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(in U.S. dollars unless otherwise noted) TORONTO, April 19, 2021 /PRNewswire/ - Franco-Nevada has acquired 14.7% of Vale s outstanding Participating Debentures ( Royalty Debentures ) from the Brazilian Development Bank ( BNDES ) and the Government of Brazil for $538M. The Royalty Debentures provide holders with life of mine net sales royalties on Vale s Northern and Southeastern Iron Ore Systems and on certain copper and gold operations (together, the Royalty ). This transaction provides royalty exposure to some of the world s largest and most profitable integrated iron ore mines with reserve weighted mine lives of 30 years and potential for multiple additional decades through reserve growth. The Royalty covers a total of 15.6 thousand square kilometers of mineral properties held by Vale in Brazil, also offering exposure to a number of development properties. The Royalty currently generates an annualized pre-tax cash yield of 10% based on acquisition cost and the most recent semi-a

New yorkUnited statesMinas geraisCarol lakeRio tintoSerra sulSerra norteIron ore company of canadaInvestment in labrador iron ore royalty corporationCanada revenue agencyLabrador iron ore royalty corporationNevada corporationSupreme courtBrazilian development bankDesignated newsParticipating debentures