committed to fund the Cobre Panama precious metals stream as described in Note 4(a).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2017
Segment Reporting
Segment Reporting	Note 21 – Segment Reporting The chief operating decision-maker organizes and manages the business under a single operating segment, consisting of resource sector royalty, stream and working interest acquisitions and management activities directly relating to royalty, stream and working interests. All of the Company’s assets and revenues are attributable to this single operating segment. For the year ended December 31, 2017, two interests generated revenue totaling $105.2 million and $90.2 million, respectively (2016 – three interests generated revenue totaling $92.5 million, $88.5 million, and $75.0 million), comprised 15.6% and 13.4%, respectively (2016 – 15.2%, 14.5% and 12.3%) of revenue. Geographic revenues are separated by the jurisdiction of the entity making the payment. Revenue is earned from the following jurisdictions: Latin America: Peru $ 153.1 167.5 Chile 105.2 88.4 Other 67.7 47.8 United States $ 100.2 92.4 Canada 125.5 116.9 Rest of World 123.3 97.2 $ 675.0 610.2 Geographic royalty, stream and working interests are presented by the location of the mining operations giving rise to the royalty, stream or working interest. Latin America: Peru $ 953.2 1,021.7 Chile 533.4 586.1 Panama 734.4 468.9 Other 59.0 64.3 United States $ 622.5 502.0 Canada 666.7 610.5 Rest of World 370.0 414.8 $ 3,939.2 3,668.3 Investments of $203.1 million (2016 - $147.4 million) are held in Canada. Oil & gas well equipment, included in other non-current assets, of $12.7 million (2016 - $14.0 million) is located in Canada.

Significant accounting polici28

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
Statement of Compliance	(a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) under the historical cost convention, except for cash and cash equivalents, available-for-sale investments and derivatives which are measured at fair value. IFRS comprise IFRS, International Accounting Standards (“IAS”) and interpretations issued by the IFRS Interpretations Committee (“IFRIC”) and the former Standing Interpretations Committee (“SIC”). These consolidated financial statements were authorized for issuance by the Board of Directors on March 7, 2018.
Principles of consolidation	(a) Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (its “subsidiaries”) (together the “Company”). (i) These consolidated financial statements include the accounts of Franco-Nevada and its subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. The Company consolidates subsidiaries where it has the ability to exercise control. Control of an investee is defined to exist when the Company is exposed to variable returns from its involvement in the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, it has all of the following: power over the investee (i.e. existing rights that give the Company the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect its returns. Control is presumed to exist where the Company owns more than one half of the voting rights unless it can be demonstrated that ownership does not constitute control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. The consolidated financial statements include all assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany transactions. All subsidiaries of the Company and their geographic locations at December 31, 2017 were as follows: Entity Jurisdiction Economic Franco-Nevada U.S. Corporation Delaware 100% Franco-Nevada GLW Holdings Corp. British Columbia 100% Franco-Nevada Mexico Corporation, S.A. de C.V. Mexico 100% Franco-Nevada Canada Holdings Corp. Canada 100% Franco-Nevada (Barbados) Corporation Barbados 100% Franco-Nevada Australia Pty Ltd. Australia 100% Franco-Nevada LRC Holdings Corp. British Columbia 100% Franco-Nevada Alberta Holdings ULC Alberta 100% Franco-Nevada U.S. Holding Corp. Delaware 100% Franco-Nevada Delaware LLC Delaware 100% Franco-Nevada Texas LP (1) Texas 100% Minera Global Copper Chile S.A. Chile 100% Franco-Nevada Alberta Corporation Alberta 100% FN Subco Inc. British Columbia 100% Franco-Nevada Idaho Corporation Delaware 100% FN Holdings ULC Alberta 100% 1 Added during the year. All the above entities are classified as subsidiaries of the Company. There are no significant restrictions on the Company’s ability to access or use assets or settle liabilities of its subsidiaries. (ii) A joint arrangement is defined as an arrangement over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. There are two types of joint arrangement, joint operations (“JO”) and joint ventures (“JV”). A JO is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to the Company’s interest in any JO, the Company would recognize its share of any assets, liabilities, revenues and expenses of the JO. The Company participates in joint operations with respect to oil & gas working interests but does not have joint control. A working interest is an ownership position in the oil & gas property and related operating assets, whereby the Company is liable for its proportionate share of gross costs of capital and operations based on information received from the operator. The Company’s share of the assets, liabilities, revenues and expenses of the joint operation are recognized in the statements of financial position and statements of income and comprehensive income (loss).
Business combinations	(a) Business combinations On the acquisition of a business, the acquisition method of accounting is used whereby the purchase consideration is allocated to the identifiable assets, liabilities and contingent liabilities (identifiable net assets) of the business on the basis of the fair value at the date of acquisition. Provisional fair values allocated at a reporting date are finalized as soon as the relevant information is available, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date. The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences at the date of acquisition and taken out of the consolidated financial statements from the date on which control ceases. When all or part of the purchase consideration is contingent on future events, the cost of the acquisition initially recorded includes an estimate of the fair value of the contingent liability amounts expected to be payable in the future. The cost of acquisition is adjusted when revised estimates are made, with corresponding adjustments made to the consolidated statement of income and comprehensive income (loss). When a business is acquired in a number of stages, the cost of each stage is compared with the fair value of the identifiable net assets at the date of that purchase. When the cost of the acquisition exceeds the fair values of the identifiable net assets acquired, the difference is recorded as goodwill. If the fair value attributable to the Company’s share of the identifiable net assets exceeds the cost of acquisition, the difference is recognized as a gain in the consolidated statement of income and comprehensive income (loss). Acquisition costs are expensed.
Currency translation	(a) Currency translation (i) The functional currency for each entity within the Franco-Nevada group is the currency of the primary economic environment in which it operates. These consolidated financial statements are expressed in United States dollars, which is the functional currency of some of the subsidiaries. The parent Company’s functional currency is the Canadian dollar. The U.S. dollar is used as the presentation currency of the Company to ensure comparability with the Company’s peers. References herein to C$ are to Canadian dollars. (ii) Foreign currency transactions are translated into the functional currency of the respective subsidiary, using the exchange rate prevailing at the dates of the transaction (spot exchange rates). Foreign exchange gains and losses resulting from the settlement of such transactions and the re-measurement of monetary items and available-for-sale securities at the date of the consolidated statements of financial position are recognized in net income. Non-monetary items measured at historical cost are translated into the functional currency using the exchange rate at the date of the transaction. The results and financial position of the subsidiaries that have a functional currency different from the presentation currency are translated into U.S. dollars, the group’s presentation currency, as follows: · assets and liabilities for each subsidiary are translated at the closing exchange rate at the date of the balance sheet; · income and expenses for each subsidiary are translated at the average exchange rates during the period; and · all resulting exchange differences are charged/credited to the currency translation adjustment in other comprehensive income (loss).
Royalty, stream and working interests	(a) Royalty, stream and working interests Royalty, stream and working interests consist of acquired royalty interests, stream metal purchase agreements, and working interests in producing, advanced/development and exploration stage properties. Royalty, stream and working interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses. The cost of royalty, stream and working interests is determined by reference to the cost model under IAS 16 Property, Plant and Equipment . The major categories of the Company’s interests are producing, advanced and exploration. Producing assets are those that have generated revenue from steady-state operations for the Company or are expected to in the next year. Advanced assets are interests on projects which are not yet producing, but where in management’s view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Royalty, stream and working interests for producing and advanced assets are recorded at cost and capitalized in accordance with IAS 16, while exploration assets are recorded and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources . Management uses the following criteria in its assessment of technical feasibility and commercial viability: (i) Geology: there is a known mineral deposit which contains mineral reserves or resources; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral reserves or resources. (ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable. Producing mineral royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates. The life of the property is estimated using life of mine models specifically associated with the mineral royalty or stream properties which include proven and probable reserves and may include a portion of resources expected to be converted into reserves. Where life of mine models are not available, the Company uses publicly available statements of reserves and resources for the mineral royalty or stream properties to estimate the life of the property and portion of resources that the Company expects to be converted into reserves. Where life of mine models and publicly available reserve and resource statements are not available, depletion is based on the Company’s best estimate of the ounces to be produced and delivered under the contract. The Company relies on information available to it under contracts with operators and/or public disclosures for information on reserves and resources from the operators of the producing mineral and stream interests. Producing oil & gas interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available estimated proved and probable reserves specifically associated with the oil & gas properties. For oil & gas interests, management engages previous reserve reports prepared by independent petroleum consultants engaged by the Company or engages other qualified parties. On acquisition of a producing royalty, stream or working interest, an allocation of its fair value is attributed to the exploration potential of the interest. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated reserve and resource information obtained from the operators of the royalty, stream or working interest properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. If the cost of a royalty, stream or working interest includes contingent consideration, the contingent consideration is measured at fair value on the date of acquisition and included in the cost of the interest. Any changes in the fair value of the contingent consideration subsequent to the acquisition date are recorded against the cost of the interest acquired. Royalty, stream and working interests for advanced and exploration assets are recorded at cost and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources. Acquisition costs of advanced and exploration stage royalty, stream and working interests are capitalized and are not depleted until such time as revenue-generating activities begin. The Company may receive advanced minimum payments prior to the commencement of production on some of its interests. In these circumstances, the Company would record depletion expense as described above, up to a maximum of the total of the advanced minimum payment received.
Working interest in oil and gas properties	(a) Working interests in oil & gas properties Acquired oil & gas working interests are accounted for at cost and capitalized as tangible assets of developing or operating properties, or in accordance with IFRS 6 for exploration properties. For each oil & gas property on which the Company has a working interest, the Company bears its proportionate share of the gross costs of capital and operations based on information received from the operator. Such capital costs are capitalized to oil & gas well equipment which is a component of other assets on the statement of financial position. Capitalized costs, other than those related to oil & gas well equipment, are depreciated when the asset is available for its intended use on a units-of-production basis, whereby the denominator is the proved and probable reserves associated with the oil & gas properties. For oil & gas well equipment, capitalized costs are depreciated by application of a 25% declining balance method.
Impairment of non-financial assets	(a) Impairment of non-financial assets Producing and advanced mineral, stream and oil & gas interests are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of cash-generating units (“CGUs”) which, in accordance with IAS 36 Impairment of Assets , are identified as the smallest identifiable group of assets that generates cash inflows, which are largely independent of the cash inflows from other assets. This is usually at the individual royalty, stream, oil & gas or working interest level for each property from which cash inflows are generated. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal (“FVLCD”) and value-in-use (“VIU”). The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the mineral, stream and oil & gas properties, respectively, that could affect the future recoverability of the Company’s interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (i) net present value of estimated future cash flows; (ii) dollar value per ounce or pound of reserve/resource; (iii) cash-flow multiples; and/or (iv) market capitalization of comparable assets. Impairment losses are charged to the mineral, stream or oil & gas interest or working interest and any associated oil & gas well equipment in the case of working interests. Assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an impairment loss are subsequently reversed and the asset’s recoverable amount exceeds its carrying amount. Impairment losses can be reversed only to the extent that the recoverable amount does not exceed the carrying value that would have been determined had no impairment been recognized previously. Gold bullion, prepaid gold and prepaid expenses are similarly assessed for impairment whenever indicators of impairment exist in accordance with IAS 36. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of FVLCD and VIU. Mineral and oil & gas interests classified as exploration are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of FVLCD and VIU. An interest that has previously been classified as exploration is also assessed for impairment before reclassification to either advanced or producing, and the impairment loss, if any, is recognized in net income.
Financial instruments	(a) Financial instruments Financial assets and financial liabilities are recognized on the Company’s statement of financial position when the Company has become a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. The Company’s financial instruments consist of cash and cash equivalents, receivables, accounts payables, accrued liabilities, debt, and investments, including equity investments, loans receivable, warrants and term deposits. Financial instruments are recognized initially at fair value. (i) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are classified as available-for-sale and measured at fair value. (ii) Receivables, other than those related to agreements with provisional pricing mechanisms, are classified as loans and receivables and are initially recorded at fair value of the amount expected to be received and subsequently measured at amortized cost less any provision for impairment. Individual receivables are considered for recoverability when they are past due or when other objective evidence is received that a specific counterparty will default. Impairments for receivables are presented in the consolidated statement of income and comprehensive income (loss). (iii) Investments comprise equity interests in publicly-traded and privately-held entities, marketable securities with original maturities at the date of the purchase of more than three months and a loan receivable. Available-for-sale investments are recognized initially at fair value plus transaction costs. Subsequent to initial recognition, available-for-sale investments are measured at fair value and changes in the fair value are recognized directly in other comprehensive income (loss), except for impairment losses, which are recognized in net income in the consolidated statement of income and comprehensive income (loss). When an available-for-sale investment is sold or impaired, the accumulated gains or losses are reversed from accumulated other comprehensive income (loss) and included in other income (expense) or impairment of investments in the statement of income and comprehensive income (loss). Where the Company holds an investment in a privately-held entity for which there is no active market and for which there is no reliable estimate of fair value, the investment is carried at cost less any provision for impairment. Translation differences on equity securities classified as available-for-sale, are included in other comprehensive income (loss). Derivative investments, such as warrants and receivables related to agreements with provisional pricing mechanisms, are classified as fair value through profit and loss and are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value. Changes in the fair value of receivables related to agreements with provisional pricing mechanisms are recognized in revenue in the statement of income and other comprehensive income (loss). Changes in fair value of warrants are recognized as other income (expenses) in the statement of income and comprehensive income (loss). Loans receivable are classified as loans and receivables because they have fixed or determinable payments and are not quoted in an active market. Loans are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate method and presented as finance income in the statement of income and comprehensive income (loss). (iv) Financial liabilities, including accounts payable, accrued liabilities and debt, are classified as other financial liabilities at amortized cost using the effective interest method. (v) The Company assesses at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. Financial assets are considered to be impaired if objective evidence indicates that a change in the market, economic or legal environment in which the Company invested has had a negative effect on the estimated future cash flows of that asset. For equity securities classified as available-for-sale, a significant or prolonged decline in fair value of the security below its cost is also evidence that the assets may be impaired. If such evidence exists for available-for-sale financial assets, the cumulative loss, measured as the difference between the acquisition cost and the current fair value, is removed from accumulated other comprehensive income (loss) and recognized as an impairment on investments in net income in the statement of income and other comprehensive income (loss). An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Impairment losses are recognized in net income. For financial assets measured at amortized cost, any reversal of impairment is recognized in net income in subsequent periods if the fair value of the financial assets increase and the increase can be objectively related to an event occurring after the impairment loss was recognized in net income. If the value of the previously impaired available-for-sale equity investment subsequently recovers, additional unrealized gains are recorded in other comprehensive income (loss) and the previously recorded impairment losses are not reversed.
Revenue recognition	(a) Revenue recognition Revenue comprises revenue earned in the period from royalty, stream and working interests and dividend income. Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and/or working interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. For royalty interests, revenue recognition generally occurs in the month of production from the royalty property. For stream and working interests, relevant commodities received from the stream or working interest operators are sold to the Company’s third party customers. Revenue from these sales is recognized when title and risks of the delivered commodity are passed on to the Company’s third party customers. Under the terms of certain revenue stream agreements and concentrate sales contracts with independent smelting companies, sales prices are provisionally set on a specified future date after shipment based on market prices. Revenue is recorded under these contracts at the time of shipment, which is also when the risk and rewards of ownership pass to the smelting companies, using forward commodity prices on the expected date that final sales prices will be fixed. Variations between the price recorded at the shipment date and the actual final price set under the smelting contracts are caused by changes in market commodity prices, and result in an embedded derivative in the receivable. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of stream revenue. (b) Gold and silver sales Gold and silver, including gold and silver received under stream agreements, is sold primarily in the spot market. The sales price is fixed at the delivery date based on the gold or silver spot prices. The Company records the sales when title and risks of the delivered commodity are passed on to the Company’s third party customers. (c) Oil & gas sales Revenue from the sale of crude oil, natural gas and natural gas liquids is recorded at the time it enters the pipeline system, which is also when risks and rewards of ownership are transferred. At the time of delivery of oil & gas, revenues are determined based upon contracts by reference to monthly market commodity prices plus certain price adjustments. Price adjustments include product quality and transportation adjustments and market differentials.
Cost of sales	(a) Costs of sales Costs of sales includes various mineral and oil & gas production taxes that are recognized with the related revenues and the Company’s share of the gross operating costs for the working interests in the oil & gas properties. For stream agreements, the Company purchases gold and/or silver for a cash payment of the lesser of a set contractual price, subject to annual inflationary adjustments, and the prevailing market price per ounce of gold and/or silver when purchased. Under certain stream agreements, the Company purchases gold and/or silver for a cash payment that is a fixed percentage of the prevailing market price per ounce of gold and/or silver when purchased. In certain instances, the Company purchases a fixed amount of gold by providing an initial deposit. The initial deposit is recorded as a prepaid gold asset and classified within current prepaid expenses and other assets or non-current other assets dependent on whether delivery will occur within 12 months of the reporting date. When gold is delivered to the Company it is recorded as inventory until such time as it is sold and the cost of the gold is recorded as a cost of sale.
Income taxes	(a) Income taxes The income tax expense or recovery represents the sum of current and deferred income taxes. Current income tax payable is based on taxable profit for the year. Taxable profit differs from net income as reported in the consolidated statement of income and other comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated by using tax rates and laws that have been enacted or substantively enacted at the statement of financial position date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary differences arise from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are enacted or substantively enacted at the statement of financial position date and are expected to apply to the period when the deferred tax asset is realized or the liability is settled. Deferred tax is charged or credited in the consolidated statement of income and other comprehensive income (loss), except when it relates to items credited or charged directly to equity, in which case the deferred tax is also accounted for within equity.
Stock options	(a) Stock options The Company may issue equity-settled share-based payments to directors, officers, employees and consultants under the terms of its share compensation plan. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the date of grant of equity-settled share-based payments is expensed over the expected service period with a corresponding entry to contributed surplus and is based on the Company’s estimate of shares that will ultimately vest. Fair value is measured by use of the Black-Scholes option pricing valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions and behavioural considerations. Expected volatility is estimated by considering historic average share price volatility. Any consideration paid or received upon the exercise of the stock options or purchase of shares is credited to share capital.
Deferred share units	(a) Deferred share units Non-executive directors may choose to convert their directors’ fees into deferred share units (“DSUs”) under the terms of the Company’s deferred share unit plan (the “DSU Plan”). Directors must elect to convert their fees prior to January 1 in each year. The Company may also award DSUs to non-executive directors under the DSU Plan as compensation. When dividends are declared by the Company, directors are also credited with dividend equivalents in the form of additional DSUs based on the number of vested DSUs each director holds on the record date for the payment of a dividend. The fair value of DSUs at the time of conversion or award, as applicable, is determined with reference to the weighted average trading price of the Company’s common shares over the five trading days immediately preceding the date of conversion or award, as applicable. The fair value of the DSUs, which are settled in cash, is recognized as a share-based compensation expense with a corresponding increase in liabilities, over the service period. The fair value of the DSUs is marked to the quoted market price of the Company’s common shares at each reporting date with a corresponding change in the consolidated statement of income and comprehensive income (loss).
Restricted share units	(a) Restricted share units The Company may grant restricted share units to officers and employees under the terms of its share compensation plan. The Company plans to settle every restricted share unit with one common share of the parent company. The Company recognizes the fair value of the restricted share units as share-based compensation expense which is determined with reference to the weighted average trading price of the Company’s common shares over the five trading days immediately preceding the date of issuance. The amount recognized reflects the number of awards for which the related service and non-market performance conditions associated with these awards are expected to be met. The Company expenses the fair value of the restricted share units over the applicable service period, with a corresponding increase in contributed surplus. For performance vesting conditions, the grant date fair value of the restricted share unit is measured to reflect such conditions and this estimate is not updated between expected and actual outcomes.
Segment reporting	(a) Segment reporting The Company manages its business under a single operating segment, consisting of resource sector royalty/stream acquisitions and management activities. All of the Company’s assets and revenues are attributable to this single operating segment. The operating segment is reported in a manner consistent with the internal reporting provided to the Chief Executive Officer (“CEO”) who fulfills the role of the chief operating decision-maker. The CEO is responsible for allocating resources and assessing performance of the Company’s operating segment.
Earnings per share	(a) Earnings per share Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the effect of all potentially dilutive common share equivalents, which includes dilutive share options and restricted share units granted to employees and warrants computed using the treasury stock method.
New and Amended Accounting Standards	New and Amended Standards Adopted by the Company The following standard was effective and implemented for the annual period as of January 1, 2017. IAS 12 Income Taxes IAS 12 Income Taxes provides guidance on the recognition of deferred tax assets. In January 2016, the IASB issued amendments to clarify the requirements for recognizing deferred tax assets on unrealized losses. The amendments clarify the accounting for deferred tax where an asset is measured at fair value and that fair value is below the asset’s tax base. They also clarify certain other aspects of accounting for deferred tax assets. The amendments are effective for annual periods beginning on or after January 1, 2017. The Company has adopted the amendments to IAS 12 in its financial statements for the annual period beginning on January 1, 2017. The adoption of the amendments did not have a material impact on the consolidated financial statements. IFRS Interpretations Committee on interest and penalties related to income taxes In September 2017, the IFRS Interpretation Committee (IC) issued an agenda decision on interest and penalties related to income taxes. The agenda decision clarifies that if an entity considers that a particular amount payable or receivable for interest and penalties is an income tax, IAS 12 Income Taxes is applied to that amount. If an entity does not apply IAS 12 to an amount payable or receivable for interest and penalties, it applies IAS 37 Provisions, Contingent Liabilities and Contingent Assets to that amount. The agenda decision was effective immediately and did not have a material impact on the consolidated financial statements. New Accounting Standards Issued But Not Yet Effective IFRS 9 Financial Instruments On July 24, 2014, the IASB published the final version IFRS 9 Financial Instruments which brings together the classification, measurement, impairment and hedge accounting phases of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement . IFRS 9 includes a loss impairment model, amends the classification and measurement model for financial assets by adding a new fair value through comprehensive income category for certain debt instruments and provides additional guidance on how to apply the business model and contractual cash flow characteristics test. This final version of IFRS 9 supersedes all previous versions of IFRS 9 and is effective for periods beginning on or after January 1, 2018. The Company has assessed the impact of IFRS 9 on the consolidated financial statements. The Company has completed its assessment of the impact of IFRS 9 and expects the following impacts upon adoption: · The Company will make an irrevocable election available under IFRS 9 to continue to measure it’s currently held long-term investment in equity securities at fair value through other comprehensive income (“OCI”). This election is available on an instrument-by-instrument basis. Under the new standard, all changes in the fair value will be recognized permanently in OCI with no subsequent transfer into earnings (loss), including upon derecognition. On adoption of IFRS 9, the Company expects to make an insignificant adjustment to opening retained earnings with a corresponding adjustment to accumulated other comprehensive income to retroactively adjust for historical gains (losses) previously recognized through earnings (loss). The new classification and measurement requirements under IFRS 9 are not expected to have a material impact on the Company’s other financial assets and financial liabilities. · Under IAS 39, investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured can currently be measured at cost. This cost exemption is not available under IFRS 9. The Company holds one equity investment at cost, with a carrying value of $4.1 million as at December 31, 2017. The Company has assessed the fair value of the instrument based on valuation techniques that include inputs that are not based on observable market data. The fair value approximates the carrying value of the instrument as of the date adoption and as such the Company has concluded no adjustment is required. However, the previous impairment of this investment that was recorded in 2013 amounting to $24.2 million will be reclassified from deficit to other comprehensive loss upon adoption. · IFRS 9 introduces a new expected credit loss model required to evaluate financial assets for impairment, rather than an incurred loss model currently being applied under IAS 39. The Company’s financial assets which are currently subject to credit risk include cash and cash equivalents, short-term investments, receivables and loan receivables. The Company holds one loan receivable from Noront Resources Ltd. The loan receivable is carried at amortized cost and has a carrying value of $30.1 million as at December 31, 2017. The Company has assessed the expected credit losses on its financial assets as nominal. The introduction of the new expected credit loss model required to evaluate financial assets for impairment does not have a significant impact on the Company’s financial assets. IFRS 15 Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers . The new standard provides a comprehensive framework for recognition, measurement and disclosure of revenue from contracts with customers, excluding contracts within the scope of the standards on leases, insurance contracts and financial instruments. IFRS 15 becomes effective for annual periods beginning on or after January 1, 2018 and can be applied retrospectively or modified retrospectively with early adoption permitted. The Company has completed its assessment of the impact of IFRS 15, including a review of its material contracts for each of its material revenue categories, and does not expect the new standard to have a material impact on the consolidated financial statements. The Company will adopt IFRS 15 for the annual period beginning January 1, 2018 using the modified retrospective approach. IFRIC 23 Uncertainty over Income Tax Treatments In June 2017, the IFRS Interpretation Committee issued IFRIC 23, which clarifies how the recognition and measurement requirements of IAS 12 Income Taxes are applied where there is uncertainty over income tax treatments. IFRIC 23 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively with early adoption permitted. The Company is in the process of assessing the impact of IFRIC 23 on the consolidated financial statements. IFRS 16 Leases In January 2016, the IASB issued IFRS 16 Leases , which requires lessees to recognize assets and liabilities for most leases. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively with early adoption permitted, provided IFRS 15 has been applied or is applied at the same date as IFRS 16. The Company does not anticipate early adoption and is assessing the impact of adoption of this new standard on the consolidated financial statements.

Significant accounting polici29

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2017
Significant accounting policies
Schedule of principal subsidiaries	All subsidiaries of the Company and their geographic locations at December 31, 2017 were as follows: Entity Jurisdiction Economic Franco-Nevada U.S. Corporation Delaware 100% Franco-Nevada GLW Holdings Corp. British Columbia 100% Franco-Nevada Mexico Corporation, S.A. de C.V. Mexico 100% Franco-Nevada Canada Holdings Corp. Canada 100% Franco-Nevada (Barbados) Corporation Barbados 100% Franco-Nevada Australia Pty Ltd. Australia 100% Franco-Nevada LRC Holdings Corp. British Columbia 100% Franco-Nevada Alberta Holdings ULC Alberta 100% Franco-Nevada U.S. Holding Corp. Delaware 100% Franco-Nevada Delaware LLC Delaware 100% Franco-Nevada Texas LP (1) Texas 100% Minera Global Copper Chile S.A. Chile 100% Franco-Nevada Alberta Corporation Alberta 100% FN Subco Inc. British Columbia 100% Franco-Nevada Idaho Corporation Delaware 100% FN Holdings ULC Alberta 100%

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2017
Cash and Cash Equivalents.
Schedule of cash and cash equivalents	Cash deposits $ $ 182.4 Term deposits 70.6 $ $ 253.0

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Investments
Schedule of investments	Non-current investments Equity investments $ $ 118.4 Warrants 0.9 Loan Receivable 28.1 Total Investments $ $ 147.4
Schedule of unrealized gains (losses) on available-for-sale investments recognized in other comprehensive income	For the year ended December 31, Mark-to-market gain on equity investments $ $ 58.2 Deferred tax (expense) recovery in other comprehensive income (6.1) (5.3) Unrealized gain on available-for-sale securities, net of tax 52.9 Reclassification for realized change in market value recognized in net income, net of tax 2.4 (10.6) $ $ 42.3

Prepaid expenses and other (Tab

Prepaid expenses and other (Tables)	12 Months Ended
	Dec. 31, 2017
Prepaid expenses and other
The schedule of prepaid expenses and other current assets	Gold bullion $ $ 9.3 Inventory 2.7 Prepaid gold — 7.0 Prepaid expenses 17.5 Debt issue costs 0.6 $ $ 37.1

Royalty, Stream and Working I33

Royalty, Stream and Working Interests, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Royalty, Stream and Working Interests, Net
Disclosure of detailed information about royalty, stream and working interest, net	2017 Accumulated Cost Depletion (1) Impairment Carrying Value Mineral Royalties $ $ (530.9) $ — $ Streams (1,140.5) — Oil and Gas (326.8) — Advanced (36.2) — Exploration (15.6) — $ $ (2,050.0) $ — $ 2016 Accumulated Cost Depletion (1) Impairment Carrying Value Mineral Royalties $ 963.0 $ (475.0) $ — $ 488.0 Streams 3,450.0 (880.4) (67.4) 2,502.2 Oil and Gas 732.4 (283.5) — 448.9 Advanced 222.9 (34.1) — 188.8 Exploration 52.0 (11.5) (0.1) 40.4 $ 5,420.3 $ (1,684.5) $ (67.5) $ 3,668.3 1 Accumulated depletion includes previously recognized impairment charges.
Disclosure of detailed information about royalty, stream and working interest, net rollforward	Mineral Royalties Streams Oil & Gas (1) Advanced Exploration Total Balance at January 1, 2016 $ 538.2 $ 2,122.3 $ 356.3 $ 200.4 $ 40.3 $ 3,257.5 Acquisitions — 642.8 101.3 1.7 — 745.8 Disposals (16.2) — — — — (16.2) Transfers 6.2 — — (6.2) — - Impairments — (67.4) — — (0.1) (67.5) Depletion (52.1) (195.5) (19.1) (0.7) (0.2) (267.6) Impact of foreign exchange 11.9 — 10.4 (6.4) 0.4 16.3 Balance at December 31, 2016 $ 488.0 $ 2,502.2 $ 448.9 $ 188.8 $ 40.4 $ 3,668.3 Acquisitions (Note 4) — 265.8 232.7 — 1.0 499.5 Transfers 42.1 — — (43.2) 1.1 — Impairments — — — — — — Depletion (52.3) (192.6) (23.0) (1.0) — (268.9) Impact of foreign exchange 8.3 — 24.1 7.3 0.6 40.3 Balance at December 31, 2017 $ 486.1 $ 2,575.4 $ 682.7 $ 151.9 $ 43.1 $ 3,939.2
Disclosure of impairment loss and reversal of impairment loss [text block]	Royalty, stream and working interests, net: Cooke 4 $ — $ 67.4 Exploration assets — 0.1 Total impairment losses $ — $ 67.5

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2017
Other assets
Schedule of Other assets	Prepaid gold $ — $ 7.1 Oil & gas well equipment, net 14.0 Furniture and fixtures, net 0.7 Debt issue costs 1.6 $ $ 23.4

Accounts Payable and Accrued 35

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Accounts Payable and Accrued Liabilities
The summary of accounts payable and accrued liabilities	Accounts payable $ $ 9.6 Accrued liabilities 11.4 $ $ 21.0

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Recurring Basis
Schedule of Assets and Liabilities Measured at Fair Value	Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at December 31, 2017 (Level 1) (Level 2) (Level 3) Fair Value Cash and cash equivalents $ $ — $ — $ Receivables from provisional gold equivalent sales — 11.3 — Available-for-sale equity investments 168.1 — — Warrants — 0.8 — $ $ $ — $ Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Aggregate As at December 31, 2016 (Level 1) (Level 2) (Level 3) Fair Value Cash and cash equivalents $ 253.0 $ — $ — $ 253.0 Receivables from provisional gold equivalent sales — 9.8 — 9.8 Available-for-sale equity investments 114.6 — — 114.6 Warrants — 0.9 — 0.9 $ 367.6 $ 10.7 $ — $ 378.3
Non recurring Basis
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis	Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Aggregate As at December 31, 2017 (Level 1) (Level 2) (Level 3) Fair Value Royalty, stream and working interests $ — $ — $ $ $ — $ — $ $ Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Aggregate As at December 31, 2016 (Level 1) (Level 2) (Level 3) Fair Value Royalty, stream and working interests $ — $ — $ 2.1 $ 2.1 $ — $ — $ 2.1 $ 2.1

Financial Risk Management (Tabl

Financial Risk Management (Tables)	12 Months Ended
	Dec. 31, 2017
Financial Risk Management
Schedule of interest rate sensitivities of our financial assets and liabilities	The following table shows the approximate interest rate sensitivities of our financial assets and liabilities as at December 31: Effect on Net Income Effect on Equity 0.5% increase $ (2.2) $ (1.0) $ (2.2) $ (1.0) 0.5% decrease 2.2 1.0 2.2 1.0

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2017
Revenue.
Schedule of Revenue	Mineral royalties $ 173.7 $ 169.3 Mineral streams 443.3 401.6 Sale of prepaid gold 11.0 9.2 Oil & gas interests 47.0 30.1 $ 675.0 $ 610.2

Costs of sales (Tables)

Costs of sales (Tables)	12 Months Ended
	Dec. 31, 2017
Costs of sales
Schedule of Costs of sales	Per ounce stream purchase cost $ 127.4 $ 95.6 Cost of prepaid ounces 7.7 6.5 Mineral production taxes 2.3 0.5 Oil & gas operating costs 4.6 3.2 $ 142.0 $ 105.8

Related party disclosures (Tabl

Related party disclosures (Tables)	12 Months Ended
	Dec. 31, 2017
Related party disclosures
Schedule of compensation for key management personnel	Short-term benefits (1) $ 4.5 $ 4.5 Share-based payments (2) 6.4 5.1 $ 10.9 $ 9.6 1 Includes salary, benefits and short-term accrued incentives/other bonuses earned in the period. Represents the expense of stock options, restricted share units earned and mark-to-market charges on deferred share units during the year.

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income taxes
Schedule of income tax expense	Current income tax expense Expense for the year $ 25.1 $ 35.5 Adjustment in respect of prior years (5.6) 5.4 Current income tax expense $ 19.5 40.9 Deferred income tax expense (recovery) Origination and reversal of temporary differences in the current year 15.7 15.3 Impact of U.S. Tax Reform 7.1 — Impact of changes in tax rate (0.9) (0.8) Change in (reversal of) unrecognized deductible temporary differences 0.1 (4.4) Adjustments in respect of prior years 0.6 (4.3) Other (0.8) (1.0) Deferred income tax expense 21.8 4.8 Total $ 41.3 $ 45.7
Reconciliation of the provision for income taxes	Net income before income taxes $ 236.0 $ 167.9 Statutory tax rate Tax expense at statutory rate 62.8 44.7 Reconciling items: Change in (reversal of) unrecognized deductible temporary differences 0.1 (4.4) Income/expenses not (taxed) deductible (3.0) (1.9) Differences in foreign statutory tax rates (20.9) 4.8 Differences due to changing future tax rates (0.9) (0.8) Impact of U.S. Tax Reform 7.1 — Foreign withholding tax 1.4 1.8 Temporary differences subject to initial recognition exemption (5.2) 0.5 Other (0.1) 1.0 Net income tax expense $ 41.3 $ 45.7
Schedule of income tax (expense) recovery recognized in other comprehensive income (loss)	2017 2016 After After Before Tax Tax Before Tax Tax Tax Gain Expense Gain Tax Loss Expense Loss Change in market value of available-for-sale investments $ 47.1 $ (6.3) $ 40.8 $ 46.0 $ (3.7) $ 42.3 Cumulative translation adjustment 77.2 — 77.2 21.3 — 21.3 Other comprehensive loss $ 124.3 $ (6.3) $ 118.0 $ 67.3 $ (3.7) $ 63.6 Deferred tax $ — $ (6.3) $ - $ — $ (3.7) $ —
Schedule of components of deferred income tax assets and liabilities	Deferred income tax assets: Deductible temporary differences relating to: Royalty, stream and working interests $ 5.6 $ 10.7 Non-capital loss carry-forwards 9.5 11.2 Other (0.6) (0.6) $ 14.5 $ 21.3 Deferred income tax liabilities: Taxable temporary differences relating to: Share issue and debt issue costs $ (7.1) $ (9.7) Royalty, stream and working interests 71.1 54.2 Non-capital loss carry-forwards (5.6) (4.4) Investments 5.8 (0.1) Other (3.9) (2.5) $ 60.3 $ 37.5 Deferred income tax liabilities, net $ 45.8 $ 16.2 Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. The analysis of deferred tax assets and deferred tax liabilities is as follows: Deferred income tax assets: Deferred income tax asset to be recovered within 12 months $ 0.1 $ 0.1 Deferred income tax asset to be recovered after more than 12 months 14.4 21.2 $ 14.5 $ 21.3 Deferred income tax liabilities: Deferred income tax liability to be settled within 12 months 0.9 1.2 Deferred income tax liability to be settled after more than 12 months 59.4 36.3 $ 60.3 $ 37.5 Deferred income tax liabilities, net $ 45.8 $ 16.2
Schedule of movement in net deferred taxes	Balance, beginning of year $ 16.2 $ 17.1 Recognized in profit/loss 21.8 4.8 Recognized in other comprehensive income 6.3 3.7 Recognized in equity — (10.0) Other 1.5 0.6 Deferred income tax liabilities, net $ 45.8 $ 16.2
Schedule of non-capital losses	Country Type Amount Expiry Date Canada Non-Capital Losses $ 2028-2037

Shareholders' equity (Table)

Shareholders' equity (Table)	12 Months Ended
	Dec. 31, 2017
Shareholders' equity
Schedule of fair value of options calculated using Black-Scholes option pricing model and weighted average assumptions utilized	Risk-free interest rate % 0.66 % Expected dividend yield % 1.54 % Expected price volatility of the Company’s common shares % 37.70 % Expected life of the option 5 years 5 years Forfeiture rate % 0 %
Schedule of options to purchase common shares that have been granted	2017 2016 Weighted Weighted average exercise average exercise Number price Number price Stock options outstanding, beginning of year 1,304,328 C$ 50.64 1,592,480 C$ 46.67 Granted C$ 263,568 C$ 75.45 Exercised C$ (545,087) C$ 39.25 Forfeited C$ (6,633) C$ 58.35 Stock options outstanding, end of the year 955,603 C$ 1,304,328 C$ 50.64 Exercisable stock options, end of the year C$ 825,875 C$ 39.72
Schedule of options to purchase common shares outstanding, exercise prices and weighted average lives to maturity	Weighted Exercise Options Options average life price outstanding exercisable (years) C$15.41 5,000 5,000 0.89 C$31.39 10,000 10,000 2.39 C$31.45 38,000 38,000 2.71 C$33.12 1,500 1,500 2.90 C$33.20 1,000 1,000 2.98 C$40.87 52,786 52,786 5.95 C$42.43 3,000 3,000 4.25 C$42.67 2,500 2,500 3.92 C$46.17 100,000 100,000 5.64 C$55.58 27,397 27,397 4.95 C$59.52 155,936 155,936 6.95 C$58.67 65,000 43,333 7.64 C$65.76 136,718 90,759 7.95 C$75.45 258,977 86,328 8.95 C$100.10 97,789 — 9.95 955,603 617,539 7.46
Schedule of share purchase warrants	Warrants outstanding, beginning of the year 6,510,280 6,510,769 Exercised (6,388,528) (489) Forfeited (121,752) — Warrants outstanding, end of the year — 6,510,280
Schedule of maximum shares potentially issued	Common shares outstanding 178,482,139 Stock options 1,304,328 Restricted Share Units 138,614 Warrants — 6,510,280 Special Warrant (1) — 2,000,000 188,435,361 In connection with a transaction with Taseko Mines Limited, one special warrant was granted to Taseko which was exchangeable into 2,000,000 purchase share warrants entitling Taseko to purchase one common share of the Company at a price of C$75.00 once Taseko’s New Prosperity project gets fully permitted and financed. New Prosperity’s most recent permit application was denied and the warrant expired unexercised on June 16, 2017.

Earnings per share ("EPS") (Tab

Earnings per share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings per share ("EPS")
Schedule of basic and diluted EPS	Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ $ Effect of dilutive securities — — Diluted EPS $ $ For the year ended December 31, 2017, 5,626 stock options (2016 – Nil) and 1,194 time-based RSUs (2016 – Nil) were excluded in the computation of diluted EPS due to the strike price exceeding the weighted average share price during the year. Restricted share units totaling 73,947 (2016 – 84,094) were excluded from the computation of diluted EPS for the year ended December 31, 2017 due to the performance criteria for the vesting of the RSUs not being measurable as at December 31, 2017. Earnings Shares Per Share (Numerator) (Denominator) Amount Basic EPS $ 122.2 175.2 $ 0.70 Effect of dilutive securities — 1.2 (0.01) Diluted EPS $ 122.2 176.4 $ 0.69

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments
Schedule of company's commitment to pay for metals pursuant to the agreement	Attributable Payable Production to be Purchased Per Ounce Cash Payment (1),(2) Term of Date of Interest Gold Silver PGM Gold Silver PGM Agreement (3) Contract Antamina 0 % 22.5 % (4) 0 % n/a 5 % (5) n/a 40 years 7-Oct-15 Antapaccay — % (6) — % (7) 0 % 20 % (8) 20 % (9) n/a 40 years 10-Feb-16 Candelaria 68 % (10) 68 % (10) 0 % $ 400 $ 4.00 n/a 40 years 6-Oct-14 Cobre Panama I (25) — % (11) — % (12) 0 % $ 418 (13) $ 6.27 (14) n/a 40 years 22-Jan-18 Cobre Panama II (25) — % (15) — % (16) 0 % 20 % (17) 20 % (18) n/a 40 years 22-Jan-18 Karma 4.875 % (19) 0 % 0 % 20 % (20) n/a n/a 40 years 11-Aug-14 Guadalupe-Palmarejo 50 % 0 % 0 % $ 800 n/a n/a 40 years 2-Oct-14 Sabodala 6 % (21) 0 % 0 % 20 % (22) n/a n/a 40 years 12-Dec-13 MWS 25 % 0 % 0 % $ 400 n/a n/a 40 years (23) 2-Mar-12 Cooke 4 7 % 0 % 0 % $ 400 n/a n/a 40 years 5-Nov-09 Sudbury (24) 50 % 0 % 50 % $ 400 n/a $ 400 40 years 15-Jul-08 1 Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Karma, Guadalupe-Palmarejo and Sabodala. 2 Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price. 3 Subject to successive extensions. 4 Subject to a fixed payability of 90%. Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement. 5 Purchase price is 5% of the average silver price at the time of delivery. 6 Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold have been delivered. Thereafter, percentage is 30% of gold shipped. 7 Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver have been delivered. Thereafter, percentage is 30% of silver shipped. 8 Purchase price is 20% of the spot price of gold until 750,000 ounces of gold has been delivered, thereafter the purchase price is 30% of the spot price of gold. 9 Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver has been delivered, thereafter the purchase price is 30% of the spot price of silver. 10 Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement. 11 Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced to 1,716,188 ounces of gold delivered, thereafter 63.4% of the gold in concentrate. 12 Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter, 1,776 ounces of silver per 1 million pounds of copper produced to 29,731,000 ounces of silver delivered, thereafter 62.1% of the silver in concentrate. 13 In accordance with the terms of the agreement, the purchase price was adjusted from $406 per ounce to $418.27 per ounce after November 2018 on the initial gold deliveries. After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce. 14 In accordance with the terms of the agreement, the purchase price was adjusted from $6.09 per ounce to $6.27 per ounce after November 2018 on the initial silver deliveries. After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce. 15 Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced to 429,047 ounces of gold delivered, thereafter 15.85% of the gold in concentrate. 16 Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced to 7,432,750 ounces of silver delivered, thereafter 15.53% of the silver in concentrate. 17 Purchase price is 20% of the spot price of gold until 604,000 ounces of gold delivered. Thereafter, purchase price is 50% of the spot price of gold. 18 Purchase price is 20% of the spot price of silver until 9,618,000 ounce of silver delivered. Thereafter, purchase price is 50% of the spot price of silver. 19 Gold deliveries are fixed at 15,000 ounces per annum from March 31, 2016 until February 28, 2021. Thereafter, percentage is 4.875%. 20 Purchase price is 20% of the average gold price at the time of delivery. 21 Gold deliveries are fixed at 1,875 ounces per month until December 31, 2019. Thereafter, percentage is 6% of gold produced. 22 Purchase price is 20% of prevailing market price at the time of delivery. 23 Agreement is capped at 312,500 ounces of gold. 24 The Company is committed to purchase 50% of the precious metals contained in ore from the properties. Cash payment is based on gold equivalent ounces. 25 Agreement amended subsequent to year-end.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting
Schedule of geographical revenue and royalty, stream and working interests information	Latin America: Peru $ 153.1 167.5 Chile 105.2 88.4 Other 67.7 47.8 United States $ 100.2 92.4 Canada 125.5 116.9 Rest of World 123.3 97.2 $ 675.0 610.2 Geographic royalty, stream and working interests are presented by the location of the mining operations giving rise to the royalty, stream or working interest. Latin America: Peru $ 953.2 1,021.7 Chile 533.4 586.1 Panama 734.4 468.9 Other 59.0 64.3 United States $ 622.5 502.0 Canada 666.7 610.5 Rest of World 370.0 414.8 $ 3,939.2 3,668.3

Corporate Information (Details)

Corporate Information (Details)	Dec. 31, 2017item
Corporate Information
The number of assets in portfolio	341

Significant accounting polici47

Significant accounting policies - Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2017
Franco-Nevada U.S. Corporation
Subsidiaries
Economic Interests	100.00%
Franco-Nevada GLW Holdings Corp.
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Mexico Corporation, S.A. de C.V.
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Canada Holdings Corp
Subsidiaries
Economic Interests	100.00%
Franco-Nevada (Barbados) Corporation
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Australia Pty Ltd
Subsidiaries
Economic Interests	100.00%
Franco-Nevada LRC Holdings Corp
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Alberta Holdings ULC
Subsidiaries
Economic Interests	100.00%
Franco-Nevada U.S. Holding Corp
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Delaware LLC
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Texas LP
Subsidiaries
Economic Interests	100.00%
Minera Global Copper Chile S.A.
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Alberta Corporation
Subsidiaries
Economic Interests	100.00%
FN Subco Inc.
Subsidiaries
Economic Interests	100.00%
Franco-Nevada Idaho Corporation
Subsidiaries
Economic Interests	100.00%
FN Holdings ULC
Subsidiaries
Economic Interests	100.00%

Significant accounting polici48

Significant accounting policies - Working interest in oil & gas properties (Details)	Dec. 31, 2017
Significant accounting policies
Oil and gas well equipment declining depreciation rate	25.00%

Significant accounting polici49

Significant accounting policies - Deferred share units and Restricted share units (Details)	12 Months Ended
	Dec. 31, 2017shares
Deferred Share Units
Significant accounting policies
Number of trading days immediately preceding grant date for determining fair value	5 days
Restricted Share Units
Significant accounting policies
The number of trading days immediately preceding the date of the conversion award	5 days
The number of shares exchanged for each RSU	1

Significant accounting polici50

Significant accounting policies - New Accounting Standards Issued But Not Yet Effective (Details) $ in Millions	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item
Significant accounting policies
Number of equity investments accounted for at cost | item	1	1
Carrying value | $	$ 4.1	$ 3.8
Number of loan receivable carried at amortized cost | item	1
Loan receivable at amortized cost | $	$ 30.1

Acquisitions and other transa51

Acquisitions and other transactions (Details) CAD in Millions, $ in Millions

Feb. 28, 2018AUDitem

Dec. 22, 2017USD ($)shares

Sep. 29, 2017CAD

May 26, 2017USD ($)

Jun. 16, 2016CAD$ / sharesshares

Feb. 26, 2016USD ($)oz

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Mar. 01, 2018USD ($)

Feb. 28, 2018USD ($)

Jan. 22, 2018USD ($)

Dec. 19, 2017USD ($)item

Nov. 01, 2017USD ($)

Sep. 29, 2017USD ($)

Sep. 07, 2017USD ($)

Mar. 13, 2017USD ($)

Bowen Basin Coal Royalties, Australia | Asset acquisition subsequent to year-end

Acquisitions

Number of additional exploration tenements | item

33

Cash transferred | AUD

AUD 4,200,000

Royalty rate per tonne | AUD

AUD 0.10

Cobre Panama Tranche Two

Acquisitions

Consideration transferred

$ 178

Deposit provided to acquiree

$ 1,000

Deposit funded on a pro-rata basis

33.33%

Percentage of first quantum's share of the capital costs

80.00%

Amount funded by the company

$ 264.4

$ 124.3

Cumulative amount funded by the company

726.6

462.2

Maximum amount of funding that can be increased

1,000

Capitalized costs for the project

734.4

$ 467.5

Cobre Panama Tranche Two | Asset acquisition subsequent to year-end

Acquisitions

Consideration transferred

$ 356

$ 356

Indirect interest held by Korea Resources Corp.

10.00%

U.S. Oil & Gas Royalties - Delaware Texas

Acquisitions

Deposit provided to acquiree

$ 11

U.S. Oil & Gas Royalties - Delaware Texas | Asset acquisition subsequent to year-end

Acquisitions

Consideration transferred

$ 101.3

U.S. Oil & Gas Royalties - STACK, Oklahoma

Acquisitions

Consideration transferred

$ 100

$ 27.6

Number of primary operators of lands | item

2

Canadian Oil & Gas Royalties - Orion Thermal Project, Alberta

Acquisitions

Percentage of GORR acquired

4.00%

Cash transferred

CAD 92.5

$ 74.1

Railroad Royalty - Carlin Trend, Nevada

Acquisitions

Percentage of NSR

1.00%

Cash transferred

$ 0.9

U.S. Oil & Gas Royalties - Midland Basin

Acquisitions

Consideration transferred before adjustment

$ 110

Consideration transferred first part portfolio

89.8

Consideration transferred

$ 114.6

Castle Mountain, California

Acquisitions

Consideration transferred | CAD

CAD 2.2

Royalty rate

2.65%

Common shares purchased | shares

3,636,364

Warrants held common shares | shares

1,818,182

Consideration transferred for common shares and warrants | CAD

CAD 1.2

Number of common share, each warrant can exercise | shares

1

Exercise price of warrants held | $ / shares

0.64

Exercise period

5 years

Share received in exchange | shares

0.873

Gain from share exchange

$ 1.5

Shares held by company | shares

3,174,545

Warrants held by the company | shares

1,587,272

Antapaccay, Peru

Acquisitions

Consideration transferred

$ 500

Ounces of gold receivable for each 1,000 tonnes of copper | oz

300

Copper for 300 ounces of gold and 4,700 ounces of silver | oz

1,000

Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold | oz

630,000

Ounces of silver receivable for each 1,l000 tonnes of copper | oz

4,700

Maximum ounces of silver receivable | oz

10,000,000

Percentage of gold and silver receivable

30.00%

Percentage of spot price of gold and silver on which on-going price is paid

20.00%

Maximum ounces of gold on which on-going price of spot price is payable | oz

750,000

Maximum ounces of silver on which on-going price of spot price is payable | oz

12,800,000

Percentage of spot price of gold and silver on which on-going price is paid after maximum ounces have been delivered

30.00%

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents.
Cash deposits	$ 469.5	$ 182.4
Term deposits	41.6	70.6
Cash and cash equivalents	$ 511.1	$ 253	$ 149.2

Investments (Details)

Investments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item
Investments
Equity Investments	$ 172.2	$ 118.4
Warrants	0.8	0.9
Loan Receivable	30.1	28.1
Total Investments	$ 203.1	$ 147.4
Number of equity investments accounted for at cost | item	1	1
Carrying value	$ 4.1	$ 3.8
Unrealized gains losses on available-for-sale investments
Mark-to-market gain on equity investments	44.5	58.2
Deferred tax (expense) recovery in other comprehensive income	(6.1)	(5.3)
Unrealized gain on available-for-sale securities, net of tax	38.4	52.9
Reclassification for realized change in market value recognized in net income, net of tax	2.4	(10.6)
Change in market value of available-for-sale investments	$ 40.8	$ 42.3

Prepaid expenses and other (Det

Prepaid expenses and other (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Prepaid expenses and other
Gold bullion	$ 14.6	$ 9.3
Inventory	7.1	2.7
Prepaid gold		7
Prepaid expenses	17	17.5
Debt issue costs	0.7	0.6
Prepaid expenses and other	$ 39.4	$ 37.1

Royalty, Stream and Working I55

Royalty, Stream and Working Interests, Net - Royalties, Streams and Working Interests (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	$ 3,939.2	$ 3,668.3	$ 3,257.5
Cost
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	5,989.2	5,420.3
Accumulated Depletion
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	(2,050)	(1,684.5)
Impairment
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net		(67.5)
Mineral Royalties
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	486.1	488	538.2
Mineral Royalties | Cost
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	1,017	963
Mineral Royalties | Accumulated Depletion
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	(530.9)	(475)
Streams
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	2,575.4	2,502.2	2,122.3
Streams | Cost
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	3,715.9	3,450
Streams | Accumulated Depletion
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	(1,140.5)	(880.4)
Streams | Impairment
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net		(67.4)
Oil And Gas
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	682.7	448.9	356.3
Royalty, stream and working interest, net depletable	453.7	345.8
Royalty, stream and working interest, net non-depletable	229	103.1
Oil And Gas | Cost
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	1,009.5	732.4
Oil And Gas | Accumulated Depletion
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	(326.8)	(283.5)
Advanced
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	151.9	188.8	200.4
Advanced | Cost
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	188.1	222.9
Advanced | Accumulated Depletion
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	(36.2)	(34.1)
Exploration
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	43.1	40.4	$ 40.3
Exploration | Cost
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	58.7	52
Exploration | Accumulated Depletion
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net	$ (15.6)	(11.5)
Exploration | Impairment
Royalty, Stream and Working Interests, Net
Royalty, stream and working interests, net		$ (0.1)

Royalty, Stream and Working I56

Royalty, Stream and Working Interests, Net - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Royalty, Stream and Working Interests, Net
Balance at beginning of period	$ 3,668.3	$ 3,257.5
Acquisitions	499.5	745.8
Disposal		(16.2)
Impairments		(67.5)
Depletion	(268.9)	(267.6)
Impact of foreign exchange	40.3	16.3
Balance at end of period	3,939.2	3,668.3
Mineral Royalties
Royalty, Stream and Working Interests, Net
Balance at beginning of period	488	538.2
Disposal		(16.2)
Transfers	42.1	6.2
Depletion	(52.3)	(52.1)
Impact of foreign exchange	8.3	11.9
Balance at end of period	486.1	488
Streams
Royalty, Stream and Working Interests, Net
Balance at beginning of period	2,502.2	2,122.3
Acquisitions	265.8	642.8
Impairments		(67.4)
Depletion	(192.6)	(195.5)
Balance at end of period	2,575.4	2,502.2
Oil And Gas
Royalty, Stream and Working Interests, Net
Balance at beginning of period	448.9	356.3
Acquisitions	232.7	101.3
Depletion	(23)	(19.1)
Impact of foreign exchange	24.1	10.4
Balance at end of period	682.7	448.9
Advanced
Royalty, Stream and Working Interests, Net
Balance at beginning of period	188.8	200.4
Acquisitions		1.7
Transfers	(43.2)	(6.2)
Depletion	(1)	(0.7)
Impact of foreign exchange	7.3	(6.4)
Balance at end of period	151.9	188.8
Exploration
Royalty, Stream and Working Interests, Net
Balance at beginning of period	40.4	40.3
Acquisitions	1
Transfers	1.1
Impairments		(0.1)
Depletion		(0.2)
Impact of foreign exchange	0.6	0.4
Balance at end of period	$ 43.1	$ 40.4

Royalty, Stream and Working I57

Royalty, Stream and Working Interests, Net - Impairments of Royalties, Streams and Working Interests (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impairments
Impairment		$ 0	$ 67,500,000
Carrying value		$ 3,939,200,000	3,668,300,000	$ 3,257,500,000
Net smelter royalty interest percent sold (as a percent)	1.00%
Net smelter royalty interest held	2.50%
Net proceeds from sale of smelter royalty interest	$ 30,300,000
Gross proceeds from sale of smelter royalty interest	36,000,000
Carrying value of smelter royalty interest subject to buyback provision	16,200,000
Gain on sale of royalty interest	$ 14,100,000		14,100,000
Cooke 4
Impairments
Impairment			67,400,000
Recoverable amount of cash generating unit			2,100,000
Long term gold price (in dollars per ounce)			$ 1,321
Discount rate (as a percent)			8.00%
Change in gold price assumption for impairment analysis (as a percent)			10.00%
Change in discount rate assumption for impairment analysis (as a percent)			3.00%
Change in expected cash flow timing for impairment analysis			5 years
Exploration Assets
Impairments
Impairment			$ 100,000

Other assets (Details)

Other assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Other assets
Prepaid gold		$ 7.1
Oil & gas well equipment, net	$ 12.7	14
Furniture and fixtures, net	0.6	0.7
Debt issue costs	1.9	1.6
Other assets	$ 15.2	$ 23.4

Accounts Payable and Accrued 59

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounts Payable and Accrued Liabilities
Accounts payable	$ 6.2	$ 9.6
Accrued liabilities	15.3	11.4
Accounts Payable and Accrued Liabilities	$ 21.5	$ 21

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Transfer from Level 1 to 2 of financial assets	$ 0
Transfer from Level 2 to 1 of financial assets	0
Transfer from Level 1 to 2 of financial liabilities	0
Transfer from Level 2 to 1 of financial liabilities	0
Transfers Into Level 3 of financial assets	0
Transfers Out of Level 3 of financial assets	0
Transfers Into Level 3 of financial liabilities	0
Transfers Out of Level 3 of financial liabilities	0
Total assets	4,788.4	$ 4,221.6
Recurring Basis
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	691.3	378.3
Recurring Basis | Level 1
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	679.2	367.6
Recurring Basis | Level 2
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	12.1	10.7
Non recurring Basis
Disclosure of fair value measurement of assets [line items]
Total assets	2.1	2.1
Non recurring Basis | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	2.1	2.1
Cash and cash equivalents | Recurring Basis
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	511.1	253
Cash and cash equivalents | Recurring Basis | Level 1
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	511.1	253
Receivables from provisional gold equivalent sales | Recurring Basis
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	11.3	9.8
Receivables from provisional gold equivalent sales | Recurring Basis | Level 2
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	11.3	9.8
Available-for-sale equity investments | Recurring Basis
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	168.1	114.6
Available-for-sale equity investments | Recurring Basis | Level 1
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	168.1	114.6
Warrants | Recurring Basis
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	0.8	0.9
Warrants | Recurring Basis | Level 2
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	0.8	0.9
Royalty stream and working interests | Non recurring Basis
Disclosure of fair value measurement of assets [line items]
Total assets	2.1	2.1
Royalty stream and working interests | Non recurring Basis | Level 3
Disclosure of fair value measurement of assets [line items]
Total assets	$ 2.1	$ 2.1

Financial Risk Management (Deta

Financial Risk Management (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cumulative translation adjustment	$ 77.2	$ 21.3
Investments	$ 203.1	147.4
Foreign Exchange Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of Interest-bearing deposits in US dollars	87.00%
Percentage of Interest-bearing deposits in Canadian dollars	2.00%
Percentage of Interest-bearing deposits in other currencies	11.00%
Cumulative translation adjustment	$ 77.2	$ 21.3
Interest Rate Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in interest rate used for sensitivity analysis (as a percent)	0.50%	0.50%
Decrease in interest rate used for sensitivity analysis (as a percent)	0.50%	0.50%
Interest rate sensitivities increase effect on net income	$ (2.2)	$ (1)
Interest rate sensitivities decrease effect on net income	2.2	1
Interest rate sensitivities increase effect on equity	(2.2)	(1)
Interest rate sensitivities decrease in effect on equity	2.2	1
Liquidity Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents and available-for-sale securities	$ 511.1	253
Term of financial liabilities	1 year
Capital Risk Management
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents and available-for-sale securities	$ 511.1	253
Investments	203.1	147.4
Liquid securities	168.1	114.6
Capital Risk Management | Credit Facility
Disclosure of nature and extent of risks arising from financial instruments [line items]
Undrawn borrowing facilities	$ 1,000	$ 1,000

Revolving term credit facility

Revolving term credit facility (Details) $ in Millions	Mar. 20, 2017USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Credit Facility
Revolving term credit facility
Maturity period		5 years
Maximum borrowing capacity		$ 1,000
Amount outstanding		0	$ 0
Debt issuance costs capitalised		2.5	2.2
Amortization of debt issuance costs		0.9	0.6
Standby and administrative fees		$ 2.5	$ 2.2
Credit Facility | Bottom
Revolving term credit facility
Bankers acceptance period under credit facility		30 days
Stamping fee (as a percent)		1.20%
Standby fee (as a percent)		0.24%
Credit Facility | Top
Revolving term credit facility
Bankers acceptance period under credit facility		180 days
Stamping fee (as a percent)		2.20%
Standby fee (as a percent)		0.44%
Credit Facility | CIBC | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)		0.20%
Credit Facility | CIBC | Top
Revolving term credit facility
Spread on variable rate (as a percent)		1.20%
Credit Facility | LIBOR | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)		1.20%
Credit Facility | LIBOR | Top
Revolving term credit facility
Spread on variable rate (as a percent)		2.20%
Credit Facility | Prime rate | Bottom
Revolving term credit facility
Spread on variable rate (as a percent)		0.20%
Credit Facility | Prime rate | Top
Revolving term credit facility
Spread on variable rate (as a percent)		1.20%
FNBC Credit Facility
Revolving term credit facility
Maturity period	1 year
Maximum borrowing capacity	$ 100
Amount outstanding	$ 0
Number of additional extensions available | item	2
Extension period available	1 year
Standby fee (as a percent)	0.27%
Debt issuance costs capitalised	$ 0.1
FNBC Credit Facility | CIBC
Revolving term credit facility
Spread on variable rate (as a percent)	0.35%
FNBC Credit Facility | LIBOR
Revolving term credit facility
Spread on variable rate (as a percent)	1.35%

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenue.
Mineral royalties	$ 173.7	$ 169.3
Mineral streams	443.3	401.6
Sale of prepaid gold	11	9.2
Oil & gas interests	47	30.1
Total revenue	$ 675	$ 610.2

Costs of sales (Details)

Costs of sales (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Costs of sales
Per ounce stream purchase cost	$ 127.4	$ 95.6
Cost of prepaid ounces	7.7	6.5
Mineral production taxes	2.3	0.5
Oil & gas operating costs	4.6	3.2
Total costs of sales	$ 142	$ 105.8

Related party disclosures (Deta

Related party disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related party disclosures
Short-term benefits	$ 4.5	$ 4.5
Share-based payments	6.4	5.1
Total	$ 10.9	$ 9.6

Income taxes - Income Tax Expen

Income taxes - Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income taxes
Expense for the year	$ 25.1	$ 35.5
Adjustment in respect of prior years	(5.6)	5.4
Current income tax expense	19.5	40.9
Origination and reversal of temporary differences in the current year	15.7	15.3
Impact of U.S. Tax Reform	7.1
Impact of changes in tax rate	(0.9)	(0.8)
Change in (reversal of) unrecognized deductible temporary differences	0.1	(4.4)
Adjustments in respect of prior years	0.6	(4.3)
Other	(0.8)	(1)
Deferred income tax expenses	21.8	4.8
Total income tax expense	$ 41.3	$ 45.7

Income taxes - Reconciliation (

Income taxes - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of non-adjusting events after reporting period [line items]
Net income before income taxes		$ 236	$ 167.9
Statutory tax rate (as a percent)		26.60%	26.60%
Tax expense at statutory rate		$ 62.8	$ 44.7
Change in (reversal of) unrecognized deductible temporary differences		0.1	(4.4)
Income/expenses not (taxed) deductible		(3)	(1.9)
Differences in foreign statutory tax rates		(20.9)	4.8
Differences due to changing future tax rates		(0.9)	(0.8)
Impact of U.S. Tax Reform		7.1
Foreign withholding tax		1.4	1.8
Temporary differences subject to initial recognition exemption		(5.2)	0.5
Other		(0.1)	1
Total income tax expense		$ 41.3	$ 45.7
U.S. corporate income tax rate		35.00%
Change in U.S. corporate income tax rate
Disclosure of non-adjusting events after reporting period [line items]
U.S. corporate income tax rate	21.00%

Income taxes - Recognized in OC

Income taxes - Recognized in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income taxes
Change in market value of available-for-sale investments	$ 47.1	$ 46
Cumulative translation adjustment	77.2	21.3
Other comprehensive loss	124.3	67.3
Unrealized change in market value of available-for-sale, tax expense	(6.3)	(3.7)
Other comprehensive loss	(6.3)	(3.7)
Deferred tax	(6.3)	(3.7)
Change in market value of available-for-sale investments	40.8	42.3
Cumulative translation adjustment	77.2	21.3
Other comprehensive loss	$ 118	$ 63.6

Income taxes - DTA and DTL (Det

Income taxes - DTA and DTL (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax assets	$ 14.5	$ 21.3
Net deferred tax liabilities	60.3	37.5
Deferred income tax liabilities, net	45.8	16.2	$ 17.1
Within 12 months
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax assets	0.1	0.1
Net deferred tax liabilities	0.9	1.2
After more than 12 months
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax assets	14.4	21.2
Net deferred tax liabilities	59.4	36.3
Share issue and debt issue costs deferred income tax liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax liabilities	(7.1)	(9.7)
Royalty stream and working interests deferred income tax assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax assets	5.6	10.7
Royalty stream and working interests deferred income tax liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax liabilities	71.1	54.2
Non-capital deferred income tax assets loss carry-forwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax assets	9.5	11.2
Non-capital deferred income tax liabilities loss carry-forwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax liabilities	(5.6)	(4.4)
Investments deferred income tax liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax liabilities	5.8	(0.1)
Other deferred income tax assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax assets	(0.6)	(0.6)
Other deferred income tax liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax liabilities	$ (3.9)	$ (2.5)

Income taxes - Movement in net

Income taxes - Movement in net deferred taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) at beginning of year	$ 16.2	$ 17.1
Recognized in profit/loss	21.8	4.8
Recognized in other comprehensive income (loss)	6.3	3.7
Recognized in equity		(10)
Other	1.5	0.6
Deferred tax liability (asset) at end of year	$ 45.8	$ 16.2

Income taxes - Noncapital Losse

Income taxes - Noncapital Losses (Details) $ in Millions	Dec. 31, 2017USD ($)
Non-capital loss carry-forwards
Non-capital loss
Amount	$ 55.9

Income taxes - Unrecognized (De

Income taxes - Unrecognized (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Income taxes
Aggregate amount of taxable temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized	$ 336.8	$ 324.8
Aggregate amount of deductible temporary differences associated with other items for which deferred tax assets have not been recognized	$ 4	$ 3.7

Shareholders' equity - Common S

Shareholders' equity - Common Shares (Details) $ / shares in Units, $ in Thousands	Feb. 19, 2016$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares
Shareholders' equity
Proceeds from exercise of options | $		$ 10,100	$ 16,300
Proceeds from exercise of warrants | $		$ 356,400
Common shares
Shareholders' equity
Shares issued | shares		185,930,331
Shares, par value (dollars per share) | $ / shares		$ 0
Exercise of stock options | shares		433,718	545,087
Proceeds from exercise of options | $		$ 10,100	$ 16,300
Exercise of stock warrants | shares		6,388,528	489
Proceeds from exercise of warrants | $		$ 356,400	$ 30
Vesting of restricted share units | shares		50,393	66,032
Common shares issued from dividend reinvestment plan | shares		575,553	588,182
Issue of equity through equity financing | shares	19,200,000
Share price of equity financing (dollars per share) | $ / shares	47.85
Net proceeds after deducting share issue costs and expenses | $		$ 883,500
Share issue costs and expense | $		36,600
Common shares | Share issue costs
Shareholders' equity
Deferred tax asset relating to share issue costs | $		$ 10,400
Preferred shares
Shareholders' equity
Shares issued | shares		0

Shareholders' equity - Dividend

Shareholders' equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shareholders' equity
Dividends declared	$ 167.9	$ 156.8
Dividend declared per share	$ 0.91	$ 0.87
Cash dividends declared	$ 125.8	$ 118.1
Share dividends paid - DRIP	$ 42.1	$ 38.7

Shareholders' equity - Stock-ba

Shareholders' equity - Stock-based payments - Assumptions & Options (Details)	12 Months Ended
	Dec. 31, 2017USD ($)EquityInstrumentsYCAD / sharesshares	Dec. 31, 2017USD ($)EquityInstrumentsYshares	Dec. 31, 2016USD ($)EquityInstrumentsYCAD / shares	Dec. 31, 2016USD ($)EquityInstrumentsY
Stock-based payments
Aggregate number of common shares | shares	5,700,876	5,700,876
Risk-free interest rate		1.65%		0.66%
Expected dividend yield		1.19%		1.54%
Expected price volatility of the Company's common shares		36.10%		37.70%
Expected life of the option | Y		5		5
Forfeiture rate		0.00%		0.00%
Weighted average life | Y	7.46	7.46
Stock options outstanding, beginning of year (in shares) | EquityInstruments		1,304,328		1,592,480
Granted (in shares) | EquityInstruments		97,789		263,568
Exercised (in shares) | EquityInstruments		(433,718)		(545,087)
Forfeited (in shares) | EquityInstruments		(12,796)		(6,633)
Stock options outstanding, end of the year (in shares) | EquityInstruments		955,603		1,304,328
Exercisable stock options, end of the year (in shares) | EquityInstruments	617,539	617,539	825,875	825,875
Stock options outstanding, beginning of year (in dollars per share)		$ 50.64		$ 46.67
Granted (in dollars per share)		100.10		75.45
Exercised (in dollars per share)		30.79		39.25
Forfeited (in dollars per share)		67.81		58.35
Stock options outstanding, end of the year (in dollars per share)		64.48		50.64
Exercisable stock options, end of the year (in dollars per share)	$ 55.88	$ 55.88	$ 39.72	39.72
Stock options
Stock-based payments
Period to issue common shares to single insider participant under compensation plan		1 year
Maximum percentage of common shares issued to single insider participant under compensation plan within one year	5.00%	5.00%
Term of options		10 years
Vesting period		3 years
Average fair value of options granted		$ 2,300,000		4,300,000
Weighted average fair value per stock option (in dollars per share) | CAD / shares	$ 30.30		$ 21.78
Expenses related to stock options		3,100,000		2,300,000
Capitalized to royalty, stream and working interest, net	$ 500,000	500,000	$ 300,000	300,000
Total unrecognized non-cash stock-based compensation expense	$ 4,200,000	$ 4,200,000	$ 5,300,000	$ 5,300,000
Weighted average life | Y	1.4	1.4	1.4	1.4

Shareholders' equity - Stock-76

Shareholders' equity - Stock-based payments - Exercise price (Details)	Dec. 31, 2017USD ($)EquityInstrumentsY	Dec. 31, 2016EquityInstruments	Dec. 31, 2015EquityInstruments
Shareholders' equity
Options outstanding	955,603	1,304,328	1,592,480
Options exercisable	617,539	825,875
Weighted average life | Y	7.46
C$15.41
Shareholders' equity
Exercise price | $	$ 15.41
Options outstanding	5,000
Options exercisable	5,000
Weighted average life | Y	0.89
C$31.39
Shareholders' equity
Exercise price | $	$ 31.39
Options outstanding	10,000
Options exercisable	10,000
Weighted average life | Y	2.39
C$31.45
Shareholders' equity
Exercise price | $	$ 31.45
Options outstanding	38,000
Options exercisable	38,000
Weighted average life | Y	2.71
C$33.12
Shareholders' equity
Exercise price | $	$ 33.12
Options outstanding	1,500
Options exercisable	1,500
Weighted average life | Y	2.90
C$33.20
Shareholders' equity
Exercise price | $	$ 33.20
Options outstanding	1,000
Options exercisable	1,000
Weighted average life | Y	2.98
C$40.87
Shareholders' equity
Exercise price | $	$ 40.87
Options outstanding	52,786
Options exercisable	52,786
Weighted average life | Y	5.95
C$42.43
Shareholders' equity
Exercise price | $	$ 42.43
Options outstanding	3,000
Options exercisable	3,000
Weighted average life | Y	4.25
C$42.67
Shareholders' equity
Exercise price | $	$ 42.67
Options outstanding	2,500
Options exercisable	2,500
Weighted average life | Y	3.92
C$46.17
Shareholders' equity
Exercise price | $	$ 46.17
Options outstanding	100,000
Options exercisable	100,000
Weighted average life | Y	5.64
C$55.38
Shareholders' equity
Exercise price | $	$ 55.58
Options outstanding	27,397
Options exercisable	27,397
Weighted average life | Y	4.95
C$59.52
Shareholders' equity
Exercise price | $	$ 59.52
Options outstanding	155,936
Options exercisable	155,936
Weighted average life | Y	6.95
C$58.67
Shareholders' equity
Exercise price | $	$ 58.67
Options outstanding	65,000
Options exercisable	43,333
Weighted average life | Y	7.64
C$65.76
Shareholders' equity
Exercise price | $	$ 65.76
Options outstanding	136,718
Options exercisable	90,759
Weighted average life | Y	7.95
C$75.45
Shareholders' equity
Exercise price | $	$ 75.45
Options outstanding	258,977
Options exercisable	86,328
Weighted average life | Y	8.95
C$100.10
Shareholders' equity
Exercise price | $	$ 100.10
Options outstanding	97,789
Weighted average life | Y	9.95

Shareholders' equity - Share Pu

Shareholders' equity - Share Purchase Warrants and Deferred share unit plan (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)CAD / shares	Dec. 31, 2017USD ($)EquityInstrumentsshares	Dec. 31, 2016USD ($)EquityInstrumentsshares
Stock-based payments
Proceeds from exercise of warrants | $		$ 356.4
Share Purchase Warrants
Stock-based payments
Warrants outstanding, beginning of the year		6,510,280	6,510,769
Exercised		(6,388,528)	(489)
Forfeited		(121,752)
Warrants outstanding, end of the year			6,510,280
Warrants exercise price | CAD / shares	CAD 75
Proceeds from exercise of warrants | $		$ 356.4
Common shares issued from exercise of stock warrants		6,388,528
DSU plan
Stock-based payments
Granted | EquityInstruments		19,632	19,209
DSU liability | $	CAD 6.7	$ 6.7	$ 3.8
Mark-to-market adjustments | $		$ 1.6	$ 0.2

Shareholders' equity - Restrict

Shareholders' equity - Restricted stock unit (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)EquityInstrumentsshares	Dec. 31, 2016USD ($)EquityInstruments
Bottom
Stock-based payments
Target settlement range 0% to 100%	0.00%
Top
Stock-based payments
Target settlement range 0% to 100%	100.00%
Restricted Share Units
Stock-based payments
Number of shares for each RSU vests | shares	1
Fair value of RSUs granted	$ 3.3	$ 2.9
Number of trading days immediately preceding the date of conversion or award grant for determining fair value	5 days
Stock-based compensation expenses	$ 1.5	2.7
Capitalised to royalty, stream and working interest	0.3	0.3
Total unrecognized non-cash stock-based compensation expense	$ 5.3	$ 4.1
Expected to be recognized over weighted average period	1 year 6 months	1 year 6 months
Performance based RSU
Stock-based payments
Vesting period	3 years
Granted | EquityInstruments	21,095	25,611
Time-based RSU
Stock-based payments
Vesting period	3 years
Granted | EquityInstruments	20,745	25,164

Shareholders' equity - Outstand

Shareholders' equity - Outstanding (Detail)	12 Months Ended
	Dec. 31, 2017EquityInstrumentsCAD / sharesshares	Dec. 31, 2016EquityInstrumentsshares	Dec. 31, 2015EquityInstruments
Stock-based payments
Common share outstanding	185,930,331	178,482,139
Stock options | EquityInstruments	955,603	1,304,328	1,592,480
Restricted Share Units | EquityInstruments	119,796	138,614
Warrants		6,510,280
Special Warrant		2,000,000
Total	187,005,730	188,435,361
Taseko Mines Limited
Stock-based payments
The number of warrants granted	1
Number of common share exchanged for each purchase share warrant	2,000,000
Common share price per share for each purchase share warrant. | CAD / shares	CAD 75

Earnings per share ("EPS") (Det

Earnings per share ("EPS") (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings per share
Basic EPS - Earnings	$ 194,700,000	$ 122,200,000
Basic EPS - (in shares)	182,900,000	175,200,000
Basic EPS (in dollars per share)	$ 1.06	$ 0.70
Effect of dilutive securities - (in shares)	400,000	1,200,000
Effect of dilutive securities - (in dollars per share)		$ (0.01)
Diluted EPS - Earnings	$ 194,700,000	$ 122,200,000
Diluted EPS - (in shares)	183,300,000	176,400,000
Diluted EPS (in dollars per share)	$ 1.06	$ 0.69
Stock options
Earnings per share
Securities excluded from computation of diluted EPS (in shares)	5,626	0
Warrants
Earnings per share
Securities excluded from computation of diluted EPS (in shares)	1,194	0
Restricted shares
Earnings per share
Securities excluded from computation of diluted EPS (in shares)	73,947	84,094

Commitments (Details)

Commitments (Details) lb in Millions	12 Months Ended
	Dec. 31, 2017$ / ozlboz
Antamina
Commitments
Attributable payable production of gold to be purchased (as a percent)	0.00%
Attributable payable production of silver to be purchased (as a percent)	22.50%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of silver (as a percent)	5.00%
Term of agreement	40 years
Fixed silver payability (as a percent)	90.00%
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	15.00%
Maximum ounces of silver on which on-going price of spot price is payable	86,000,000
Purchase price per ounce of silver as a percent of average or spot price upon initial delivery	5.00%
Antapaccay, Peru
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (as a percent)	20.00%
Payment for each ounce of silver (as a percent)	20.00%
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	30.00%
Purchase price per ounce of silver as a percent of average or spot price upon initial delivery	20.00%
Maximum ounces of silver on which on-going price of spot price is payable	12,800,000
Ounces of gold receivable for each 1,000 tonnes of copper	300
Copper for 300 ounces of gold	1,000
Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold	630,000
Percentage of gold receivable after initial threshold is achieved	30.00%
Ounces of silver receivable for each 1,l000 tonnes of copper	4,700
Copper for 4,700 ounces of silver	1,000
Maximum ounces of silver receivable	10,000,000
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold on which on-going price of spot price is payable	750,000
Percentage of spot price of gold on which on-going price is paid after maximum ounces have been delivered	30.00%
Percentage of spot price of silver on which on-going price is paid after maximum ounces have been delivered	30.00%
Candelaria
Commitments
Attributable payable production of gold to be purchased (as a percent)	68.00%
Attributable payable production of silver to be purchased (as a percent)	68.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	400
Payment for each ounce of silver (in dollars per ounce) | $ / oz	4
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	40.00%
Maximum ounces of silver on which on-going price of spot price is payable	12,000,000
Maximum ounces of gold on which on-going price of spot price is payable	720,000
Cobre Panama Tranche One
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	418
Payment for each ounce of silver (in dollars per ounce) | $ / oz	6.27
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	62.10%
Percentage of reduction in spot price after maximum ounces of gold have been delivered under the stream agreement	63.40%
Maximum ounces of silver on which on-going price of spot price is payable	9,842,000
Maximum ounces of silver on which on-going price of spot price is payable	21,510,000
Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold	808,000
Purchase price per ounce of gold per ounce upon delivery initial | $ / oz	406
Purchase price per ounce of gold per ounce upon delivery initial post inflation adjustment | $ / oz	418.27
Quantity of delivered gold ounces before purchase decreases to next threshold from initial threshold	1,341,000
Silver price per ounce of silver per ounce upon delivery initial | $ / oz	6.09
Purchase price per ounce of silver per ounce upon delivery initial post inflation adjustment | $ / oz	6.27
Percentage of spot price of gold on which on-going price is paid after maximum ounces have been delivered	50.00%
Percentage of spot price of silver on which on-going price is paid after maximum ounces have been delivered	50.00%
Ounces of gold receivable per every 1 million pounds of copper produced	120
Copper for stated ounces of gold | lb	1
Copper pounds per gold ounces to purchase threshold 2	81
Ounces of gold receivable per every 1 million pounds of copper produced | lb	1
Maximum ounces of gold receivable for second threshold	1,716,188
Ounces of silver receivable per every 1 million pounds of copper produced	1,376
Copper for stated ounces of silver | lb	1
Number of payable Silver ounces to be purchased per quantity of pounds of copper	1,776
Ounces of silver receivable per every 1 million pounds of copper produced | lb	1
Ounces Of Silver Delivered Under Threshold 2 Before Committed Quantities Reduces	29,731,000
Cobre Panama Tranche Two
Commitments
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	20
Payment for each ounce of silver (in dollars per ounce) | $ / oz	20
Term of agreement	40 years
Percentage of reduction in spot price after maximum ounces of silver have been delivered under the stream agreement	15.53%
Percentage of reduction in spot price after maximum ounces of gold have been delivered under the stream agreement	15.85%
Maximum ounces of silver on which on-going price of spot price is payable	2,460,500
Purchase price per ounce of silver as a percent of average or spot price upon initial delivery	20.00%
Maximum ounces of silver on which on-going price of spot price is payable	9,618,000
Quantity of delivered gold ounces before payable production to be purchased decreases to next threshold from initial threshold	202,000
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold on which on-going price of spot price is payable	604,000
Percentage of spot price of gold on which on-going price is paid after maximum ounces have been delivered	50.00%
Percentage of spot price of silver on which on-going price is paid after maximum ounces have been delivered	50.00%
Ounces of gold receivable per every 1 million pounds of copper produced	30
Copper for stated ounces of gold | lb	1
Copper pounds per gold ounces to purchase threshold 2	20.25
Ounces of gold receivable per every 1 million pounds of copper produced | lb	1
Maximum ounces of gold receivable for second threshold	429,047
Ounces of silver receivable per every 1 million pounds of copper produced	344
Copper for stated ounces of silver | lb	1
Number of payable Silver ounces to be purchased per quantity of pounds of copper	444
Ounces of silver receivable per every 1 million pounds of copper produced | lb	1
Ounces Of Silver Delivered Under Threshold 2 Before Committed Quantities Reduces	7,432,750
Karma
Commitments
Attributable payable production of gold to be purchased (as a percent)	4.875%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (as a percent)	20.00%
Term of agreement	40 years
Percentage of gold receivable after initial threshold is achieved	4.875%
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold receivable (per annum)	15,000
Guadalupe
Commitments
Attributable payable production of gold to be purchased (as a percent)	50.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	800
Term of agreement	40 years
Sabodala
Commitments
Attributable payable production of gold to be purchased (as a percent)	6.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (as a percent)	20.00%
Term of agreement	40 years
Percentage of gold receivable after initial threshold is achieved	6.00%
Percentage of spot price of gold on which on-going price is paid	20.00%
Maximum ounces of gold receivable (per month)	1,875
MWS
Commitments
Attributable payable production of gold to be purchased (as a percent)	25.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	400
Term of agreement	40 years
Ounces of gold capped under agreement	312,500
Cooke 4
Commitments
Attributable payable production of gold to be purchased (as a percent)	7.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	0.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	400
Term of agreement	40 years
Sudbury
Commitments
Attributable payable production of gold to be purchased (as a percent)	50.00%
Attributable payable production of silver to be purchased (as a percent)	0.00%
Attributable payable production of platinum group metals to be purchased (as a percent)	50.00%
Payment for each ounce of gold (in dollars per ounce) | $ / oz	400
Payment for each ounce of PGM (in dollars per ounce) | $ / oz	400
Term of agreement	40 years
Percentage of purchase commitment	50.00%

Segment Reporting - Interests (

Segment Reporting - Interests (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item
Interests
Number of major interests | item	2	3
Revenue	$ 675	$ 610.2
Major Interest One
Interests
Revenue	$ 105.2	$ 92.5
Percentage of revenue (as a percent)	15.60%	15.20%
Major Interest Two
Interests
Revenue	$ 90.2	$ 88.5
Percentage of revenue (as a percent)	13.40%	14.50%
Major Interest Three
Interests
Revenue		$ 75
Percentage of revenue (as a percent)		12.30%

Segment Reporting - Geographica

Segment Reporting - Geographical (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Geographical
Revenue	$ 675	$ 610.2
Royalty, stream and working interests	3,939.2	3,668.3
Investments	203.1	147.4
Oil and gas well equipment	12.7	14
United States
Geographical
Revenue	100.2	92.4
Royalty, stream and working interests	622.5	502
Canada
Geographical
Revenue	125.5	116.9
Royalty, stream and working interests	666.7	610.5
Investments	203.1	147.4
Oil and gas well equipment	12.7	14
Peru
Geographical
Revenue	153.1	167.5
Royalty, stream and working interests	953.2	1,021.7
Chile
Geographical
Revenue	105.2	88.4
Royalty, stream and working interests	533.4	586.1
Panama
Geographical
Royalty, stream and working interests	734.4	468.9
Other Latin America other than Peru and Chile
Geographical
Revenue	67.7	47.8
Other Latin America other than Peru, Chile and Panama
Geographical
Royalty, stream and working interests	59	64.3
Rest of World
Geographical
Revenue	123.3	97.2
Royalty, stream and working interests	$ 370	$ 414.8