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2023 Asset Handbook

2023 Asset Handbook

Contents Overview Precious Metals Assets Message to Stakeholders 1 South America 26 Our History 2 Central America and Mexico 36 Our Business Model 3 United States 40 Funding Successful Mines 4 Canada 53 Diversified Portfolio With Low Risk 5 Rest of World 72 Long-Life Assets 5 Precious Metals Exploration Assets 83 Global Assets 6 Diversified Assets Asset Portfolio 8 Iron Ore 89 Asset Portfolio 9 Other Mining 93 Historical Performance 10 Diversified (Mining) Exploration Assets 102 Track Record 12 Energy Assets 104 Organic Growth Drivers 13 Energy Exploration Assets 113 Royalty Optionality 14 Mineral Resources and Mineral Reserves Royalty Ounces 15 Gold Mineral Resources 116 Precious Metals Royalty Ounces 16 Gold Mineral Reserves 117 Diversified Royalty Ounces 17 Mineral Resources and Mineral Reserves 118 Royalty Ounces by Mineral Resource, Location and Type 18 Additional Information Royalty Ounce Growth 18 Asset Counts, Acreage of Assets 122 Environmental, Social and Governance Highlights 19 Mine Life Index 123 Board of Directors 124 Executive Management 126 Corporate Organization 127 Non-GAAP Financial Measures 128 Technical and Third-Party Information 130 Forward Looking Information 131 Glossary 132 Corporate Information 134 This Asset Handbook has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction. Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as at March 9, 2023 (except where stated otherwise). More current information may become available in our subsequent disclosure and on our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. Also, the description and depiction of our business and assets have been simplified for presentation purposes. Dollar references are in U.S. dollars unless otherwise noted. This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our Annual Information Form (“AIF”), our annual Management’s Discussion & Analysis (“MD&A“), and our Annual Report on Form 40-F available at www.sedar.com and www.sec.gov, respectively, and on our website at www.franco-nevada.com. This Asset Handbook complements but does not form part of such documents.

Overview Dear Stakeholders O v er Our diversified portfolio of cash-flow producing assets provides our shareholders exposure to vie production growth and exploration optionality from high quality mineral and energy deposits in w many of the world’s most prospective resource trends. We believe combining a lower-risk gold investment, a strong balance sheet and progressive dividends is the right mix to appeal to investors seeking to hedge market instability. Franco-Nevada achieved record revenues in 2022 driven by the sharp run-up in energy prices following the invasion of Ukraine. Our business continued to deliver consistent performance and we generated record P 1 1 r Adjusted EBITDA and Adjusted Net Income during the year. Exploration ecious M success on our properties continued to fuel our organic growth, with the expansion of the Detour Lake orebody being the most recent highlight. etals Our shareholders have realized a compound annual growth rate greater than 17% since our initial public offering in late 2007. Earlier this year we th made our 16 consecutive dividend increase and cumulative dividends now exceed US$1.9 billion. At the end of March, our market capitalization was US$28 billion, ranking Franco-Nevada among the largest gold companies in the world. Our shareholders rely on us to allocate capital to responsible mining operations, making ESG a critical part of our transaction due diligence. We also encourage our operators to adopt responsible operating principles and work with them to develop and fund programs to D benefit their local communities. Our goal each year is to improve the David Harquail, Chair of the Board and Paul Brink, President & CEO at the Cobre Panama Mine, iv transparency of our reporting on these initiatives. We are proud to have November 2022 ersified A achieved a “Global 50 Top Rated” ESG score for 2023 from Sustainalytics which places us among a select group of all the companies that Sustainalytics ranks globally. ssets We operate our business with a small team of 40 people and have kept overhead low while our revenue and asset base have grown substantially. Our success is a result of a highly capable team and the guidance of an experienced and engaged Board of Directors. They have a material stake in the business and think like owners. We are delighted by the growing diversity of our team and are confident of achieving our goal of at least M 40% diverse representation at the Board and senior management level as iner a group by 2025. al R We are convinced of the long-term investment appeal of gold and believe esour the tapering off of reserve bank rate hikes combined with continued c global tensions will be a strong tailwind for gold prices in 2023. es and M Thank you for your ongoing trust and support. iner al R eser David Harquail v Paul Brink Chair of the Board President & CEO es April 12, 2023 A dditional I nf orma 1 Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards (“IFRS”) and might not be comparable to similar tion financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section starting on page 128 of this Asset Handbook TTSX / NSX / NYYSE: FNVSE: FNV FFrrancancoo-Nev-Nevada Cada Cororporporaationtion 11

Overview Our History w vie er Creation of the Royalty Model Our Unique Approach v O Franco-Nevada Mining Corporation Limited We avoid having long-term debt, preferring to have capital to invest when others don’t. The commodity downturn of 2014-2016 forced even The history of our business starts with our predecessor company, Franco- the largest global mining companies to repair their balance sheets. We Nevada Mining Corporation Limited, founded by Seymour Schulich and invested US$1.8 billion in those years, creating precious metals streams Pierre Lassonde. Pierre bought Franco-Nevada’s first royalty in 1986 on the at some of the world’s largest copper mines – Candelaria, Antamina and Goldstrike mine in the Carlin Trend. At the time, it was a small heap-leach Antapaccay – and gaining exposure to longer duration assets than can mine operated by Western States Mining. Shortly thereafter, American typically be found in the gold industry. Barrick (now Barrick Gold Corporation) purchased Goldstrike and did the deep level exploration that would ultimately reveal a 50 million ounce We have not forgotten our roots and continue to invest in smaller orebody that drove the success of both Barrick and Franco-Nevada. development-stage assets which over time have tremendous resource optionality. Our total mining asset count has grown from 190 at IPO Pierre and Seymour, assisted by David Harquail, began acquiring royalties to 419 today, including exploration assets on some of the world’s in the more prolific gold camps in the world including the Carlin and best gold belts. We have invested outside of precious metals when Getchell trends in Nevada, Timmins and Kirkland Lake camps in Ontario good opportunities have come to market, adding cash flow growth and the Kalgoorlie belt in Australia. They also expanded into PGMs and exposure to the exploration upside on a broad range of world- including a royalty on Stillwater in Montana which, along with Goldstrike, class resources. stands out as one of their most successful royalty purchases. In 2011, we acquired royalties on a suite of large copper development In the early 1990s as part of their prospect generation model, projects by acquiring Lumina Royalty. Following the oil price collapse in Franco-Nevada discovered the high-grade Ken Snyder deposit in Nevada. 2014, we added to our long held Canadian oil and gas royalty interests, They determined that the deposit had a high enough silver credit to carry investing in the major U.S. basins including the the Permian, SCOOP/ all operating costs, creating an effective 100% gold royalty and proceeded STACK, Marcellus, and Haynesville. Most recently, we added royalty to construct the mine. In early 2001, Franco-Nevada sold the mine to exposure to high grade iron ore at Vale’s Northern and Southeastern Normandy Mining in exchange for 20% of Normandy and a royalty systems in Brazil. We believe the depth of our portfolio gives us the on the mine. latitude to patiently search for exposure to good geology. Later in 2001, AngloGold made a bid for Normandy. Seeing the potential Our desire is to build the most diverse portfolio of royalties and streams for a better alternative transaction, Seymour and Pierre struck a deal exposed to precious metal prices, but also to exploration success across with Newmont to acquire both Franco-Nevada and Normandy. When the world’s greatest mineral belts. Our prospects to put more capital the transaction closed in 2002, Franco-Nevada was valued at close to work in the capital intensive and cyclical resource sector have never to US$3 billion. been better. The IPO Franco-Nevada Corporation (FNV) Franco-Nevada Historical TSX Share Price (US$) In 2007, Newmont made the decision to divest its portfolio of royalty (December 31, 2007 – March 31, 2023) assets. Pierre Lassonde, David Harquail and a small team led by management of the original Franco-Nevada, launched an initial public $200 offering on the Toronto Stock Exchange and acquired the royalty portfolio from Newmont for US$1.2 billion. The offering remains the largest mining IPO completed in North America and was the birth of Franco-Nevada Corporation (FNV). $150 The performance of the portfolio of royalties acquired from Newmont e (US$) ric has more than justified the price of the IPO. In the past 15 years, the IPO e P portfolio has paid out over US$2.1 billion in revenue. At the same time, SX Shar$100 the reserve ounces associated with those same properties has tripled. Key T ada contributors, including Detour Lake and Tasiast, have once again proven ev -N the power of the royalty business model and the exploration optionality o anc r of being exposed to great geology. F $50 Streaming – the New Engine of Growth At the end of 2008, in the depth of the financial crisis, we entered into – our first gold streaming agreement with Coeur Mining to complete December 31, 2007 March 31, 2023 the construction of the Palmarejo mine in Mexico. Our largest stream transaction to date was a US$1 billion gold and silver streaming commitment to support Inmet’s construction of the giant Cobre Panama project in 2012. A few years later the commitment was expanded to US$1.35 billion with the development of Cobre Panama then in the hands of First Quantum. First Quantum demonstrated its industry-leading project development skill bringing the asset to production in 2019. 22 FFrrancancoo-Nev-Nevada Cada Cororporporaationtion TTSX / NSX / NYYSE: FNVSE: FNV

Overview Our Business Model As a gold-focused royalty and streaming company, we do not operate mines, develop projects or conduct exploration. We have a unique business that is exposed to both the tremendous resource upside potential, or “optionality” of royalties on gold mines, development projects and exploration properties and the low risk, long life cash flows of precious metals streams on large copper mines. Both royalties and streams provide exposure to commodity prices, increases in production and future discoveries on the property. Neither interest is subject to cash calls to fund exploration, development, capital, environmental or closure costs and so they are lower risk than an operating interest. Royalties Streams Royalties are often 1-2% of the value of future production from a resource Streams have become a mainstream source of capital to mining P r property and are typically created as exploration properties change companies most often to fund the construction of new projects. In ecious M hands. Often royalties are a percentage of the net value a mine operator particular, streaming precious metals by-product from large copper receives for its product when it is processed at a smelter, hence the term projects provides a very attractive cost of capital to project developers. “net smelter return” or “NSR” royalty. Other forms of royalties include Streams are metal purchase agreements where the streamer purchases all etals profit-related royalties or “NPI” royalties but these are not a major part of or a portion of the gold, silver or other products from a mine in exchange Franco-Nevada’s portfolio. Royalty rights are often registered on the title for an upfront payment and an additional payment on each delivery. of the property or mineral rights. Registered royalties have strong tenure While streams have similar exploration and price optionality to royalties, and, in jurisdictions where recognized, will generally survive an operating they differ from royalties in many respects including the ongoing cash company reorganization. payment required to purchase the physical metal. Business Model Advantages D iv ersified A Optionality 2 ssets Potential for exploration success on ~66,000 km Focus on Growth Management not occupied with operational decisions M Free Cash Flow Business iner Not exposed to capital calls al R esour c Limited Cost Inflation es and M Streams/NSRs not exposed to cost inflation iner al R High Margin and Low Overhead eser Strong cash generation throughout the commodity cycle v es Diversified Portfolio Non-operating business is more scalable A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 3

Overview Funding Successful Mines w vie er Royalties and streams provide low-cost and flexible funding for the mining industry. It helps operators v O reduce the fixed burden of debt and avoid excessive equity dilution, particularly when financing new mine builds. We aim to be a stable and supportive partner through the cycle and to share in the exploration success of the projects that we help fund. M&A Debt Reduction Project Development Emerging Projects 4 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Diversified Portfolio With Low Risk Franco-Nevada has the largest and most diversified portfolio of cash flow producing assets. 2022 Revenue Commodity Geography Gold 55% Canada and United States 41% Silver 11% South America 27% PGM 4% Mexico and Central America 23% Iron Ore 4% Rest of the World 9% P Other Mining 1% r Oil 12% ecious M Gas 11% NGL 2% etals Assets Operator Cobre Panama 17% First Quantum 17% Candelaria 10% Lundin 10% Antapaccay 7% Glencore 7% Guadalupe 6% Coeur 6% Antamina 5% Teck 5% Vale 3% Barrick 4% D Energy 25% Vale 3% iv Other 27% Other 48% ersified A ssets Long-Life Assets M Franco-Nevada’s long resource and reserve life is due largely to its precious metals by-product iner streams on large copper assets. al R esour c M&I (inclusive) Royalty Ounce Mine Life (Years) es and M iner 34 Years al R eser v es 32 Years 0 5 10 15 20 25 30 35 2022 2021 Please refer to page 123 for further information. A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 5

Overview Global Assets w vie er v O Monument Dublin Gulch Bay (Eagle) Courageous Lake Greenstone Eskay Creek Goldfields Brucejack Orion Magino Red Mountain Edson Red Lake Timmins West Kivivic 2 (McFinley) Island Perama Hill Cariboo Weyburn Gold Detour Lake Carol Lake Midale Golden Highway Kiziltepe Stibnite Gold Stillwater Hemlo Canadian Malartic Musselwhite Sudbury Kirkland Lake Valentine Franco-Nevada Gold Nevada U.S. Office Franco-Nevada Marcellus Head Office STACK Castle Mountain SCOOP MesquiteDelaware Haynesville Tasiast Copper World Milpillas Midland Project Sabodala Guadalupe-Palmarejo Karma Sissingué Falcondo Séguéla Subika (Ahafo) Edikan Franco-Nevada Barbados Office Cobre Panama Midas Granite Creek Hollister (Pinson) South Arturo Our Portfolio EaglePicher Goldstrike Gold Quarry Cascabel CentroGold (Alpala) (Gurupi) Marigold Fire Creek Vale N. System 419 Bald Mountain Tocantinzinho Total Pandora Sossego Antamina 113 Precious Robinson Metals Diversified MWS Nevada Condestable Posse Producing King Vol Antapaccay (Mara Rosa) 45 Precious Warrawoona Australia Agate Creek Advanced Metals Diversified Mt Keith Salares Norte/ Vale S.E. System Matilda (Wiluna) Yandal (Bronzewing/Julius) Bowen Basin Rio Baker Taca Taca 261 Duketon Caserones Cue Gold Red October Candelaria Exploration (Day Dawn) South Kalgoorlie (Mt Martin-Loc. 45) Sterling NuevaUnión (Relincho) Aphrodite Millmerran San Jorge Asset count as of April 12, 2023 Edna May Higginsville White Dam (not all assets shown on map (Lake Cowan) including exploration assets) Flying Fox Franco-Nevada South Kalgoorlie Calcatreu Australia Office (New Celebration/ Mt Marion Lithium) Henty Cerro Moro 6 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Monument Dublin GulchBay (Eagle)Courageous LakeGreenstone “ A diversified portfolio Eskay CreekGoldfields of 419 assets covering BrucejackOrionMagino Red MountainEdsonRed LakeTimmins WestKivivic 2 2 (McFinley)Island Perama Hill ~66,000 km .” CaribooWeyburnGoldDetour LakeCarol Lake Golden Highway Midale P Kiziltepe r Stibnite GoldStillwaterHemloCanadian Malartic ecious M MusselwhiteSudburyKirkland LakeValentine Gold Franco-Nevada etals NevadaU.S. OfficeFranco-Nevada MarcellusHead Office STACK Castle MountainSCOOP MesquiteDelaware Haynesville Tasiast Copper WorldMilpillasMidland Project Sabodala Guadalupe-Palmarejo Karma Sissingué Subika (Ahafo) D Falcondo Séguéla iv Edikan ersified A Franco-Nevada ssets Barbados Office Cobre Panama Midas Granite CreekHollister (Pinson)South ArturoOur Portfolio EaglePicherGoldstrikeGold QuarryCascabelCentroGold (Alpala)(Gurupi) M MarigoldFire CreekVale N. System419 iner Tocantinzinho Total al R Bald MountainSossego Pandora esour Antamina Precious c RobinsonPosse 113 Metals Diversified MWS es and M NevadaCondestableProducing King Vol Antapaccay(Mara Rosa) Precious Warrawoona Australia Agate Creek iner 45 Metals Diversified al R Vale S.E. SystemAdvanced Matilda (Wiluna) Mt Keith eser Salares Norte/ Yandal (Bronzewing/Julius) Bowen Basin v Rio BakerTaca Taca261 Duketon es Caserones Cue Gold Red October Candelaria Exploration (Day Dawn) South Kalgoorlie (Mt Martin-Loc. 45) SterlingNuevaUnión (Relincho) Aphrodite Millmerran San Jorge Asset count as of April 12, 2023 Edna May Higginsville White Dam (not all assets shown on map (Lake Cowan) including exploration assets) Flying Fox A Franco-Nevada South Kalgoorlie dditional I Calcatreu Australia Office (New Celebration/ Mt Marion Lithium) nf Henty orma Cerro Moro tion TSX / NYSE: FNV Franco-Nevada Corporation 7

Overview Asset Portfolio w vie er Precious Metals v O Revenue ($ millions) Asset Operator Interest and % (Gold unless otherwise noted) 2022 2021 2020 Notes Precious Metals South America Candelaria Lundin Mining Stream 68% Gold & Silver $125.8 $116.5 $106.8 6, P Antapaccay Glencore Stream (indexed) Gold & Silver 95.2 111.6 118.5 6, P Antamina Teck Resources Stream 22.5% Silver 68.4 94.1 57.0 6, P 7 6, P Condestable Southern Peaks Mining Stream Gold & Silver, Fixed through 2025 then % 22.4 22.5 — Other (21 assets) 6.3 6.2 4.9 Px1, Ax8, Ex12 Central America & Mexico Cobre Panama First Quantum Stream (indexed) Gold & Silver 223.3 235.0 135.4 6, P Guadalupe-Palmarejo Coeur Mining Stream 50% 74.2 83.4 79.0 1, 3, 6, P Other (1 asset) — — 0.5 Ex1 United States Stillwater Sibanye-Stillwater NSR 5% PGM 36.8 57.8 50.9 1, P Goldstrike Nevada Gold Mines NSR 2-4%, NPI 2.4-6% 19.2 25.3 20.7 1, 2, P Gold Quarry Nevada Gold Mines NSR 7.29% 4.9 7.5 10.7 1, 3, P Marigold SSR Mining NSR 1.75-5%, GR 0.5-4% 7.5 8.5 7.1 1, 2, 3, 4, P Bald Mountain Kinross Gold NSR/GR 0.875-5% 8.4 11.2 11.2 1, 2, 3, 4, P Other (36 assets) 9.5 12.5 12.2 Px5, Ax6, Ex25 Canada Detour Lake Agnico Eagle Mines NSR 2% 26.3 25.3 20.4 P Sudbury KGHM International Stream 50% PGM & Gold 21.4 17.4 40.1 1, 6, Px2 Hemlo Barrick Gold NSR 3%, NPI 50% 28.2 27.6 69.9 1, 5, P Brucejack Newcrest Mining NSR 1.2% 5.8 7.0 7.2 1, P Kirkland Lake Agnico Eagle Mines NSR 1.5-5.5%, NPI 20% 5.5 5.8 5.4 2, 3, P Other (75 assets) 10.4 10.3 12.3 Px5, Ax14, Ex56 Rest of World MWS Harmony Gold Mining Stream 25% 39.2 41.3 41.8 6, P 8 3, 6, P Sabodala Endeavour Mining Stream 6%, Fixed to 105,750 oz 16.8 16.7 21.6 Tasiast Kinross Gold NSR 2% 18.3 6.7 14.3 P Subika (Ahafo) Newmont NSR 2% 18.0 11.6 10.4 1, P Karma Néré Mining Stream 4.875% 3.3 9.9 28.9 6, P Duketon Regis Resources NSR 2% 10.7 11.1 9.6 1, P Other (74 assets) 13.9 12.9 14.0 Px10, Ax10, Ex54 Revenue – Precious Metals $919.7 $995.7 $910.8 Notes: “NSR” Net Smelter Return Royalty “P” “Producing” assets are those that have generated revenue from steady-state operations for Franco-Nevada or are expected to in the next year “GORR” Gross Overriding Royalty “A” “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 “GR” Gross Royalty a mineral resource are demonstrable “ORR” Overriding Royalty “E” “Exploration” assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable “FH” Freehold or Lessor Royalty Management uses the following criteria in its assessment of technical feasibility and commercial viability: “NPI” Net Profits Interest (i) Geology: there is a known mineral deposit which contains Mineral Resources or Mineral Reserves; or the project is adjacent to a mineral deposit that is already being “NRI” Net Royalty Interest mined or developed and there is sufficient geologic certainty of converting the deposit into Mineral Resources or Mineral Reserves “WI” Working Interest (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 8 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Asset Portfolio Diversified Revenue ($ millions) Asset Operator Interest and % 2022 2021 2020 Notes Diversified Vale Vale 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other 9 $40.7 $59.4 $ — Px3, Ex1 LIORC Rio Tinto GORR 0.7% Iron Ore, IOC Equity 1.5%10 14.8 30.2 14.7 P Other Mining (102 assets) 6.9 5.2 3.1 Px10, Ax7, Ex85 United States (Energy) Marcellus Range Resources GORR 1% 56.5 36.1 20.4 P P r Haynesville Various Various Royalty Rates 72.9 38.5 4.2 P ecious M SCOOP/STACK Various Various Royalty Rates 57.8 36.4 21.6 Px3 Permian Basin Various Various Royalty Rates 52.6 35.0 18.5 Px2 Other (2 assets) 0.3 0.2 0.1 Px1, Ex1 etals Canada (Energy) Weyburn Unit Whitecap Resources NRI 11.71%, ORR 0.44%, WI 2.56% 65.0 43.8 16.0 Px3 Orion Strathcona Resources GORR 4% 15.1 10.8 5.9 P Other (69 assets) 13.4 8.7 5.0 Px43, Ex26 Revenue – Diversified $396.0 $304.3 $109.5 Total Revenue (Precious Metals + Diversified) $1,315.7 $1,300.0 $1,020.3 D iv 1 Does not cover all the Mineral Resources or Mineral Reserves reported for the property by the operator 7 8,760 oz Au & 291,000 oz Ag per year until December 2025; then, 63% Au & Ag until 87,600 oz Au & ersified A 2 Percentage varies depending on the claim block of the property 2,910,000 oz Ag delivered, respectively; thereafter, 25% Au & Ag 3 Provides for minimum or advance payments 8 Sabodala agreement was amended with an effective date of September 1, 2020 4 Percentage varies depending on the commodity price or value of ore 9 Net sales royalty attributable to FNV Royalty holding on certain properties and subject to certain 5 Payable after operator recovers defined exploration and development expenses thresholds. Copper/Gold rate applies to Sossego at 50% given its previous joint venture ownership ssets 6 These revenue numbers are before the deduction of the purchase cost per ounce 10 GORR and IOC equity interest attributable to FNV 9.9% equity ownership of Labrador Iron Ore Royalty Corporation M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 9

Overview Historical Performance 2022 – 2008 w vie er (in millions, except GEOs, Total Shareholders’ Equity, v 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 O Market Capitalization, and per share amounts) 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 1 GEOs sold (000s) 730.0 728.2 573.3 598.4 516.6 537.7 488.5 384.5 351.6 290.4 254.7 260.6 185.4 158.2 167.8 Revenue $ 1,315.7 $ 1,300.0 $ 1,020.2 $ 844.1 $ 653.2 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating Income $ 820.7 $ 860.7 $ 336.5 $ 410.2 $ 188.8 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net Income (Loss) $ 700.6 $ 733.7 $ 326.2 $ 344.1 $ 139.0 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8) $ 62.7 $ 80.9 $ 40.3 Basic Earnings (Loss) per share $ 3.66 $ 3.84 $ 1.71 $ 1.83 $ 0.75 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 Adjusted Net Income 2 $ 697.6 $ 673.6 $ 516.3 $ 341.5 $ 217.0 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income 2 per share $ 3.64 $ 3.52 $ 2.71 $ 1.82 $ 1.17 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 2 Adjusted EBITDA $ 1,106.9 $ 1,092.3 $ 839.6 $ 673.4 $ 519.6 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 2 Adjusted EBITDA per share $ 5.78 $ 5.72 $ 4.41 $ 3.59 $ 2.79 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 Dividends and DRIP Paid $ 245.8 $ 221.4 $ 197.2 $ 187.0 $ 177.8 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends Paid per share $ 1.28 $ 1.16 $ 1.03 $ 0.99 $ 0.95 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 4 Working Capital $ 1,332.9 $ 708.2 $ 610.5 $ 225.3 $ 153.5 $ 593.8 $ 323.6 $ 253.9 $ 677.8 $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 Debt $ Nil $ Nil $ Nil $ 80.0 $ 207.6 $ Nil $ Nil $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Total Shareholders’ Equity $ 6.4B $ 6.0B $ 5.4B $ 5.1B $ 4.6B $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B 5 Market Capitalization $ 26.1B $ 26.5B $ 23.9B $ 19.6B $ 13.1B $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B 2 Gold Equivalent Revenue Adjusted EBITDA 1 Ounces Sold (US$ millions) (US$ millions) (000s) 800 $1,500 $1,200 700 1,000 1,200 600 500 800 900 400 600 300 600 400 200 300 200 100 – – – 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 1 Starting in Q4 2021, revenue from Franco-Nevada’s Energy assets are included in the calculation of Gold Equivalent Ounces (“GEOs”). GEOs for comparative periods have been recalculated to conform with the current presentation. GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. 2 Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA, and Adjusted EBITDA per share are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards (“IFRS”) and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section starting on page 128 of this Asset Handbook. 3 Fiscal years 2010 through 2022 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. Comparative information has been adjusted to conform to current presentation. 4 The Company defines Working Capital as current assets less current liabilities. 5 As at December 31. 10 Franco-Nevada Corporation TSX / NYSE: FNV

Overview (in millions, except GEOs, Total Shareholders’ Equity, 33333333 3 3 3 3 3 3 3 Market Capitalization, and per share amounts) 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 1 GEOs sold (000s) 730.0 728.2 573.3 598.4 516.6 537.7 488.5 384.5 351.6 290.4 254.7 260.6 185.4 158.2 167.8 Revenue $ 1,315.7 $ 1,300.0 $ 1,020.2 $ 844.1 $ 653.2 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating Income $ 820.7 $ 860.7 $ 336.5 $ 410.2 $ 188.8 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net Income (Loss) $ 700.6 $ 733.7 $ 326.2 $ 344.1 $ 139.0 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8) $ 62.7 $ 80.9 $ 40.3 Basic Earnings (Loss) per share $ 3.66 $ 3.84 $ 1.71 $ 1.83 $ 0.75 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 Adjusted Net Income 2 $ 697.6 $ 673.6 $ 516.3 $ 341.5 $ 217.0 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income 2 per share $ 3.64 $ 3.52 $ 2.71 $ 1.82 $ 1.17 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 2 Adjusted EBITDA $ 1,106.9 $ 1,092.3 $ 839.6 $ 673.4 $ 519.6 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 2 Adjusted EBITDA per share $ 5.78 $ 5.72 $ 4.41 $ 3.59 $ 2.79 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 P r Dividends and DRIP Paid $ 245.8 $ 221.4 $ 197.2 $ 187.0 $ 177.8 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 ecious M Dividends Paid per share $ 1.28 $ 1.16 $ 1.03 $ 0.99 $ 0.95 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 4 etals Working Capital $ 1,332.9 $ 708.2 $ 610.5 $ 225.3 $ 153.5 $ 593.8 $ 323.6 $ 253.9 $ 677.8 $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 Debt $ Nil $ Nil $ Nil $ 80.0 $ 207.6 $ Nil $ Nil $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Total Shareholders’ Equity $ 6.4B $ 6.0B $ 5.4B $ 5.1B $ 4.6B $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B 5 Market Capitalization $ 26.1B $ 26.5B $ 23.9B $ 19.6B $ 13.1B $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B G&A as % of Adjusted Net Income Market Capitalization5 2 Market Capitalization Per Share (US$ billions) D (US$ per share) iv ersified A 1.0% $4.0 $30 3.5 25 ssets 0.8 3.0 2.5 20 0.6 2.0 15 0.4 1.5 10 M 1.0 iner 0.2 5 al R 0.5 esour c – 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 – 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 – 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 11

Overview Track Record w vie er 1-Year 2-Year 5-Year Since FNV v O 1 Total Return Total Return Total Return Inception 2 Franco-Nevada (US$) (7.7%) 8.8% 17.5% 17.4% NASDAQ (13.3%) (3.2%) 12.6% 11.8% S&P 500 (7.8%) 3.3% 11.2% 9.2% 3 Gold Bullion ETF 1.4% 7.0% 7.8% 5.7% 4 Barclays US Aggregate Bond (4.8%) (4.5%) 0.9% 2.8% GDX (index of mostly gold miners) (14.2%) 1.5% 9.1% (1.0%) Note: Total return assumes reinvestment of dividends over designated period Source: TD Securities; Bloomberg 1 Compounded annual total returns from December 20, 2007 to March 31, 2023 2 Since FNV inception returns in US$ are calculated assuming an initial cost of US$15.21 (based on an IPO price of C$15.20 and CAD/USD of 1.0009 on December 20, 2007). All other index returns are in US$ 3 SPDR Gold Trust 4 Bloomberg Barclays US Aggregate Bond Index 1, 2, 3 CAGR Since FNV Inception Franco-Nevada (FNV) US$ basis NASDAQ S&P 500 Gold Bullion ETF Barclays US Aggregate Bond GDX (index of mostly gold miners) -5% 0% 5% 10% 15% 20% 1 FNV Inception - December 20, 2007 2 Compounded annual total returns to March 31, 2023 3 Source: TD Securities; Bloomberg “ Since its IPO in 2007, Franco-Nevada has outperformed all the relevant benchmarks.” 12 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Organic Growth Drivers 1 Our guidance is for total GEO sales of 640,000 to 700,000 GEOs in 2023 growing to 760,000 to 820,000 GEOs by 2027 through organic growth alone. The ongoing Cobre Panama expansion is expected to be the largest growth driver through the period. That growth is expected to be complemented by a combination of mine expansions and a number of new mines commencing production. Over the last 15 years, Franco-Nevada's GEOs have grown over four times both through organic expansions and acquisitions. We have a strong pipeline of opportunities to add further growth through acquisitions. 2 Expansions P r 2023 2024 2025 2026 2027 ecious M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cobre Panama Panama etals Subika Ghana Tasiast Mauritania Vale Brazil Detour Lake Ontario Kirkland Gold Ontario Island Gold Ontario D iv Stillwater Montana ersified A ssets 3 New Mines Estimated Start 2023 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Magino Ontario M Séguéla Côte d'Ivoire iner Salares Norte Chile al R esour Yandal/Bronzewing Australia c es and M Greenstone Ontario Posse (Mara Rosa) Brazil iner al R Tocantinzinho Brazil eser v Valentine Gold Newfoundland es Eskay Creek British Columbia Stibnite Gold Idaho Copper World Project Arizona A dditional I 1 2023 Guidance and 2027 Outlook as published on March 15, 2023 in Franco-Nevada’s 2022 Annual Report. Assuming: $1,800/oz Au, $21/oz Ag, $900/oz Pt, $1,500/oz Pd, $120/tonne Fe 62% CFR China, $80/bbl WTI oil and $3.00/mcf Henry Hub natural gas 2 Expansion periods are based on operators’ indicated period of ramp-up nf 3 Indicated start periods are based on operators’ guidance and FNV best estimates orma tion TSX / NYSE: FNV Franco-Nevada Corporation 13

Overview Royalty Optionality w vie er Numerous exploration and development stage assets are expected to drive long-term growth. v O In particular, we have royalties on the next generation copper assets: Cascabel (Alpala) in Ecuador, Copper World Project in Arizona, Taca Taca in Argentina, and NuevaUnión and Vizcachitas both in Chile. We also have royalties that cover much of the Ring of Fire in Northern Ontario which hosts some of the world’s largest chromite resources, along with nickel, copper and gold deposits. Another asset with large scale potential is the Crawford nickel deposit that is being delineated in Ontario. We profile all these assets in this Asset Handbook, although the profiles are not exhaustive. In addition to the profiled assets, we have another 253 exploration assets which are listed on pages 83-85 and pages 102-103. There is no doubt there will be more discoveries in the coming years from the 2 ~66,000 km that our portfolio covers across the best mineral trends in the world. The optionality value of the portfolio is difficult to measure. The example below, however, gives an indication of how this optionality has played out historically. 120 z) o es (M100 >45 Moz v gold 3 eser >$2.1 billion produced 80 revenue to Franco-Nevada >3.5x al R from portfolio iner 1 60 increase Gold Reserves2 obable M of same r 40 assets as reported Gold December en and P20 2 2022 v Reserves o r at time P of IPO 0 2007 2008 – 2022 2022 $1.2 billion paid Reserves increase for portfolio at IPO at no cost 1 Calculation includes depletion 2 Total ounces associated with top 37 assets at IPO. Total ounces are not the same as Franco-Nevada Royalty Ounces. All Mineral Reserves have been calculated in accordance with CIM or acceptable foreign codes for the purposes of NI 43-101, including S-K 1300, SEC Industry Guide 7, JORC, or SAMREC guidelines 3 Revenue from original FNV portfolio includes gold, platinum and palladium revenue as at December 31, 2022 14 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Royalty Ounces Why We Measure “Royalty Ounces” 4. A n asset producing silver, PGM or base/bulk metal: Franco-Nevada’s mining properties that have reported Mineral Resources The number of attributable silver, platinum or palladium ounces, and Mineral Reserves are tabulated in the Mineral Resources and Mineral and attributable base/bulk metals pounds/tonnes are converted Reserves appendix of this Asset Handbook. Unless otherwise noted in the into Royalty Ounces. This year’s pricing assumptions for conversion Royalty Ounce calculation for each asset, the figures are tabulated based include: $1,800 per ounce gold, $21.00 per ounce silver, $900 per on the publicly disclosed reports of each operator for each property on a ounce platinum, $1,500 per ounce palladium, $4.00 per pound copper, 100% basis. However, the tabulation does not provide a specific measure $11.00 per pound nickel, $1.22 per pound ferrochrome and $120/t Fe for Franco-Nevada’s interest in such Mineral Resources and Mineral 62% CFR China for our calculations. For copper, nickel, ferrochrome Reserves for the following reasons: and iron ore Royalty Ounce calculations, we do reflect deductions for processing and refining as they are more material compared to a • Royalty and stream interests have different economics than an operator typical gold NSR asset. has for its stated Mineral Resources and Mineral Reserves. In addition, In the Assets section of this Asset Handbook, we provide details for the economics differ between NSR, NPI and stream interests P each asset that include summary figures for the Mineral Resources (M&I r Resources inclusive of P&P Reserves), Mineral Reserves (P&P Reserves) ecious M • Some assets do not cover the entire property associated with the and Inferred Mineral Resources (Inferred Resources). We also provide the operator’s publicly reported figures related M&I Royalty Ounces, P&P Royalty Ounces and Inferred Royalty etals To account for the above, we calculate “Royalty Ounces” to estimate the Ounces for each of those assets and the key guidance and assumptions value attributable to Franco-Nevada due to our economic interest in the that were required to derive those Royalty Ounces. Mineral Resources and Mineral Reserves of our portfolio. The value of a Readers are cautioned that the Royalty Ounces are prepared by the Royalty Ounce is normalized to that of a gold NSR ounce. management of Franco-Nevada and have not been reviewed or endorsed How We Estimate “Royalty Ounces” by the operators of the projects. A traditional NSR royalty on a gold mining property provides Franco- Nevada with a simple percentage of the revenue or gold in-kind Example Economics of a Royalty (NSR or NPI) produced from that property. For example, if we have a 2% NSR royalty on versus a Stream a property, we calculate 2% of the stated Mineral Resources and Mineral D Reserves as our “Royalty Ounces”. Note we do not make adjustments for iv recoveries and refining fees for gold NSRs as they are typically minor. The example below compares the relative value per ounce to Franco- ersified A Nevada of an NSR, a stream or an NPI or WI. Assume for one ounce of When calculating Royalty Ounces for a property our objective is that they 1 gold, a sales price of $1,800, a “stream cost” of $400 per ounce and that 2 should be comparable to an attributable gold NSR Royalty Ounce. To the “all-in sustaining cost” of the mine is $1,222 per ounce. ssets achieve comparable Royalty Ounce figures, we make adjustments in the following circumstances: Developed 1 1. T he royalty or stream does not cover all the Mineral Resources or NSR Stream NPI or WI Mineral Reserves on a property: One ounce sold at $ 1,800 $ 1,800 $ 1,800 We provide our best estimate of the percentage of Mineral Resources 1 1 Applicable cost $ – $ 400 $ 1,222 and Mineral Reserves that are attributable to our interest. Margin for calculation $ 1,800 $ 1,400 $ 578 M 2. A str eam interest with an associated ongoing cost per ounce: NSR, Stream or NPI % 4% 4% 4% iner The number of attributable stream ounces are factored to make them Revenue per ounce to FNV $ 72 $ 56 $ 23 al R economically equivalent to a NSR ounce. F or example as illustrated on this page, at an $1,800 per ounce gold Value relative to an NSR 1.0x 0.78x 0.32x esour 1 Franco-Nevada’s streams have various ongoing costs. In some cases, it is $400 per ounce plus a 1% c price and a $400 cost per ounce, the stream ounces are factored annual increment, in other cases it is 20% of the spot price of gold. For each stream, Franco-Nevada es and M by 77.8%. The factor depends on cost per ounce or the percentage indicates the detail for ongoing costs. margin written in the agreement. 2 For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s (“Barrick”) 2022 all-in sustaining cash cost measure, as Barrick is the iner operator of two assets at which Franco-Nevada has NPI interests. 3. A NPI r oyalty: al R A NPI is subject to the operating and capital costs specific to each eser asset. We generate our own internal mine life projections for each v asset to determine a reasonable estimate of the economic equivalent es of a gold NSR Royalty Ounce using an $1,800 gold price assumption. A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 15

Overview 1, 2 Precious Metals Royalty Ounces w vie er Asset Asset Type P&P (000s) M&I4 (000s) Inf (000s) v O South America Candelaria Stream 746 1,456 115 Antapaccay Stream 397 786 36 Antamina Stream 153 528 531 Condestable Stream 97 164 87 Tocantinzinho Stream 204 210 5 Cerro Moro NSR 14 17 6 Salares Norte NSR 39 45 2 Cascabel (Alpala)3 NSR 233 724 91 Posse (Mara Rosa) NSR 9 12 – CentroGold (Gurupi) NSR 11 17 6 Calcatreu NSR – 17 9 San Jorge NSR – 91 4 Central America and Mexico Cobre Panama Stream 4,532 4,758 750 Guadalupe-Palmarejo Stream 241 535 102 United States Stillwater NSR 879 1,316 1,497 Carlin Trend NSR/NPI 171 324 94 Marigold NSR 86 126 6 Bald Mountain NSR 22 101 11 Mesquite NSR 9 34 17 Castle Mountain NSR 110 149 38 Fire Creek/Midas NSR – 2 84 Hollister NSR – 2 8 Stibnite Gold NSR 82 107 27 Mountain View NSR – – 5 Canada Detour Lake NSR 414 773 23 Sudbury Stream 24 24 – Hemlo NSR/NPI 65 137 22 Brucejack NSR 47 86 37 Kirkland Lake NSR/NPI 29 63 58 Dublin Gulch (Eagle) NSR 24 43 5 Musselwhite NPI 31 39 7 Timmins West NSR 12 15 1 Canadian Malartic NSR 5 25 28 Magino NSR 49 80 11 Island Gold NSR 8 9 19 Greenstone NSR 166 210 92 Valentine Gold NSR 40 59 17 Golden Highway – Holt Complex NSR – 131 86 Golden Highway – Hislop NSR – 7 4 Golden Highway – Aquarius NSR – 22 – Eskay Creek NSR 56 78 3 Spences Bridge (Shovelnose) NSR – 16 5 Red Lake (McFinley) NSR 1 5 3 Courageous Lake NSR 66 82 40 Goldfields NSR – 20 4 Monument Bay NSR – 44 53 Red Mountain NSR 5 8 1 Fenelon-Martiniere NSR – 37 30 Marathon (Sally) NSR – 7 3 1 For information regarding the calculation of each Royalty Ounce, please refer to the individual asset sections. We have assumed $1,800/oz Au, $21/oz Ag, $900/oz Pt, $1,500/oz Pd, $4.00/lb copper, $11.00/lb nickel, $1.22/lb ferrochrome and $120/t Fe 62% CFR China for our calculations 2 Metallurgical deductions have not been made to the Mineral Resources and Mineral Reserves shown in order to estimate metal produced 3 Copper Royalty Ounces assume NSR deductions of 15% (for Sossego please refer to the Vale asset section); Nickel Royalty Ounces and Ferrochrome Royalty Ounces assume NSR deductions of 30%. Please also refer to the individual Vale (Northern & Southeastern System) & LIORC asset sections for the deductions applied to the Iron Ore Royalty Ounces 4 M&I Royalty Ounces include P&P Royalty Ounces 16 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Asset Asset Type P&P (000s) M&I4 (000s) Inf (000s) Rest of World MWS Stream 38 38 – Sabodala Stream 67 120 32 Tasiast NSR 115 145 29 Subika (Ahafo) NSR 76 78 14 Karma Stream 6 74 26 Duketon NSR 25 71 16 Edikan NSR 20 28 4 Matilda (Wiluna) NSR 51 128 71 South Kalgoorlie NSR 7 19 14 Kiziltepe NSR 2 3 2 Sissingué NSR – 1 – P r Pandora NPI 22 193 24 ecious M Yandal (Bronzewing) NSR 19 37 4 Aphrodite NSR 8 29 13 Rebecca NSR – 15 3 etals Séguéla NSR 13 19 12 Perama Hill NSR 25 27 16 Aği Daği NSR 23 44 6 Precious Metals Royalty Ounces 9,594 14,610 4,369 1, 2 Diversified Royalty Ounces 3 Mining Vale (Northern and Southeastern System) Other 1,002 1,376 84 D iv Sossego Other 4 4 – ersified A LIORC Other 185 332 139 NuevaUnión (Relincho) NSR 286 399 163 Taca Taca NSR 403 490 112 Caserones NSR 59 93 – ssets Falcondo NPI 103 116 8 Copper World Project NSR – 412 83 Robinson NSR 6 20 1 Ring of Fire NSR – 203 58 Eagle's Nest NSR 20 22 16 Crawford NSR – 656 292 Mt Keith NSR/NPI 23 51 6 M Diversified Royalty Ounces 2,092 4,176 961 iner al R Total Royalty Ounces 11,686 18,786 5,330 esour c Refer to footnotes on page 16 es and M Compared to a gold exchange traded product, an investment in Franco-Nevada provides the opportunity to acquire gold exposure at a discount, along iner with the benefits of a meaningful yield and gold exploration optionality. Assuming $2,000 per ounce gold price implies an undiscounted value of $23.4 billion for our attributable Mineral Reserve Royalty Ounces and $37.6 billion for our attributable M&I (inclusive) Mineral Resource Royalty Ounces. al R By contrast, our market capitalization at March 31, 2023 was $28.0 billion. eser v We do not calculate Royalty Ounces for our energy assets, comprised principally of oil and gas assets. In 2022, these assets comprised 25% of Franco- es Nevada’s overall revenue. Furthermore, we only estimate Royalty Ounces on our 84 most material mining projects. There are a further 253 advanced and exploration projects not included in the estimates that add considerable optionality for further ounces in the future. Our experience is that each year some of these projects will advance enough to be included as Royalty Ounces. The value of a Royalty Ounce takes into account the costs associated of an ounce. Costs that are not deducted are income tax expenses (10% of revenue A in 2022) and general and administrative expenses (2.5% of revenue in 2022). dditional I nf $37.6 billion orma in undiscounted Value of M&I Mineral Resource Royalty Ounces tion TSX / NYSE: FNV Franco-Nevada Corporation 17

Overview Royalty Ounces by Mineral Resource, Location and Type w vie er Royalty Ounces by M&I Royalty Ounces1 by M&I Royalty Ounces1 by v O Mineral Resource Category Location Type P&P 49% South America 34% NSR 42% M&I 29% Central America Stream 46% Inferred 22% and Mexico 29% NPI 3% United States 14% Other 9% Canada 17% Rest of World 6% 1 M&I Royalty Ounces include P&P Royalty Ounces Royalty Ounce Growth Royalty ounces represent cost-free ounces to Franco-Nevada. The following chart shows the Royalty Ounce growth over the last 10 years. 20 15 es (millions) unc 10 y O alt y o R 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 P&P Royalty Ounces Exclusive M&I Royalty Ounces 18 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Environmental, Social and Governance Highlights Franco-Nevada’s 2022 environmental, social and governance (“ESG”) highlights are described in our 2023 ESG Report, which is available on our website, and are summarized below. Due diligence to invest in Financed emissions are strong ESG performers included in Scope 3 emissions Our principal ESG-related focuses when We have measured and disclosed financed making investments are highlighted in our GHG emissions attributable to our royalty and 2023 ESG Report, including health and safety, stream interests. Financed GHG emissions were carbon footprints, water management and risk, calculated in alignment with the Greenhouse tailings management and biodiversity. We have Gas Protocol reporting standards and included P r also assessed how the operators of our top as Scope 3, Category 15 (Investments) ecious M revenue-generating assets have performed emissions. In our 2023 ESG Report, we include in each of these five categories. a primer for navigating the Greenhouse Gas Continental Resources’ solar panels at West Blaine recycling Protocol standards, including what comprises etals facility, which Franco-Nevada is helping to finance Scope 1, 2 and 3 emissions. New climate action policy and net-zero goals and commitments We have adopted a Climate Action Policy, which sets out our goal to achieve net-zero GHG emissions by 2050 at our corporate D workplaces and the measures we will take to iv further this goal, including measuring and ersified A disclosing our corporate GHG emissions, adopting science-based GHG emission ssets reduction targets, and providing annual updates on our progress. We also commit to evaluate the decarbonization commitments, plans, targets and initiatives of operators and operations, including their alignment with net-zero, when making investment decisions Enseña Peru initiative, Peru and to engage with existing partners on their Sandip Rana, Chief Financial Officer (left) and Lloyd Hong, plans and progress toward net-zero. Chief Legal Officer (right) M iner al R Increased community Focus on employee Furthered diverse esour c contributions and well-being and representation and es and M commitments accommodations diversity initiatives Our community contributions funded Maintaining a safe and supportive environment We increased the diverse representation in iner increased year-over-year, including our for our global workforce is a top priority our global workforce, with 43% of senior al R renewed Enseña Peru funding and the Alto for Franco-Nevada. Our 2023 ESG Report mangement and 60% of our overall team eser v Huarca water project, among other initiatives. highlights the efforts made by our organization comprised of diverse persons. We have also es During the year, we made new commitments to promote the physical and mental well-being expanded our Board diversity targets with with G Mining Ventures and Argonaut Gold of our employees, including providing hybrid the new goal of having, by 2025, at least one to partner in community initiatives near their work arrangements, health benefits, wellness diverse director on grounds broader than operations where we invested in 2022. We allowances, accommodations for cultural and gender diversity. The number of Franco-Nevada continue to support mining industry groups religious beliefs, and the ability to disconnect Diversity Scholarship awards were increased and diversity initiatives. when not working. in 2022 and made several diversity-related A donations and contributions, including in dditional I furtherance of our BlackNorth Initiative pledge and our support of The Prosperity Project. nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 19

Overview Environmental, Social and Governance Highlights (continued) w vie er v O Commerce Court West, Toronto Maintained carbon neutrality Initiatives aligned for corporate emissions with UN Sustainable Since 2020, we have maintained carbon Development Goals neutrality for our office operations. We have Initiatives across our business help advance accomplished this, and will continue to do so a number of the Sustainable Development through the reduction of our corporate GHG Goals (SDGs), which were adopted by the emissions and the purchase of high quality United Nations in 2015 as a universal call to carbon credits to offset emissions that cannot action to end poverty, protect the planet, and be eliminated. ensure that by 2030 all people enjoy peace and prosperity. Alignment of ESG reporting Continued high rankings with TCFD and SASB and and recognition from ESG first-alignment with the rating agencies GRI standards We continue to receive recognition for our Our ESG disclosure is aligned with leading ESG efforts and rank highly with top ESG rating reporting frameworks, including the agencies, including 2022 ratings of “AA” by Sustainability Accounting Standards Board MSCI and “Prime” by ISS ESG. In 2022, we were (SASB) and the Task Force on Climate-Related also included as one of Corporate Knight’s Best Financial Disclosures (TCFD) frameworks. 50 Corporate Citizens in Canada. We recently Our 2023 ESG Report also includes first-time received a “Global 50 Top-Rated” ESG score reporting in line with the Global Reporting for 2023 from Sustainalytics, which places us Initiative (GRI) standards. among a select group of all the companies that Sustainalytics ranks globally. 20 Franco-Nevada Corporation TSX / NYSE: FNV

Overview Environmental, Social and Governance Highlights (continued) Frameworks and Standards Task Force on Climate-related Financial Disclosures (TCFD) Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) P r ecious M Guiding Principles etals Responsible Gold Mining Principles United Nations Global Compact Sustainable Development Goals D iv ersified A Ratings and Recognition ssets M iner al R esour c Global 50 Top Rated by Sustainalytics in 2023 Rated “AA” by MSCI in 2022 Rated “Prime” by ISS ESG in 2022 es and M iner al R eser v es Best 50 Corporate Citizens in Canada in 2022 “B-“ CDP score in 2022 A dditional I nf The use by Franco-Nevada Corporation of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, orma endorsement, recommendation, or promotion of Franco-Nevada Corporation by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. tion TSX / NYSE: FNV Franco-Nevada Corporation 21

w vie er v O 22 Franco-Nevada Corporation TSX / NYSE: FNV

PP rr ecious Mecious M etalsetals Precious D iv Metals ersified A ssets M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion

Precious Metals/Diversified Assets Index – Regional ww vievie erer vv Precious Metals Diversified OO South America 26 Canada 53 Iron Ore Candelaria (Au & Ag) 27 Detour Lake (Au) 54 Vale (Iron Ore, Cu, Au & Other) 90 Antapaccay (Au & Ag) Sudbury (PGM & Au) LIORC (Iron Ore) 28 56 92 Antamina (Ag) Hemlo (Au) 29 57 Condestable (Au & Ag) Brucejack (Au & Ag) 30 58 Other Mining Tocantinzinho (Au) Kirkland Lake (Au) 31 59 NuevaUnión (Relincho) (Cu, Au, Mo) 93 Cerro Moro (Au & Ag) Dublin Gulch (Eagle) (Au) 32 60 Taca Taca (Cu, Au, Mo) Salares Norte (Au & Ag) Musselwhite (Au) 94 33 61 Caserones (Cu, Mo) 95 Cascabel (Alpala) (Au, Cu, Ag) Timmins West (Au) 34 62 Milpillas (Cu) 96 Posse (Mara Rosa) (Au & Ag) Canadian Malartic (Au) 35 63 Falcondo (Ni) 96 CentroGold (Gurupi) (Au) Magino (Au) 35 64 Copper World Project (Cu, Mo, Ag, Au) 97 etalsetalsetalsCalcatreu (Au & Ag) Island Gold (Au) 35 65 Robinson (Cu, Au) 98 San Jorge (Au) Greenstone (Au) 35 66 EaglePicher (De) 98 Valentine Gold (Au) ecious Mecious Mecious M 67 Ring of Fire (Cr, Ni, Cu, PGM) 99 rrr Golden Highway (Au) PPP Central America and Mexico 36 68 Mt Keith (Ni) Eskay Creek (Au & Ag) 100 69 Flying Fox (Ni) Cobre Panama (Au & Ag) 37 Red Lake (McFinley) (Au) 101 Guadalupe-Palmarejo (Au) 69 39 Courageous Lake (Au) 70 Diversified (Mining) Goldfields (Au) United States 40 70 Monument Bay (Au) 70 Exploration Assets 102 Red Mountain (Au) Stillwater (PGM) 41 71 Cariboo (Au) Goldstrike (Au) 71 42 U.S. Energy Gold Quarry (Au) 43 Marigold (Au) Rest of World 72 Marcellus 106 44 Bald Mountain (Au) Haynesville 107 45 MWS (Au) 73 South Arturo (Au) SCOOP/STACK 108 46 Sabodala (Au) 74 Mesquite (Au) Permian Basin 109 47 Tasiast (Au) Castle Mountain (Au) 75 48 Subika (Ahafo) (Au) 76 Fire Creek/Midas (Au & Ag) 49 Karma (Au) Canadian Energy Hollister (Au) 77 50 Duketon (Au) Stibnite Gold (Au) 78 Weyburn Unit 110 51 Edikan (Au) 79 Orion Sterling (Au) 52 111 Matilda (Wiluna) (Au) 80 Other Producing Energy Assets Granite Creek (Pinson) (Au) 112 52 South Kalgoorlie (Au) 80 Kiziltepe (Au & Ag) 80 Energy Exploration Assets 113 Sissingué (Au) 81 Pandora (PGM) 81 Yandal (Bronzewing) (Au) 81 Aphrodite (Au) 82 Séguéla (Au) 82 Perama Hill (Au) 82 Precious Metals Exploration Assets 83 2424 FFrrancancoo-Nev-Nevada Cada Cororporporaationtion TTSX / NSX / NYYSE: FNVSE: FNV

2023 Asset Handbook - Page 26

Precious Metals/Diversified Assets Index – Alphabetical Precious Metals Diversified Antamina (Ag) 29 Magino (Au) 64 Caserones (Cu, Mo) 95 Antapaccay (Au & Ag) Marigold (Au) Copper World Project (Cu, Mo, Ag, Au) 28 44 97 Aphrodite (Au) Matilda (Wiluna) (Au) Diversified (Mining) Exploration Assets 82 80 102 Bald Mountain (Au) Mesquite (Au) EaglePicher (De) 45 47 98 Brucejack (Au & Ag) Monument Bay (Au) Energy Exploration Assets 58 70 113 Calcatreu (Au & Ag) Musselwhite (Au) Falcondo (Ni) 35 61 96 Canadian Malartic (Au) MWS (Au) Flying Fox (Ni) 63 73 101 Candelaria (Au & Ag) Pandora (PGM) Haynesville 27 81 107 Cariboo (Au) Perama Hill (Au) LIORC (Iron Ore) 71 82 92 Cascabel (Alpala) (Au, Cu, Ag) Posse (Mara Rosa) (Au & Ag) Marcellus 34 35 106 Castle Mountain (Au) Precious Metals Exploration Assets Milpillas (Cu) 48 83 96 CentroGold (Gurupi) (Au) Red Lake (McFinley) (Au) Mt Keith (Ni) 35 69 100 Cerro Moro (Au & Ag) Red Mountain (Au) NuevaUnión (Relincho) (Cu, Au, Mo) 32 71 93 Sabodala (Au) Orion Cobre Panama (Au & Ag) 37 74 111 Condestable (Au & Ag) Salares Norte (Au & Ag) Permian Basin 30 33 109 Courageous Lake (Au) San Jorge (Au) Ring of Fire (Cr, Ni, Cu, PGM) 70 35 99 Detour Lake (Au) Séguéla (Au) Robinson (Cu, Au) 54 82 98 Dublin Gulch (Eagle) (Au) Sissingué (Au) SCOOP/STACK 60 81 108 Duketon (Au) South Arturo (Au) Taca Taca (Cu, Au, Mo) 78 46 94 Edikan (Au) South Kalgoorlie (Au) Vale (Iron Ore, Cu, Au & Other) 79 80 90 Eskay Creek (Au & Ag) Sterling (Au) Weyburn Unit 69 52 110 Fire Creek/Midas (Au & Ag) Stibnite Gold (Au) 49 51 Gold Quarry (Au) Stillwater (PGM) 43 41 Golden Highway (Au) Subika (Ahafo) (Au) 68 76 Goldfields (Au) Sudbury (PGM & Au) 70 56 Goldstrike (Au) Tasiast (Au) 42 75 D Granite Creek (Pinson) (Au) Timmins West (Au) iv 52 62 ersified A Greenstone (Au) Tocantinzinho (Au) 66 31 Guadalupe-Palmarejo (Au) Valentine Gold (Au) 39 67 Hemlo (Au) Yandal (Bronzewing) (Au) ssets 57 81 Hollister (Au) 50 Island Gold (Au) 65 Karma (Au) 77 Kirkland Lake (Au) 59 Kiziltepe (Au & Ag) 80 M iner al R esour c es and M iner al R eser v es A dditional I The description and depiction of our assets in this Asset Handbook has been simplified for presentation purposes. More detailed and current information may be available in our previous and subsequent disclosure nf and on our website. Mineral Resources and Mineral Reserves information for 2021 and 2020 is provided for comparative purposes only. For a detailed breakdown of the 2021 and 2020 Mineral Resources and Mineral orma Reserves, please refer to our AIF for each of the years ended December 31, 2021 and December 31, 2020, respectively available on SEDAR at www.sedar.com. tion TSX / NYSE: FNV Franco-Nevada Corporation 25

South America ww vievie erer vv OO etals Cascabel ecious M (Alpala) r P CentroGold Tocantinzinho (Gurupi) Antamina Condestable Antapaccay Posse (Mara Rosa) Salares Norte/ Rio Baker Candelaria Producing San Jorge Advanced Calcatreu Cerro Moro 26 Franco-Nevada Corporation TSX / NYSE: FNV

South America Candelaria Location: Chile, South America Operator: Lundin Mining Corporation Precious Metals: Au & Ag Stream: Gold and Silver Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 125.8 $ 116.5 $ 106.8 M&I Resource (koz Au)1 5,336 5,600 5,600 Inferred Resource (koz Au)1 484 500 300 P&P Reserves (koz Au)1 2,479 2,700 2,800 M&I Resource (Moz Ag)1 80.6 83.0 78.0 Inferred Resource (Moz Ag)1 5.6 7.0 4.0 P&P Reserves (Moz Ag)1 36.2 39.0 39.0 Candelaria, Chile 1, 2 M&I Royalty Ounces (000s) 1,456 1,586 1,629 2 Inferred Royalty Ounces (000s) 115 125 75 Mineral Resources and Mineral Reserves at the four underground mines 2 and has discovered the Española open-pit deposit which is located partly P&P Royalty Ounces (000s) 746 851 920 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral on the stream concession and partly on ground covered by Franco- Resource category; all M&I categories are inclusive of Mineral Reserves Nevada’s area of interest. Operations at the Alcaparrosa underground 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable metal mine were suspended in connection with the sinkhole which occurred of the balance of the 720,000 ounces of gold and 12 million ounces of silver remaining and the near the mine in July 2022. balance of P&P Reserves subject to the lower stream percentage. For M&I Royalty Ounces, Franco- Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the lower stream percentage. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources Candelaria has a total mill throughput of approximately 79 ktpd. In are subject to the lower stream percentage. Silver is converted to Royalty Ounces assuming early 2022, Lundin completed a feasibility study update for throughput $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020). The stream interest has been factored by 76% to reflect $1,800 per expansion of the underground mines from 15 ktpd to up to 30 ktpd and ounce gold and $424.60 per ounce ongoing payments (77% in 2021, 76% in 2020) included underground crushing and conveying systems and a surface secondary crushing plant although a construction decision has not yet In November 2014, Franco-Nevada (Barbados) Corporation, been made. In 2022, Candelaria produced approximately 152 kt of copper, a subsidiary of Franco-Nevada, acquired a gold and silver 86 koz of gold and 1.6 Moz of silver, on a 100% basis. Franco-Nevada sold D 69,854 GEOs from the mine in 2022, compared with 65,034 GEOs in 2021. iv stream on production from the Candelaria operation In 2023, Franco-Nevada expects sales from its Candelaria stream to be ersified A in Chile. between 60,000 and 70,000 GEOs. The Candelaria mine was discovered in 1987 and the open pit has been History of expanding resources ssets in operation since 1993. The operation also includes the Candelaria North and South, Santos and Alcaparrosa underground mines. Lundin Mining Updated plan extends life of mine to 2046 Corporation (“Lundin”) is the operator of the project and owns 80% of the asset with the balance owned by Sumitomo Corporation and its affiliates. UG mine expansion being evaluated Franco-Nevada provided an up-front deposit of $655 million to acquire the gold and silver stream from what is primarily a copper mine. The funds were used to finance a portion of the cost paid by Lundin to acquire the asset from Freeport-McMoRan Inc. Candelaria is an established mining M Candelaria iner operation and the transaction was the first material instance of a royalty/ Gold and Silver streaming company partnering with an operating company to purchase a Stream al R producing asset. N Copiapo esour 0 2.5 c 2 km es and M The stream covers the current property of approximately 150 km . An additional defined area of interest effectively doubles the property Alcaparrosa position. Should Lundin acquire properties located within the area of Mine Tierra iner interest, Franco-Nevada has the option to purchase a gold and silver Amarilla Santos al R stream which will apply to the additional ore from such properties. Mine Candelaria eser North Under the streaming agreement, Lundin will deliver 68% of the payable (U/G) v gold and silver from 100% of the mine production, which reduces to 40% es Candelaria after 720,000 ounces of gold and 12 million ounces of silver have been Pit Candelaria delivered to Franco-Nevada. This is currently expected to occur in 2027. South La Espanola (U/G) Cumulatively, 484,914 ounces of gold and 7.8 million ounces of silver have been delivered since acquisition until December 31, 2022. Franco-Nevada pays an ongoing price equal to the lesser of $424.60 per ounce of gold BRAZIL A and $4.24 per ounce of silver or the then prevailing spot price for gold PERU dditional I and silver for each ounce delivered under the stream. This price escalates Candelaria Mining BOLIVIA by 1% per annum in October of each year. Property Pacific Area of Interest Ocean Ojos del Salado nf Lundin has made a significant investment in exploration at Candelaria Mining Property Candelaria ARGENTINA orma and has increased M&I Mineral Resources by 240% when considering CHILE depletion. The go forward mine life has been extended from 2028, when tion it acquired Candelaria, to 2046. Lundin has successfully added to the TSX / NYSE: FNV Franco-Nevada Corporation 27

South America Antapaccay Location: Peru, South America ww Operator: Glencore plc vievie Precious Metals: Au & Ag erer Stream: Gold and Silver Stream vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 95.2 $ 111.6 $ 118.5 M&I Resource (koz Au)1 3,079 3,279 3,161 Inferred Resource (koz Au)1 193 383 201 P&P Reserves (koz Au)1 1,198 1,222 1,204 M&I Resource (Moz Ag)1 70.2 70.6 65.4 Inferred Resource (Moz Ag)1 3.4 6.2 2.5 P&P Reserves (Moz Ag)1 19.3 17.6 17.2 Antapaccay, Peru 1, 2 etals M&I Royalty Ounces (000s) 786 868 861 2 Inferred Royalty Ounces (000s) 36 72 34 December 31, 2022. Thereafter, Franco-Nevada will receive 30% of the 2 gold and silver shipped. Franco-Nevada will initially pay an on-going P&P Royalty Ounces (000s) 397 440 469 ecious M price of 20% of the spot price of gold and silver until 750,000 ounces of r 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral P Resource category; all M&I categories are inclusive of Mineral Reserves refined gold and 12.8 million ounces of refined silver have been delivered. 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable metal Thereafter, the on-going price will increase to 30% of the spot price of of the remaining deliveries before the 630,000 ounces of gold and 10 million ounces of silver hurdle gold and silver. with the balance of Mineral Reserves subject to a 30% stream. For M&I Royalty Ounces, Franco- Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 30% stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject The stream is referenced to the entire Antapaccay concession covering to the 30% stream. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and approximately 997 km2. Glencore is considering developing the $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020). The stream interest has been factored by different ongoing payments of 20% of the spot price Coroccohuayco deposit which is located within 10 km of the Antapaccay of gold and silver on the first 750,000 ounces of gold and 12.8 million ounces of silver and 30% of the plant. The project has been rescoped as an open pit with mine planning spot price thereafter currently at the PFS level. Coroccohuayco hosts M&I Mineral Resources In February 2016, Franco-Nevada (Barbados) Corporation, of 643 million tonnes with a copper grade that is approximately 50% a subsidiary of Franco-Nevada, acquired a precious higher than the Antapaccay Mineral Reserves. In addition, there are a number of large-scale regional targets and prospects on the metals stream on production from the Antapaccay mine Antapaccay concessions. for $500 million from Glencore plc (“Glencore”) and Antapaccay has a combined (Antapaccay + Tintaya plants) mill its subsidiaries. throughput capacity of 105 ktpd. In 2022, Antapaccay produced 151 kt of Antapaccay is located within the province of Espinar in Southern Peru. copper, 61 koz of gold and 1.2 Moz of silver. Franco-Nevada sold 53,023 The property also hosts the historic Tintaya open-pit mine and related GEOs from the mine in 2022, compared with 62,411 GEOs in 2021 and, in infrastructure which began operating in 1984. Glencore (Xstrata) invested 2023, expects sales from its Antapaccay stream to be between 57,500 and in excess of $1.5 billion of initial capital to build and commission the 67,500 GEOs. Antapaccay has a planned mine life to 2034 which would be Antapaccay open-pit mine and plant, which commenced operations further extended by any development of Coroccohuayco. in 2012. Gold and silver deliveries initially referenced to Under the streaming agreement, gold and silver deliveries are initially copper in concentrate shipped referenced to copper in concentrate shipped. Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 Potential for Coroccohuayco to extend mine life tonnes of copper in concentrate shipped, until 630,000 ounces of gold and 10 million ounces of silver have been delivered, which is currently 2 Land package of 997 km offers a number of expected to occur in 2028. Cumulatively, 395,440 ounces of gold and large-scale regional targets 6.2 million ounces of silver have been delivered since acquisition until Antapaccay Gold and Silver Stream * Antapaccay Tintaya Plant Concession area covers ~997 km2 Tintaya Pit/ Tailings Storage Antapaccay Plant 0 10 8 km Antapaccay km 7 km Concession Coroccohuayco Area COLOMBIA Antapaccay Pit Not EQUADOR included BRAZIL Pacific PERU Ocean BOLIVIA Antapaccay CHILE ARGENTINA 28 Franco-Nevada Corporation TSX / NYSE: FNV

South America Antamina Location: Peru, South America Operator: Teck Resources Limited (owns 22.50%) Precious Metals: Ag Stream: Silver Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 68.4 $ 94.1 $ 57.0 M&I Resource (Moz Ag)1 321.2 324.9 342.5 Inferred Resource (Moz Ag)1 460.2 447.7 460.7 P&P Reserves (Moz Ag)1 88.3 107.0 118.3 1, 2 M&I Royalty Ounces (000s) 528 585 642 2 Inferred Royalty Ounces (000s) 531 560 599 2 P&P Royalty Ounces (000s) 153 201 231 Antamina, Peru 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves copper operations globally. Antamina has a mill throughput capacity 2 For Royalty Ounce calculation, Franco-Nevada assumes 22.5% of Teck’s interest in Antamina is subject of approximately 145,000 tonnes per day. In 2022, on a 100% basis, to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and $21.00/oz Antamina produced 454,800 tonnes of copper, 433,000 tonnes of zinc ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz in 2020). The stream and 14.7 million ounces of silver (silver calculated from Glencore’s 33.75% interest has been factored by ongoing payments of 5% of the spot price of silver interest in Antamina) in concentrates. In October 2015, Franco-Nevada acquired a silver stream Silver sold for 2022 was 3.1 million ounces for Franco-Nevada’s for $610 million on production from the Antamina mine in attributable production under the stream, with 3.8 million ounces sold Peru from Teck Resources Limited (“Teck”). in 2021. Franco-Nevada expects attributable production in 2023 to be between 2.4 to 2.8 million silver ounces, temporarily lower than our long- Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), term expected annual range of 2.8 million to 3.2 million silver ounces as the Antamina joint venture company, along with partners BHP Billiton silver grades are expected to be lower than average in 2023. The stream is Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). based on recovered silver from Teck’s attributable 22.50% interest in the Antamina commenced operations in 2001 and is one of the lowest cost Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada D pays 5% of the spot silver price for each ounce of silver delivered under iv the stream. The stream will reduce by one-third after 86 million ounces ersified A Antamina of silver have been delivered. A total of 24.9 million cumulative ounces of Silver Stream Huaraz Huari silver have been delivered to Franco-Nevada as of December 31, 2022. ssets San Marcos Antamina Inclusive of Mineral Reserves, the mine contains total Measured and N Chavui Subestacion 0 100 De Huantar Linea de Indicated Mineral Resources of approximately 889 million tonnes of Transmision km Machac Electrica ore (with a silver grade of 11.2 g/t) and an Inferred Mineral Resource of Recuay 1.24 billion tonnes of ore (with a silver grade of 11.5 g/t). Total Mineral Reserves are 282 million tonnes of ore (with a silver grade of 9.8 g/t), Catac PARQUE NACIONAL which are currently constrained by tailings disposal capacity. CMA is HUASCARAN Huanzala currently conducting engineering studies for additional tailings storage Pachacoto Yanashall Huallanca M Autopista options and alternative mine plans that could result in significant mine iner Panamericana Norte CMA life extensions. In 2022, CMA submitted a Modification of Environmental al R HuarmeyCMA Pipeline Impact Assessment to Peruvian regulators to extend its mine life from esour Puerto Minero Aquia 2028 to 2036. The regulatory review process is progressing as scheduled, Punta Lobitos Carretera Conococha Pativilca-Huarez c with approval anticipated in the second half of 2023. Beyond the known es and M Cajacay Chiquian Mineral Resources and Mineral Reserves, Antamina hosts additional potential open-pit and bulk/selective underground targets. There is also Chasquitambo regional exploration potential over a large, prospective land package iner greater than 1,000 km2. al R Peru South eser Cutatambo America High grade copper/zinc orebody v es One of the lowest cost copper operations globally Paramonga Autopista Pativilca Panamericana Large, high grade Inferred Mineral Resource Barranca Norte Pacific Ocean Pto. Supe Huacho Huaral Chancay A Lima dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 29

South America Condestable Location: Peru, South America ww Operator: Southern Peaks Mining LP vievie Precious Metals: Au & Ag erer Stream: Gold and Silver Stream vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 22.4 $ 22.5 $ – M&I Resource (koz Au)1 688 701 711 Inferred Resource (koz Au)1 479 480 481 P&P Reserves (koz Au)1 163 170 n/a M&I Resource (Moz Ag)1 17.4 17.6 17.9 Inferred Resource (Moz Ag)1 12.2 12.3 12.3 P&P Reserves (Moz Ag)1 5.2 5.2 n/a Condestable, Peru 1, 2 etals M&I Royalty Ounces (000s) 164 180 188 2 Inferred Royalty Ounces (000s) 87 89 92 The Condestable mine is located approximately 90 km south of Lima, 2 Peru, and is owned and operated by a majority-owned subsidiary of P&P Royalty Ounces (000s) 97 n/a n/a ecious M Southern Peaks Mining LP (“SPM”), a private company. The Condestable r 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral P Resource category; all M&I categories are inclusive of Mineral Reserves mine has operated for over 50 years with a proven history of 2 For Royalty Ounce calculation, Franco-Nevada estimates fixed deliveries for M&I Royalty Ounces of resource conversion. 8,760 ounces of gold and 291,000 ounces of silver per year until December 2025; then, 63% of gold and silver until 87,600 ounces of gold and 2,910,000 ounces of silver are delivered, respectively; For the first five years of the streaming agreement, commencing on thereafter, 25% of gold and silver ounces are subject to the stream. For Inferred Royalty Ounces, Franco-Nevada assumes 25% of gold and silver from Inferred Mineral Resources (25% in 2021) are January 1, 2021 and ending December 31, 2025, Franco-Nevada will subject to the stream. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and receive 8,760 ounces of gold and 291,000 ounces of silver annually until $21.00/oz ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz in 2020). The stream interest has been factored by ongoing payments of 20% of the spot price of gold and silver a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive On March 8, 2021, Franco-Nevada (Barbados) Corporation, 63% of the gold and silver contained in concentrate until a cumulative a subsidiary of Franco-Nevada, acquired a precious metals total of 87,600 ounces of gold and 2,910,000 ounces of silver have been stream on production from the Condestable mine in Peru, delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to for an up-front deposit of $165 million. 25% over the remaining life of mine (the “Variable Phase 2 Deliveries”). Franco-Nevada will pay 20% of the spot price for gold and silver for each ounce delivered under the stream (the “Ongoing Payment”). The stream has an effective date of January 1, 2021. Condestable For a period of four years from closing, subject to certain restrictions, a Gold and Silver subsidiary of SPM may, at its option, make a one-time special delivery Stream Lima comprising the number of ounces of refined gold equal to $118.8 million Condestable at the then current spot price subject to the Ongoing Payment, to achieve N Cusco the early payment of the Fixed Deliveries and Variable Phase 1 Deliveries. 0 5 Mina Justa Peru The Variable Phase 2 Deliveries would commence immediately thereafter. km The stream is referenced to the entire Condestable concessions covering Arequipa La Paz approximately 450 km2 with excellent near mine exploration upside. SPM Cerro Pelado is currently ramping up processing capacity at the Condestable mine from 7,000 tpd to 8,400 tpd and is advancing a feasibility study on additional Bolivia plant capacity expansion to 10,000 tpd. Pacific Ocean Proven operation with excellent potential 102 k for expansions and mine life extension m t Surface o Lima Facilities IOCG Deposit Condestable UG Large, prospective land package of Chile 2 Antofagasta IOCG Mine (FNV Stream) approximately 450 km Raul UG Salta Cretaceous IOCG Belt Vinchos UG Teresa de Colm’o Mantoverde Santo Domingo Condestable N Candelaria Punta del Cobre Gold and Silver Lima 0 250 P Stream an A Condestable km meric N Cusco Argentina Pacific Ocean an Hw 0 5 Mina Justa Peru km y Arequipa La Paz Panulcillo Condestable Mining Cerro Pelado Property Bolivia El Espino Pacific Ocean 102 k m t Surface o Lima Facilities IOCG Deposit Santiago Condestable UG Antofagasta Chile IOCG Mine (FNV Stream) Raul UG Salta Cretaceous IOCG Belt Vinchos UG Teresa de Colm’o 30 Franco-Nevada Corporation Mantoverde Santo Domingo TSX / NYSE: FNV N Candelaria Punta del Cobre 0 250 P an A km meric Argentina Pacific Ocean an Hw y Panulcillo Condestable Mining El Espino Property Santiago

South America Tocantinzinho Location: Brazil, South America Operator: G Mining Ventures Corp. Precious Metals: Au Stream: Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 2,102 – – Inferred Resource (koz Au)1 50 – – P&P Reserves (koz Au)1 2,042 – – 1, 2 M&I Royalty Ounces (000s) 210 – – 2 Inferred Royalty Ounces (000s) 5 – – 2 P&P Royalty Ounces (000s) 204 – – 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. 2 For Royalty Ounce calculation, Franco-Nevada estimates it will receive 12.5% of gold produced which reduces to 7.5% after 300,000 ounces of gold have been delivered. The stream interest has been Tocantinzinho, Brazil factored by 80% to reflect an ongoing payment price of 20% of the spot price for each ounce of gold delivered ($1,800 per ounce gold for 2022) Tocantinzinho is a conventional open pit mining and milling operation. On July 18, 2022, Franco-Nevada (Barbados) Corporation, On February 9, 2022 G Mining Ventures announced a positive feasibility a subsidiary of Franco-Nevada, announced a study on Tocantinzinho constructing a 12.6 ktpd mill and producing $352.5 million funding package with G Mining Ventures 1.8 Moz of gold over 10.5 years, resulting in an average annual gold Corp. on the Tocantinzinho gold project in Brazil. production profile of approximately 175 koz with an all-in-sustaining cost of $681/oz and initial capital cost of $458 million. Tocantinzinho is located in the Tapajos region of Pará State, Brazil, 200 km The project has commenced construction with first production expected south-southwest of the city of Itaituba, and is owned and operated by in the second half of 2024. Based on expected mine performance, full G Mining Ventures Corp. (“G Mining Ventures”). year contributions to Franco-Nevada from the project are expected to D average approximately 24,500 GEOs per year over the first five years of iv The construction funding package included a $250 million gold stream, full production. ersified A $75 million secured term loan and $27.5 million of G Mining Ventures’ common shares. Experienced team with track record of successful project delivery ssets Under the streaming agreement, Franco-Nevada will receive 12.5% of gold produced which reduces to 7.5% after 300,000 ounces of gold have Project financing in place been delivered. Franco-Nevada pays an ongoing price of 20% of the spot gold price for each ounce of gold delivered. Large, prospective land package of The $75 million, six-year term loan is available for a period of 3.5 years, approximately 996 km2 drawable quarterly at G Mining Ventures’ option following full funding of the stream with an interest rate of 3-Month Term Secured Overnight M Financing Rate (“3-Month SOFR”) +5.75% per annum, reducing to iner 3-Month SOFR+4.75% after completion tests have been achieved at Tocantinzinho al R the project. Gold Stream esour c N es and M 0 10 km iner al R eser Tocantinzinho v es Licenses under application Mining Licenses Exploration Licenses A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 31

South America Cerro Moro Location: Argentina, South America ww Operator: Pan American Silver Corp. vievie Precious Metals: Au & Ag erer Royalty: NSR: 2% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 6.3 $ 4.9 $ 4.1 M&I Resource (koz Au)1 574 574 521 Inferred Resource (koz Au)1 226 226 254 P&P Reserves (koz Au)1 457 457 431 M&I Resource (Moz Ag)1 30.0 30.0 30.1 Inferred Resource (Moz Ag)1 8.2 8.2 8.8 P&P Reserves (Moz Ag)1 22.2 22.2 23.9 Cerro Moro, Argentina 1, 2 etals M&I Royalty Ounces (000s) 17 18 18 2 Inferred Royalty Ounces (000s) 6 6 7 faces, which supported the increase in mill feed coming from higher- 2 grade underground ore and stable throughput. Prior to the acquisition, P&P Royalty Ounces (000s) 14 15 15 ecious M Yamana’s long-term plan at Cerro Moro was to create ten years of r 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral P Resource category; all M&I categories are inclusive of Mineral Reserves 3 sustainable production of at least 160,000 gold equivalent ounces 2 For Royalty Ounce calculation, Franco-Nevada estimates 95% of the Mineral Reserves (100% in per year. 2021), 90% of the M&I Mineral Resources (95% in 2021, 95% in 2020) and 90% of the Inferred Mineral Resources (95% in 2021, 95% in 2020) are subject to our royalty interest and estimates a rate of 2.0% In November 2022, Yamana continued to report exploration success at is applicable. Silver has been converted assuming $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020) Cerro Moro. Cerro Moro exploration during 2022 concentrated in the core mine (covered by Franco-Nevada’s royalty) and Naty sectors (not covered Franco-Nevada has a 2% NSR on the Cerro Moro mine by Franco-Nevada’s royalty) with infill drilling targeting extensions of operated by Pan American Silver Corp. (“Pan American known mineralization both to depth and along strike to replace mining Silver”) in Santa Cruz province, Argentina. depletion. Yamana was considering both a plant expansion and added heap leach project which, along with conversion of known exploration The royalty covers approximately 160 km2 of the property including targets to mineral resources, could produce at least 200,000 gold a significant portion of the mineral resources which are contained equivalent ounces3 per year. in high-grade epithermal gold and silver veins. In March 2023, Pan High grade gold/silver deposit American Silver acquired Cerro Moro as part of its acquisition of Yamana with expansion potential Gold Inc. (“Yamana”). Construction at Cerro Moro was completed in 2018 with commercial Significant near-mine and regional production being declared in June 2018. For 2022, actual production exploration targets was 108,240 ounces of gold and 6.1 million ounces of silver compared to 79,988 ounces of gold and 5.6 million ounces of silver in 2021. 3 Please refer to Yamana’s public disclosures for further details on its definition of gold Production continued to benefit from access to additional mining equivalent ounces Cerro Moro Royalty Area 2% NSR Royalty Claim Area N Not Included Under 0 5 2% NSR km Natalia NW Natalia BOLIVIA Nini Ext N BRAZIL PARAGUAY Nini Esperanza Michelle URUGUAY Tres Lomas CHILE ARGENTINA Buenos Loma Escondida Aires Escondida PLANT Deborah Cerro Moro Elsa Martina Zoe Carla 32 Franco-Nevada Corporation TSX / NYSE: FNV

South America Salares Norte Location: Chile, South America Operator: Gold Fields Limited Precious Metals: Au & Ag Royalty: NSR: 1-2% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 3,933 3,804 3,804 Inferred Resource (koz Au)1 142 109 109 P&P Reserves (koz Au)1 3,467 3,476 3,476 M&I Resource (Moz Ag)1 44.9 42.9 42.9 Inferred Resource (Moz Ag)1 0.9 0.7 0.7 P&P Reserves (Moz Ag)1 39.0 39.3 39.3 Salares Norte, Chile 1, 2 M&I Royalty Ounces (000s) 45 44 88 2 Inferred Royalty Ounces (000s) 2 1 2 tonnes grading 5.85 g/t gold and 71.3 g/t silver). In June 2022, Gold 2 Fields released a technical report supporting the 2019 feasibility study P&P Royalty Ounces (000s) 39 40 81 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral which envisaged an open-pit mining operation with an initial mine life Resource category; all M&I categories are inclusive of Mineral Reserves of 11 years. 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Reserves & Mineral Resources (100% in 2021, 100% in 2020) are subject to our royalty interest and estimates a rate of Construction of the Salares Norte mine commenced in 2020 and 1.0% (1.0% in 2021, 2.0% in 2020) in anticipation that Gold Fields exercises its right to repurchase pre-stripping of the pit and construction of the processing plant started 1.0% of the 2.0% NSR. Silver has been converted assuming $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020) in January 2021. COVID-19 and severe weather conditions impacted activities on site during 2022, and ongoing skills shortages resulted In early 2019, Franco-Nevada acquired an existing 2% NSR in further delay, with first gold production now expected in Q4 2023. on the Salares Norte project being advanced by Gold Production for 2023 is expected to range from 15,000 to 35,000 ounces Fields Limited (“Gold Fields”) in the Atacama region of and is expected to increase to 500,000 ounces in 2024, before reaching Northern Chile. full production of approximately 600,000 ounces in 2025. For the six-year period from 2024 to 2029, average annual production is expected to be D 500,000 ounces and for the 10-year period from 2024 to 2033, average iv The royalty is subject to a 1% buyback by Gold Fields within 24 months annual production is expected to be 355,000 ounces. Gold Fields reported ersified A of announcing commercial production, for $6.0 million, with a credit total project completion of 87% for the construction of Salares Norte from royalty revenue. In September 2020, Franco-Nevada acquired an additional 2% NSR on all mineral production from Gold Fields’ Rio Baker at the end of December 2022. With the commencement of commercial ssets concessions for $5.0 million in cash with contingent payments of up to production at Salares Norte now expected in Q4 2023, Franco-Nevada $8.0 million. The Rio Baker claims cover the northwest extension of the does not anticipate meaningful royalty payments until 2024. Salares Norte deposit and the royalty acquisition provided Franco-Nevada First production expected in Q4 2023 with exposure to 100% of the Salares Norte project. Salares Norte is a blind epithermal gold and silver deposit and represents Initial 11-year mine life one of Gold Fields’ key development projects. In March 2023, Gold Fields Near-mine exploration success to potentially M released an updated Mineral Reserve as of December 31, 2022 containing extend mine life iner 3.45 million ounces of gold and 42.2 million ounces of silver (18.4 million al R esour c Salares Norte es and M Agua Amarga Royalty Area iner N PERU al R 0 0.5 1 eser v km BOLIVIA es Antofagasta CHILE High-grade gold sub-domains Salares Taca Norte Taca 2017 EIA pit outline ARGENTINA A Brecha Copiapo dditional I Principal Main low-grade Relincho domains La Serena nf Rio Baker Salares Norte orma San Jorge Vizcachitas tion Santiago TSX / NYSE: FNV Franco-Nevada Corporation 33

South America Cascabel (Alpala) Location: Ecuador, South America ww Operator: SolGold plc 1 vievie Metals: Au, Cu, Ag erer Royalty: NSR: 1% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (Mlbs Cu)1 24,626 22,994 21,826 Inferred Resource (Mlbs Cu)1 3,439 4,012 2,866 P&P Reserves (Mlbs Cu)1 7,187 – – M&I Resource (koz Au)1 24,850 22,900 21,700 Inferred Resource (koz Au)1 2,520 3,140 1,900 P&P Reserves (koz Au)1 9,370 – – Cascabel (Alpala), Ecuador etals M&I Resource (Moz Ag)1 92.2 92.2 92.2 Inferred Resource (Moz Ag)1 10.6 10.6 10.6 Franco-Nevada’s royalty covers nearly 50 km2 of the Cascabel mining P&P Reserves (Moz Ag)1 30.0 – – concessions including the Alpala and the Tandayama-America (“TAM”) ecious M 1, 2 deposit. Alpala, the main target in the Cascabel concession, is a copper- r M&I Royalty Ounces (millions) 724 621 601 P gold porphyry deposit and represents one of the largest copper-gold 2 Inferred Royalty Ounces (millions) 91 99 69 projects being advanced globally. 2 P&P Royalty Ounces (millions) 233 – – 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral The Cascabel project is owned by Exploraciones Novamining SA, which Resource category; all M&I categories are inclusive of Mineral Reserves was previously held 85% by SolGold and 15% by Cornerstone Capital 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Resource Inc. (“Cornerstone”). In February 2023, SolGold consolidated Reserves are subject to our royalty interest and estimates a rate of 1.0% (0.85% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces a 100% interest in the Cascabel project, merging with Cornerstone. The assuming $4.00 per pound and silver has been converted to Royalty Ounces assuming $1,800/oz royalty is in reference to all minerals produced with the option of Franco- gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020) Nevada to convert the royalty to a gold NSR for a period of time once Alpala is producing. Franco-Nevada is further entitled to receive certain In 2020, Franco-Nevada acquired a 1% NSR on the minimum royalty payments starting in 2028, subject to certain conditions. Cascabel copper-gold-silver project located in northern The royalty agreement includes an option to buy back 50% of the royalty Ecuador being advanced by SolGold plc (“SolGold”). for a period of time and convert to all precious metals. SolGold completed a prefeasibility study on the Cascabel project in Cascabel (Alpala) April 2022. The prefeasibility study contemplated an underground 1% NSR Area COLOMBIA block cave and outlined a Probable Mineral Reserve containing Cascabel 9.4 million ounces of gold, 3.3 million tonnes of copper, and 30 million EQUADOR ounces of silver (558 million tonnes grading 0.52 g/t Au, 0.58% Cu and N 0 1 BRAZIL 1.65 g/t Ag). The inclusive Measured and Indicated Mineral Resource km PERU Pacific comprised 2,663 million tonnes at 0.53% CuEq for 21.7 million ounces Rocafuerte Ocean BOLIVIA Site Office of gold, 9.9 million tonnes of copper, and 92.2 million ounces of silver. The prefeasibility study contemplates an initial 26-year mine life, with CHILE potential mine life upside in excess of 50 years following the initial life ARGENTINA of mine. On achieving nameplate capacity, an average of approximately 190,000 tonnes of copper, 680,000 ounces of gold and 1.4 million ounces F r on tier erse of silver per year is expected over the initial five years of production. ansv r T Hw y Exploration has yielded encouraging results on the broader Cascabel 0.1% CuEq Tandayama concessions with the identification of a highly mineralized system at America TAM, which is located approximately 3 km north of the Alpala deposit, Aguinaga that has open-pit mining potential, and is covered by the Franco-Nevada 0.1% CuEq royalty. SolGold declared a maiden mineral resource at TAM in October 2021 with a subsequent update in May 2022 comprising 528.5 million tonnes at 0. 36% copper equivalent containing 1.27 million tonnes of copper and 3.16 million ounces of gold in Measured and Indicated Mineral Resources, plus 105.1 million tonnes at 0.36% copper equivalent containing 0.26 million tonnes of copper and 0.62 million ounces of gold in the Inferred category. 0.1% Copper Equivalent 1.0% CuEq Alpala 0.4% Copper Equivalent 0.4% CuEq One of the largest copper-gold development 1.0% Copper Equivalent Alpala 0.1% CuEq Camp projects in the world Tracks Royalty Claim Area Prefeasibility study released in April 2022 34 Franco-Nevada Corporation TSX / NYSE: FNV

South America Posse (Mara Rosa) CentroGold (Gurupi) Location: Brazil, South America Location: Brazil, South America Operator: Hochschild Mining PLC Operator: Oz Minerals Limited Precious Metals: Au Precious Metals: Au Royalty: NSR: 1% Royalty: NSR: 0-1% Franco-Nevada holds a 1% NSR royalty on the Posse Franco-Nevada holds a sliding scale NSR royalty (1% at open-pit project located in Mara Rosa in the State of greater than $400 per ounce gold) on the CentroGold Goiás, Brazil. (Gurupi) project located in the State of Maranhão in Hochschild Mining PLC (“Hochschild”) acquired the project through northern Brazil. its acquisition of Amarillo Gold Corporation (“Amarillo”) in April 2022. Oz Minerals Limited (“Oz Minerals”) acquired the previous operator, Hochschild has revised the August 2020 feasibility study prepared by Avanco Resources Limited (“Avanco”), in 2018. In July 2019, Oz Minerals Amarillo and the updated mine plan forecasts a 10-year mine life from an released an updated prefeasibility study on the project which envisioned open-pit with average annual gold production of 80,000 ounces of gold a 10-year mine life with average annual gold production of 100,000 to per year with 100,000 ounces of gold per year over the first four years of 120,000 ounces of gold per year with 190,000 to 210,000 ounces of gold production. The brownfield project benefits from existing infrastructure per year in the first two years of production. There is currently a mining and received the License to Install from state regulators in February 2021. license injunction for the property. In 2022, Oz Minerals underwent an Initial capital for the project is estimated at $200 million. As of January extensive negotiation and agreement process on a Land Use Agreement 2023, construction is advancing on schedule and reported to be and, in December 2022, the National Institute of Colonization and 50% complete as of the end of December 2022, with first production Agrarian Reform approved the Land Use Agreement required for anticipated in H1 2024. progressing the court injunction removal. Oz Minerals intends to For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral commence a feasibility study for the CentroGold project once the court Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable injunction is removed. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable D iv ersified A Calcatreu San Jorge ssets Location: Argentina, South America Location: Argentina, South America Operator: Patagonia Gold PLC Operator: Aterra Investments Ltd. and Solway Industries Ltd. Precious Metals: Au & Ag Precious Metals: Au Royalty: NSR: 2.5% Royalty: NSR: 7.5% M Franco-Nevada has a 2.5% NSR on the Calcatreu property San Jorge is a copper-gold porphyry project located in the iner in Argentina. Province of Mendoza, Argentina. al R esour Calcatreu is an epithermal gold-silver deposit located in the Province of Coro Mining Corp. (“Coro Mining”) prepared a prefeasibility study in c Rio Negro. In December 2017, Patagonia Gold PLC (“Patagonia”) acquired 2012 for a flotation copper project with a proposed open pit mine with es and M the property from Pan American Silver. The Calcatreu deposit contains enriched and primary sulphide ore, although failed to receive permitting an Indicated Mineral Resource of 669,000 ounces of gold and 6.3 million to proceed with the project. Aterra Investments Ltd. and Solway iner ounces of silver and an Inferred Mineral Resource of 348,000 ounces of Industries Ltd. (“Solway”) acquired the property from Coro Mining in gold and 3.4 million ounces of silver. In 2022, Patagonia held a series April 2015 and the project is currently on care and maintenance. Solway al R of outreach meetings with local communities, authorities and unions has reported prefeasibility results with annual production of over 40,000 eser v presenting an update on activities, to seek input from those groups and tonnes of copper and 40,000 ounces of gold contained in concentrate es others which will form a vital part of the permitting process for the project over a 16-year life. Under revised terms of the royalty agreement Franco- moving forward. During the same period, surface rights covering a major Nevada received annual payments of $1.25 million per year for a 10-year portion of the current Mineral Resource at Calcatreu were purchased. period which ended in 2021. Franco-Nevada maintains a 7.5% NSR on all gold produced from the property, having acquired the royalty through its For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral acquisition of Lumina Royalty Corp. in December 2011. Reserves are subject to our royalty interest and estimates an average rate of 2.5% is applicable For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral A Reserves are subject to our royalty interest and estimates an average rate of 7.5% is applicable dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 35

Central America and Mexico ww vievie erer vv OO etals ecious M Guadalupe-Palmarejo r P Cobre Panama Producing 36 Franco-Nevada Corporation TSX / NYSE: FNV

Central America and Mexico Cobre Panama Location: Panama, Central America and Mexico Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, Operator: First Quantum Minerals Ltd. contributed a total of $1.36 billion to the construction of Cobre Precious Metals: Au & Ag Panama. Franco-Nevada has two precious metals streams with slightly Stream: Gold and Silver Stream different terms: • Fixed Payment Stream – Effective since 2015 and applies to First 2022 2021 2020 Quantum’s original 80% interest in Cobre Panama. Revenue to Franco-Nevada ($ million) $ 223.3 $ 235.0 $ 135.4 • Floating Payment Stream – Effective March 2018, Franco-Nevada 1, 2 (Barbados) Corporation added a new precious metals stream which M&I Resource (koz Au) 7,159 7,396 7,318 increased its coverage to 100% of the ownership of the Cobre Panama 1, 2 Inferred Resource (koz Au) 1,296 1,301 1,133 operation. The Floating Payment Stream applies to First Quantum’s 1, 2 P&P Reserves (koz Au) 6,861 7,104 7,298 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s M&I Resource (Moz Ag)1, 2 149.2 152.9 153.5 10% indirect interest. Inferred Resource (Moz Ag)1, 2 38.0 38.1 36.4 P&P Reserves (Moz Ag)1, 2 128.8 133.0 135.5 The amount of precious metals deliverable under both the Fixed Payment 1, 2, 3 Stream and Floating Payment Stream is currently indexed to the copper M&I Royalty Ounces (000s) 4,758 4,973 5,010 in concentrate shipped until certain specified thresholds of gold and 2, 3 Inferred Royalty Ounces (000s) 750 769 706 silver deliveries are met, currently expected to occur in 2028. The main 2, 3 P&P Royalty Ounces (000s) 4,532 4,743 4,893 difference between the Fixed Payment Stream and Floating Payment 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Stream is the ongoing price per ounce paid. As of November 2022, the Resource category; all M&I categories are inclusive of Mineral Reserves current ongoing payment of the Fixed Payment Stream is fixed per ounce 2 Mineral Reserves and Mineral Resources and the related Royalty Ounces are based on publicly payments of $450.59/oz gold and $6.76/oz silver with a 1.5% annual disclosed information as of March 9, 2023 and do not reflect First Quantum’s updated estimate 3 For Royalty Ounce calculation, Franco-Nevada assumes 88% of the Mineral Resources and Mineral inflation factor. The Floating Payment Stream ongoing price per ounce for Reserves are subject to our stream interest. Silver has been converted into Royalty Ounces assuming deliveries is 20% of the spot price for the Mineral Reserve life at the time $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and higher thereafter. and $25.00/silver in 2020) and a 62% (62% in 2021, 62% in 2020) factor has been applied to obtain a Royalty Ounce for the P&P category, a 62% (62% in 2021, 62% in 2020) factor has been applied for Royalty Ounces in the M&I category and a 50% factor has been applied for Royalty Ounces in the Cobre Panama commenced production in February 2019. From Inferred category January 1, 2019 until the mill throughput reached 58 Mtpa, Franco- Cobre Panama is one of the world’s largest copper-gold- Nevada was entitled to a 5% return on its capital invested. The return will be achieved by a $100 per gold ounce discount in the ongoing price for silver porphyry deposits in operation and is 90% owned D the initial ounces acquired. Throughput in 2022 was 86 Mtpa (nameplate iv by First Quantum Minerals Ltd. (“First Quantum”) and 10% capacity for the concentrator is 85 Mtpa). First Quantum has completed ersified A by Korea Mine Rehabilitation & Mineral Resources Corp. construction for the 100 Mtpa Expansion project (“CP100”). The project facilities are currently in commissioning and ramp up will now continue (“KOMIR”). over the course of the year to achieve an expected throughput rate of ssets 100 Mtpa by the end of 2023. As at the end of December 2022, the mine life is 32 years. M iner al R esour c es and M iner al R eser v es A dditional I nf Cobre Panama, Panama orma tion TSX / NYSE: FNV Franco-Nevada Corporation 37

Central America and Mexico The delivery of precious metals to Franco-Nevada is initially indexed to Expansion to achieve target throughput of ww the copper in concentrate shipped. In 2022, Cobre Panama produced 100 Mtpa during 2023 vievie 350 kt of copper. Franco-Nevada sold 123,769 GEOs from the mine erer in 2022, compared to 131,062 GEOs in 2021. In 2023, Franco-Nevada vv Concession covers an area of OO expects GEO sales from its Cobre Panama stream to be between 115,000 and 135,000 GEOs based on First Quantum’s January 16, 2023 guidance approximately 130 km2 of between 350,000 and 380,000 tonnes of copper production, and Low-cost operation close to tidewater accounting for a larger allowance for the impact of shipment timing for the year following the restriction of concentrate shipments in February. First Quantum announced on March 8, 2023 that a draft concession contract with the Government of Panama was finalized; the agreement is in a ratification process. The concession contract will have an initial 20-year term, with a 20-year extension option and additional extensions for the life of mine. etals Punta Rincón Port and Powerplant ecious M r P Caribbean Sea Caribbean Sea Panama Cobre Panama Canal Project Panama City Cobre Panama River Caimito Pacific Ocean 0 N 4 km Cobre Panama is one of * Property located the world’s largest copper approximately 20 km from Caribbean Sea porphyry deposits. It’s location near tidewater allows a very low cost operation. Concession Boundary Power Transmission 230 kv line Camp Plant Colina Pit Botija Site Medio Pit Pit Balboa Pit Valle Grande Pit Botija Abajo Pit Brazo Pit 38 Franco-Nevada Corporation TSX / NYSE: FNV

Central America and Mexico Guadalupe-Palmarejo Location: Mexico, Central America and Mexico Operator: Coeur Mining, Inc. Precious Metals: Au Stream: 50% Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 74.2 $ 83.4 $ 79.0 M&I Resource (koz Au)1 2,127 1,931 1,462 Inferred Resource (koz Au)1 380 246 280 P&P Reserves (koz Au)1 953 884 849 1, 2 M&I Royalty Ounces (000s) 535 467 342 2 Inferred Royalty Ounces (000s) 102 60 66 2 P&P Royalty Ounces (000s) 241 211 194 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 91% of the Mineral Reserves (86% in 2021, Guadalupe-Palmarejo, Mexico 84% in 2020), 89% of the exclusive M&I Mineral Resource (90% in 2021, 89% in 2020) and 97% of the Inferred Mineral Resource (88% in 2021, 87% in 2020) are subject to our 50% stream interest. The stream interest has been factored by 56% to reflect $1,800 per ounce gold ($1,800/oz gold in 2021, each ounce delivered under the new gold stream agreement. The new $1,750/oz gold in 2020) and $800 per ounce ongoing payments (56% in 2021, 54% in 2020) agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo operation. The agreement applies to a Since January 2009, Franco-Nevada has received 50% of 2 land position totaling over 1,200 km . Franco-Nevada provided an upfront the gold produced from the Palmarejo operation located $22 million deposit which was used to partially fund the development of in Chihuahua Province, Mexico which is owned and the Guadalupe underground mine on the Palmarejo property. operated by Coeur Mining, Inc. (“Coeur”). Franco-Nevada sold 41,000 ounces of gold from the mine in 2022, Palmarejo is an underground silver project with a considerable gold compared to 46,506 ounces of gold in 2021. Palmarejo has a mill by-product. Starting in 2009, Franco-Nevada Mexico received 50% of the throughput capacity of 7 ktpd and in 2022 produced 6.7 Moz of silver and 107 koz of gold. Coeur’s 2023 production guidance for Palmarejo is gold produced from Palmarejo in return for a $75 million investment. The D between 100 koz and 112.5 koz of gold and 6.5 and 7.5 Moz of silver. In iv original contract was terminated in 2014 and Coeur fulfilled its obligation 2023, Franco-Nevada expects sales from the Guadalupe-Palmarejo stream ersified A under that agreement in the third quarter of 2016, once they delivered to be between 35,000 and 40,000 GEOs, as less production is anticipated the minimum ounce obligation of 400,000 ounces of gold. In June 2014, to be sourced from ground covered by our stream during the year. Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, ssets entered into a new 50% gold stream with Coeur on the Palmarejo Mineral Reserves grew by approximately 8% in 2022 versus the previous project with ongoing payments equal to the lesser of $800 per ounce 2021 estimate, net of depletion. Franco-Nevada estimates that over 80% (no inflation provision) and the then prevailing spot price for gold for of the existing Mineral Resources and Mineral Reserves are covered by the stream agreement. Perimeter Exploration success has grown of gold Mineral Resources and Mineral Reserves M stream iner property Mineral Reserves grew by approximately al R La Bavisa 8% in 2022 esour Palmarejo c Independencia es and M Agua Salada Mill Mine Complex Independencia iner West Independencia La Nación East al R Zapata eser v Non-stream Guadalupe es Guadalupe-Palmarejo ground Mine Gold Stream Complex CA NM AZ 0 4 La Patria TX km A Guadalupe- dditional I Palmarejo MEXICO Pacific Ocean nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 39

United States ww vievie erer vv OO Stibnite Gold Stillwater Nevada Castle Mountain etals Mesquite ecious M r P Midas Granite Creek Hollister (Pinson) South Arturo Goldstrike Gold Quarry Marigold Fire Creek Bald Mountain Robinson Nevada Producing Advanced Sterling 40 Franco-Nevada Corporation TSX / NYSE: FNV

United States Stillwater Location: Montana, United States Operator: Sibanye-Stillwater Precious Metals: PGM Royalty: NSR: 5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 36.8 $ 57.8 $ 50.9 1 M&I Resource (koz PGM) 39,400 45,000 35,747 1 Inferred Resource (koz PGM) 44,800 44,600 45,327 1 P&P Reserves (koz PGM) 26,300 27,300 26,883 1, 3 M&I Royalty Ounces (000s) 1,316 2,040 1,739 2, 3 Inferred Royalty Ounces (000s) 1,497 2,021 2,205 2, 3 P&P Royalty Ounces (000s) 879 1,237 1,308 Stillwater, Montana 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves require engineered backfill as well as geologically and geotechnically 2 For Royalty Ounce calculation, Franco-Nevada estimates 98% of the Mineral Resources and Mineral more complex mining at East Boulder. Factoring in these operational Reserves are subject to our royalty interest 3 Given more significant smelting and refining charges, Franco-Nevada estimates an average rate of constraints at the Stillwater complex, 2023 PGM production is forecast to 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces be between 500,000 to 535,000 ounces. assuming $900/ounce Pt and $1,500/ounce Pd ($1,000/ounce Pt and $2,100/ounce Pd in 2021, $1,100/ounce Pt and $2,200/ounce Pd in 2020) Stillwater East (the Blitz project), located east of the Stillwater mine The Stillwater complex in Eastern Montana is comprised (Stillwater West) and covered by the NSR, commenced production in of the Stillwater mine (West and East) and East Boulder October 2017. Stillwater East continues to ramp up despite various operational challenges. The 2022 U.S. PGM update from Sibanye-Stillwater mine and is operated by Sibanye-Stillwater, following the highlighted that the Benbow flooding, challenging ground conditions acquisition of Stillwater Mining Company by Sibanye Gold and critical skills shortages impeded production build up at Stillwater Limited in May 2017. East. Sibanye-Stillwater plans to build a $30 million engineered backfill solution plant and commission it by 2025. The steady state run rate Production began in 1986 at the Stillwater mine and in 2002 at the East from Stillwater East is expected to be approximately 170,000 ounces per D annum starting in 2026. iv Boulder mine. Both are PGM mines with the majority of production ersified A being palladium. In 2022, Sibanye-Stillwater performed a comprehensive update of the Franco-Nevada has a 5% NSR royalty on all commercially recoverable Mineral Resource and Mineral Reserve estimation methodology at the ssets metals produced from 813 of the 995 claims that cover the Stillwater Montana operations. While this resulted in a downward revision to the complex. The amount of the royalty is reduced by permissible “onward Mineral Reserves, the Mineral Reserves continue to support a 42 year processing” deductions, which have averaged between 5-10% of revenue mine life building up to +700 koz of annual production from 2027. over the last several years. Significant Mineral Resources have the potential to increase mine life even further in the future. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 98% Only PGM producer in the U.S. of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. In recent years, the percentage of Stillwater complex production M subject to Franco-Nevada’s royalty has increased well above 90% as Mineral Reserves support a long mine life iner mining moves away from the shaft area towards royalty ground. al R PGM production for 2022 yielded 421,133 ounces versus 570,400 Significant Mineral Resource has the potential to esour increase mine life even further c ounces in 2021. Production in 2022 was affected by the June regional es and M flooding event, temporary suspension of mining Stillwater East areas that iner East Boulder Portal Site Stillwater Complex al R eek eser r ork C Dry F (Plan View) S S w tillw Stillwater N eet a v 5% NSR g t Mill Site r er C East B ass C o es 1 mile East o . Boulder oulder R . Adit ewis Gulch L Limit of Franco- iv er Claims er er Nevada t iv amp a Royalty C Franco- er R SK Lake tillw Nevada t a Stillwater ork S Royalty tillw BC AB MB Boulder R C S S iv est F oun w er W t Montana North Dakota eet y line Washington P g Franco-Nevada Royalty Land ar r k C ass C o o South Dakota A . . Oregon Idaho Wyoming dditional I Stillwater Complex Current and future planned Nebraska production layouts (Long Section) Nevada East Boulder Mine Not to scale Stillwater West Stillwater East (Blitz) Utah Colorado California nf orma tion Non-Royalty mill area TSX / NYSE: FNV Franco-Nevada Corporation 41

United States Goldstrike Location: Nevada, United States ww Operator: Nevada Gold Mines LLC vievie Precious Metals: Au erer Royalty: NSR: 2-4% / NPI: 2.4-6% vv OO Carlin Trend 2022 2021 2020 1, 2 M&I Resource (koz Au) 30,894 30,894 30,894 1, 2 Inferred Resource (koz Au) 8,943 7,480 2,602 1, 2 P&P Reserves (koz Au) 16,260 17,886 19,512 1, 3 M&I Royalty Ounces (000s) 324 324 324 3 Inferred Royalty Ounces (000s) 94 79 27 3 P&P Royalty Ounces (000s) 171 188 205 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category for Carlin Trend; all M&I categories are inclusive of Mineral Reserves etals 2 Under the Nevada Gold Mines joint venture, Barrick now reports Goldstrike, Gold Quarry and South Arturo as part of the Carlin operation category. Mineral Resources and Mineral Reserves include Goldstrike, Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or stream interests Goldstrike, Nevada ecious M 3 For Royalty Ounce calculation, Franco-Nevada estimates 35% of the Carlin Trend Mineral Resources r P and Mineral Reserves are subject to our royalty interests on Goldstrike, Gold Quarry and South Arturo and estimates an average royalty rate of 3.0% is applicable The Goldstrike complex is located on the Carlin Trend, about 60 km northwest of the town of Elko, Nevada and includes the open-pit Betze- Goldstrike Au 2022 2021 2020 Post mine, as well as the underground operations of Meikle and Rodeo Total NSR Revenue to FNV ($ million) $ 5.5 $ 3.9 $ 5.2 immediately to the north. Mining activity commenced on the property in Total NPI Revenue to FNV ($ million) $ 13.7 $ 21.4 $ 15.5 1976 and, since 1987, has been operated by Barrick. Total Revenue to FNV ($ million) $ 19.2 $ 25.3 $ 20.7 Franco-Nevada holds both NSR (2-4%) and NPI (2.4-6%) royalties at M&I Resource (koz Au)1 n/a n/a n/a Goldstrike covering over 50% of the reported Mineral Reserves. This Inferred Resource (koz Au)1 n/a n/a n/a estimate includes low-grade ore that has been stockpiled. The royalties P&P Reserves (koz Au)1 n/a n/a n/a vary depending on the claim blocks, operating costs and capital 2, 3 investments, as shown in the schematic. As a result, royalty payments can M&I Royalty Ounces (000s) n/a n/a n/a vary substantially on a quarterly basis. Franco-Nevada anticipates royalty 3 Inferred Royalty Ounces (000s) n/a n/a n/a production in 2023 to be similar to that of 2022. 3 P&P Royalty Ounces (000s) n/a n/a n/a 1 Please refer to the table above for the Carlin Trend Mineral Resources and Mineral Reserves which On July 1, 2019, Barrick (61.5%) and Newmont Corporation (“Newmont”) include Goldstrike (38.5%) combined their significant assets across Nevada to create Nevada 2 All M&I categories are inclusive of Mineral Reserves Gold Mines as a joint venture. Under this joint venture, Goldstrike is 3 Please refer to the table above for the Carlin Trend Royalty Ounce calculation which reported as part of the Carlin operation category by Barrick. Barrick includes Goldstrike announced 2022 production of 966,000 gold ounces from its 61.5% share Franco-Nevada holds royalties covering the majority of the of Carlin which includes Goldstrike, Gold Quarry and South Arturo as Nevada Gold Mines LLC (“Nevada Gold Mines”) Goldstrike well as other properties where Franco-Nevada has no royalty interests. complex operated by Barrick Gold Corporation (“Barrick”). Nevada Gold Mines noted that Carlin gold production for 2022 was 5% higher compared to 2021, mainly due to higher roaster production after recovering from the mill failure at the Goldstrike roaster in May Goldstrike 2021. Nevada Gold Mines also noted that there will be major roaster Mine Extension maintenance and the autoclave CIL conversion in Q1 2023 at Goldstrike. 5% NPI 4% NSR Goldstrike Barrick has reported 2023 production guidance of 910,000 to N Underground Mine 1,000,000 gold ounces from its 61.5% share of Carlin. Exploration Meikle/Rodeo 1 mile projects being contemplated to provide upside in the future include a Gold Bug Goldstrike underground expansion and the potential Goldstrike 6NW 5% NPI Royal open-pit layback. Oregon Idaho 4% NSR 3% NSR Nevada Utah Goldstrike World class gold operation Goldstrike Open Pit Mine California Arizona Pacific Bazza Strip Focus asset for Barrick with substantial Ocean 2% NSR MEXICO 2.4% NPI SJ invested capital 6% NPI Post 5% NPI Corbett Bazza 4% NSR Profit royalties provide more 2% NSR 2% NSR leverage to gold prices Goldstrike 5% NPI Pandora 4% NSR 2% NSR Rodeo Creek 4% NSR SPLC Weimer Above 4600’ Lease 4% NSR 6% NPI 42 Franco-Nevada Corporation TSX / NYSE: FNV

United States Gold Quarry Location: Nevada, United States Operator: Nevada Gold Mines LLC Precious Metals: Au Royalty: NSR: 7.29% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 4.9 $ 7.5 $ 10.7 1, 2 M&I Resource (koz Au) n/a n/a n/a Inferred Resource (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a 2, 3 M&I Royalty Ounces (000s) n/a n/a n/a 3 Inferred Royalty Ounces (000s) n/a n/a n/a 3 P&P Royalty Ounces (000s) n/a n/a n/a 1 Please refer to the table on page 42 for the Carlin Trend Mineral Resources and Mineral Reserves which include Gold Quarry 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 42 for the Carlin Trend Royalty Ounce calculation which includes Gold Quarry, Nevada Gold Quarry The Gold Quarry operation is part of the Nevada Gold were further optimized based on process routing options made possible with the multiple processing facilities available following the formation of Mines Carlin operations in north-central Nevada. Nevada Gold Mines. A key driver for growth at the asset is the expansion of the Gold Quarry roaster. In the past, the operation has considered pit It is a large open-pit mine that has been in production since 1985 expansions including the West Wall Layback and the Greater Gold Quarry supplying ore as part of an integrated mining and processing complex. Expansion. In 2022, Franco-Nevada’s prepaid ounces delivered by Gold In 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant Quarry exceeded the Gold Quarry known Mineral Reserves resulting assets across Nevada to create Nevada Gold Mines as a joint venture. in lower expected future minimum payments. Going forward, Franco- Under this joint venture, Barrick reports Gold Quarry under its Carlin Nevada expects its royalty from Gold Quarry to be 1,350 GEOs per annum operations category and Newmont reports Gold Quarry under its Nevada based on the minimum payment obligation. D Gold Mines category. iv Annual minimum payment obligations ersified A Franco-Nevada’s royalty interest covers only a portion of the Gold Quarry property, as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production with a minimum payment obligation. The Benefits from additional milling and ssets annual minimum royalty payment calculation is tied to Mineral Reserves roasting infrastructure following the formation and stockpiles attributed to the Gold Quarry royalty property. Through of Nevada Gold Mines optimized pit shells, Gold Quarry was able to deliver year-over-year total Registered on private lands open-pit resource growth in 2022. Notably, mineral resource estimates Gold Quarry 7.29% M Mine NSR iner al R N esour c 0.5 mile es and M 7.29% NSR iner al R eser v West Wall Layback Gold Quarry es Open Pit Oregon Idaho A Gold Quarry Nevada Utah dditional I Potential Greater Gold Quarry Expansion California Arizona Pacific Ocean nf MEXICO orma tion TSX / NYSE: FNV Franco-Nevada Corporation 43

United States Marigold Location: Nevada, United States ww Operator: SSR Mining Inc. vievie Precious Metals: Au erer Royalty: NSR: 1.75-5% / GR: 0.5-4% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 7.5 $ 8.5 $ 7.1 M&I Resource (koz Au)1 5,004 5,004 4,942 Inferred Resource (koz Au)1 252 252 182 P&P Reserves (koz Au)1 3,410 3,410 3,887 1, 2 M&I Royalty Ounces (000s) 126 154 155 2 Inferred Royalty Ounces (000s) 6 8 6 2 P&P Royalty Ounces (000s) 86 106 122 Marigold, Nevada etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 97% of the Mineral Reserves (96% in 2021, 98% in 2020), 96% of the M&I Mineral Resources (97% in 2021, 98% in 2020) and 97% of the Inferred ecious M Mineral Resources (96% in 2021, 98% in 2020) are subject to our royalty interest and estimates a rate r of 2.59% is applicable Marigold Mine P 5% NSR 5% NSR * December 2009 N The Marigold mine is located approximately 64 km Acquisition 1 mile southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. 1.75% NSR 5% NSR 1.75% NSR 5% NSR (“SSR Mining”). Valmy Valmy The mine has been in continuous production since 1989 and is a large run-of-mine heap leach operation with several open pits. Franco-Nevada 5% NSR 1.75% NSR 5% NSR 5% NSR 1.75% NSR 5% NSR has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering a significant portion of the current Mineral Reserve base. Franco-Nevada’s original royalties were acquired in connection with its IPO and, in December 2009, additional 5 North 5 North royalties covering alternate sections were added. In 2022, 18,061 kt of ore 5% NSR Deposit N 5% NSR Deposit Pits were placed on pads at a grade of 0.56 g/t versus 19,999 kt of ore placed on pads at a grade of 0.41 g/t in 2021. 1 Mile Exploration 2.5%-4% GR* 5% NSR 2.5%-4% GR* 5% NSR Targets The mine produced 194,668 ounces of gold in 2022 versus 235,282 8 North 5% NSR 8 North 5% NSR ounces in 2021. For 2023, SSR Mining expects production to be between 5% NSR Deposit 5% NSR 5% NSR Deposit 5% NSR Terry Terry 260,000 to 290,000 ounces, with production of between 215,000 to Zone 8D Zone 8D 245,000 ounces in 2024. The current life of mine plan predicts a 10-year North North 1.75% NSR 1.75% NSR mine life, with life of mine production of 2.3 million ounces of gold and 8SX 8SX average annual production of 225,000 ounces over the next three years. 5% NSR 2.5%-4% GR* 5% NSR 5% NSR 2.5%-4% GR* 5% NSR Royalty payments to Franco-Nevada will fluctuate depending on the Marigold royalty ground being mined. Oregon Idaho Terry Hideout Mine Terry Hideout Pit Pit SSR Mining’s strategy to advance brownfields targets proximal to existing Nevada Utah *December 2009 Marigold 0.5%-1.5% GR* Acquisition 0.5%-1.5% GR* infrastructure continues to yield encouraging results and the company Red Dot Red Dot California Arizona plans to continue its exploration drilling in 2023 with a $26 million Pacific 2.5%-4% GR* 2.5%-4% GR* Ocean 2.5%-4% GR* 2.5%-4% GR* budget. Currently, the focus will be on higher-grade oxides, resource MEXICO Mackay Pits Mackay Pit Pit expansion and conversion at New Millennium, Mackay, Valmy, Trenton Exploration Canyon and Buffalo Valley, the majority of which are not on Franco- Nevada royalty ground. Targets 5% NSR 3% NSR* 5% NSR 3% NSR* 2.5%- 2.5%- 4% GR* 4% GR* The Marigold mine has produced in Target Target Pit excess of four million ounces Pit Valmy and Valmy and 1.75% NSR 5% NSR 3% NSR* Mud Pits 3% NSR* 1.75% NSR 5% NSR 3% NSR* Mud Pits 3% NSR* Continued resource expansion and encouraging exploration results E. Basalt Schematic E. Basalt Schematic Antler and and Battle Cry Representation Antler and and Battle Cry Representation 1.75% NSR Basalt Pits Targets Only 1.75% NSR Basalt Pits Targets Only (Backfilled) (Backfilled) 44 Franco-Nevada Corporation TSX / NYSE: FNV

United States Bald Mountain Location: Nevada, United States Operator: Kinross Gold Corporation Precious Metals: Au Royalty: NSR/GR: 0.875-5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 8.4 $ 11.2 $ 11.2 M&I Resource (koz Au)1 4,353 4,390 4,735 Inferred Resource (koz Au)1 522 669 695 P&P Reserves (koz Au)1 625 798 1,143 1, 2 M&I Royalty Ounces (000s) 101 139 143 2 Inferred Royalty Ounces (000s) 11 23 23 2 P&P Royalty Ounces (000s) 22 16 22 Bald Mountain, Nevada 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 91% of Mineral Reserves (95% in 2021, 93% in 2020) and 96% of Mineral Resources (exclusive of Mineral Reserves) (95% in 2021, 93% in 2020) Bald Mountain are subject to our royalty interest and estimates an average rate of 3.92% is applicable for Mineral Mine Reserves and 2.20% for Mineral Resources (exclusive of Mineral Reserves) N 1%-5% 1%-5% The Bald Mountain mine lies within the Southern Ruby 0 2 GR GR km Mountains of northeastern Nevada along the southern Royale North Block Royale North Block extension of the prolific Carlin Trend, approximately 110 km southeast of Elko. LJ Ridge 1%-5% GR North Duke LJ Ridge 1%-5% GR North Duke 2/3 South 2/3 South Banghart Duke Banghart Duke 2 Poker Poker Ore is sourced from multiple open pits over an estimated 600 km 1 South Flats 1 South Flats property with processing at multiple conventional heap leaching facilities. 5 Ridge 4% 5 Ridge 4% NSR* Winrock NSR* Winrock Bald Mountain is the largest mine site by area in the U.S. It stretches 40 km 4% NSR* Galaxy 4% NSR* Galaxy Redbird Rat Redbird Rat D north to south and 15 km east to west and is divided in three zones: North Top iv Top Zone, South Zone and JV Zone. 0.875 Sage Flats Bida ersified A0.875 Sage Flats Bida to Belmont to Belmont 1.75% 4% NSR 1.75% 4% NSR NSR 2.418% NSR 2.418% Franco-Nevada’s Bald Mountain royalties cover a significant portion of NSR NSR the Bald Mountain property. Royalty rates range from 0.875%-5% NSR/GR. Horseshoe 4% NSR ssets Horseshoe 4% NSR A detailed map of the royalties is shown in the schematic. At the end of Saga Saga 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% North of the North and South Zones while forming a 50/50 exploration joint Block venture partnership with Barrick on the JV Zone in between the North 4% 4% NSR* NSR* and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV area that it did not already own. In 2022, 15,924 kt of ore were placed on pads at Bald Mountain at a M grade of 0.50 g/t versus 19,063 kt of ore at a grade of 0.51 g/t in 2021. iner N Bald Mountain produced 214,094 ounces in 2022, a slight increase from al R 0 Km 2 the 204,890 ounces produced in 2021, mainly due to timing of ounces esour recovered from the heap leach pads. South Oregon Idaho Block c Nevada es and M Bald The large scale of the Bald Mountain land package offers significant Utah Mountain 4% NSR 4% 4% NSR 4% Mine exploration upside, with multiple known mineralized bodies. In 2022, NSR* Bald Mountain NSR* California Arizona approximately 8,150 meters of drilling was completed over six target Pacific iner Excluded from Royalty Ocean * Subject to possible reduction areas. A priority exploration focus was on building volume for the MEXICO al R by third-party royalty high-grade top underground potential resource along with growing eser the nearby deposits. Drilling advanced the Zed Williams target, located 4% NSR* v 4% NSR* southeast of the previously mined Numbers pits. It is primarily near- Lux/Vantage es Lux/Vantage North Block surface and consists of thick intervals of low-grade mineralization over a Targets Targets broad area. The Juniper Project EIS was advanced during the year with the 4% NSR* 4% NSR* completion of the public scoping period in May 2022. The next steps of 4% NSR 4% NSR the process will be the publishing of the Draft EIS, Final EIS and Record of South Block South Block Decision. The Juniper Project would modify and expand operations within the North Operations Area (NOA) resulting in 3,969 acres of new surface A disturbance and extension of the NOA mine life by 11 years. dditional I Yankee Yankee Excluded from Royalty Targets Targets Large land package and significant * Subject to possible reduction nf exploration upside by third-party royalty 4% NSR* orma 4% NSR* South Block Potential to add significant mine life tion TSX / NYSE: FNV Franco-Nevada Corporation 45

United States South Arturo Location: Nevada, United States ww Operator: Nevada Gold Mines LLC vievie Precious Metals: Au erer Royalty: GR: 4-9% with AMR vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.9 $ 5.6 $ 6.2 1, 2 M&I Resource (koz Au) n/a n/a n/a Inferred Resource (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a 2, 3 M&I Royalty Ounces (000s) n/a n/a n/a 3 Inferred Royalty Ounces (000s) n/a n/a n/a 3 P&P Royalty Ounces (000s) n/a n/a n/a South Arturo, Nevada etals 1 Please refer to the table on page 42 for the Carlin Trend Mineral Resources and Mineral Reserves which include South Arturo Franco-Nevada holds a sliding scale gross royalty (4-9%) on production 2 All M&I categories are inclusive of Mineral Reserves from South Arturo. The royalty rate depends on the type of ore (oxide ecious M 3 Please refer to the table on page 42 for the Carlin Trend Royalty Ounce calculation which includes versus non-oxide), as well as the grade (for oxide only). Franco-Nevada r South Arturo P estimates a 4% royalty rate for the oxide mineralization and a 6% royalty South Arturo consists of a series of sediment hosted Carlin- rate for the non-oxide. The royalty agreement includes an annual style gold deposits adjacent to and including the former minimum payment which is credited against any future production Dee gold mine, 60 km northwest of Elko, Nevada. royalty payments. Commercial production at South Arturo’s El Niño mine was declared at Nevada Gold Mines acquired the 40% interest in South Arturo that it did the end of Q3 2019. The mine is located in close proximity to Nevada Gold not already own from i-80 Gold Corp. (“i-80 Gold”) effective June 1, 2021. Mines’ Goldstrike operations where the ore is processed at the refractory The transaction provided Nevada Gold Mines with 100% of the project facilities. In July 2019, Barrick (61.5%) and Newmont (38.5%) combined and all of the longer-term upside at the South Arturo pit and the El Niño their significant assets across Nevada to create Nevada Gold Mines as a underground, as well as flexibility to pursue other potential operational joint venture. Under this joint venture, South Arturo is reported as part of synergies at Goldstrike. the Carlin operation category by Barrick. South Arturo Production from El Niño and the Phase 1 pit began in 2019 and Dee mining of the Phase 1 pit was suspended in December 2019 awaiting 4-9% GR roasting capacity at Goldstrike. Nevada Gold Mines announced that the N South Arturo open pit returned to production in December 2022. In January 2021, Premier Gold Mines Limited (“Premier”), the predecessor 1 mile to i-80 Gold, released a positive prefeasibility study which included the underground El Niño mine and the proposed Phase 1 open pit. Based Phase 2: on the prefeasibility study, El Niño had a two-year mine life with 58,750 Open pit completed recoverable ounces and Phase 1 had an 18-year mine life with 664,000 El Nino U/G: Currently developing recoverable ounces and production targeted to begin in 2025. In May 2021, i-80 Gold reported that the development of a ramp at El Niño was Phase 1 expected to be completed in Q1 2023 to access deeper mineralization. Pit Exploration drilling by Nevada Gold Mines in 2021 and 2022 identified South Hinge extensions to the north, northwest and east of the of the orebody. Target A follow-up program is planned for 2023. East Dee Phase 3 Target Pit Consolidated ownership Year-over-year resource growth Exploration success around newly recognized Excluded controlling structure at El Niño from Royalty Oregon Idaho South Arturo Nevada Utah California Arizona Pacific Ocean MEXICO 46 Franco-Nevada Corporation TSX / NYSE: FNV

United States Mesquite Location: California, United States Operator: Equinox Gold Corp. Precious Metals: Au Royalty: NSR: 0.5-2% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 4.1 $ 4.4 $ 4.2 M&I Resource (koz Au)1 1,855 1,924 1,571 Inferred Resource (koz Au)1 912 928 752 P&P Reserves (koz Au)1 471 471 658 1, 2 M&I Royalty Ounces (000s) 34 31 25 2 Inferred Royalty Ounces (000s) 17 15 12 2 P&P Royalty Ounces (000s) 9 8 11 Mesquite, California 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2021 ounces produced of 137,467. For 2023, Equinox Gold anticipates 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral production of 80,000 to 90,000 ounces of gold, with approximately 60% Reserves are subject to our royalty interest and estimates a rate of 1.85% is applicable of production coming in the second half of the year. Mesquite is a gold operation located in southeast Mining at Mesquite in 2023 will pivot to a small pit approach to reduce California, approximately 70 km northwest of Yuma, waste stripping, with ore being mined from Brownie Phase 3 and Vista Arizona and 230 km east of San Diego, California. East 3. While this will reduce ounces produced in 2023, efforts to establish additional Mineral Reserves through exploration and resource drilling The mine is an open-pit, run-of-mine, heap leach operation. Franco- will continue and Equinox will also continue the permitting required to Nevada holds royalties on the entire Mesquite mine property that enable mine life extensions beyond 2023. range from a 0.5-2% NSR, depending on the claim block, as shown on the schematic. Mesquite has produced in excess of 5 Moz In 2022, 12,076 kt of ore were placed on pads at Mesquite at a grade of Ongoing resource expansion and planned leach D 0.42 g/t versus 9,740 kt of ore at a grade of 0.42 g/t in 2021. Mesquite iv produced 123,965 ounces of gold in 2022, a modest decrease from pad extension ersified A ssets Big Chief Rainbow M Brownie 0.5% iner NSR al R esour c 1% NSR es and M $500 Mesquite Mine Gold Pit Vista iner al R N eser 2% NSR v 1 Mile es Oregon Idaho Nevada Utah Pacific California Ocean Arizona Mesquite MEXICO A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 47

United States Castle Mountain Location: California, United States ww Operator: Equinox Gold Corp. vievie Precious Metals: Au erer Royalty: NSR: 2.65%-4.65% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 1.1 $ 1.5 $ – M&I Resource (koz Au)1 5,638 5,919 4,333 Inferred Resource (koz Au)1 1,422 1,608 2,210 P&P Reserves (koz Au)1 4,168 4,168 3,563 1, 2 M&I Royalty Ounces (000s) 149 157 115 2 Inferred Royalty Ounces (000s) 38 43 59 2 P&P Royalty Ounces (000s) 110 110 94 etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Castle Mountain, California Reserves are subject to our royalty interest and estimates a rate of 2.82% is applicable ecious M r P The Castle Mountain mining property is located in Castle Mountain Nev C California, close to the Nevada border and is in the historic Royalty Area alif ada Hart Mining District, 120 km south of Las Vegas, Nevada. ornia The mine is operated by Equinox Gold, which also owns the Mesquite mine described on page 47. NewCastle Gold Ltd. (“NewCastle”), a 0 1,000 2,000 predecessor company to Equinox Gold, was the previous owner of the Castle Mountain property. The Castle Mountain land holdings total metres greater than 40 km2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced Royalty lands over 1.2 million ounces of gold. 2.65% NSR Pacific Clay claims Franco-Nevada currently holds a 2.65% NSR covering all of the existing Royalty 4.65% NSR Castle Mountain mine and extending 10 miles from the boundary of the * Plus 10 Mile mine. On May 2, 2022, Franco-Nevada acquired the ‘American Standard’ Area of Interest 2% NSR on the Pacific Clay claims, which comprise a portion of the JSLA pit. When combined with the 2.65% NSR, Franco-Nevada now has a 4.65% NSR on the Pacific Clay claims. West Redevelopment of Castle Mountain is planned in two phases. Waste Dump Oro Belle Construction and commissioning of the Phase 1 mine was completed Mined Pit and commercial production was achieved in November 2020. Castle Mountain produced 23,227 gold ounces in 2022, slightly lower than the 25,270 ounces of gold produced in 2021. Equinox Gold anticipates production of 25,000 to 30,000 ounces of gold in 2023. A feasibility Jumbo study for the Phase 2 expansion was released in March 2021. The Phase 2 Mined Pit JSLA project will expand ROM heap leaching and incorporate milling of Mined higher-grade ore, increasing production to an average of 218,000 ounces Pit per year and extending the total mine life to 21 years. Life-of-mine production including Phase 1 operations and end of mine life rinsing is estimated at 3.4 million ounces of gold. Phase 2 requires modification to Equinox Gold’s approved Mine and Reclamation Plan (“Plan”). The Plan amendment application was submitted to the lead agencies in early Heap Leach South March 2022. The environmental review process and public scoping is Pad Waste Dump anticipated to begin in the first half of 2023. Phase 1 production ongoing and planned to continue until Phase 2 Las Vegas Permitting Phase 2 expansion to increase NEVADA production to >200,000 ounces per year CALIFORNIA Castle Castle Mountain Mine Franco-Nevada’s royalty covers entire project area Mountain Los Angeles Mine with a 10-mile area of interest San Diego MEXICO 48 Franco-Nevada Corporation TSX / NYSE: FNV

United States Fire Creek/Midas Location: Nevada, United States Operator: Hecla Mining Company Precious Metals: Au & Ag Royalty: NSR: 2.5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 0.1 $ 1.0 $ 1.5 M&I Resource (koz Au)1 92 94 125 Inferred Resource (koz Au)1 3,185 3,185 2,994 P&P Reserves (koz Au)1 – – 31 1, 2, 3 M&I Royalty Ounces (000s) 2 3 3 2, 3 Inferred Royalty Ounces (000s) 84 84 79 2, 3 P&P Royalty Ounces (000s) – – 1 Fire Creek/Midas, Nevada 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Production at the Midas mine was suspended in 2019 and at the Midas 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral mill and Fire Creek mine in mid-2021. While both mines and the mill are Reserves at Fire Creek and Midas are subject to our royalty interest and estimates an average rate of 2.5% is applicable currently on care and maintenance, in 2021 stockpiled non-refractory ore 3 Silver has been converted to Royalty Ounces assuming $1,800/oz gold and $21.00/oz silver ($1,800/ was processed at the Midas mill. Third-party processing of refractory ore oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020) was also conducted in a roaster and autoclave facility off site. The Fire Creek and Midas mines are located in north In Q4 2021, Hecla announced exploration drilling at Midas had defined central Nevada, at the cross-section of the Northern and expanded mineralization on the Sinter Structure and intersected Nevada Rift and the Battle Mountain Trend. high-grade gold and silver mineralization on two new structures, the Racer and Hanging Wall (HW1), both open along the East Graben Fire Creek is a high-grade epithermal gold deposit consisting of a Corridor. In 2022, Hecla performed $15.5 million of exploration and combination of private fee land and U.S. Bureau of Land Management pre-development activities at their Nevada operations. Exploration (“BLM”) land for a total area of approximately 45 km2 work at Midas focused on the two miles of strike length along the plus an area of East Graben Corridor. interest in adjacent townships along strike with mineralization. Midas was D iv discovered and constructed by Franco-Nevada’s predecessor company NSR royalty on two properties with large areas ersified A prior to its combination with Newmont. The Midas property position extends over private fee land and BLM land for a total area of 137 km2 of interest with an area of interest surrounding the property. The Fire Creek and ssets Midas mines, along with the Hollister mine (discussed on page 50), Exploration focused on the two miles of strike are operated by Hecla Mining Company (“Hecla”) after Hecla acquired length along the East Graben Corridor Klondex Mines Ltd. in 2018. After completion of a prepaid gold purchase agreement in 2018, Franco-Nevada now holds a 2.5% NSR royalty on both properties. M Fire Creek/Midas iner al R Fire Creek Midas esour Royalty Area Royalty Area c 2.5% NSR 2.5% NSR es and M N N 0 1 0 1 miles miles iner Royalty (Fee Lands) Royalty covered areas al R Royalty Plus Area of Interest Midas eser (Unpatented Mining Claims) (AOI) (not shown) Town v Fire Creek deposits es Fire Creek/ Plan of Midas Operations Oregon Idaho Outline of Nevada Utah Area of Interest California Arizona (AOI) Pacific Ocean MEXICO A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 49

United States Hollister Location: Nevada, United States ww Operator: Hecla Mining Company vievie Precious Metals: Au erer Royalty: NSR: 3-5% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 51 51 51 Inferred Resource (koz Au)1 273 273 273 P&P Reserves (koz Au)1 – – – 1, 2 M&I Royalty Ounces (000s) 2 2 2 2 Inferred Royalty Ounces (000s) 8 8 8 2 P&P Royalty Ounces (000s) – – – Hollister, Nevada etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves In 2018 Hecla acquired Klondex, the previous operator, which included 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral the Hollister mine, as well as the Fire Creek/Midas assets highlighted on Reserves are subject to our royalty interest and estimates an average rate of 3.0% is applicable ecious M page 49. In June 2019, Hecla announced that the Hollister mine would r P be placed on care and maintenance and it remained suspended through Hollister is a historic underground mine with past 2022. Exploration at Hollister has been focused on the definition of new production of approximately 425,000 ounces. exploration targets and Hecla remains committed to the exploration Franco-Nevada holds NSR royalties covering 28 km2 of the Hollister and definition of the Hatter Graben area. The Hatter Graben is expected project. Franco-Nevada holds a 3% NSR royalty on the Hillcrest Finley to provide the future growth at Hollister and is one of the key reasons River Block claims and a 5% NSR on the Hollister/Ivanhoe USX Claims. Hecla acquired Klondex. Underground exploration drilling at Hollister In addition to these NSR royalties, Franco-Nevada holds a 1-3% sliding commenced in Q4 2021 and drilling from a new decline confirmed scale NSR on all claims, which is subject to gold price and production multiple new vein zones at the Hatter Graben. Hecla advanced the Hatter thresholds and is capped at $3.5 million. Graben decline in the first half of 2022 before they encountered an influx of water. Hydrogeology work and additional permitting will be required to handle the discharge that will be needed. Exploration decline at Hatter Graben advanced in 2022 to allow further exploration 5% Hollister/Ivanhoe Hollister Project USX Claims 3% NSR Hillcrest Finley River Block N 1 mile Hollister Deposit USX Hatter Graben Pits Discovery Oregon Idaho Hollister Nevada Utah California Arizona Pacific Ocean MEXICO 50 Franco-Nevada Corporation TSX / NYSE: FNV

United States Stibnite Gold Location: Idaho, United States Operator: Perpetua Resources Corp. Precious Metals: Au Royalty: NSR: 1.7% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 6,320 6,034 6,034 Inferred Resource (koz Au)1 1,611 1,246 1,246 P&P Reserves (koz Au)1 4,816 4,819 4,819 1, 2 M&I Royalty Ounces (000s) 107 103 103 2 Inferred Royalty Ounces (000s) 27 21 21 2 P&P Royalty Ounces (000s) 82 82 82 Stibnite Gold, Idaho 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Yellow Pine, Hangar Flats and West End deposits by conventional open 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral pit. Based on the 2020 feasibility study, the Stibnite project would be the Reserves are subject to our royalty interest and estimates a rate of 1.70% is applicable fourth largest U.S. gold operation and produce approximately 4-5 million The Stibnite project is located in a historic mining town ounces of gold based on total Mineral Resources and Mineral Reserves of of the same name in Idaho, about 153 km northeast of approximately 6.3 million and 4.8 million ounces of gold, respectively. Boise and is potentially one of the highest grade open-pit The United States Forest Service (“USFS”) released a Draft Environmental deposits in the U.S. Impact Statement (“Draft EIS”) for public review in August 2020. Perpetua and the USFS advanced a modified proposed action that The project is being advanced by Perpetua Resources Corp. (“Perpetua included stakeholder feedback on the Draft EIS, developed to decrease Resources”), formerly known as Midas Gold Corp., who have consolidated the project footprint and improve environmental conditions. The 2 changes incorporated the elimination of waste rock storage areas, 107 km of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production. overall reductions in mined material, two access routes, additional pit backfilling and restoration, and improvements to water quality and water D In December 2020, Perpetua Resources announced the results of a temperature. A Supplemental Draft EIS was published in October 2022 iv feasibility study on the Stibnite project. The project is expected to have a incorporating these changes to the original Draft EIS. A 75-day ersified A 15-year mine life with average annual gold production of 301,000 ounces Supplemental Draft EIS comment period ended in January 2023 and per year. The first four years demonstrate an average annual gold Perpetua reported that over 15,000 positive comments were received on ssets production of 466,000 ounces per year. The project consists of mining the the project. The current project schedule assumes a final EIS and Draft Record of Decision is released by the end of 2023 and a final Record of Decision issued in early 2024. Commercial operations are expected Stibnite Gold in 2027. Royalty 1.7% NSR Perpetua Resources plans for restoration of the site to include progressive and concurrent remediation, beginning at the start of construction and N continuing through operations and project closure. Extensive reclamation 0 1 Salt M mile and restoration of historical mining impacts are planned, with permanent iner fish access having been restored for the first time in 80 years. al R West End esour Yellow Pine Deposit One of the largest and highest grade undeveloped Mineral Resources Deposit c Prospects open-pit deposits in the U.S. es and M Ridgetop Patented Claims Upper Cinnamid under option Midnight Saddle The Stibnite project would be the only domestic Fern source of antimony mined in the U.S. iner Royalty Property Garnet al R Hangar Flats Scout eser Deposit v Rabbit es Historic Tailings Mule Coeur Stibnite d'Alene Gold Project McCall Cascade Boise Idaho A Nevada Utah Blow-out dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 51

United States Sterling Granite Creek (Pinson) Location: Nevada, United States Location: Pinson, United States ww Operator: AngloGold Ashanti Operator: i-80 Gold Corp. vievie Precious Metals: Au Precious Metals: Au erer Royalty: NSR: 0.25% Royalty: NSR: 1-2% vv OO Sterling is a historic gold operation located 185 km The Granite Creek (Pinson) project is located near northwest of Las Vegas, Nevada near Beatty, Nevada. Winnemucca, Nevada, at the intersection of the Getchell In 2022, AngloGold Ashanti acquired 100% of Coeur’s wholly owned Gold Belt and the Battle Mountain-Eureka Trend. subsidiary, Coeur Sterling, Inc., which owned the Sterling property. Franco-Nevada holds a 1-2% NSR on approximately 20 sections within the Franco-Nevada holds 1/8th of a 2% NSR, or an effective 0.25% NSR royalty, Getchell trend. This royalty includes a 2% NSR on Section 33 and a 1% NSR on approximately 272 lode mining claims with a small minimum advance on the southern half of Section 32 within Granite Creek’s operating area, royalty. Sterling underground mining operations were terminated formally known as Pinson. Granite Creek (Pinson) is south of Nevada at the end of May 2015. The acquisition consolidates AngloGold Gold Mines’ Turquoise Ridge mine and 13 km from its Twin Creeks mine Ashanti’s ownership position in the Beatty District allowing for optimal complex. The historic Pinson mine produced 985,000 ounces of gold from etals development of the assets centered on developing the Silicon project. 1980 through 1999 by open-pit mining. Pinson was placed on care and Franco-Nevada has not included Sterling in Royalty Ounce estimates maintenance in 2015. ecious M r In August 2020, Premier Gold Mines USA, Inc. acquired the outstanding P interests of Osgood Mining Company LLC (“Osgood”) from affiliates of Waterton Global Resource. In 2021, Equinox Gold acquired Premier. Concurrently, Premier spun-out its US-focused gold production and development assets into i-80 Gold, which included the Granite Creek project (previously known as the Pinson project). In February 2022, i-80 Gold announced that 2021 drilling was successful in delineating high- grade mineralization in multiple areas surrounding the existing mine workings. In July 2022, i-80 Gold announced they began shipping ore from operations at the Granite Creek Mine to Nevada Gold Mines, Twin Creeks processing facility, as per the Company’s toll-milling agreement. Mined material will be processed at the Twin Creeks facility until i-80 Gold’s Lone Tree facility is operational. Franco-Nevada’s royalty at Granite Creek does not cover the current underground workings. Franco-Nevada has not included Granite Creek (Pinson) in Royalty Ounce estimates 52 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Producing Dublin Gulch Advanced (Eagle) Courageous Lake Monument Eskay Creek Bay Brucejack Goldfields Greenstone Red Mountain Red Lake Timmins West (McFinley) Island Detour Lake Cariboo Gold Golden Highway Hemlo Canadian Malartic Musselwhite Magino Kirkland Lake Valentine Sudbury Gold D iv ersified A ssets M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 53

Canada Detour Lake Location: Ontario, Canada Franco-Nevada has a 2% NSR royalty that covers an area ww Operator: Agnico Eagle Mines Limited 2 vievie Precious Metals: Au of 140 km of the Abitibi greenstone belt located 185 km erer Royalty: NSR: 2% northeast of Cochrane, Ontario including the Detour vv OO Lake mine. 2022 2021 2020 From 1983 through 1999, Placer Dome Inc. operated an underground mine on the property producing approximately 1.8 million ounces Revenue to Franco-Nevada ($ million) $ 26.3 $ 25.3 $ 20.4 of gold. M&I Resource (koz Au)1 38,638 29,752 20,432 Detour Gold Corporation (“Detour Gold”) drilled out a large open pittable Inferred Resource (koz Au)1 1,156 1,196 1,470 resource and developed the current open pit mine with first production in P&P Reserves (koz Au)1 20,683 15,034 15,775 2013. Detour Lake rivals Canadian Malartic as Canada’s largest gold mine. 1, 2 Kirkland Lake Gold Ltd. (“KLG”) acquired Detour Gold in 2020 and Agnico M&I Royalty Ounces (000s) 773 595 409 2 Eagle Mines Limited (“Agnico Eagle”) and KLG merged in February 2022, Inferred Royalty Ounces (000s) 23 24 29 2 with the combined company continuing as Agnico Eagle. P&P Royalty Ounces (000s) 414 301 316 etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Production at Detour Lake was 732,572 ounces of gold in 2022, an annual Resource category; all M&I categories are inclusive of Mineral Reserves record, compared with 712,824 ounces of gold in 2021. Production for 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable Detour Lake is anticipated to be between 675,000 to 705,000 ounces of ecious M r gold per year in 2023, 685,000 to 715,000 ounces in 2024 and 725,000 to P 755,000 ounces in 2025. Detour Lake, Ontario 54 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Mill expansion activities progressed as planned in 2022. In 2023, the The Detour Lake mine continues to have strong exploration upside focus remains on optimizing mill processes and improving runtime primarily to the west and at depth, suggesting potential for an to achieve, and potentially surpass, a throughput rate of 28.0 million underground mine and extensions to the current four open pits. In 2023, tonnes per year. Continued exploration success in 2022 resulted in exploration is expected to focus on extending mineralization to the west the addition of 5.6 million ounces of gold in Mineral Reserves and an and establishing an initial underground mineral resource in order to additional 3.2 million ounces in exclusive Measured and Indicated support potential underground mining operations. In 2023, Agnico Eagle Mineral Resources. The Franco-Nevada royalty includes all the Mineral expects to provide an update on the pathway to potentially increase Resources and Mineral Reserves on the property, except Detour Zone 58N production to one million ounces of gold per year. (approximately 0.5 million ounces) which sits to the south of the main mineralized trend. Significant Mineral Resource and Mineral Reserve An updated technical evaluation announced in July 2022 outlined an increase in 2022 expanded mine plan, extending the expected mine life by 10 years to New life-of-mine plan extending mine life by 2052 and increasing longer term production rates. The study indicates 10 years to 2052 average gold production of approximately 765,000 ounces per annum from 2026 to 2042 and then approximately 300,000 ounces per annum Agnico Eagle exploring pathway to one million from 2043 to 2052 as stockpiles are processed at the end of the mine life. ounces of gold per year Detour Lake Royalty Area Gowest Property West 2% NSR Pit N Block A North Mine 0.5-1% NSR Pit Property 0 2.5 5 km Block B Block D D iv Sunday Lake ersified A Main Pit Deformation Zone Block C Lower Detour Lake io ssets Deformation Zone tar Zone 58N On uebec Q Block E North Pit Reserve Pit Outline Detour Lake Mine Other Quebec royalty claims Resource Pit Outline 0 1 not shown West Pit Current Pit Outline km M Saddle iner Zone Detour Mine Trend al R Main Pit esour c Ontario es and M Sunday Lake Detour Deformation Zone Current Pit Outline Lake Quebec iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 55

Canada Sudbury Location: Ontario, Canada ww Operator: KGHM International Ltd. vievie Precious Metals: PGM and Au erer Stream: 50% Precious Metals Stream vv OO 2022 2021 2020 PGM Revenue to FNV ($ million) $ 18.3 $ 14.6 $ 35.3 Gold Revenue to FNV ($ million) $ 3.1 $ 2.8 $ 4.8 Total Revenue to FNV ($ million) $ 21.4 $ 17.4 $ 40.1 1 PGM M&I Resource (koz PGM) n/a n/a n/a 1 PGM Inferred Resource (koz PGM) n/a n/a n/a 1 PGM P&P Reserves (koz PGM) n/a n/a n/a Gold M&I Resource (koz Au)1 n/a n/a n/a Gold Inferred Resource (koz Au)1 n/a n/a n/a Sudbury, Ontario etals Gold P&P Reserves (koz Au)1 n/a n/a n/a the Levack (Morrison Deposit), Podolsky and McCreedy West mines. The 1, 2 M&I Royalty Ounces (000s) 24 24 33 footwall deposits are primarily rich in palladium followed by platinum and 2 gold. KGHM does not have processing facilities in Sudbury and sells the ecious M Inferred Royalty Ounces (000s) – – – r P 2 ore to third parties for processing. Currently all ore is being processed by P&P Royalty Ounces (000s) 24 24 33 1 KGHM does not provide public estimates for Mineral Resources and Mineral Reserves. Previous Vale’s Clarabelle plant in Sudbury. estimates have not been updated in numerous years and thus Franco-Nevada has chosen not to continue to report these figures McCreedy West Mine: The stream agreement applies to the PM and 700 2 For Royalty Ounce calculation, Franco-Nevada estimates 5 years of mining (5 years in 2021, 5 years deposits at the McCreedy West mine. McCreedy West stopped mining the in 2020) from McCreedy West are subject to our 50% stream interest to which a 40% margin factor precious metal-rich ores in the PM deposit in 2011. Franco-Nevada agreed (40% in 2021, 54% in 2020) has been applied based on assumed ongoing payments of 60% of the spot price. Platinum and palladium have been converted to Royalty Ounces assuming $1,800/ounce to renegotiate the existing contract with KGHM and mining restarted Au, $900/ounce Pt and $1,500/ounce Pd ($1,800/ounce Au, $1,000/ounce Pt and $2,100/ounce Pd in in September 2018. In February 2021, KGHM approved an updated life 2021, $1,750/ounce Au, $1,100/ounce Pt and $2,200/ounce Pd in 2020). Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical of mine plan which extended mining operations at the McCreedy West recoveries in the calculation of the Royalty Ounce mine for another five years. To support this extension of operations in mid-2021, Franco-Nevada agreed to increase its purchase price per GEO, Franco-Nevada has three precious metals streams in the from $800 per ounce to 60% of the prevailing monthly average gold spot Sudbury basin of Ontario. price during periods when monthly average gold prices exceed $1,333 per ounce subject to a cap of $1,200 per ounce. McCreedy is expected to Franco-Nevada is entitled to purchase 50% of the precious metals be the main source of revenue from Sudbury to Franco-Nevada in 2023. contained in ore produced from the footwall portions of three separate mines subject to ongoing payments per ounce. The streams are Levack (Morrison Deposit): This mine was put into production in 2007 calculated based on contained precious metals in the delivered ore but was placed on care and maintenance in Q1 2019. rather than payable metals. The streams were acquired as part of Franco- Podolsky Mine: The stream agreement applies to the 2000 and North Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in deposits at the Podolsky mine which operated between 2008 and 2013. March 2011. The mine is currently on care and maintenance but KGHM is reviewing the At the time of acquisition by Franco-Nevada, the mines were operated by possible restart of the mine by 2025. Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently acquired by KGHM International Ltd. (“KGHM”) in March 2012. The three mines are Podolsky N Levack 0 5 (Morrison km Deposit) Coleman Strathcona McCreedy Mill West Nickel Rim South Sudbury Sudbury Igneous Complex Chelmsford Formation Clarabelle Mill Onaping & Onwatin Formations Ontario Smelter Current and Former Mines Sudbury Quebec Mill Copper Cliff Smelter Creighton Stream Properties Totten 56 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Hemlo Location: Ontario, Canada Operator: Barrick Gold Corporation Precious Metals: Au Royalty: NSR: 3% / NPI: 50% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 28.2 $ 27.6 $ 69.9 M&I Resource (koz Au)1 3,600 2,600 3,300 Inferred Resource (koz Au)1 580 820 900 P&P Reserves (koz Au)1 1,700 1,100 1,500 1, 2 M&I Royalty Ounces (000s) 137 127 167 2 Inferred Royalty Ounces (000s) 22 40 46 2 P&P Royalty Ounces (000s) 65 54 76 Hemlo, Ontario 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Production at Hemlo decreased from 150,000 ounces of gold in 2021 to 2 For Royalty Ounce calculation, Franco-Nevada estimates approximately 20% of the publicly reported 133,000 ounces of gold in 2022. All-in sustaining costs, which is important Mineral Resources and Mineral Reserves for Hemlo are on its royalty ground and estimates a rate of 3.81% (4.90% in 2021, 5.07% in 2020) is applicable when factoring our NSR and NPI interests. Please to take into consideration with respect to the NPI royalty, decreased to see page 15 for our methodology on calculating Royalty Ounces for an NPI $1,788 per ounce in 2022 versus $1,970 per ounce in 2021. Barrick is The Hemlo gold mine has been in production for over forecasting 2023 estimated production of 150,000 to 170,000 ounces at an all-in sustaining cost of between $1,590 to $1,670 per ounce. 30 years and is located adjacent to the Trans-Canada highway near Marathon, Ontario. Barrick announced that it expects production from Hemlo to increase in 2023 relative to 2022, but Franco-Nevada expects a lower proportion Barrick is the operator and manages both the open-pit and underground to be sourced from our royalty ground. Barrick also reported that a operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI new pushback in the Hemlo open-pit was a significant contributor to royalty on a portion of the western down-dip underground extension, reserve growth. Absent further exploration success, Franco-Nevada principally the Lower C Zone, of the Hemlo ore-body as shown in the expects annual production from royalty ground to gradually reduce. longitudinal schematic. Barrick conducted studies to better define the geological controls of the D mineralization at Hemlo in 2022, improving growth targeting in the C and iv Mining on the royalty property began in late 2008, but revenues were E Zones, where mineralization remains open at depth. Drilling continued ersified A limited to the 3% NSR royalty. The 50% NPI portion of the royalty began at C Zone Deep during Q4 2022, aiming to extend the mineralization paying in the third quarter of 2012 after the upfront capital costs had down plunge. ssets been recovered by Barrick. Operational improvements expected in 2023 Profit royalties provide more leverage to Hemlo gold prices Long Section Williams Shaft & Mill ‘C’ Zone Pit Surface Exploration targeting extensions of the M Lower C Zone on royalty ground iner al R 9975 esour ‘C’ Zone c es and M 9765 Mined Area 9555 iner al R 9450 eser Mined Area v W es F illiams M 9240 Ontario r Ro anc Quebec y o 9160 alty G-N ine Hemlo e 3% NSR v r ada + ound ‘B’ Zone 50% NPI A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 57

Canada Brucejack Location: British Columbia, Canada ww Operator: Newcrest Mining Limited vievie Precious Metals: Au & Ag erer Royalty: NSR: 1.2% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 5.8 $ 7.0 $ 7.2 1, 2 M&I Resource (koz Au) 7,200 7,200 7,600 1, 2 Inferred Resource (koz Au) 3,100 3,100 3,100 1, 2 P&P Reserves (koz Au) 3,900 3,900 4,200 1, 2, 3 M&I Royalty Ounces (000s) 86 86 91 2, 3 Inferred Royalty Ounces (000s) 37 37 37 2, 3 P&P Royalty Ounces (000s) 47 47 50 Brucejack, British Columbia etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 Does not include silver Mineral Resources or Mineral Reserves ecious M 3 For Royalty Ounce calculation, Franco-Nevada estimates that 100% of the remaining Mineral r Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.2% Brucejack Project P is applicable Royalty Area In May 2013, Franco-Nevada purchased an existing 1.2% NSR 1.2% NSR royalty covering Newcrest Mining Limited’s (“Newcrest”) Brucejack gold project in northwestern 0 2 British Columbia. Snowfield Brucejack km Property The project includes two principal deposits, the Valley of the Kings and Covered by the West Zone. The mine was developed by Pretium Resources Inc.’s Royalty (“Pretium”) and commenced production in 2017. Newcrest acquired Not Covered Pretium in early 2022. Brucejack produced 250,357 ounces of gold by Royalty in the full 2022 calendar year with Newcrest expecting Brucejack to produce approximately 320,000 to 370,000 ounces of gold for the financial year ending June 30, 2023. Production at Brucejack was Hanging impacted by a temporary suspension of operations in October 2022 Golden Marmot and gold production is expect to increase in H1 2023, driven by higher Glacier Zone mill throughput. Zone SG Zone Pretium’s guidance in March 2020 stated a life of mine average annual Shore Zone production of approximately 311,000 ounces of gold with a 13-year mine Bonanza Zone life. Newcrest is advancing a debottlenecking concept study to potentially Brucejack increase the process plant capacity from 3,800 tpd to between 4,500 and Gossan Hill Zone Lake 5,000 tpd, with a permit application expected in H1 2023. Exploration drilling in 2022 continued to confirm the potential for West Zone resource growth at the Valley of the Kings deposit and surrounding area. Flow Dome Further high-grade results were returned from the 1080 HBx Zone and Brucejack Mine Zone Golden Marmot during 2022, both areas which are covered by Franco- Valley of the Kings Nevada’s royalty and located outside of the current published resource. Bridge Near-mine exploration targets on royalty ground outside of the West Brucejack Zone Zone include the Bridge Zone, Shore Zone, Gossan Hill Zone, SG Zone, Property Bonanza Zone and the western portion of the Flow Dome Zone. The easternmost portion of the Flow Dome Zone, east of the Valley of the Kings, is not covered on royalty ground. Mill debottlenecking concept study advancing Brucejack High-grade results from Golden Marmot and Property 1080 HBx Zone on royalty ground Stewart British Columbia Vancouver 58 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Kirkland Lake Location: Ontario, Canada Franco-Nevada’s 2% NSR royalty, covering a number of claims held by Operator: Agnico Eagle Mines Limited Agnico Eagle from its acquisition of Osisko Mining Corporation in April Precious Metals: Au 2014, covers the AK, Upper Canada, Anoki-McBean and Canadian Kirkland Royalty: NSR: 1.5-5.5%; NPI: 20% deposits. Work is ongoing to evaluate the potential to develop Upper Canada and Anoki-McBean as potential ore feed to existing milling infrastructure in the region. 2022 2021 2020 #4 Shaft completed Revenue to Franco-Nevada ($ million) $ 5.5 $ 5.8 $ 5.4 M&I Resource (koz Au)1 3,770 3,934 4,467 Large land position in historical mining area Inferred Resource (koz Au)1 3,175 3,781 3,414 covering multiple known deposits P&P Reserves (koz Au)1 1,913 1,856 2,368 1, 2 Exploration potential on royalty ground at AK and M&I Royalty Ounces (000s) 63 66 73 2 Inferred Royalty Ounces (000s) 58 70 64 Upper Canada 2 P&P Royalty Ounces (000s) 29 28 36 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. The table above is the sum of reported Agnico Eagle Mineral Resources and Mineral Reserves Bernhardt Twp. 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Kirkland Lake Teck Twp. Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean and Upper Canada Royalty Area Franco-Nevada has various royalties covering 0 N 1 . . 2 km wp wp approximately 170 km of the Larder Lake and Main Breaks Overlying 1.5% NSR eck T ebel T in the historic Kirkland Lake gold camp of Ontario. Plus Underlying Royalties of: T L 20% NPI – Macassa Agnico Eagle is the largest landowner in the Kirkland Lake camp following 2% NSR – Gracie West its merger with Kirkland Lake Gold in February 2022. Agnico Eagle now 3% NSR – KLW Kirkland owns and operates the Macassa mine which includes production from the 2% NSR – AK extension Lake Main Break, ’04 Break and the high-grade South Mine Complex (“SMC”). 2% NSR – AK and Wright- surrounding land LakeshoreHargreaves Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: Teck-Hughes D package iv Kirkland ersified A • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding and Macassa Minerals Gr T #1 Shaft including the Macassa mine enf eck T Macassa ell T wp #2 Shaft Macassa ssets • An underlying 20% profit-based royalty immediately to the southwest #4 Shaft wp . Macassa of the SMC as shown in the inset of the schematic . #3 Shaft Amalgamated • An underlying 2-3% NSR on claims to the west of current operations Macassa Kirkland (AK) South Mine • An underlying 2% NSR royalty on the extension of Amalgamated Complex Kirkland Kirkland (“AK”) Lake West (KLW) • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland and the surrounding land packages Swastika M Gracie iner In 2022, Macassa produced 200,833 ounces of gold compared to 210,192 West ounces of gold in 2021. Production in 2023 is forecast to be between Teck Twp. al R 170,000 to 225,000 ounces of gold, in line with guidance provided in Otto Twp. esour 2022. In 2024 and 2025, current guidance of between 255,000 to 275,000 c and 295,000 to 315,000, respectively, reflects a slower ramp-up of mining es and M activities and a lower forecast gold grade. The slower ramp-up in 2024 24 M oz. Kirkland 66 King Kirkland Upper Beaver is partly due to a re-evaluation of the development rate and mining Main Break iner sequence following the completion of Shaft #4 and the new ventilation Kirkland Upper Canada system. After 2025, Agnico Eagle is forecasting production from the deep Lake al R mine (including the SMC and Main Break) to be approximately 300,000 to Dobie eser 180 East v 310,000 ounces of gold per year. Amalgamated 13 M oz. Biroco Esker es Kirkland (AK) Larder Lake Break Overall, Agnico Eagle believes that Macassa has the potential to be a Swastika 320,000 to 350,000 ounces of gold per year producer over the medium Anoki-McBean Fault Gold Showings term including prospects closer to surface. Both the AK and the Near Mineralized Breaks Mine Shafts Surface Deposits at Macassa are accessible from an existing surface ramp at Macassa. Production from the Near Surface deposits is expected to A begin in 2023 and production from the AK deposit could potentially dditional I begin in 2024. Average annual production from these two deposits Ontario Kirkland Quebec could be 20,000 to 40,000 ounces of gold, commencing in 2024. Drilling Lake is planned to continue at AK in 2023 from underground platforms, nf with a focus on continuing to upgrade and increase the Indicated orma Mineral Resource. tion TSX / NYSE: FNV Franco-Nevada Corporation 59

Canada Dublin Gulch (Eagle) Location: Yukon, Canada ww Operator: Victoria Gold Corp. vievie Precious Metals: Au erer Royalty: NSR: 1-1.5% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 2.6 $ 3.1 $ 1.9 M&I Resource (koz Au)1 4,304 4,397 4,397 Inferred Resource (koz Au)1 497 361 361 P&P Reserves (koz Au)1 2,407 3,061 3,061 1, 2 M&I Royalty Ounces (000s) 43 44 44 2 Inferred Royalty Ounces (000s) 5 4 4 2 P&P Royalty Ounces (000s) 24 31 31 Dublin Gulch (Eagle), Yukon etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves incorporated into the 2023 technical report include year-round stacking 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral on the heap leach facility, stockpiling of lower grade material for end of Reserves are subject to our royalty interest and estimates a rate of 1.0% is applicable ecious M mine life processing, and utilization of a mobile crusher to supplement r P and increase production rates. Franco-Nevada has a 1% NSR on the Eagle Gold mine which is owned and operated by Victoria Gold Corp. Franco-Nevada’s royalty is estimated to cover the entire Eagle deposit (“Victoria Gold”). which contains Mineral Reserves of 2.41 million ounces (118 million tonnes grading 0.64 g/t) and a small portion of the satellite Olive deposit The Eagle deposit is part of the larger Dublin Gulch claim block and is which contains Mineral Reserves of 0.18 million ounces (7 million tonnes located in central Yukon. In addition, Franco-Nevada has a 1.5% NSR on grading 0.84 g/t). Mineralization at Eagle has been drill tested to a depth the Lynx properties (part of the Dublin Gulch claim) which is subject to a of 850m and remains open at depth. Victoria Gold continues to explore C$15,000 annual advance royalty payment and is capped at C$1,500,000. the broader land package targeting Lynx (on royalty ground) as well as In July 2020, the Eagle Gold mine achieved commercial production. In Raven (not on royalty ground). In January 2023, Victoria Gold announced 2022, the operation produced 150,182 ounces of gold compared with results from the 2022 exploration program on Lynx, with encouraging 164,222 ounces of gold in 2021. Gold production for 2023 is estimated to results on Franco-Nevada’s royalty ground. be between 160,000 and 180,000 ounces. In February 2023, Victoria Gold announced an updated technical report Updated technical report with 12-year mine plan for the Eagle Gold mine envisioning total gold production of two Exploration potential both near-mine and across million ounces over a mine life of 12 years starting in 2023. Production the broader land package will average 202,000 ounces of gold per year over the first eight years, with peak production of 219,000 gold ounces in 2025. Optimizations Dublin Gulch (Eagle Deposit) DG Claims boundary Royalty Area Alaska Dublin Gulch (Eagle Deposit) Northwest Territories Yukon 0 2.5 British km Columbia Eagle Royalty Olive- Nugget-Raven A 1% gross return royalty Popeye Shamrock Bluto B Lynx Royalty 1.5% NSR (capped) Rex Peso Mar Zone Wolf-Tungsten A Property Catto Whiskey Wrinkles Eagle West B Eagle Gold Mine Len Zone Eagle Extension Property Eagle Mine Lynx Access Road 60 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Musselwhite Location: Ontario, Canada Operator: Newmont Corporation Precious Metals: Au Royalty: NPI: 5%; NSR: 2% 2022 2021 2020 Revenue to Franco-Nevada1 ($ million) $ 1.5 $ – $ – M&I Resource (koz Au)2 2,410 2,200 2,130 Inferred Resource (koz Au)2 410 440 410 P&P Reserves (koz Au)2 1,920 1,770 1,790 2, 3 M&I Royalty Ounces (000s) 39 47 48 3 Inferred Royalty Ounces (000s) 7 9 9 3 P&P Royalty Ounces (000s) 31 38 40 Musselwhite, Ontario 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral 2 Resource category; all M&I categories are inclusive of Mineral Reserves The area is estimated to cover 120 km in northwestern Ontario, 3 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral 480 km north of Thunder Bay. The royalty also covers an area of interest Reserves are subject to our royalty interest and estimates a rate of 1.6% (2.2% in 2021, 2.2% in 2020) surrounding the property as shown in the schematic. Franco-Nevada’s is applicable assuming an all in cost of $1,222/ounce ($1,026/ounce in 2021, $967/ounce in 2020). Musselwhite interest is a profit royalty which did not become payable Please see page 15 for our methodology on calculating Royalty Ounces for an NPI until historical capital and operational costs had been recovered by Franco-Nevada has a 5% NPI royalty that covers all of the the operator in 2011. In September 2019, Franco-Nevada acquired from Premier a 2% NSR on property owned by Newmont, adjoining 2 original leased lands at the Musselwhite operation. Musselwhite, and covering approximately 6.3 km of the projected northwest extension of Newmont’s Musselwhite mine, as shown in the schematic. Musselwhite The mine is a fly-in and fly-out underground operation which began N operating in April 1997 and has been ramping back up to full production 0 1.5 3 levels following a fire at the mine in March 2019 and subsequent 2% NSR D km COVID-19 restrictions. The Materials Handling Project, which reached iv commercial production in December 2020, has enabled hoisting of ore ersified A through an underground winze resulting in reduced reliance on high- 5% cost truck haulage. This has led to improved energy efficiency, reduced ssets NPI ventilation requirements, reduced mining costs and an enhanced production profile. Musselwhite produced 173,000 ounces of gold in PQD 2022, versus 152,000 ounces of gold in 2021, and reported 1.9 million North ounces of gold Mineral Reserves as of December 31, 2022. Newmont Outside Boundary reported that Q4 2022 was Musselwhite’s best quarter in five years for Lynx 5% NPI Zone both development meters and gold production, with Franco-Nevada Saddle receiving NPI payments for this period. 2023 production is expected to Opapimiskan Lake Camp Zone be between 200,000 and 220,000 gold ounces. Musselwhite unit costs are M Bay Zone Main expected to steadily improve in 2023 with higher production volumes. iner West Anticline 5% Zone Canoe Zone Mine NPI All-in sustaining costs are expected to range between $1,290 per ounce al R Trend Mill and $1,390 per ounce, versus $1,531 per ounce in 2022. Musselwhite is esour expected to deliver steadily improving production in 2023 and longer- c term, driven by productivity improvements and accessing higher grade in es and M the PQ Deeps. In 2023, Franco-Nevada anticipates payments from its NPI royalty from Musselwhite to increase compared to the prior year. Karl Zeemal iner 5% Zeemel Lake Area Mine ramping back up, with Material Handling al R NPI Project positively impacting production and eser Leased Lands v Unpatented Lands operating costs es Deposits NPI leverage to the gold price Large land package with additional royalty covering the projected northwest extension of Musselwhite A Musselwhite dditional I Quebec Ontario nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 61

Canada Timmins West Location: Ontario, Canada ww Operator: Pan American Silver Corp. vievie Precious Metals: Au erer Royalty: NSR: 2.25% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.2 $ 3.2 $ 3.2 M&I Resource (koz Au)1 675 675 1,040 Inferred Resource (koz Au)1 24 24 1,161 P&P Reserves (koz Au)1 541 541 653 1, 2 M&I Royalty Ounces (000s) 15 15 23 2 Inferred Royalty Ounces (000s) 1 1 26 2 P&P Royalty Ounces (000s) 12 12 15 Timmins West, Ontario etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Pan American Silver produced 134,600 ounces of gold from its Timmins 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral operations in 2022 versus 133,800 ounces of gold in 2021. As of March Reserves are subject to our royalty interest and estimates a rate of 2.25% is applicable ecious M 2023, Pan American had not provided its 2023 operating outlook and r P guidance, which is expected to occur later in the first half of 2023. Franco-Nevada’s Timmins West 2.25% NSR royalty covers a 2 large land package of approximately 130 km to the west Ore from both the Timmins West and Bell Creek mines is processed at the of the City of Timmins, Ontario. Bell Creek mill. The Timmins West property hosts the Timmins, Thunder Creek and Pan American Silver holds a significant land position in the Timmins 144 Gap deposits as well as the Gold River Trend exploration zone. Camp and exploration success has extended mine life with potential for Franco-Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake exploration upside in the future. Shore Gold”) in 2012, after Lake Shore Gold put the property into full commercial production in 2011. Lake Shore Gold was acquired by Tahoe Exploration success has extended the mine life Resources Inc. (“Tahoe Resources”) in April 2016, which was subsequently acquired by Pan American Silver Corp. (“Pan American Silver”) in Large land package providing exploration upside February 2019. Under Pan American Silver, public reporting for both the Timmins West and Bell Creek underground mines has been consolidated into its Timmins operations (Franco-Nevada does not have a royalty on Bell Creek). Franco-Nevada estimates that Timmins West represented approximately 60% of the Timmins operations production in 2022. Bur r o w Bell Creek s Benedic Complex Ma 0 N 20 ttagami R t F Bell Creek Mine & Mill ault Hoyle Pond ault cupine F or -P or Dest km iv Pamour Mine er F Hollinger ault McIntyre Dome Timmins Mine Timmins West Timmins West UG Mine 2.25% NSR Shaft Deposits Timmins Deposit N Thunder Creek Musselwhite 4 km 101 Deposit Quebec Ontario Gold River Trend 144 Gap Zone Deposit 62 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Canadian Malartic Location: Quebec, Canada Operator: Agnico Eagle Mines Limited Precious Metals: Au Royalty: GR: 1.5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 2.3 $ 2.4 $ 3.1 M&I Resource (koz Au)1 8,314 5,214 4,638 Inferred Resource (koz Au)1 2,772 6,236 6,602 P&P Reserves (koz Au)1 3,010 3,534 4,428 Canadian Malartic, Quebec 1, 2 M&I Royalty Ounces (000s) 25 13 6 2 As of December 31, 2022, the Canadian Malartic open-pit mine contains Inferred Royalty Ounces (000s) 28 32 34 2 Proven and Probable Mineral Reserves of 3.0 million ounces of gold P&P Royalty Ounces (000s) 5 5 6 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral (104.0 million tonnes grading 0.90 g/t Au). Franco-Nevada estimates that Resource category; all M&I categories are inclusive of Mineral Reserves roughly 10% of the Mineral Reserves of the open-pit complex are subject 2 For Royalty Ounce calculation, Franco-Nevada estimates 10% of the Mineral Reserves (9% in 2021, to our royalty interest. 9% in 2020), 20% of the M&I Mineral Resources (16% in 2021, 9% in 2020) and 68% of the Inferred Mineral Resources (34% in 2021, 34% in 2020) are subject to our royalty interest and estimates a rate The Odyssey project hosts three main zones: East Gouldie, East Malartic, of 1.5% is applicable and Odyssey (which is further sub-divided into Odyssey North, Odyssey In June 2011, Franco-Nevada purchased a 1.5% gross South and Odyssey Internal). The Odyssey underground project supports royalty on part of the Canadian Malartic gold project. a mine life to at least 2039 and post 2029 is expected to produce an average of 545,400 ounces of gold per year. Production from the Odyssey The project is located in Quebec’s Abitibi mining district and rivals Detour project is expected to commence at Odyssey South by ramp access in Lake as Canada’s largest gold producer. The royalty covers seven claims on March 2023, with the mined ore to be processed at 51,500 tpd at the the property including the central portion of the open pit as shown in the Canadian Malartic mill. The Odyssey project is forecast to gradually ramp-up production in 2023, and is expected to contribute approximately schematic which equates to approximately 3 km2. Royalty payments are 50,000 ounces of gold in 2023 and 80,000 ounces of gold in 2024 and expected to fluctuate annually based on the location of mining relative 2025 to the Canadian Malartic Complex. With the depletion of the to the royalty property. In January 2023, the ownership of Canadian Canadian Malartic pit in 2023 and the transition to in-pit tailings disposal D iv Malartic was consolidated under Agnico Eagle as part of the acquisition of in the second half of 2024, Agnico Eagle is evaluating opportunities to ersified A Yamana’s Canadian assets. further increase the mill throughput up to 60,000 tpd. One of Franco- Nevada’s royalty claims covers a portion of the Odyssey South extension On a 100% basis, Canadian Malartic produced 658,792 ounces of gold in and two of Franco-Nevada’s royalty claims cover a portion of East Gouldie, ssets 2022 versus 2021 production of 714,784 ounces of gold. The midpoint as seen in the schematic below. of 2023 gold production at Canadian Malartic is estimated to be 668,000 ounces on a 100% basis (reported by Agnico Eagle to be between 575,000 A 1,800m deep shaft is planned to facilitate production from East and 595,000 ounces assuming 50% ownership of Canadian Malartic for Gouldie with shaft sinking expected to commence in 2023 and shaft the first three months and 100% ownership for the last nine months of commissioning in 2027. From the March 2021 technical report, which 2023). Production is forecast in 2024 and 2025 to be between 645,000 to summarized the internal preliminary economic assessment for the 675,000 ounces and 595,000 to 625,000 ounces, respectively on a 100% Odyssey project, it is estimated that approximately 5 million ounces of basis. During 2022, the mine continued the transition from the Canadian the 6.9 million ounces expected to be produced from the Odyssey project M Malartic pit to the Barnat pit. In 2023, production is expected to be over the 17-year mine life are from East Gouldie. It is also estimated that iner sourced from the Canadian Malartic pit, the Barnat pit and the Odyssey Franco-Nevada’s East Gouldie claims cover approximately 35% of the East al R mine, complemented by ore from the low-grade stockpiles. The Canadian Gouldie resource with infill and step-out drilling at the East Gouldie zone esour Malartic mine (Canadian Malartic and Barnat pits) and the Odyssey mine continuing to support continuity and scale. c will now form the Canadian Malartic Complex in 2023, with the Canadian es and M Malartic pit expected to be completed late in the first half of 2023. Long-life asset transitioning to underground production iner Canadian Malartic N Open pit and underground exploration targets al R Royalty Area 0 1 eser km present additional potential ore sources v Malartic (town site) 1.5% Royalty Claims es Quartz Veins Mineralized Envelopes Rail line Hwy 117 deviation Open Pit Rail line Sheehan Jeffrey Pit Odyssey Barnat North A Pit Odyssey dditional I Canadian Jupiter Odyssey Malartic Pit East Malartic South Quebec Mill Ontario Canadian Malartic nf orma East tion Gouldie Gouldie TSX / NYSE: FNV Franco-Nevada Corporation 63

Canada Magino Location: Ontario, Canada ww Operator: Argonaut Gold Inc. vievie Precious Metals: Au erer Royalty: NSR 2% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 4,019 – – Inferred Resource (koz Au)1 526 – – P&P Reserves (koz Au)1 2,427 – – 1, 2 M&I Royalty Ounces (000s) 80 – – 2 Inferred Royalty Ounces (000s) 11 – – 2 P&P Royalty Ounces (000s) 49 – – etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Magino, Ontario Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable ecious M r P Magino is a past producing underground gold mine currently in On October 27, 2022, Franco-Nevada, acquired a 2% NSR construction as a conventional open pit mining and milling operation on Argonaut Gold Inc.’s construction-stage Magino gold with a mill throughput capacity of 10 ktpd. As detailed in Argonaut project in Ontario for US$52.5 million. Gold’s March 3, 2022 Technical Report on the Magino Project, the mine is expected to have a 19 year mine life with average gold production of Magino is located in Ontario, approximately 14 km southeast of the 142 koz per annum in the first 5 years. As of December 31, 2022, Magino is town of Dubreuilville and is owned and operated by Argonaut Gold Inc. 80% complete with commercial production estimated in the third quarter (“Argonaut Gold”). 2023, following first gold-pour in May 2023. The 2% NSR applies to the Magino project and all of Argonaut Gold’s Magino and the regional exploration claims are located adjacent to 2 Franco-Nevada’s existing royalties in the area on Alamos Gold’s Island regional exploration properties, a total of 45 km . Lake properties and expands our exposure to this prospective region. Exploration targets include high-grade underground potential, e.g. the Magino Royalty Area Elbow Zone, and prospective structures and host rock on trend of Magino located on the royalty grounds. 0 N 2 km Commercial production expected in Q3 2023 Long life mine plan New Magino Royalty claims Extensive resource beyond existing mine plan Existing Island Gold Royalty claims 2.0% NSR Reserves + Resources Prospective land package and exploration upside 2.0% NSR Island Gold (Alamos) Magino Royalty Area Royalty Area 0.62% NSR 2.0% NSR Resource Pit e anodiorit Gr Granodiorite 2.0% NSR Ontario Quebec Magino 64 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Island Gold Location: Ontario, Canada Operator: Alamos Gold Inc. Precious Metals: Au Royalty: NSR: 0.62% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 1.0 $ 1.5 $ 0.8 M&I Resource (koz Au)1 1,755 1,624 1,476 Inferred Resource (koz Au)1 3,529 3,454 3,208 P&P Reserves (koz Au)1 1,464 1,338 1,310 1, 2 M&I Royalty Ounces (000s) 9 9 8 2 Inferred Royalty Ounces (000s) 19 19 18 2 P&P Royalty Ounces (000s) 8 8 7 Island Gold, Ontario 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Island Gold is one of Canada’s highest grade gold mines. Combined 2 For Royalty Ounce calculation, Franco-Nevada estimates 90% of the Mineral Reserves and 85% Mineral Resources and Mineral Reserves (including Inferred material) are Mineral Resources (90% in 2021) are subject to our royalty interest and estimates a rate of 0.62% is applicable 5.3 million gold ounces (4.2 million tonnes grading 10.78 g/t of Mineral Reserves, 1.3 million tonnes grading 7.09 g/t of exclusive M&I Resources, In March 2020, Franco-Nevada acquired an existing and 8.1 million tonnes grading 13.61 g/t) as of December 31, 2022. 0.62% NSR on the Goudreau Lake claims totaling In November 2022, Alamos announced positive exploration results at 58 hectares covering the core of the Island Gold mine the Island Gold mine, further extending high-grade mineralization at in western Ontario. Island West, Island East, and at depth and in February 2023, Alamos also announced the acquisition of Manitou Gold Inc. (Franco-Nevada’s royalty The mine is operated by Alamos Gold Inc. (“Alamos”) who acquired does not cover this ground). the operation in 2016. The mine utilizes longitudinal retreat longhole stoping with cement backfill and ore is processed through a conventional Franco-Nevada holds additional royalties in the Island Gold mining camp. carbon in pulp plant. Alamos produced a total of 133,700 ounces of These include a 2% NSR royalty on Alamos’ Edwards property located D gold in 2022 from the mine, a decrease from 140,900 ounces of gold 4 km northeast of the Island Gold mine and a 0.75% NSR royalty on the iv in 2021. Gold production is forecast to be between 120,000 to 135,000 Cline Lake property immediately adjacent to Edwards. In December ersified A ounces in 2023. In the near term, Franco-Nevada expects a significant 2020, Alamos acquired Trillium Mining Corp. which previously held the portion of production to come from the royalty claims and it is estimated Cline Lake property, increasing its land package by approximately 60% ssets that approximately 85% of the inclusive Mineral Resources and 90% of in the region. Both of Franco-Nevada’s additional royalties in the mining the Mineral Reserves on the property are covered by Franco-Nevada’s camp are along strike and on the same geologic structure as the Island royalty claims. Gold mine. In June 2022, Alamos reported results of the positive Phase III+ expansion High grades at Island Gold support stable study conducted on its Island Gold mine. Based on the results of the production through expansion study, Alamos is proceeding with an expansion of the operation to 2,400 tpd. The Phase III+ expansion is expected to increase average Phase III+ expansion expected to increase average M annual gold production to 287,000 ounces per year starting in 2026 upon production to 287,000 ounces starting in 2026 iner completion of the shaft, representing an approximate 115% increase from al R 2022 production. The expanded mine plan has an expected mine life of Strong exploration potential in Island Gold esour 18 years, from 2022 to 2039. c mining camp es and M Island Gold Royalty Area 0.62% NSR Northern Zone iner al R eser v 0 N 500 es Island East metres Island Main A Island West dditional I FNV Royalty claims Reserves + Resources nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 65

Canada Greenstone Location: Ontario, Canada ww Operator: Equinox Gold Corp. / Orion Mine Finance vievie Precious Metals: Au erer Royalty: NSR: 3% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 7,007 7,105 7,008 Inferred Resource (koz Au)1 3,072 3,095 3,072 P&P Reserves (koz Au)1 5,538 5,538 5,539 1, 2 M&I Royalty Ounces (000s) 210 213 210 2 Inferred Royalty Ounces (000s) 92 93 92 2 P&P Royalty Ounces (000s) 166 166 166 Greenstone, Ontario etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves during the first five years is expected to average 414,000 ounces per 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral annum with an average head grade of 1.45 g/t gold. Equinox Gold Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable ecious M anticipated approximately two years of construction with six months r P of commissioning. Franco-Nevada acquired a 3% NSR on Greenstone as part of its acquisition of a portfolio of approximately Equinox Gold announced that construction had commenced in Q4 2021 20 royalties from Barrick in November 2013. and that as of the end of December 2022 construction of the project was on schedule and budget. At that time the Greenstone project was 65% The Greenstone project, previously called Hardrock, is being advanced by complete and the first gold pour was expected in H1 2024. The project Greenstone Gold Mines L.P. (“Greenstone”), a 60/40 partnership between has a construction budget of $1.23 billion on a 100% basis. Equinox Gold and Orion Mine Finance, a private entity. The Greenstone mine encompasses a total Proven and Probable Mineral Reserve of Construction on schedule and budget with first 5.5 million ounces of gold (135.3 million tonnes grading 1.27 g/t) and a gold pour on track for the first half of 2024 total Inclusive M&I Resource of 7.0 million ounces of gold (151.1 million tonnes grading 1.44 g/t) for the project. An optimized feasibility Optimized feasibility study outlined potential study prepared in December 2020 contemplated the construction 14-year mine life producing 414,000 ounce per of a 27,000 tonne per day processing facility and open-pit mining annum during the first five years operation with production over a 14-year mine life. Gold production Greenstone Royalty Area 3% NSR 0 N 3 Ontario km Lindsey Errington Geraldton Ashmore Greenstone Mosher Shaft Other Royalty Claims SP Zone Hardrock Parent Salsberg Royalty Area McKelvie Mineralized zones 66 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Valentine Gold Location: Newfoundland, Canada The Valentine Gold project comprises a series of mineralized deposits Operator: Marathon Gold Corporation along a 32 km trend representing high grade open pits with average Precious Metals: Au Mineral Reserve grade of 1.6 g/t. Royalty: NSR: 1.5% In December 2022, Marathon Gold announced the results of an updated feasibility study outlining a three-pit mine plan based on the Marathon, 2022 2021 2020 Leprechaun and Berry deposits. The updated feasibility study presented increased Mineral Reserves, an extended mine life and a higher gold Revenue to Franco-Nevada ($ million) $ – $ – $ – production profile compared to the initial March 2021 feasibility study. M&I Resource (koz Au)1 3,960 3,138 3,092 The updated study outlines a 14.3-year mine life, with an average gold Inferred Resource (koz Au)1 1,100 1,639 958 production profile of 195,000 ounces of gold per year between 2025 and P&P Reserves (koz Au)1 2,690 2,100 1900 2036 from the processing of high-grade mill feed, and 97,000 ounces of gold per year between 2037 and 2039 from the processing of 1, 2 M&I Royalty Ounces (000s) 59 47 46 low-grade stockpiles. M&I Resources, exclusive of reserves, contain an 2 Inferred Royalty Ounces (000s) 17 25 14 additional 1.27 Moz. 2 P&P Royalty Ounces (000s) 40 32 29 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Marathon Gold announced a construction decision in September 2022. Resource category; all M&I categories are inclusive of Mineral Reserves As of March 2023, the Valentine Gold project remains on schedule for ore 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral to be delivered to the mill by the end of 2024 and first gold production in Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable the first quarter of 2025, with construction at 7% completion at such time. Franco-Nevada holds a 1.5% NSR on the Valentine Lake Updated feasibility study incorporating Berry Gold Camp in central Newfoundland. Zone, extending mine life and increasing The project is being advanced by Marathon Gold Corporation (“Marathon production profile Gold”) and when completed, the Valentine Gold project will be the largest Mine under construction with first gold production gold mine in Atlantic Canada. The royalty, which was acquired in February expected in Q1 2025 2019, was initially a 2.0% NSR subject to a 0.5% buyback provision for $7 million. In February 2023, Marathon Gold exercised its option for a partial buy-back of the royalty, reducing Franco-Nevada’s NSR to 1.5%. D iv ersified A Buchans Junction Buchans Valentine Gold Valentine Lake Millertown ssets Quebec Gold Camp Newfoundland Ontario N 0 20 km Teck Resources Duck Pond Mine M Powerline Springdale iner al R Victory Deposit esour Sprite Deposit Deer Lake c Leprechaun Deposit Badger es and M Corner Brook Buchans Millertown Grand Falls Valentine Lake Thrust Fault Marathon Deposit Stephenville Duck Pond Mine iner Frank Zone Berry Zone Marathon Gold Corporation Valentine al R Gold Granite Canal 0 N 75 eser Property Substation v Granite Canal km es Hydro Facility A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 67

Canada Golden Highway Location: Ontario, Canada to integrate a number of satellite deposits with the existing infrastructure ww Operator: Agnico Eagle Mines Limited in the region which may displace production from royalty ground in the vievie Precious Metals: Au short to medium term. erer Royalty: NSR: 0.25-10% vv OO Franco-Nevada has royalties on the following key properties in the trend: 2022 2021 2020 Holt: The Holt mine has been the main producing asset in recent years and includes the Holt mill complex. Franco-Nevada has a sliding scale NSR Revenue to Franco-Nevada ($ million) $ – $ 0.1 $ 3.0 royalty beginning at 2% when the gold price is less than or equal to $500/ M&I Resource (koz Au)1 2,978 2,978 1,872 ounce and increasing in 1% increments for each $100/ounce increase in Inferred Resource (koz Au)1 1,421 1,421 1,407 the gold price, to a maximum of 10%. The Holt mine was built in the late P&P Reserves (koz Au)1 – – – 1980s by Barrick. 1, 2 M&I Royalty Ounces (000s) 160 160 138 Taylor: The Taylor mine (1% NSR) achieved commercial production in 2 Inferred Royalty Ounces (000s) 90 90 90 November 2015. Exploration potential at Taylor exists along strike and at 2 P&P Royalty Ounces (000s) – – – depth of current Mineral Resources. etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Holloway: The Holloway mine is located immediately north of the Holt Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Resources and Mineral Reserves are the sum of Golden Highway - Holt Complex (which includes Holt, Holloway and property with ore historically processed at the Holt mill. The Holloway Taylor) and Golden Highway - Hislop mine was placed on care and maintenance at the end of 2016 due to ecious M 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral r Reserves are subject to our royalty interest and estimates rates of: Holt 10%; Holloway 3%; Taylor 1%; limited economic viability. In an effort to improve the economics of P Hislop 4%; Aquarius 2% the operation, in 2019, Franco-Nevada agreed to reduce the royalty at Holloway to a flat 3% NSR from the previous sliding scale royalty. The Franco-Nevada has multiple NSR royalties ranging from mine resumed operations in early 2019, prior to the current suspension. 0.25 to 10% over the Destor-Porcupine mineral trend just Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located east of Timmins, Ontario spread over more than 120 km approximately 50 km to the west of the Holt mill. The open-pit Mineral 2 and estimated to cover over 340 km . Reserves for the Hislop open pit were fully depleted in 2014. Kirkland Lake Gold (“KLG”) acquired St Andrew Goldfields (“St Andrew”) Aquarius: Franco-Nevada holds a 1-2% sliding scale NSR (2% when gold in January 2016, which previously owned and operated most of the price is greater than $1,000/ounce) on the majority of claims surrounding properties along the trend on which Franco-Nevada has royalties. KLG and including the Aquarius deposit. amalgamated Holt, Holloway and Taylor into the Holt Complex for reporting purposes, all of which have fed the Holt mill for processing. Multiple NSR royalties in the Destor-Porcupine The Holloway mine was placed on care and maintenance in March 2020. mineral trend Operations at the remainder of the Holt Complex were suspended in April 2020. Large land position offers future potential In August 2020, KLG and Newmont entered into a strategic alliance agreement, with Newmont acquiring an option on certain mining and mineral rights related to the Holt property. In February 2022, Agnico Eagle and KLG completed a merger of equals, with the combined company continuing as Agnico Eagle (see pages 54, 59 and 63 for additional assets operated by Agnico Eagle). Agnico Eagle plans to evaluate the potential Ontario Golden Quebec Highway Lake Lake N Abitibi Abitibi 0 20 11 Stock Mine and Mill Royalty Stoughton Royalty km 1% NSR 0.5-2.5% NSR Frederick ONR House Pipestone Destor-Porcupine Kidd Creek Hoyle Pond Lake Fault Fault Zone Holloway Royalty Kinross 1060 Zone 3% NSR Matheson Taylor Carr Beatty Munro McCool Owl Creek German Stock Rand Lamplugh Frecheville Bell Creek Jonpol Holloway Mine Holt Mine Stoughton Apollo Broulan Reef Black Fox Hallnor Guibord 101 Timmins McIntyre Pamour Matheson Hislop Michaud #1 Ross Mine Porcupine 11 Ludgate Marriot Hollinger Dome Cody Macklem Bond Currie Bowman Garrison Harker Holloway 101 Delnite Paymaster Zone 7 Royalty Aunor Porcupine Aquarius Royalty Peninsula 1-2% NSR Sliding scale Royal Oak Holt Royalty Cook Barnet Thackeray Sliding scale Night Taylor Royalty Hislop Royalty Kenogamisis Present or past Hawk 1% NSR 4% NSR Central Timmins Royalty Claims Lake producing mine Lake 0.25-1% NSR 68 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Eskay Creek Red Lake (McFinley) Location: British Columbia, Canada Location: Ontario, Canada Operator: Skeena Resources Limited Operator: Evolution Mining Limited Precious Metals: Au & Ag Precious Metals: Au Royalty: NSR: 1.5% Royalty: NSR: 2% Franco-Nevada holds a 1.5% NSR on the past-producing Franco-Nevada has a 2% NSR (subject to a buy-back of Eskay Creek gold-silver project in British Columbia’s 0.5%) on the water claims, which cover the majority of Golden Triangle. Mineral Reserves, of the Bateman gold project in Red Eskay Creek was the highest-grade gold mine in the world when in Lake, Ontario. production with the operator, Barrick Gold Corp., producing 3.3 million In May 2021, Evolution Mining Limited (“Evolution Mining”) announced ounces of gold and 160 million ounces of silver at average grades of the completion of its acquisition of Battle North Gold Corporation 45 g/t gold and 2,224 g/t silver from 1994-2008. (previously Rubicon Minerals Corp), taking ownership of the Bateman In September 2022, the current owner of the property, Skeena Resources gold project (previously known as the Phoenix project). Under Evolution Limited (“Skeena”), announced a positive feasibility study, outlining Mining, Bateman is being reported under Red Lake for public reporting average annual production of 269,000 ounces of gold and 7.4 million purposes (Franco-Nevada does not have a royalty on Evolution Mining’s ounces of silver over an initial 9-year mine life. The feasibility study other Red Lake properties) and is being referred to as the McFinley was based on Proven and Probable Mineral Reserves of 3.85 Moz AuEq project in the December 31, 2022 annual Mineral Resources and Ore (29.9 Mt at 2.99 g/t Au and 79 g/t Ag). The study indicated a high- Reserves statement. grade open-pit and a flotation plant producing saleable concentrate. It Rubicon developed the Phoenix project with completion of a 1,800 tpd contemplated a processing throughput of 3.0 Mtpa in years one to five mill in 2015. Later that same year Rubicon shutdown underground and 3.7 Mtpa in years six to nine. activities to enhance its geologic model and develop an implementation In December 2021, Franco-Nevada entered into an agreement with plan as the gold mineralization was more geologically complex Skeena to amend the terms of its existing 1% NSR royalty agreement than anticipated and the contained gold ounces estimated were such that the existing royalty covered substantially all of the Eskay Creek materially reduced. gold-silver project land package at the time, including all currently-known In October 2020, Battle North announced feasibility study results for the mineralized zones. Bateman gold project. The base case study outlined life of mine payable D gold production of 602,987 ounces, averaging 73,835 ounces per year iv In December 2022, Franco-Nevada acquired an additional 0.5% NSR for 8.2 years from initial production. Of the 8.2 years, seven years were ersified A on Eskay Creek and now holds a 1.5% NSR covering the majority of the classified as commercial production, which Battle North defined as an project’s land package, including the known Mineral Resource. average of 70% of the 1,250 tpd permitted capacity, over 90 consecutive days. The project contemplated an 1,800 tpd mill with excess capacity ssets Exploration by Skeena Resources in 2022 led to three new discoveries for potential incremental tonnes from the F2, McFinley and Pen Zones including the Eskay Rift Zone, the 23 and 23 South Zones and the 21A (contemplating 2,500 tpd for the expanded mill). West Zone. In the new ‘Eskay Rift’ discovery 500 m down-plunge to the north of the historically underground mined NEX zone Skeena intersected The consolidated Red Lake operation, under the ownership of Evolution 32 m at 4.5 g/t Au. This mineralization was hosted in rhyolite and Mining, consists of the Red Lake, Campbell, Cochenour, HG Young and without significant Hg, As and Sb and highlights potential underground McFinley mining areas that will provide ore to the Campbell, Red Lake mineable resource inventory growth to the north from existing historical and Bateman mills with a total processing capacity target of two million underground stopes in the NEX zone. M tonnes by 2026. Ore from the deposits not covered by Franco-Nevada’s iner royalty are likely be higher priority through the mills in the short to Skeena’s continued success with exploration drilling highlights potential medium term. al R resource growth to the south of the of the 2022 Resource pit and esour potential for expansion of the 22 Zone Resource pit. For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral c Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable in anticipation that es and M For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Evolution Mining exercises its right to repurchase 0.5% of the 2.0% NSR Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 69

Canada Courageous Lake Location: Northwest Territories, Canada The property also hosts the Walsh Lake deposit (Inferred Mineral Resource ww Operator: Seabridge Gold Inc. of 4.6 million tonnes grading 3.24 g/t), which is located 10 km south vievie Precious Metals: Au of the larger FAT deposit. Metallurgical testing demonstrated that the erer Royalty: NSR: 1.02% Walsh Lake material is free milling. Based on these factors, the Walsh vv OO Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving The Courageous Lake project is an advanced gold the overall economics of the Courageous Lake project. An updated exploration project located in the Northwest preliminary feasibility study is underway. Seabridge is redesigning Territories, Canada. the large-scale project assumed in the 2012 study to determine if a smaller, less capital-intensive design with a smaller footprint and a Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous more current gold price, could improve economics and enhance the Lake project and, in July 2012, released results of its first preliminary permitting process. feasibility study for the asset. The study estimated Mineral Reserves of For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral 6.5 million ounces of gold (91 million tonnes grading 2.20 g/t at the FAT Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable deposit) and projected average annual production of 385,000 ounces etals over a mine life of 15 years. This project covers only 2 km of a greenstone belt that stretches 53 km and by reserves, the FAT deposit is one of Canada’s largest undeveloped gold deposits. ecious M r P Goldfields Location: Saskatchewan, Canada November 2022, Fortune Bay released the results of a new preliminary Operator: Fortune Bay Corp. economic assessment for the Box and Athona deposits which outlines Precious Metals: Au an 8.3-year life-of-mine, producing 835,000 ounces of gold. Average Royalty: NSR: 2% annual gold production is expected to be 101,000 ounces over the mine life, with an average of 122,000 ounces per year in the first four years. A new Mineral Resource update accompanied the preliminary economic The Goldfields project consists of two gold deposits, the assessment, outlining an Indicated Mineral Resource of 979,900 ounces Box and Athona deposits, located approximately 13 km of gold (23.2 million tonnes grading 1.31 g/t) and an Inferred Mineral south of Uranium City in northern Saskatchewan. Resource of 210,800 ounces of gold (7.1 million tonnes grading 0.92 g/t). The mineralization at both the Box and Athona deposits remains open Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus at depth. Gold Corp., which was advancing the project, was acquired by Primero For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Mining Corp. in 2014. The Goldfields project was not part of the Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable acquisition and was spun out into Fortune Bay Corp. (“Fortune Bay”). In Monument Bay Location: Manitoba, Canada additional production. Yamana acquired the project from Mega Precious Operator: Agnico Eagle Mines Limited Metals Inc. in 2015 and in September 2018, Yamana signed an Exploration Precious Metals: Au Agreement with Red Sucker Lake First Nations in relation to the Royalty: NSR: 2-3% Monument Bay exploration site. In both 2020 and 2021, Yamana focused on exploring these high-grade extensions and on targets surrounding the Twin Lakes shear zone, an area believed to host considerable In January 2023, Agnico Eagle acquired the Monument opportunity for resource expansion. The Twin Lakes deposit was originally Bay project as part the acquisition of Yamana’s Canadian considered as an open-pit operation but has since been re-evaluated as assets. The Monument Bay project, is located in Manitoba, an underground project, with internal studies indicating the presence of steeply plunging higher-grade shoots within the open-pit Mineral approximately 570 km northeast of Winnipeg adjacent to Resource. Deep drilling also provided an initial test of the depth extent the Ontario border. and potential of several high-grade shoots which are along the 4 km strike length of the deposit. Monument Bay consists of 136 contiguous claims and hosts a Measured For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral and Indicated Mineral Resource base of 1.79 million ounces of gold in Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable for the 36.6 million tonnes grading 1.52 g/t. Franco-Nevada holds a 2% NSR first 1.0 million ounces produced and 3.0% on any additional ounces royalty on the first 1.0 million ounces produced and a 3% NSR on any 70 Franco-Nevada Corporation TSX / NYSE: FNV

Canada Red Mountain Cariboo Location: British Columbia, Canada Location: British Columbia, Canada Operator: Ascot Resources Ltd. Operator: Osisko Development Corp. Precious Metals: Au Precious Metals: Au Royalty: NSR: 1% / Production Payment Royalty: NSR: 3% Franco-Nevada has a 1% NSR as well as a $10/oz Osisko Development Corp. (“Osisko Development”) production payment on gold produced in excess of is advancing the Cariboo Gold project in east-central 1.85 million ounces from the Red Mountain project near British Columbia. Stewart, B.C. 2 The property consists of 2,120 km of mineral rights located 85 km Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio east of the town of Quesnel. From 1933 to 1967, 4.5 million ounces of in November 2013. In March 2019, Ascot Resources Ltd. (“Ascot”) gold were mined in the area from both historical underground and completed its acquisition of IDM Mining and its 100%-owned Red alluvial production. Mountain project and a revised feasibility study was released in April Osisko Development started mining the Bonanza Ledge II project, located 2020. The study envisioned the feed from four deposits (Big Missouri, within the Cariboo Gold project, in Q1 2021. The Bonanza Ledge II Mineral Silver Coin, Premier and Red Mountain) being processed at the Premier Resource includes the BC Vein, Bonanza Ledge, and KL Zone deposits. mill, which is approximately 23 km southeast of the Red Mountain Franco-Nevada’s 3% NSR covers the claims to the immediate northeast of deposit. The Premier mill required refurbishment and expansion as it had Bonanza Ledge, referred to as the KL Zone. Franco-Nevada’s 3% royalty been on care and maintenance for over 20 years. The updated feasibility interest also includes the Williams Claims which are about 5 km southeast study contemplated Red Mountain ore commencing processing in the of Bonanza Ledge. second year of operation continuing for approximately seven years and contributing roughly half the ore feed for the mill, or approximately The Bonanza Ledge II project was placed on care and maintenance 70,000 ounces per annum in year three to seven. Since the 2020 in June 2022 to focus on the completion of the Cariboo Gold project feasibility study, Ascot has updated the sequence of mining, deferring feasibility study, which was released in January 2023. The feasibility study Red Mountain development until later in the overall mine life of the envisions a two-phase ramp up, with the first gold pour expected in Q3 project. Commercial production of the combined operation is expected 2024. Phase 1 is 1,500 tpd at approximately 73,000 ounces per year for the in mid-2024. The Red Mountain project received federal Environmental first three years and Phase 2 is 4,900 tpd with underground development Assessment approval in January 2019 and, in April 2019, signed a Benefits and production to increase to approximately 194,000 ounces per year. The Agreement with the Nisga’a Nation. In July 2021, Ascot signed an updated D Benefits Agreement for both the Premier Gold and Red Mountain project. broader project has an initial 12-year mine life and there is potential to iv In January 2023, Ascot completed a $200 million financing package convert additional Inferred Resources located adjacent to reserve blocks, ersified A for the construction of the Premier Gold project and is targeting initial with mineralization open at depth and along strike. production in Q1 2024. Franco-Nevada has not included Cariboo in Royalty Ounce estimates ssets For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 71

Rest of World ww vievie erer vv OO Perama Hill Kiziltepe etals ecious M r P Tasiast Sabodala Karma Sissingué Séguéla Subika (Ahafo) Edikan Producing Advanced Warrawoona Australia Agate Creek Matilda (Wiluna) Yandal (Bronzewing/Julius) Pandora Duketon Cue Gold Red October MWS (Day Dawn) Aphrodite South Kalgoorlie White Dam (Mt Martin-Loc. 45) Edna May Higginsville (Lake Cowan) South Kalgoorlie (New Celebration) Henty 72 Franco-Nevada Corporation TSX / NYSE: FNV

Rest of World MWS Location: South Africa Operator: Harmony Gold Mining Company Limited Precious Metals: Au Stream: 25% Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 39.2 $ 41.3 $ 41.8 M&I Resource (koz Au)1 1,849 1,946 2,150 Inferred Resource (koz Au)1 – – – P&P Reserves (koz Au)1 1,485 1,749 1,930 1, 2 M&I Royalty Ounces (000s) 38 54 71 2 Inferred Royalty Ounces (000s) – – – 2 P&P Royalty Ounces (000s) 38 54 71 MWS, South Africa 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves In September 2020, Harmony Gold Mining Company Limited (“Harmony”) 2 For Royalty Ounce calculation, Franco-Nevada estimates 49,923 stream ounces (71,749 stream acquired MWS from AngloGold Ashanti Limited (“AngloGold Ashanti”). ounces in 2021, 94,764 stream ounces in 2020) to be delivered and factored by 75% (75% in 2021, 75% in 2020) to estimate equivalent Royalty Ounces AngloGold Ashanti had purchased the operation from First Uranium Corporation in July 2012. As part of the AngloGold Ashanti purchase, Franco-Nevada, through its acquisition of Gold Wheaton in Franco-Nevada amended the agreement and is now entitled to receive March 2011, receives 25% of gold produced from the Mine 25% of all the gold produced through the MWS plant, including treatment Waste Solutions (“MWS”) project. of AngloGold Ashanti’s tailings, until Franco-Nevada has received 312,500 ounces of gold. MWS is a gold and uranium tailings recovery operation located near In 2022, Franco-Nevada sold 21,825 ounces of gold that had been Stilfontein, approximately 160 km west of Johannesburg, South Africa. received under the agreement, compared with 23,016 ounces of gold The operation processes multiple tailings dumps in the area through sold in 2021. As at December 31, 2022, Franco-Nevada has received three production modules. It also includes a modern tailings storage 262,576 ounces of gold of the 312,500 ounce cap since the amendment of facility approximately 15 km from the gold plant. Franco-Nevada makes the agreement. Harmony’s production guidance for MWS, for the financial D ongoing payments equal to the lesser of $400/ounce of payable gold year July 2022 to June 2023, is between 82.5 koz and 89.6 koz of gold. The iv (subject to a 1% annual inflation that commenced December 2012) and cap is currently expected to be reached in late 2024. ersified A the spot price for gold. The current ongoing price is equal to $446.26 per ounce of gold as of December 2022. Franco-Nevada is entitled to 25% of all gold ssets produced until 312,500 ounces are received MWS Gold Stream MWS 4 Upside limited by production cap on payments MWS N MWS 5 0 2.5 N 12 km M iner STILFONTEIN Plant Site al R Town esour c AngloGold Ashanti es and M Dumps Hartebeestfontein Tailings storage H1 facility site H6 H5 iner H2 al R ZIMBABWE eser NAMIBIA BOTSWANA MOZAMBIQUE v MWS es SOUTH Indian SPD AFRICA Ocean Buffelsfontein Atlantic Ocean Vaal East B2 B1 B5 B4 B3 Vaal West A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 73

Rest of World Sabodala Location: Senegal In December 2019, Teranga announced an agreement to acquire the ww Operator: Endeavour Mining Corporation adjacent Massawa gold project and commenced processing ore from the vievie Precious Metals: Au project in 2020. Franco-Nevada’s stream does not extend to the Massawa erer Stream: Fixed gold deliveries / 6% Gold Stream gold project area. vv OO In September 2020, Franco-Nevada amended its existing Sabodala 2022 2021 2020 gold purchase and sale agreement with Teranga to compensate for displacement from the processing of Massawa ore through the Revenue to Franco-Nevada ($ million) $ 16.8 $ 16.7 $ 21.6 Sabodala processing facilities and to provide for certain protocols for the M&I Resource (koz Au)1 6,333 6,640 3,730 commingling of Sabodala and Massawa ores. The amended agreement Inferred Resource (koz Au)1 1,380 1,728 976 provides that effective September 1, 2020, Teranga, now Endeavour, P&P Reserves (koz Au)1 4,086 4,796 2,190 will make fixed deliveries of 783.33 ounces of refined gold per month until 105,750 ounces of gold have been delivered to Franco-Nevada 1, 2 M&I Royalty Ounces (000s) 120 112 159 (the “Fixed Delivery Period”) and 6% of production from the stream area 2 Inferred Royalty Ounces (000s) 32 35 47 thereafter. Following the Fixed Delivery Period which is expected to 2 P&P Royalty Ounces (000s) 67 75 85 end in October 2031, a reconciliation will be conducted to determine if etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Franco-Nevada would have received more or less than 105,750 ounces of Resource category; all M&I categories are inclusive of Mineral Reserves gold under the 6% variable stream during such period. Endeavour will be 2 In 2022, Franco-Nevada estimates that 49% (42% in 2021) of the remaining Mineral Resources and entitled to a credit for an over-delivery which will be applied against the Mineral Reserves at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream 6% variable stream until depleted and Franco-Nevada will be entitled to ecious M which is factored by 80% to estimate equivalent Royalty Ounce rate). In 2020, it was estimated that r 100% of the Mineral Resources and Mineral Reserves at Sabodala only were subject to a rate of 4.8% P a one-time additional delivery in the case of an under-delivery. Franco- Nevada will make ongoing payments for each ounce of gold delivered In December 2013, Franco-Nevada (Barbados) equal to 20% of the spot gold price. Corporation, a subsidiary of Franco-Nevada, provided In 2022, Sabodala-Massawa produced 358 koz of gold, with the majority Teranga Gold Corporation (“Teranga”) with a $135 million produced from Massawa. Endeavour’s 2023 production guidance for deposit to fund the acquisition by Teranga of additional Sabodala-Massawa is between 315 koz and 340 koz of gold. To date future ore sources for its Sabodala mill. production from Sabodala has been less than the fixed ounces delivered to Franco-Nevada. With the acquisition, Teranga was able to expand its land package to over 950 km2 including much of a 70 km prospective greenstone Fixed gold deliveries per year until 2031, belt. In February 2021, Endeavour Mining Corporation (“Endeavour”) and thereafter 6% of gold production from acquired Teranga. Sabodala concessions Over the first six years, Teranga delivered 22,500 ounces of gold annually Land package offers significant to Franco-Nevada, under a fixed arrangement, for a total of 135,000 ounces of gold delivered. The fixed delivery period was fulfilled in exploration potential December 2019 and, between January 2020 and August 2020, Franco- Nevada received 6% of the gold produced from either the Sabodala or Oromin Joint Venture (“OJVG”) properties. Sabodala Mauritania Gold Stream Atlantic Ocean Senegal N Dakar Mali 0 2.5 Sabodala km Guinea 10 kilometres Tailings from mill Sabodala Pit Sabodala Mill Masato Deposit Gora Sabodala West Deposit N 0 20 Sabodala Concession km Niakafiri OJVG OJVG Concession Deposit Deposits Golouma Deposits 74 Franco-Nevada Corporation TSX / NYSE: FNV

Rest of World Tasiast Location: Mauritania Operator: Kinross Gold Corporation Precious Metals: Au Royalty: NSR: 2% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 18.3 $ 6.7 $ 14.3 M&I Resource (koz Au)1 7,239 8,992 9,083 Inferred Resource (koz Au)1 1,443 971 267 P&P Reserves (koz Au)1 5,737 6,404 6,330 1, 2 M&I Royalty Ounces (000s) 145 180 182 2 Inferred Royalty Ounces (000s) 29 19 5 2 P&P Royalty Ounces (000s) 115 128 127 Tasiast, Mauritania 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Kinross has been implementing a phased expansion of Tasiast. The 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Phase One expansion was completed during the third quarter of 2018. Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable Phase One increased mill throughput from 8,000 tpd to 12,000 tpd. In Franco-Nevada has a 2% NSR royalty on the Tasiast project September 2019, Kinross announced the Tasiast 24k project, increasing operated by Kinross. throughput to 21,000 tpd by year-end 2021 and 24,000 tpd by mid-2023. In Q4 2022, Kinross successfully finalized a three-year collective labour Kinross acquired control of Tasiast in September 2010 pursuant to its agreement at Tasiast with no interruption to operations. acquisition of Red Back Mining Inc. The royalty originally covered three Including downtime for tie-ins, and ramp-up periods, the mill is targeting large permit areas in Mauritania, West Africa including the Tasiast main average throughput of between 20,000 and 21,000 tpd in 2023, to trend and Tasiast Sud. The most prominent permit area is Tasiast, with a produce 610,000 ounces of gold. The mill has achieved 21,000 tpd and is 2 currently reported mining license area of 312 km and a total exploration expected to be consistently running at 24,000 tpd by the end of 2023. The license area of 3,118 km2 . Tasiast 24k is expected to extend the mine life by four years to 2033 and Tasiast is expected to produce over 600,000 ounces of gold per annum D In 2022, Tasiast produced 538,591 ounces of gold compared with over the next several years. iv 170,502 ounces in 2021. Production in 2021 was impacted by a mill fire ersified A in June of that year. Kinross achieved record production and grades in Tasiast 24k project on schedule to Q4 of 2022. reach 24,000 tpd ssets Prospective 75 km long greenstone belt, including Tasiast Sud Tasiast Permit Area M Tasiast License Area, March 2012 iner Tasiast Mining License al R Tasiast Sud esour Gold Prospects c Trends es and M Tasiast Resource/Reserve Target Main Trend Plant Site iner al R Plant Site Algeria eser v es Tasiast Sud Tasiast Mauritania A Senegal dditional I Mali N 2% NSR Royalty Original Royalty Area 0 10 Boundary nf km orma tion TSX / NYSE: FNV Franco-Nevada Corporation 75

Rest of World Subika (Ahafo) Location: Ghana ww Operator: Newmont Corporation vievie Precious Metals: Au erer Royalty: NSR: 2% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 18.0 $ 11.6 $ 10.4 M&I Resource (koz Au)1 9,160 9,350 9,010 Inferred Resource (koz Au)1 1,640 1,730 1,220 P&P Reserves (koz Au)1 5,650 6,100 6,060 1, 2 M&I Royalty Ounces (000s) 78 80 85 2 Inferred Royalty Ounces (000s) 14 15 11 2 P&P Royalty Ounces (000s) 76 82 82 Subika, Ghana etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves In 2022, Ahafo South produced 574,000 ounces of gold compared with 2 For Royalty Ounce calculation, Franco-Nevada estimates 68% of Mineral Reserves (68% in 2021, 481,000 ounces in 2021 and it is estimated that 68% of project reserves as 68% in 2020), 43% of the M&I Mineral Resources (43% in 2021, 47% in 2020) and 43% of the Inferred ecious M Resources (43% in 2021, 47% in 2020) are subject to our royalty interest and estimates an average of December 31, 2022 fall on Franco-Nevada’s royalty ground. Newmont r rate of 2.0% is applicable P reported a ramp-up of production at Subika following a change in mining method and, in Q4 2022, the Ahafo mill achieved record throughput for 2 Franco-Nevada has a 2% NSR royalty which covers a 78 km the quarter. Production from Ahafo is expected to increase to between area on the southern portion of Newmont’s Ahafo South 675,000 and 745,000 ounces, in 2023, as underground mining rates mine in Ghana (shown in the schematic). Ahafo South is a continue to improve, delivering higher grade ore to the mill. Production separate mine from Newmont’s Ahafo North mine which is is expected to continue to increase through 2024, due to higher grade at located 30 km to the north. the Subika open pit and increased underground tonnes mined due to the change in mining method at the Subika Underground. Franco-Nevada The 2% NSR is payable on all ounces produced from the Rank (formerly expects a larger proportion of production to be sourced from ground Ntotoroso) concession. The majority of the Subika deposit, the northern covered by our royalty in 2023. portion of the Awonsu deposit, and the southern tip of the Amoma In 2022, Newmont highlighted significant underground potential at deposit fall within the Rank mining lease boundary. Subika (on royalty ground) and the Apensu pit (not on royalty ground). Production growth through 2024 Subika Amoma Estimate 68% of Ahafo South reserves fall on Project Area royalty ground N Ntotoroso Larger share of future production expected on Note: royalty ground not to scale Awonsu Apensu Plant and Offices Subika Kenyase ALGERIA 2% NSR MALI NIGER BURKINA FASO Royalty Area BENIN COTE NIGERIA D’IVOIRE GHANA TOGO Subika Atlantic Ocean 76 Franco-Nevada Corporation TSX / NYSE: FNV

Rest of World Karma Location: Burkina Faso Operator: Néré Mining SA Precious Metals: Au Stream: 4.875% Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.3 $ 9.9 $ 28.9 M&I Resource (koz Au)1 1,898 1,898 2,042 Inferred Resource (koz Au)1 679 679 681 P&P Reserves (koz Au)1 158 158 293 1, 2 M&I Royalty Ounces (000s) 74 74 80 2 Inferred Royalty Ounces (000s) 26 26 27 2 P&P Royalty Ounces (000s) 6 6 11 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 100% of the Mineral Resources and Mineral Reserves at Karma are subject to a rate of 3.9% (6.5% Karma, Bukina Faso gold stream which is factored by 80% to equate to a Royalty Ounce as well as Franco-Nevada’s 75% interest) In August 2014, Franco-Nevada (Barbados) Corporation, Karma a subsidiary of Franco-Nevada, and Sandstorm Gold Ltd. Gold Stream (“Sandstorm”) committed to provide up to $120 million in stream funding to assist the construction of the Karma N 0 10 Project in Burkina Faso, West Africa, in a syndicated km stream transaction. Rounga Franco-Nevada committed 75% of the funding and Sandstorm committed the remaining 25%. Franco-Nevada ultimately contributed $78.75 million D Youba iv ($75 million with $3.75 million as part of an increase option). The Karma Tougou ersified A Project was constructed by True Gold Mining Inc. which was acquired by Endeavour in March 2016. In March 2022, Endeavour announced the sale of its 90% interest in Karma to Néré Mining SA (“Néré”). Bogoya ssets Nami Pit Under the stream agreement, Endeavour delivered to Franco-Nevada Bonguirga 15,000 ounces of gold per year, beginning in March 2016 through to the Namissiguima end of February 2021, for a total of 75,000 ounces of gold delivered. The Ouahigouya Ouest increase option was repaid in 8 quarterly deliveries totaling 5,625 ounces Kao Nord Kao Pit of gold by Q1 2019. Sandstorm receives deliveries for its 25% interest Kao Sud directly. After February 2021, Endeavour and, now Néré, shall deliver to Franco-Nevada an amount of gold equal to 4.875% of the gold produced M at Karma over the life of the mine in exchange for ongoing payments Karma iner Project Area equal to 20% of the spot price of gold. Area of al R Interest 5 km esour The Karma Project started production in 2016 and, in 2021, produced Current Exploitation c 88,000 gold ounces. Operations at Karma have been suspended following Area Nami Pit es and M security incidents at the mine in June and August 2022. As a result, Franco-Nevada only sold 1,759 GEOs from the mine in 2022, compared Goulagou I Pit with 5,556 GEOs in 2021. iner ALGERIA Goulagou II Pit 2 Rambo Pit al R The stream agreement covers all of the concessions within the 856 km MALI eser Karma Project and also includes a defined area of interest of 5 km Karma NIGER v surrounding the borders of the project. BURKINA FASO es BENIN TOGO North Kao COTE NIGERIA Prospective land package of 856 km2 D’IVOIRE GHANA Gold Zone Atlantic Ocean Kao Pit Trailing 4.875% gold stream in place A dditional I nf orma Burkina Faso tion TSX / NYSE: FNV Franco-Nevada Corporation 77

Rest of World Duketon Location: Australia ww Operator: Regis Resources Ltd. vievie Precious Metals: Au erer Royalty: NSR: 2% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 10.7 $ 11.1 $ 9.6 M&I Resource (koz Au)1 4,120 3,950 4,160 Inferred Resource (koz Au)1 1,030 610 500 P&P Reserves (koz Au)1 1,400 1,990 1,540 1, 2 M&I Royalty Ounces (000s) 71 72 77 2 Inferred Royalty Ounces (000s) 16 11 9 2 P&P Royalty Ounces (000s) 25 37 29 Duketon, Australia etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Duketon South Operations (“DSO”): Regis reported DSO production 2 For Royalty Ounce calculation, Franco-Nevada estimates 88% (93% in 2021, 93% in 2020) of Mineral of 248,544 ounces of gold for calendar year 2022. All of DSO production Reserves and 86% of the Mineral Resources (91% in 2021, 92% in 2020) are subject to our royalty ecious M interest and estimates a rate of 2.0% is applicable was subject to Franco-Nevada’s royalty in 2022. DSO has five operating r P mines at Garden Well, Rosemont, Erlistoun, Tooheys Well and Banyego. Franco-Nevada has a 2% NSR royalty that covers 2,678 km2 Franco-Nevada’s royalty covers all of DSO’s Mineral Resources and Mineral of the Duketon gold project in Western Australia. Reserves, except for Ben Hur and a small portion of Erlistoun. DSO production began in 2012 at Garden Well which has a 5 Mt per annum The project is operated by Regis Resources Ltd. (“Regis”) and includes plant. Rosemont has a 2.5 Mt per annum plant and milled ore from nine operating mines and five other deposits at various stages of Rosemont is piped 10 km in a slurry form for leaching at Garden Well. Ore development. The royalty covers all known Mineral Resources and Mineral from satellite deposits at Erlistoun, Tooheys Well and Ben Hur is hauled to Reserves, except for the Gloster, Ben Hur and Anchor satellite deposits Garden Well for processing. and portions of the Erlistoun, Dogbolter and Petra satellite deposits. Regis Garden Well South Underground production commenced in March 2022, reported production of 327,783 ounces of gold for 2022 and provided with first stope production in October 2022. Garden Well Main production guidance of 320,000 to 355,000 ounces of gold for the fiscal Underground scoping study commenced in 2022 and an exploration year ending June 30, 2023. During 2022, approximately 91% of total decline was approved. In January 2022 heavy rains caused a pit wall Duketon production was subject to Franco-Nevada’s royalty and a similar failure and halted production at the Rosemont Main Pit, which had been portion is expected in 2023. due for completion in June 2022. Production at Rosemont Underground and Rosemont North Pit was not affected. Duketon Duketon North Operations (“DNO”): Regis reported DNO production Royalty Area of 79,239 ounces of gold for calendar year 2022. DNO has five operating 2% NSR Port Hedland mines at Moolart Well, Gloster, Dogbolter, Anchor and Petra. Moolart Well has been in production since 2010 and has a 2.5 Mt per annum plant. Moolart Well is covered by Franco-Nevada’s royalty, but has provided only N a small portion of ore to the Moolart Well mill since 2016. The majority of 0 30 ore processed through the Moolart Well plant since 2016 comes from four Kalgoorlie km Kambalda satellite deposits. Gloster and Anchor satellite deposits are not covered Perth Norseman by Franco-Nevada’s royalty. Dogbolter and Petra satellite deposits are * Additional royalty lands partially covered by Franco-Nevada’s royalty. Approximately 73% of DNO to south not shown due to scale. production was subject to Franco-Nevada’s royalty in 2022. Exploration: With an extensive land position and an active exploration program, Regis continues to add to the overall Mineral Resources and Moolart Well Mineral Reserves at Duketon. Gloster Dogbolter Current Royalty Garden Well South Underground production Petra Tenements commenced March 2022 Original Royalty Rosemont Tenements Garden Well Main Underground scoping study Deposits Garden Well underway and exploration decline approved King John Tooheys Well Extensive land position and active Russells Baneygo Find exploration program Erlistoun Reichelts Find 78 Franco-Nevada Corporation TSX / NYSE: FNV

Rest of World Edikan Location: Ghana Operator: Perseus Mining Limited Precious Metals: Au Royalty: NSR: 1.5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 4.4 $ 3.9 $ 4.4 M&I Resource (koz Au)1 1,885 2,326 2,573 Inferred Resource (koz Au)1 283 300 344 P&P Reserves (koz Au)1 1,344 1,318 1,477 1, 2 M&I Royalty Ounces (000s) 28 35 39 2 Inferred Royalty Ounces (000s) 4 5 5 2 P&P Royalty Ounces (000s) 20 20 22 Edikan, Ghana 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2022 production at Edikan was 173,235 ounces of gold compared 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral with 150,330 ounces of gold in 2021. In February 2023, Perseus Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable announced that production in Perseus’ 2023 financial year (July 1, 2022 – In 2011, Franco-Nevada acquired an effective 1.5% NSR June 30, 2023), is expected to be between 193,500 to 206,000 gold royalty on Perseus Mining Limited’s (“Perseus”) Edikan ounces. Exploration opportunities are expected to further extend the gold mine within the Ashanti Gold Belt in Ghana, which current mine life at Edikan with the operator focusing on new exploration targets within trucking distance. In July 2022, Perseus completed a 2 feasibility study on development of the Nkosuo prospect which is includes two mining leases of approximately 93 km . approximately 7 km from the Edikan mill (not covered by Franco-Nevada’s Edikan is a large-scale, low-grade multi open-pit operation that began royalty). Planned trucking of ore and processing of the Nkosuo ore at commercial production in 2012, with ore processed through a centralized the Edikan mill is expected to increase the project mine life to 2027, processing facility. In 2015, a Supplementary Environmental Impact allowing for future near-mine discoveries which could potentially fall on Statement for mining the Fetish, Chirawewa, Bokitsi (collectively referred royalty ground. to as the “Eastern Pits”) and Esuajah North deposits was approved. After D iv a mill upgrade and housing relocation project was completed at the end Exploration potential to further extend ersified A of 2016, the Esuajah South deposit was included in Edikan’s production current mine life profile and an updated life of mine plan was prepared. Gold production was forecast to average 212,000 ounces per annum over Edikan’s ssets estimated mine life of 6.2 years from July 1, 2020 forward, including gold production of approximately 231,000 ounces per annum on average over the first four years. Edikan Gold Mine Esuajah Esuajah North Royalty Area South Abnabna M 1.5% NSR Fobinso iner Mampon al R N Mill Fetish esour 0 10 Site c km Chirawewa es and M Ataasi iner Ayanfuri al R Dadieso Mine eser Licenses v es Mining License and Royalty Area Exploration License Ghana Deposit A Edikan dditional I Gold Mine Accra nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 79

Rest of World Matilda (Wiluna) South Kalgoorlie Location: Australia Location: Australia ww Operator: Wiluna Mining Corporation Limited Operator: Northern Star Resources Limited vievie Precious Metals: Au Precious Metals: Au erer Royalty: NSR: 3.6% Royalty: NSR: 1-4% vv OO Franco-Nevada holds a 3.6% NSR royalty on all gold Northern Star Resources Limited (“Northern Star”) production from the Matilda/Wiluna Gold Project operates the South Kalgoorlie Operation (“SKO”) which located in Western Australia, covering all of the has been producing gold since 1989. 2 1,150 km property. SKO is located 15 km south of Kalgoorlie in Western Australia. Franco- Wiluna was discovered in 1896 and has produced in excess of 4.0 million Nevada holds a 1.75-4% NSR royalty for gold and a 1-2.25% NSR royalty ounces of gold to date, with nearly continuous production from 1987 for other minerals which covers 470 km2 of the SKO tenements including to 2013. Wiluna Mining Corporation Limited (“WMC”) acquired the the HBJ underground mine and the Mt Marion and Pernatty satellite Wiluna Gold Operation in 2014 and resumed mining operations in deposits, along with the 1.2 Mtpa Jubilee Mill. Effective January 1, 2023 etals 2016. Wiluna has a 2.1 Mtpa CIL treatment plant and processes ore from the royalty agreement was amended to increase the royalty rate on several open-pit and underground deposits. Total production for 2022 the northern and central sections of the HBJ underground mine from was 67,989 ounces of gold. In December 2021, WMC commissioned a 1.75% to 4%. Northern Star combines SKO with the Kalgoorlie, Carosue ecious M 750,000 tpa Sulphide Ore Concentrate Plant which was built at a cost of Dam and Kanowna Belle gold mines, and reported total production of r 847,372 ounces of gold at the combined Kalgoorlie Production Centre for P A$26 million. WMC went into Voluntary Administration on July 20, 2022. Mining operations ceased on December 14, 2022. Processing low-grade the year ended December 31, 2022. Northern Star placed the Jubilee mill stockpiles continued until February 2023. WMC plans to reprocess tailings on care and maintenance in July 2022, with ore feed directed to Kanowna for approximately 12-18 months. Franco-Nevada received $0.2 million of Belle and Kalgoorlie. Franco-Nevada estimates that the royalty production royalty revenue from Matilda/Wiluna in 2022. accounts for approximately 7% of total combined Kalgoorlie Production Centre production. Franco-Nevada received $2.4 million of royalty For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral revenue from SKO in 2022. Reserves are subject to our royalty interest and estimates a rate of 3.6% is applicable For Royalty Ounce calculation, Franco-Nevada estimates 75% of Mineral Resources and 82% of Mineral Reserves are subject to our royalty interest and estimates a rate of 1.75% is applicable Kiziltepe Location: Türkiye Production guidance for 2023 is expected to be approximately 18,000 Operator: Zenit Madencilik San. ve Tic. A.S. ounces of gold. Open-pit mining during 2023 will continue largely at Precious Metals: Au & Ag the Arzu North, Derya and Banu pits. Ariana Resources has previously Royalty: NSR: 2.5% estimated average production of 20,000 ounces of gold equivalent per year over an 8-year mine life with potential to increase to at least 10 years including satellite deposits. Production at Kiziltepe is expected to Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver be lower in 2023, due to lower-grade ore and a reduced ore throughput mine located in Türkiye which started production in rate to the mill of approximately 350,000 tonnes per annum. Extensive April 2017. near-mine exploration is underway, with positive results received across various vein systems covered by Franco-Nevada’s royalty. In 2023, recent Kiziltepe is operated by Zenit Madencilik San. ve Tic. A.S., a JV owned by geophysics will be fully assessed to determine the drilling required to Özaltin Holding A.S. (53%), Ariana Resources PLC (“Ariana Resources”) adequately test these newly identified targets. (23.5%) and Proccea Construction Co. (23.5%). Kiziltepe produced 28,421 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral ounces of gold in 2022 compared with 20,737 ounces of gold in 2021. Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable. Kiziltepe, Türkiye 80 Franco-Nevada Corporation TSX / NYSE: FNV

Rest of World Sissingué Location: Côte d’Ivoire Perseus commenced commercial gold production at the end of March Operator: Perseus Mining Limited 2018 and, by December 2022, approximately 393,000 ounces of gold Precious Metals: Au had been produced at the mine. Perseus reported 2022 production Royalty: NSR: 0.5% from Sissingué of 53,094 ounces of gold and Franco-Nevada received $0.5 million of royalty revenue for the year. In 2013, Franco-Nevada acquired a 0.5% NSR on tenements On March 28, 2022, Perseus announced that the mine life for Sissingué that comprise the Sissingué gold project located in Côte had been extended to March 2026 with estimated average annual d’Ivoire operated by Perseus. production of 72,000 ounces of gold. Ore will be sourced from the SGM, Bagoé and Fimbiasso deposits and a total of 252,000 ounces of gold are forecast to be recovered over the life of the operation. Production in the The project is comprised of the Sissingué Gold Mine (“SGM”) and the latter years is forecast to come primarily from the Fimbiasso and Bagoé satellite deposits Fimbiasso and Bagoé. Franco-Nevada’s royalty covers satellite deposits, which is not covered by Franco-Nevada’s royalty. There SGM but does not cover the Fimbiasso and Bagoé claims. is, however, potential for a further mine life extension by processing low grade ore stockpiles. Perseus continues to explore the property to potentially increase the mine life. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.5% is applicable Pandora Location: South Africa Under Sibanye-Stillwater, Pandora is now grouped as part of its Operator: Sibanye-Stillwater Marikana operations. Franco-Nevada has a 5% NPI royalty that includes Precious Metals: PGM a small minimum annual payment of 100,000 South African Rand. The Royalty: NPI: 5% underground mining operation exploits the UG2 reef horizon with access via a decline from surface. Pandora hosts a large orebody. Historical D iv studies have evaluated with parallel decline that would substantially ersified A The Pandora property forms part of the Bushveld complex increase production levels. A deepening of the decline was completed approximately 40 km east of the town of Rustenburg, in 2013, accessing the nine and ten levels. Franco-Nevada has received South Africa and is 100% owned by Sibanye-Stillwater only modest NPI payments in recent years, although it is anticipated that ssets a good portion of planned future mining is covered by Franco-Nevada’s following its acquisition of Lonmin plc (“Lonmin”) in 5% NPI royalty. June 2019. For Royalty Ounce calculation, Franco-Nevada estimates 80% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an equivalent NSR royalty rate of 0.77% (1.03% in 2021, 1.04% in 2020) is applicable assuming an all in cost of $1,239/ounce ($1,199/ounce in 2021, $1,212 in 2020). For 2020 through 2022, Franco-Nevada has assumed a lower margin for the project than in previous years. PGM ounces are converted into Royalty Ounces assuming $900/ounce Pt and $1,500/ ounce Pd ($1,000/ounce Pt and $2,100/ounce Pd in 2021, $1,100/ounce Pt and $2,200/ounce Pd in 2020) M iner al R esour c Yandal (Bronzewing) es and M Location: Australia Yandal project also includes the Julius deposit where Franco-Nevada has iner Operator: Northern Star Resources Limited a 1.5% NSR royalty under a separate royalty agreement. During 2021, Precious Metals: Au Northern Star developed Julius as a satellite deposit of the Jundee Gold al R Royalty: NSR: 2% Mine and Franco-Nevada received $1.2 million of royalty revenue from eser v Julius in 2022. Northern Star announced plans to return Bronzewing into es production at a rate of 150,000 ounces of gold per year, using the Orelia Bronzewing is located in the Yandal Greenstone Belt of Pit as the primary ore source, which is 100 km north of the Thunderbox Western Australia. Franco-Nevada’s royalty covers 590 km2 Mill, where the ore will be processed. Allocated capital for the project was including all Mineral Resources identified. A$270 million; (i) A$180 million to double capacity at the Thunderbox Mill from 3.0 Mtpa to 6.0 Mtpa and (ii) A$90 million to develop the Orelia Pit. Thunderbox Mill expansion was completed in December 2022 Bronzewing produced 2.19 million ounces of gold from several open-pit A and underground deposits from 1994 to 2004 and a further 0.19 million and commissioning underway. Orelia Pit scheduled for production in dditional I ounces from open-pit deposits from 2010 to 2013. The project has Northern Star’s fiscal year ending June 2024. changed ownership several times since 2013. Northern Star acquired For Royalty Ounce calculation, Franco-Nevada estimates 47% of Mineral Resources and Mineral Reserves (100% in 2021, 100% in 2020) are subject to our royalty interest and estimates a rate of 2.0% is applicable nf the project in November 2019 in a A$193 million take-over deal. The orma tion TSX / NYSE: FNV Franco-Nevada Corporation 81

Rest of World Aphrodite Séguéla Location: Australia Location: Côte d’Ivoire ww Operator: St Barbara Limited Operator: Fortuna Silver Mines Inc. vievie Precious Metals: Au Precious Metals: Au erer Royalty: GR: 2.5% Royalty: NSR: 1.2% vv OO Aphrodite Gold project is located in Western Australia, In March 2021, Franco-Nevada acquired a 1.2% NSR 65 km northwest of Kalgoorlie. Franco-Nevada’s 2.5% from Roxgold Inc. (“Roxgold”) on the license covering its 2 gross royalty covers a 29 km area and all Aphrodite Séguéla open-pit gold project located in Côte d’Ivoire. Mineral Resources. The royalty is subject to a buy-back of up to 50% for a period of time. In An advance minimum royalty of A$250,000 per annum applies from July 2021, Fortuna Silver Mines Inc. (“Fortuna”) acquired Roxgold Inc. November 1, 2017 onward. St Barbara Limited (“St Barbara”) acquired Roxgold completed a preliminary economic assessment in April 2020 Bardoc Gold Limited for A$157 million in April 2022, and took control and, in May 2021, released the results of a feasibility study that outlined of the Bardoc Gold Project. Aphrodite is the largest of the five deposits a 9-year open-pit mine producing an average of 120,000 ounces of gold etals at Bardoc. Also in April 2022, St Barbara announced plans to develop per year. In September 2021, Fortuna announced a positive construction Aphrodite in conjunction with an expansion of the Leonora Processing decision for Séguéla, with first gold pour projected by mid-2023. Plant, located 180 km north by rail, increasing throughput from 1.4 Mtpa Fortuna also indicated 130,000 ounces of gold production annually ecious M to 2.1 Mtpa and allowing treatment of Aphrodite’s refractory ore. In r for the first six years of production. As of February 2023, construction P October 2022, St Barbara decided to defer major capital expenditures for at least one year, including the expansion and refractory ore circuit at the activities are progressing on time and on budget with the overall Leonora Processing Plant and construction of the Aphrodite mine. project approximately 90% complete, with commissioning remaining on schedule for Q2 2023. In March 2022, Fortuna announced a maiden For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Inferred Mineral Resource estimate for the Sunbird discovery. Fortuna Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable has stated that the focus at Sunbird is currently on upgrading its resource confidence with the ultimate intention of conversion to mineral reserves, expanding reserves at Séguéla and increasing the 9-year life-of-mine. In 2023, Fortuna plans to continue exploring the land package with an active exploration program to generate and test near-mine targets. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.2% is applicable Perama Hill Location: Greece The Perama Hill gold project is located in the Thrace region of Operator: Eldorado Gold Corporation northeastern Greece and consists of two mining titles covering an area Precious Metals: Au 2 of 19 km and two mining exploration licenses covering an area of Royalty: NSR: 2% 18 km2. Eldorado has been challenged in getting the needed approvals to advance its activities in Greece. Perama Hill has an estimated Mineral Reserve of 1,250,000 ounces (12.5 million tonnes grading 3.11 g/t) and Franco-Nevada has a 2% NSR on the Perama Hill project contemplates operating as a small open-pit mine using a conventional held by Eldorado Gold Corporation (“Eldorado”). carbon-in-leach gold recovery circuit. Project optimization and studies are ongoing to prepare permitting documentation. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable 82 Franco-Nevada Corporation TSX / NYSE: FNV

Precious Metals Exploration Assets Precious Metals Exploration Assets Franco-Nevada has interests in 234 exploration stage mining properties (148 precious metals assets and 86 diversified (mining) assets) as at April 12, 2023. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Some of these assets have associated Mineral Resources that, to be economic, may require additional Mineral Resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports and/or public disclosures to determine which properties are in good standing. It is possible some properties may have lapsed. The following table is a list of the precious metals exploration assets of Franco-Nevada as at April 12, 2023. A list of the diversified (mining) exploration assets can be found on pages 102-103. Assets that have had their terms or leases expire and have been written off by Franco-Nevada are not listed. Precious Metals Exploration Assets as at April 12, 2023 Asset Operator Interest and %1 South America Terra Escura, Brazil Mineração Tarauaca Industria e Comercio S.A. 1-2% NSR (All Metals); 4% Cash Dividends La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) San Guillermo, Chile Austral Gold Limited (Guanaco Compania Minera SpA) 1-2% NSR (All Minerals) Volcan (Ojo de Agua), Chile Hochschild Mining plc (Tiernan Gold Corp.) 1.5% NSR (All Minerals) Ayahuanca, Peru Apumayo SAC 1% NSR (Au) Choreveco, Peru Minera del Norte S.A./Aruntani S.A.C. 0.1-0.3% NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Mansa Musa (Minasnioc), Peru Peruvian Metals Corp. 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining plc 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Nexa Resources Peru S.A.A. 1-2% NSR (All Minerals) Yanamina, Peru Wealth Minerals Ltd. 5% NSR (All Minerals) D iv ersified A Central America and Mexico Cerro San Pedro, Mexico New Gold Inc. 1.95% NSR (Au, Ag) ssets United States Cripple Creek, Colorado Searchlight Exploration LLC 3% NSR (Au, Ag) La Plata Allard Stock, Colorado Metallic Minerals Corp. 1.5% NSR (All Minerals) Corbin Wickes, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 5% NSR (Au) Elkhorn, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 1.1875% NSR (Au) Lewis and Clark County, Montana Hartmut W. Baitis et al 1% NSR (All Minerals) Carlin (Currant Creek), Nevada Carlin Gold Corp. 3% NSR (All Minerals) M Carlin (Railroad), Nevada Gold Standard Ventures Corp. 1% NSR (All Minerals) iner Carlin (Willow Creek), Nevada Carlin Gold Corp. 1% NSR (All Minerals) al R Getchell, Nevada Barrick Gold Corporation 2% NSR (Au) esour Goldstrike (Rodeo Creek), Nevada Nevada Gold Mines LLC 4% NSR; capped at $500K (Au, Ag) c Granite Creek (Getchell), Nevada i-80 Gold Corp. (Osgood Mining Company LLC) 2% NSR (Au) es and M Limousine Butte, Nevada NevGold Corp. 1.5-2.5% NSR (Au) Marigold (SAR), Nevada SSR Mining Inc. 5% NSR (Au) Marigold (Trout Creek/Valmy), Nevada Nevada Gold Mines LLC/SSR Mining Inc. 3% NSR (Au) iner Mountain View, Nevada Millennial Precious Metals Corp. 1% NSR (All Minerals) Nevada Mineral-Eureka County, Nevada Nevada Gold Mines LLC 2% NSR (All Minerals) al R Preble, Nevada Barrick Gold Corporation 10% NP (Au) eser Preble (Pinson Fee), Nevada Barrick Gold Corporation 1.5-7.5% NSR (Au, Ag) v Rain-Emigrant-Saddle, Nevada Nevada Gold Mines LLC 1.5% NSR (All Minerals) es Sandman, Nevada Gold Bull Resources Corp. 0.5674% NSR on initial 200K oz (Au) Sleeper, Nevada Paramount Gold Nevada Corp. 2% NSR (All Minerals) Tonkin Springs, Nevada McEwen Mining Inc. 1-2% NSR (Au) Kings Canyon, Utah Pine Cliff Energy Ltd. 4% NSR (Au) Silver Bell, Utah Unico, Inc. 5% NSR plus other (Au, Cu, Pb, Zn) Tintic, Utah Ivanhoe Electric Inc. 1% NSR (All Minerals) A TUG (Tecoma), Utah Fronteer Development (USA) Inc. 5% NSR (All Minerals) dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 83

Precious Metals Exploration Assets Asset Operator Interest and %1 Canada ww Spences Bridge (Talisker), British Columbia Talisker Resources Ltd. 2.5% NSR (All Minerals) vievie Spences Bridge (Westhaven), British Columbia Westhaven Gold Corp. 2% NSR (All Minerals) erer Taken, British Columbia Independence Gold Corp. 2-4% NSR (All Minerals) (buy-back option to 1%) vv Tide, British Columbia 0945473 B.C. Ltd. 1.5% NSR (All Minerals) OO Maverick (Nokomis), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Oxford Lake, Manitoba Alto Ventures Ltd. 1.5-2.5% NSR (All Minerals) Clarence Stream, New Brunswick Galway Metals Inc. 1% NSR (All Minerals) Clan Lake (Sito Lake), Northwest Territories Roland T. Trenaman 2% NSR (All Minerals) Hyde, Nunavut Exploratus Ltd. 2.5% NSR (All Minerals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2-3% NSR (All Minerals) Catharine 4, Ontario Canadian Exploration Services Limited/Northstar Gold Corp. 2-3% NSR (All Minerals) Detour (Gowest), Ontario Agnico Eagle Mines Limited 1% NSR (All Minerals) (buy-back option on 0.5%) Detour (Mikwam), Ontario and Quebec Aurelius Minerals Inc. 0.4824% NSR (All Minerals) Edwards, Ontario Alamos Gold Inc. (Richmont Mines Inc.) 2% NSR (All Minerals) Golden Highway (Aquarius), Ontario Agnico Eagle Mines Limited 1-2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Agnico Eagle Mines Limited 0-1% NSR (All Minerals) etals Golden Highway (Kerrs Leases), Ontario Canoe Mining Ventures Corp. (Sheltered Oak Resources Corp.) 1-2% NSR (Au) Golden Highway (Stock), Ontario McEwen Mining Inc. 1% NSR (All Minerals) Golden Highway (Stoughton), Ontario Silver Lake Resources Limited 0.5-2.5% NSR (Au) ecious M Hemlo (JOA), Ontario Hemlo Explorers Inc. 0.5-1% NSR (Au) r Kirkland Lake (Agnico 2% NSR), Ontario Agnico Eagle Mines Limited 2% NSR (Au) P Kirkland Lake (Underlying 2% NSR A&D), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Kirkland Lake (Underlying 3% NSR B), Ontario Agnico Eagle Mines Limited 2-3% NSR (Au) Larose, Ontario Tashota Resources Inc. 0.5% NSR (All Minerals) Marathon PGM (Sally Deposit), Ontario Generation Mining Limited 2% NSR (Pt, Pd) Musselwhite (North), Ontario Newmont Corporation 2% NSR (All Minerals) Red Lake (Madsen: Aiken-Russet claims), Ontario Pure Gold Mining Inc. 1% NSR; capped at C$1M (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario Pure Gold Mining Inc. 1.5-2% NSR (All Minerals) Red Lake (Newman-Todd), Ontario Trillium Gold Mines Inc./Heliostar Metals Ltd. 1.5-2% NSR (Au) Red Lake (Skinner), Ontario Prosper Gold Corp. 1% NSR (All Minerals) Shining Tree (Creso), Ontario Baselode Energy Corp. Option to acquire 2% NSR (All Minerals) , Ontario Timothy A. Young 2-3% NSR (PGM, Au) Shining Tree (Knight) Sudbury-Podolsky, Ontario KGHM International Ltd. Stream 50% (PGM, Au) Timmins (Cripple Creek), Ontario Alamos Gold Inc. 0.3825-1.75% NSR (Au) Timmins (Project 81-ArcPacific Resources), Ontario ArcPacific Resources Corp. 5% NSR (All Minerals) Timmins (Project 81-Kreative), Ontario Kreative Ventures Limited 5% NSR (All Minerals) Timmins (Project 81-Noble), Ontario Noble Mineral Exploration Inc. 2% NSR (All Minerals) Timmins (Sewell), Ontario GFG Resources Inc. 1.5-2.5% NSR (Au) Timmins (West Porcupine), Ontario GFG Resources Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Newmont Corporation 2.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Barry, Quebec Bonterra Resources Inc. 0.5% NSR (All Minerals) (buy-back option on 0.25%) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Caribou-Estrees), Quebec Yorbeau Resources Inc. 1.275-2.125% NSR (Au, Base Metals) Casa Berardi (Dieppe), Quebec Hecla Quebec Inc. 2-3% NSR (Au) Destiny (Rochebaucourt), Quebec Big Ridge Gold Corp./Clarity Gold-optionee 3% NSR (All Minerals) Eastmain, Quebec Benz Mining Corp. 1-1.15% NSR on initial 250K oz (Au) Fenelon, Quebec Wallbridge Mining Company Limited 1% NSR (All Minerals) Galinee, Quebec Glencore Canada Corporation 1.5-2% NSR (Au) Martiniere, Quebec Wallbridge Mining Company Limited 2% NSR (All Minerals) Norlartic-Camflo, Quebec Pan American Silver Corp. 25% NPI (All Minerals) N2 (Northway-Noyon), Quebec Wallbridge Mining Company Limited 1% NSR (All Minerals) Radisson, Quebec Canadian Mining House 2% NSR (All Minerals) Wilson (Verneuil), Quebec Cartier Resources Inc. 0.5% NSR (All Minerals) Flume, Yukon Commander Resources Ltd. 2.5% NSR (All Minerals) (buy-back option to 1%) Hy, Yukon Lions Bay Mining Corp. 2% NSR (All Minerals) (buy-back option to 1%) 84 Franco-Nevada Corporation TSX / NYSE: FNV

Precious Metals Exploration Assets Asset Operator Interest and %1 Australia Brown’s Creek, New South Wales Australian Native Landscapes/Hargraves Resources NL 2.25% NSR (All Minerals) Brown’s Creek (Blayney), New South Wales Regis Resources Limited 2.25% NSR (All Minerals) Brocks Creek (Zapopan), Northern Territory Agnico Eagle Mines Limited A$20/oz (Au) Reynolds Range, Northern Territory Prodigy Gold NL 1-2.5% NSR (Au) Rover, Northern Territory Castile Resources Limited 1.5-2.5% NSR (All Minerals) Spring Hill, Northern Territory PC Gold Pty Ltd A$5.70-13.30/oz (Au) Tennant Creek, Northern Territory Emmerson Resources Limited 1.29% NSR (Au) Tennant Creek (Chariot), Northern Territory Emmerson Resources Limited A$17.10 or A$30/oz (Au) Tennant Creek-Evolution, Northern Territory CuFe Ltd/Evolution Mining Limited 1.29% NSR (Au) Tennant Creek (Orlando), Northern Territory CuFe Ltd/Evolution Mining Limited A$30/oz; capped at 64K oz (Au) Mt Carlton, Queensland Evolution Mining Limited 2.75% GR (All Minerals) Mt Carlton (Crush Creek), Queensland Evolution Mining Limited 2.75% GR (All Minerals) Top Camp, Queensland Orion Metals Limited 0.5% GR (Au)/NPI (Other Minerals) Twin Hills, Queensland Jinan High-Tech Development Co., Ltd. 2.5% NSR (Au) Admiral Hill, W. Australia Focus Minerals Limited Production Payment (Au) Agnew, W. Australia Gold Fields Limited 2.5% GR (All Minerals) Agnew (Cox), W. Australia Gold Fields Limited 5% GR (Au) Agnew (Miranda Gold), W. Australia Gold Fields Limited 3% GR (Au) Agnew (Vivien Gold Mine), W. Australia Ramelius Resources Limited 3% GR (Au) Bullabulling, W. Australia Zijin Mining Group Co Ltd 1% GR (Au) Bullfinch, W. Australia Torque Metals Limited 1% NSR (Au) Duketon (Southwest), W. Australia Regis Resources Limited 2% NSR (All Minerals) Duketon (West), W. Australia Regis Resources Limited/Duketon Mining Limited (Ni only) 2% NSR (All Minerals) Flushing Meadow, W. Australia Yandal Resources Limited 1% NSR (Au, Other Minerals) Glenburgh, W. Australia Gascoyne Resources Ltd 1.5% NPI (All Minerals) Granny Smith (Windich South), W. Australia Gold Fields Limited 1% NSR (All Minerals) Gum Creek (Gidgee/Wyooda Thangoo), W. Australia Horizon Gold Limited A$0.60/tonne (Au) Gum Creek (Sandstone II/Howards), W. Australia Horizon Gold Limited A$0.35/dry tonne (All Minerals) Jeffreys Gold, W. Australia Mincor Resources NL 2% GP (Au) Kalgoorlie Super Pit (Western Lease), W. Australia Northern Star Resources Limited 2.5% GR (Au) Lake Maitland, W. Australia Toro Energy Limited (Uranium)/Mega Uranium Ltd (Au, Other Minerals) 1% NSR (All Minerals) Marvel Loch (May Queen), W. Australia Shandong Tianye Real Estate Development Group Co., Ltd. A$0.50-1.00/cubic metre (Au) Moyagee, W. Australia Musgrave Minerals Ltd 1.575-2.1% NSR (All Minerals) D Mungari (Carbine North/Chadwin’s Dam), W. Australia Evolution Mining Limited 3% NPI (All Minerals) iv Mungari (Lady Jane), W. Australia Evolution Mining Limited 4.5% GR (Au) ersified A Munni Munni, W. Australia Alien Metals Ltd One-time payment on production (Au and/or Pt) Murrin Murrin Gold, W. Australia Zeta Resources Limited 2.625% NSR (Au, Sulfides) Paddington (Breakaway Dam/12 Mile), W. Australia Zijin Mining Group Co., Ltd. A$1/ton (All Minerals) ssets Paddington (Matt Dam), W. Australia Zijin Mining Group Co., Ltd. A$0.60/tonne (Au) Polar Bear, W. Australia Karora Resources Inc. 2% NSR (All Minerals) Randwick Gold Hill, W. Australia E Bouverie, Trindal P/L, Lucas Gold P/L et al 1-1.5% GR (Au) Rebecca, W. Australia Ramelius Resources Limited 1.5% NSR (Au) Red October (Butcher Well), W. Australia AngloGold Ashanti Limited/Northern Star Resources Limited 1% NSR; 50K oz production threshold (Au) Red October (Butcher Well Area), W. Australia AngloGold Ashanti Limited/Northern Star Resources Limited 0.68-1% NSR (Au) South Kalgoorlie (St Ives), W. Australia Gold Fields Limited 1-1.75% NSR (Au, Ag, Other Minerals) Talga Talga, W. Australia Novo Resources Corp. 1.5% NSR (Au) Western Tamani (Coyote), W. Australia Northern Star Resources Limited A$5-15/oz on production between 300K-1M oz (Au) M Yundamindera, W. Australia Nex Metals Explorations Ltd/Metalcity Limited-earning 51% 1% NSR (Au) iner al R Rest of World esour Maibulak deposit, Kazakhstan KAZ Minerals PLC $10.41/oz plus escalator (Au) c Cooke 4, South Africa Sibanye Gold Limited 7% Stream (Au) es and M Aği Daği-Camyurt, Türkiye Alamos Gold Inc. 2% NSR (Au) Hasandagi, Türkiye Koza Altin 2% NSR (Au) Karadag, Türkiye Koza Altin 2.5% NSR (Au) iner Torul, Türkiye Koza Altin 1.5% NSR (Au) al R 1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others eser v may include participation in sale proceeds of property or gross sales es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 85

ww vievie erer vv OO etals ecious M r P 86 Franco-Nevada Corporation TSX / NYSE: FNV

Diversified DD iviv Assets ersified Aersified A ssetsssets M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion

Diversified Assets Index (Iron Ore, Other Mining and Energy) w vie er v Diversified O Iron Ore Diversified (Mining) Vale (Iron Ore, Cu, Au and Other) 90 Exploration Assets 102 LIORC (Iron Ore) 92 Other Mining U.S. Energy Marcellus 106 NuevaUnión (Relincho) (Cu, Au, Mo) 93 Haynesville 107 Taca Taca (Cu, Au, Mo) 94 SCOOP/STACK 108 Caserones (Cu, Mo) 95 Permian Basin 109 Milpillas (Cu) 96 Falcondo (Ni) 96 Canadian Energy etals Copper World Project (Cu, Mo, Ag, Au) 97 Robinson (Cu, Au) 98 Weyburn Unit 110 Orion EaglePicher (De) 98 111 Other Producing Energy Assets ecious M Ring of Fire (Cr, Ni, Cu, PGM) 99 112 r Mt Keith (Ni) P 100 Flying Fox (Ni) 101 Energy Exploration Assets 113 ssetsssetsssets ersified Aersified Aersified A iviviv DDD 8888 FFrrancancoo-Nev-Nevada Cada Cororporporaationtion TTSX / NSX / NYYSE: FNVSE: FNV

Diversified Assets Orion Edson Carol Lake Kivivic 2 Weyburn Midale EaglePicher Marcellus Robinson STACK SCOOP Copper World Delaware Haynesville Producing Project Midland Advanced Milpillas Producing (Energy) Producing Falcondo Advanced Vale N. System Sossego M King Vol iner al R Australia esour c Mt Keith Bowen Basin es and M Vale S.E. System South Kalgoorlie iner (Mt Marion Lithium) Millmerran Taca Taca al R eser Flying Fox v Caserones es NuevaUnión (Relincho) A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 89

Iron Ore Vale Location: Brazil, South America w Operator: Vale S.A. vie Metals: Iron Ore, Cu, Au and Other er 1 v Royalty: 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other O 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 40.7 $ 59.4 $ – Vale (Northern and Southeastern System) 2 M&I Resource (Mt Iron Ore) 17,150 – – 2 Inferred Resource (Mt Iron Ore) 3,880 – – 2 P&P Reserves (Mt Iron Ore) 8,865 10,773 – Sossego (Au) P&P Reserves (koz Au)2 470 583 – etals Sossego (Cu) P&P Reserves (Mlbs Cu)2 1,166 1,495 – M&I Royalty Ounces (000s)3 1,380 1,141 – Vale, Brazil ecious M 3 r Inferred Royalty Ounces (000s) 84 – – P In April 2021, Franco-Nevada acquired 57 million P&P Royalty Ounces (000s)3 1,006 1,141 – Participating Debentures (“Royalty Debentures”) for 1 See Franco-Nevada AIF for the year ended December 31, 2022 and Vale’s website for Royalty $538 million, providing holders with an effective net sales Debenture details including deed, semi-annual debenture reports, and annual mineral property inventory royalties on Vale S.A.’s (“Vale”) Northern and Southeastern 2 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages and details for Iron Ore Systems and on certain copper and gold Sossego Mineral Resources. 3 For Royalty Ounce calculation, the Vale Royalty covers specified mining rights in the Northern operations in Brazil (together, the “Royalty”). and Southeastern Systems reflecting the specified properties held by Vale at privatization. At the Northern System, all of the Mineral Resources and Mineral Reserves are estimated to be covered The acquisition represents 14.7% of the total issued Royalty Debentures by the Vale Royalty and at the Southeastern System, 60% of Mineral Reserves are estimated to be covered by the Vale Royalty and due to the limited recent disclosure by Vale S.A. on Mineral by Vale. The Royalty Debentures were issued in 1997 with the privatization Resources for the Southeastern System only Mineral Resources covering Itabira are included in of Vale to provide exposure to future resource growth from specified the calculation. Historically, approximately 70% of Southeastern System production has been attributable to the Vale Royalty and is expected to remain at that level over the medium-term. The properties held at the time. Royalty payments are made by Vale on a semi- ssets Mineral Reserves of the Southeastern System include non-approved projects that are not covered st th by the Vale Royalty (e.g., the Apolo project). In addition, Franco-Nevada accounts for moisture, mass annual basis on March 31 and September 30 of each year reflecting recovery, and allowable deductions under the Vale Royalty, as described more fully on Vale’s website. production in the preceding half calendar year period. For the Royalty Ounce calculation associated with the Mineral Reserves of the Sossego mine, Franco- ersified A Nevada accounts for allowable deductions and mineral recovery and Mineral Resources have been iv excluded based on limited disclosure by Vale S.A. and inclusion of projects not covered by the Vale D Royalty in the Mineral Resources. Refer to Vale’s 2021 20-F annual report for additional information Northern System Caué (Fe) Serra Leste (Fe) Itabira Overview Southeastern System Alemão Serra Norte (Fe) Project Conceição (Fe) (Cu/Au) Southeastern System S11D (Fe) Sossego (Cu/Au) Minas Centrais Overview Brucutu (Fe) Southeastern System N Royalty Area Iron Asset Cu/Au Asset Northern System Fazendão (Fe) Southeastern System Capanema (Fe) Mariana Overview Southeastern System 90 Franco-Nevada Corporation TSX / NYSE: FNV

Iron Ore Northern System Sossego The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% The Royalty also provides for a 2.5% (0.367% attributable) net sales attributable) net sales royalty on iron ore sales from the Northern royalty on certain copper and gold assets. The Royalty applies on a 50% System mines. basis (i.e. 1.25% of net sales, 0.183% attributable) to Sossego, reflecting Vale’s ownership at the time of issuance. Sossego is located in Carajas, The Northern System located in Carajas, Para state, Brazil is a fully Para state, Brazil and is an open pit operation with nominal capacity of integrated operation inclusive of mines, railroad, maritime facilities and approximately 93 kt per year of copper in concentrate. a port. The Northern System includes the Serra Sul (i.e. S11A-D), Serra Norte and Serra Leste mines and represents one of the largest mining Sossego produced 43.2 kt of copper in 2022, impacted by extended mill complexes globally with long-life reserves and excellent potential for maintenance in H1 2022. The Royalty further covers certain adjacent mine life extensions. The Northern System has been in operation since satellite deposits to Sossego which are being studied by Vale as 1984 with the most recent development of the Serra Sul (S11D) mine replacement/life extensions for the operation. in 2016. The current reserve life at the complex supports multi-decades of mining. Other The Northern System produced 172 Mt of premium high-grade iron ore Additionally, the Royalty provides for a 1% (0.147% attributable) net sales in 2022. Production is expected by Vale to be c.180 Mt in 2023 and to royalty on all other minerals (specified mining rights include prospective gradually increase to +220 Mt long term through the approved expansion deposits for other minerals including zinc, manganese, amongst others), of Serra Sul and other growth projects. subject to certain thresholds. A 1% rate (0.147% attributable) applies to net proceeds in the event of an underlying asset sale. In total, the Royalty 2 Southeastern System covers approximately 15,000 km of prospective geology. The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% World class iron ore mines producing high quality attributable) net sales royalty on iron ore sales from the portion of iron ore for low emission steel production covered by the Royalty in the Southeastern System. The Southeastern System located in the Iron Quadrangle of Minas Gerais, Strong potential for growth and multi-decade Brazil is a key global producer of pellet feed and is a fully integrated mine lives complex with rail, maritime facilities and a port. Contributions to the Fully integrated production provides Royalty will start once a cumulative sales threshold of 1.7 Bt of iron ore has been reached, expected by Vale in 2025, adding approximately 25% cost advantage to 30% volume attributable to the Royalty. The Royalty provides partial coverage of the three Southeastern System mining complexes. 2 Large land package of approximately 15,000 km The primary complexes within the Royalty area are: Itabira, Minas Centrais (Brucutu mine), Mariana (Fazendao and, to a lesser extent, Capanema mines). We estimate attributable production of c.60 Mtpa from these complexes over the medium to long term (or approximately 70% of system capacity). Vale now expects a more moderate ramp up of production from the Southeastern System over the long term. M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion Vale, Brazil TSX / NYSE: FNV Franco-Nevada Corporation 91

Iron Ore LIORC Location: Newfoundland and Labrador, Canada w Operator: Rio Tinto plc vie Metals: Iron Ore er Royalty: GORR 0.7% Iron Ore, IOC Equity 1.5% v O 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 14.8 $ 30.2 $ 14.7 M&I Resource (Mt Iron Ore) 1,931 1,930 – Inferred Resource (Mt Iron Ore) 811 895 – P&P Reserves (Mt Iron Ore) 1,077 1,144 – 1, 2 M&I Royalty Ounces (000s) 332 349 – Inferred Royalty Ounces (000s)2 139 162 – P&P Royalty Ounces (000s)2 185 207 – LIORC, Newfoundland and Labrador etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves IOC produces high grade +65% Fe iron ore concentrate for sale and 2 For Royalty Ounce calculation, calculation based on overriding royalty interest only and takes into pellets with a reserve-only 24-year mine life and a large mineral resource account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for ecious M additional information supporting further extensions. IOC has nominal capacity of 23.3 Mtpa r P (combined concentrate and pellets) with 2022 attributable sales of Franco-Nevada holds 6.3 million common shares 17.6 Mt and Rio Tinto has provided 2023 guidance of saleable production (a 9.9% equity investment) in Labrador Iron Ore Royalty between 17.9 Mt and 19.6 Mt. In 2022, total capital expenditures at IOC Corporation (“LIORC”). were C$460 million, below the forecast of C$606 million due to deferral of certain projects. In 2023, capital expenditures at IOC are forecast by IOC The position was acquired over a number of years for a total investment to be C$534 million, including C$134 million of growth and development of C$93 million, representing an average cost of C$14.72/share. projects. IOC benefits from integrated infrastructure, including the mine, concentrator/pellet facilities, railway, and a port at Sept-Îles, Quebec. The investment in LIORC functions similar to a royalty given the flow IOC has a long history as a supplier of high quality, low impurity, premium through of revenue generated from LIORC’s underlying 7% gross iron ore and pellets which has typically received premium prices from the overriding royalty interest (0.7% attributable), C$0.10 per tonne European steel making industry. ssets commission (C$0.01 per tonne attributable), and 15.1% equity interest (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake Producer of high-quality pellets and fines mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash ersified A dividends from net income derived from IOC to the maximum extent iv 24-year reserve life with large resource base to D possible, while maintaining appropriate levels of working capital. Over the past two years (2021 and 2022), cash flow from operations at LIORC support extensions has averaged approximately 47% from IOC dividends from the 15.1% equity interest and 53% from the royalty and commission. Fully integrated from mine to port, operated by Rio Tinto +50-year track record 92 Franco-Nevada Corporation TSX / NYSE: FNV

Other Mining NuevaUnión (Relincho) Location: Chile, South America Operator: Teck Resources Limited / Newmont Corporation Metals: Cu, Au, Mo Royalty: NSR: 1.5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (Mlbs Cu)1 16,068 16,068 16,068 Inferred Resource (Mlbs Cu)1 5,752 5,752 5,752 P&P Reserves (Mlbs Cu)1 12,078 12,078 12,078 1, 2 M&I Royalty Ounces (000s) 399 349 359 Inferred Royalty Ounces (000s)2 163 143 147 P&P Royalty Ounces (000s)2 286 250 258 NuevaUnión (Relincho), Chile 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves NuevaUnión is one of the largest undeveloped copper-gold-molybdenum 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral projects in the Americas. A prefeasibility study was completed in 2018 Reserves are subject to our royalty interest and estimates a rate of 1.275% (which factors a NSR smelting charge of 15%) and excludes the first four years of production from estimates. Copper has which incorporated key design changes to improve project economics been converted to Royalty Ounces assuming $4.00 per pound ($3.50 per pound in 2021, $3.50 per and respond to local community and ESG input. The prefeasibility study pound in 2020) outlined an increased mine life from 32 to 36 years, with a three-phase Franco-Nevada has a 1.5% NSR royalty covering the development approach assuming life of mine average production of Relincho property that is part of the NuevaUnión 251,000 tonnes of copper equivalent production based on $10 per pound molybdenum and $1,300 per ounce gold. Phase 1 (Years 1 – 3) project being advanced by 50/50 joint venture would see mining and a processing facility at the Relincho site assuming partners, Teck Resources Limited (“Teck”) and Newmont processing of 104,000 tonnes per day (“tpd”). In Phase 2 (Years 4 – 18), Corporation (“Newmont”). mining activities would transfer to the La Fortuna site utilizing an ore conveyance system to transport ore to the processing facilities at Relincho The NuevaUnión project was formed in 2015 combining Teck’s Relincho (116,000 tpd in Phase 2). Phase 3 (Years 19 – 36) would see mining project with Newmont’s La Fortuna (formerly El Morro) deposit, located activities transfer back to Relincho with an expansion to the processing approximately 40 km apart in the Atacama region of Chile. Franco- facilities increasing processing to 208,000 tpd. A feasibility study was also Nevada’s 1.5% NSR is subject to a maximum price of $6.00/lb copper and completed in 2020, with further optimization work conducted. threshold price of $1.50/lb copper, inflation adjusted. No royalty is paid An updated preliminary economic assessment disclosed by Teck if the average price for the quarter is less than the threshold price and contemplates a conveyor to transport ore from the El Morro site to a royalty payments commence four years after commercial production. single line mill and concentrator facility at the Relincho site. The phased Franco-Nevada acquired the royalty through its acquisition of Lumina development approach contemplated in the study allows for future Royalty Corp. in December 2011. expansions to be funded from project cash flow, reducing any initial funding requirement. Work in 2023 will be focused on establishing a cost- effective path forward for the development of the project. NuevaUnión (Relincho) Peru Royalty Area Arica One of the largest undeveloped Cu-Au-Mo projects M 1.5% NSR N in the Americas iner Iquique Bolivia al R N Joint venture combines Relincho and La Fortuna to esour Antofagasta one project c 0 10 es and M km Mining and Project synergies estimated to significantly reduce Royalty Area Candelaria Pit Copiapo Marte-Lobo capital expenditure iner Cerro Casali al R Relincho Regalito La Serena El Morro eser Pascua-Lama Andacollo v Proposed Pit es Royalty Santiago Proposed Area Mill Argentina Chile A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 93

Other Mining Taca Taca Location: Argentina, South America w Operator: First Quantum Minerals Ltd. vie Metals: Cu, Au, Mo er Royalty: NSR: 1.08% v O 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (Mlbs Cu)1 20,835 20,835 20,835 Inferred Resource (Mlbs Cu)1 4,863 4,863 4,863 P&P Reserves (Mlbs Cu)1 17,052 17,052 17,052 1, 2 M&I Royalty Ounces (000s) 490 437 448 Inferred Royalty Ounces (000s)2 112 100 102 P&P Royalty Ounces (000s)2 403 359 368 Taca Taca, Argentina etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves First Quantum is continuing with the project pre-development and 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral feasibility activities. The primary Environmental and Social Impact Reserves are subject to our royalty interest and estimates a rate of 0.918% is applicable for the copper ecious M Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Assessment (“ESIA”) for the project, which covers the principal proposed r Royalty Ounces assuming $4.00 per pound ($3.50 per pound in 2021, $3.50 per pound in 2020) P project sites, was submitted in 2019 and supplementary submissions Franco-Nevada has a 1.08% NSR royalty on all copper, gold on tailings and waste management were filed in 2022. Approval of the ESIA is anticipated in 2023 and, in November 2022, the environmental and molybdenum produced from Taca Taca which was pre-feasibility for power line development was approved. Additional acquired through the acquisition of Lumina Royalty Corp. environmental permit approval for a bypass and access road construction in December 2011. is expected in 2023 and water permit applications will be filed progressively in 2023. A decision to advance the project is not expected The property hosts a very large copper-gold-molybdenum porphyry before 2024. system and is located in the Puna region of northwestern Argentina in Large porphyry deposit with reserve of over Salta Province, 230 km west of the provincial capital of Salta. The royalty is 7.7 million tonnes of contained copper and subject to a buy-back provision. ssets 5.1 million ounces of gold In November 2020, First Quantum filed an updated NI 43-101 technical report and declared a maiden Mineral Reserve of over 7.7 million tonnes Potentially First Quantum’s next ersified A of contained copper. First Quantum’s technical report considers an iv development project D open-pit mine plan which contemplates processing throughput of up to 60 million tonnes per annum through a conventional flotation circuit Feasibility activities, pre-development and with an initial mine life of approximately 32 years. The Measured and permitting work underway Indicated Mineral Resource is 2,203 million tonnes, grading 0.43% copper, and contains 9,451,000 tonnes of contained copper, 265,000 tonnes of molybdenum and 6,052,000 ounces of gold. The Proven and Probable Mineral Reserve has been estimated at 1,759 million tonnes, grading 0.44% copper, for 7,735,000 tonnes of contained copper, 214,000 tonnes of molybdenum and 5,087,000 ounces of gold. Taca Taca Peru Royalty Area N Arica 1.08% NSR Iquique Bolivia Antofagasta 0 5 Taca Royalty Taca km Area Copiapo NuevaUnión (Relincho) La Serena Pit San Jorge Vizcachitas Santiago First Quantum 2020 Argentina Technical Report Chile Ultimate Pit Design 94 Franco-Nevada Corporation TSX / NYSE: FNV

Other Mining Caserones Location: Chile, South America Operator: JX Nippon Mining & Metals Corporation Metals: Cu, Mo Royalty: NSR: 0.484% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.0 $ – $ – M&I Resource (Mlbs Cu)1 10,197 – – Inferred Resource (Mlbs Cu)1 0.0 – – P&P Reserves (Mlbs Cu)1 6,489 – – 1, 2 M&I Royalty Ounces (000s) 93 – – Inferred Royalty Ounces (000s)2 – – – P&P Royalty Ounces (000s)2 59 – – Caserones, Chile 1 Please refer to the Caserones Historical Estimate, as of April 2021, in Lundin Mining Corporation’s March 28, 2023 Caserones presentation for a breakout of grade and tonnages by historical reserve The asset produces copper and molybdenum concentrates from a and resource category; all M&I categories are inclusive of Mineral Reserves conventional crusher, mill and flotation plant, as well as copper cathode 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the historical Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.4113% is applicable from a dump leach, solvent extraction and electrowinning plant (“SX-EW”). for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been The processing plant has a nominal capacity of 105 k tonnes per day, and converted to Royalty Ounces assuming $4.00 per pound the SX-EW plant and leaching facilities for processing oxide and low-grade Franco-Nevada holds an effective 0.484% NSR on the sulphide ore have a production capacity of 34.5 k tonnes of cathode producing Caserones copper-molybdenum mine located per year. In 2022, the concentrator plant produced 109.1 k tonnes of copper in concentrate. In addition, 15.1 k tonnes of copper cathodes and in the Atacama Region of northern Chile. The initial 3.1 k tonnes of molybdenum in concentrate was produced. 0.458% NSR was acquired for $37.4 million in April 2022. In 2022, Franco-Nevada received royalty payments of $3.0 million, On March 8, 2023, we closed a small transaction to acquire representing a full year of distributions (based on the 0.458% NSR). an incremental 0.026% NSR for US$2 million. Caserones is an open pit mine which began operation in 2013, following Producing mine in a well developed a capital investment of approximately US$4.2 billion. On March 27, 2023, mining jurisdiction Lundin Mining announced that it had entered into a binding purchase Long life copper asset agreement to acquire 51% of the outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of Large land package with future JX Nippon Mining & Metals Corporation of Japan, which operates the mine. The mine is located approximately 160 km southeast of Copiapó, exploration potential 9 km from the border with Argentina and has a maximum elevation of approximately 4,600 meters above sea level. The porphyry copper- molybdenum deposit is located within a large land package, of which the royalty covers ~170km2. M iner Caserones Royalty al R 0.484% NSR esour c N es and M 0 5 10 km Caserones Mine iner al R eser 1 v Exploitation Concession 2 1 Iquique es Exploration /Exploitation Concession Caserones Royalty AOI Bolivia N Antofagasta Chile Argentina Candelaria Marte-Lobo Copiapo Cerro Casali Relincho Regalito Los Helados Caserones A Jose Maria dditional I Chile Argentina Andacollo Santiago nf orma 1 Grants the title holder the right to perform mining operations and to extract ore tion 2 Grants the title holder the right to explore exclusively a determined area for a specified amount of time TSX / NYSE: FNV Franco-Nevada Corporation 95

Other Mining Milpillas Falcondo Location: Mexico, Central America and Mexico Location: Dominican Republic, Central America and Mexico w Operator: Industrias Peñoles, S.A.B. de C.V. Operator: Americano Nickel Limited vie Metals: Cu Metals: Ni er Royalty: Production Payment Royalty: 4.1% Dividend v O Franco-Nevada has a production payment royalty on Franco-Nevada has a 4.1% equity interest in Falconbridge the Milpillas copper mine in Sonora, Mexico operated by Dominicana, C. por A. (“Falcondo”) that is economically Industrias Peñoles, S.A.B. de C.V. (“Peñoles”). similar to a profit royalty except that payments are The royalty is $0.04/lb of copper produced, if the price of copper is above received through discretionary dividend distributions. 2 $1.20/lb. The royalty ground covers an estimated 30 km . The project is an Falcondo is a ferronickel surface mining operation with production underground copper mine and heap leach operation and was acquired capacity of 29,000 tonnes of contained nickel per annum located in the by Franco-Nevada in September 2020 as part of a portfolio of 24 royalties Dominican Republic with operations dating back to 1971. Falcondo is from Freeport-McMoRan Inc. Production resumed in mid-2022 after active typically a swing producer and was put on care and maintenance when etals mining was paused due to low copper prices in Q2 2020. nickel prices fell in October 2013. In 2015, Glencore sold its 85.26% Franco-Nevada has not included Milpillas in Royalty Ounce estimates ownership in the operation to Americano Nickel Limited, a private equity company which has subsequently restarted the mine. Franco-Nevada has ecious M not received any dividends in recent years. r P For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our equity interest and estimates a margin of 20% is applicable. Nickel has been converted to Royalty Ounces assuming $11.00 per pound ($9.00 per pound in 2021, $7.00 per pound in 2020) ssets ersified A iv D 96 Franco-Nevada Corporation TSX / NYSE: FNV

Other Mining Copper World Project Location: Arizona, United States Operator: Hudbay Minerals Inc. Metals: Cu, Mo, Ag, Au Royalty: NSR: 2.085% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – 1, 3 M&I Resource (Mlbs Cu) 10,597 10,915 8,757 1, 3 Inferred Resource (Mlbs Cu) 2,125 1,539 412 1, 3 P&P Reserves (Mlbs Cu) – 5,328 5,328 M&I Royalty Ounces (000s)1, 2, 3 412 372 223 2, 3 Inferred Royalty Ounces (000s) 83 52 11 2, 3 P&P Royalty Ounces (000s) – 181 136 Copper World Project, Arizona 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves In November 2021, Franco-Nevada acquired an incremental 0.585% NSR 2 For Royalty Ounce calculation, Franco-Nevada estimates 99% (99% in 2021, 100% in 2020) of the royalty interest on the Copper World Project from certain private sellers. Mineral Resources and Mineral Reserves are subject to our royalty interest and estimate a rate of 1.772% (1.772% in 2021, 1.275% in 2020) (which factors a NSR smelting charge of 15%). Copper has The royalty has identical terms as an existing 1.5% NSR royalty that been converted to Royalty Ounces assuming $4.00 per pound ($3.50 in 2021, $3.50 in 2020) Franco-Nevada held and covers the same land package, including most of 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates the Copper World deposits. Franco-Nevada has a 2.085% NSR royalty covering all Hudbay received the Final Record of Decision (“FROD”) for what was metals, including copper, molybdenum, silver and gold then referred to as the Rosemont project in June 2017 and, in March extracted from the majority of claims covering the Copper 2019, received the Section 404 Water Permit from the U.S. Army Corps of World and East (formerly known as Rosemont) deposits Engineers (“ACOE”). In July 2019, the U.S. District Court for Arizona issued in Pima County, approximately 30 miles southeast of a ruling that vacated the FROD issued by the U.S. Forest Service. Hudbay Tucson, Arizona. appealed the ruling to the U.S. Court of Appeals for the Ninth Circuit. In May 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the U.S. District Court of Arizona’s decision in July 2019. Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World As Hudbay evaluates next steps for the East deposit, the company project includes seven new deposits discovered in 2021 (then referred to continues to advance the Copper World deposits (including Bolsa, Broad as the “Copper World deposits”), together with the East deposit (formerly Top Butte, Copper World, Peach, Elgin, South Limb and North Limb) known as the Rosemont deposit). The property is situated near a number which are largely on private land covered by Franco-Nevada’s royalty. In of large porphyry style producing copper mines. June 2022, Hudbay released a Preliminary Economic Assessment (PEA) for the Copper World Complex. The PEA announced an initial mineral resource estimate of 973 million flotation ore tonnes at 0.42% copper and Copper World Project 200 million leach ore tonnes at 0.36% copper. The PEA also announced 2.085% NSR Inferred Mineral Resources of 210 million flotation tonnes at 0.36% copper and 52 million leach tonnes at 0.40% copper. The resources are N 0 1 2 comprised of both oxide and sulphide mineralogy and are potentially km M amenable to heap leach and flotation processing, respectively. The PEA iner reflects a two-phase mine plan with the first phase reflecting a standalone al R Peach operation with processing infrastructure on Hudbay’s private land and esour North Limb mining occurring on portions of the deposits located on patented mining c claims. The first phase of the mine plan is expected to require only state es and M Copper World and local permits and anticipates producing an average of approximately 86,000 tonnes of copper per year for 16 years. The second phase expands Elgin Broad Top Butte mining activities onto federal land and extends the mine life to 44 years. iner South Limb al R Bolsa Hudbay plans to release a prefeasibility study for Phase 1 of Copper eser Oregon Idaho World by mid-2023 of 2023 and also expects to receive the remaining East Deposit 2017 Reserve Pit v state permits in 2023. Hudbay intends to initiate a minority joint venture es Nevada Utah partner process following receipt of the permits, which will allow the Pacific California Ocean 83 potential joint venture partner to participate in and help fund the Arizona Copper World definitive feasibility study activities in 2024. Project MEXICO Franco-Nevada’s royalty covers all metals, Mineral Resources including copper, molybdenum, silver and gold A Patented Royalty Licences dditional I Unpatented Royalty Licences Exploration and development studies focused on Copper World targets on private land nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 97

Other Mining Robinson EaglePicher Location: Nevada, United States Location: Nevada, United States w Operator: KGHM International Ltd. Operator: EP Minerals, LLC vie Metals: Cu, Au Metals: De er Royalty: NSR: 0.225% / other Royalty: Production Payment v O The Robinson open-pit mining complex, operated by EaglePicher is a diatomaceous earth operation in Pershing KGHM, produces copper, gold and molybdenum and is County, Nevada, located about 23 miles northwest located near Ely, Nevada. of Lovelock. Franco-Nevada has three royalties covering the Robinson mine: The royalty is based on a fixed payment per ton which fluctuates based on the average sales price from the prior year’s sales. The royalty covers 1) a 0.225% NSR on all base metal and associated precious metal approximately 15 km2 of checkerboard lands. The intervening lands are production; public and EaglePicher holds unpatented placer claims on those lands as needed for mining. The mine has been in continuous operation since 2) a 10% NSR on 51% of the gold production from the property in excess the 1950s with approximately 65% of production coming from Franco- etals of 60,000 ounces of gold per year; and Nevada land. The revenue received from EaglePicher in 2021 and 2022 3) under a copper agreement, a price participation royalty on 51% of was $393,000 and $319,000, respectively. ecious M Franco-Nevada has not included EaglePicher in Royalty Ounce estimates r 40% of each pound of copper production from the property in excess P of 130 million pounds of copper produced per annum, multiplied by the spot price, less $1.00 per pound adjusted for inflation (based on 1990 dollars). Amounts are only payable in any year in which the average price of copper during that year exceeds a $1 per pound threshold, as adjusted for inflation (based on 1990 dollars). Copper production for 2022 was approximately 103 million pounds, down 1% from the same period in 2021, while gold production for 2022 was 37,900 ounces, up 13% from the same period in 2021. Franco-Nevada will likely only be paid on the base 0.225% NSR royalty for 2023 as production is expected to be below ssets the royalty threshold level. Robinson received a positive Record of Decision from the Bureau of Land Management in September 2021 for a plan of operations amendment which is estimated to extend the mine life ersified A at current production rates until 2028. iv D For Royalty Ounce calculation, Franco-Nevada estimates 100% of the gold and copper Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 0.225% is applicable for gold and 0.1913% for copper (which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.00 per pound ($3.50 per pound in 2021, $3.50 per pound in 2020) 98 Franco-Nevada Corporation TSX / NYSE: FNV

Other Mining Ring of Fire Location: Ontario, Canada In April 2015, Franco-Nevada acquired royalty rights in the Operator: Wyloo Metals Pty Ltd Ring of Fire mining district of Ontario and provided a loan Metals: Cr, Ni, Cu, PGM to Noront Resources Ltd. (“Noront”). Royalty: NSR/GR: 1-3% The funding package enabled Noront to acquire the mining claims held by subsidiaries of Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire 2022 2021 2020 mining district, located 500 km northeast of Thunder Bay. The royalty Revenue to Franco-Nevada ($ million) $ – $ – $ – rights provide Franco-Nevada with a long-term interest in a potential Ring of Fire (Cr) new mining camp with exposure to one of the largest chromite resources globally, in addition to a nickel, copper and PGM deposits. The total 1 2 M&I Resource (Tonnes millions) 193 193 193 royalty concession is estimated to cover over 1,000 km . 1 Inferred Resource (Tonnes millions) 55 55 55 1 P&P Reserves (Tonnes millions) – – – As part of the April 2015 funding package, Franco-Nevada provided Eagle’s Nest (PGM) Noront with a $25 million loan for a period of five years at a 7% interest M&I Resource (koz PGM)1 1,627 1,627 1,627 rate. Franco-Nevada paid an additional $3.5 million in cash as part of the Inferred Resource (koz PGM)1 1,459 1,459 1,459 granting of royalties over the existing Noront property. Franco-Nevada P&P Reserves (koz PGM)1 1,489 1,489 1,489 received a 3% royalty over the Black Thor chromite deposit, a 2% royalty Eagle’s Nest (Ni) over all of Noront’s property in the region (excluding the Eagle’s Nest deposit, see below), 2% on certain other properties previously being M&I Resource (Mlbs Ni)1 432 432 432 advanced by Cliffs, and a number of other third-party exploration Inferred Resource (Mlbs Ni)1 228 228 228 royalties. In May 2022, following the acquisition of Noront by Wyloo P&P Reserves (Mlbs Ni)1 413 413 413 Metals Pty Ltd (“Wyloo Metals”), Franco-Nevada received full repayment 1, 2 of the loan and in October 2022, Wyloo Metals announced Ring of Fire M&I Royalty Ounces (000s) 225 227 233 Inferred Royalty Ounces (000s)2 74 77 78 Metals as the new name for its Canada-based business. P&P Royalty Ounces (000s)2 20 23 22 In December 2019, Franco-Nevada acquired a 1% gross royalty on 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Resource category; all M&I categories are inclusive of Mineral Reserves Eagle’s Nest currently has over 20 million tonnes of Measured, 2 For the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources are subject to our royalty interest and estimates a dollar per tonne value of $1.90/tonne. Indicated and Inferred Mineral Resources containing high-grade nickel For the Eagle’s Nest Royalty Ounce calculation, Franco-Nevada estimates 100% of the PGM and nickel mineralization with significant copper, palladium and platinum content. Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average In December 2022, Ring of Fire Metals announced it had signed a rate of 1.0% is applicable for PGM and 0.7% for nickel (which factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces assuming $900/ounce Pt and $1,500/ounce Pd and Memorandum of Understanding with Webequie First Nation, detailing nickel has been converted to Royalty Ounces assuming $11.00 per pound. Copper Mineral Resources how the two parties will work together to progress ongoing exploration and Mineral Reserves are not included in the Royalty Ounce calculation activities as well as negotiations on a partnership agreement for the proposed Eagle’s Nest mine. Ring of Fire Royalty concession estimated to cover over 1,000 km2 N 0 10 20 km Ring of Fire Metals as new operator M Eagle’s Nest – 1% GR iner Royalty licences – 2% GR (Cr), 2% NSR (other) al R Royalty licences – 2-3% GR (Cr), 2-3% NSR (other) esour Wyloo licences c es and M iner al R Thunderbird eser v Black Label Blue Jay es Black Thor Eagle’s Nest Blackbird Eagle 2 Triple J A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 99

Other Mining Mt Keith Location: Australia Franco-Nevada’s royalty does not cover Goliath or the southern half of w Operator: BHP Billiton Limited Six Mile Well. It is estimated that royalty area production accounted for vie Metals: Ni 20% of Nickel West total production in the fiscal year ending June 2022. er Royalty: NPI: 0.25% / GR: 0.375% Yakabindie satellite deposits are expected to provide the majority of ore v O to the Mt Keith concentrator going forward. BHP is progressing expansion plans to increase Mt Keith mill capacity to 13.5 Mtpa and increase 2022 2021 2020 nickel concentrate production to 50,000 tpa, with contracts awarded Revenue to Franco-Nevada ($ million) $ 0.8 $ 2.3 $ 1.2 March 2023. M&I Resource (Mlbs Ni)1 2,390 2,390 2,442 15-year mine life at Mt Keith Inferred Resource (Mlbs Ni)1 275 275 275 P&P Reserves (Mlbs Ni)1 1,087 1,087 1,135 Yakabindie satellite deposits developed in 2019 – 1, 2 largely outside royalty area M&I Royalty Ounces (000s) 51 42 34 Inferred Royalty Ounces (000s)2 6 5 4 P&P Royalty Ounces (000s)2 23 19 16 Progressing Mt Keith concentrator expansion to etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral 50,000 tonnes per annum Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Exploration upside on large land package Reserves are subject to our royalty interest and estimates a rate of 0.50% is applicable. Franco- ecious M Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces r assuming $11.00 per pound ($9.00 per pound in 2021, $7.00 per pound in 2020) P Mt Keith Kingston Franco-Nevada has a 0.375% gross royalty and a 0.25% NPI Royalty Area Total: 236.5 km2 royalty on lands including the Mt Keith nickel operation in N Western Australia, located 460 km north of Kalgoorlie. 0 5 10 km BHP Billiton Limited (“BHP Billiton”) is the operator and the project is a Jericho Albion Downs large, low-grade disseminated nickel sulphide ore body with an open-pit 2 mine. Franco-Nevada’s royalties cover 236 km and includes the Jericho Nickel Deposit located approximately 25 km northwest of Mt Keith, and Kingston Royalty Area part of the Yakabindie Deposits located approximately 25 km south of 122.5 km2 ssets Mt Keith. Mining commenced in 1993 with the first nickel concentrate produced in ersified A 1994. In June 2022, BHP Billiton reported that Mt Keith had an estimated Mt Keith iv mine life of 15 years. D Mt Keith concentrator ore throughput is approximately 10.5 Mtpa with 63% recoveries. Production capacity is 35,000-40,000 tonnes per annum Port Hedland Mt Keith of nickel in concentrate. Mt Keith is part of Nickel West, BHP Billiton’s Royalty Area Wiluna Cliffs 114 km 2 integrated business unit for Australian nickel assets, along with four other mines, a concentrator, a smelter and a refinery. BHP Billiton reported that Kalgoorlie Perth Nickel West total production for the fiscal year ending June 2022 was 77,000 tonnes of nickel. During 2019, BHP Billiton developed the Goliath and Six Mile Well Nickel Deposits at Yakabindie as satellite operations. Yakabindie Mt Keith, Australia 100 Franco-Nevada Corporation TSX / NYSE: FNV

Other Mining Flying Fox Location: Australia Operator: IGO Limited Metals: Ni Royalty: GR: 2% Franco-Nevada has a 2% gross royalty on the southern portion of the Flying Fox nickel mine located in the Forrestania Greenstone belt in Western Australia. Flying Fox is a high-grade underground nickel mine which has been in production since 2007. In June 2022, IGO Limited (“IGO”) became the operator of Flying Fox after completing the A$1.1 billion takeover of Western Areas Ltd. IGO’s Forrestania Nickel Project includes the Flying Fox and Spotted Quoll mines and the Cosmic Boy Concentrator. During the six months ended December 2022, IGO reported 6,139 tonnes of nickel production at Forrestania. Approximately 11% of total Forrestania production was subject to Franco-Nevada’s royalty, and Franco-Nevada received $0.5 million of royalty revenue from Flying Fox for the year. Franco-Nevada has not included Flying Fox in Royalty Ounce estimates M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 101

Diversified (Mining) Exploration Assets Diversified (Mining) Exploration Assets w vie er The following table is a list of the diversified (mining) exploration assets of Franco-Nevada as at April 12, 2023. A list of the precious metals exploration v O assets can be found on pages 83-85. Assets that have had their terms or leases expire and have been written off are not listed. Diversified – Iron Ore and Other Mining Exploration Assets as at April 12, 2023 Asset Operator Interest and %1 South America Para South Iron Project, Brazil Mineração Tarauaca Industria e Comercio S.A. 0.5-1% NSR (All Metals) Trairao Iron Project, Brazil Mineração Tarauaca Industria e Comercio S.A. $0.2995/tonne (Fe) Various-Vale, Brazil Vale S.A. Various (Fe) Bronce West, Chile Masglas America Corporation SpA 1-2% NSR (All Minerals) Calvario, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1-2% NSR (All Minerals) Mirador, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1-2% NSR (All Minerals) etals Morros Blancos, Chile Pampa Metals Corp. 1-2% NSR (All Minerals) Reina Hija, Chile Sumitomo Metal Mining Chile Ltda 1-2% NSR (All Minerals) San Valentino, Chile Atacama Copper Exploration Limited 1-2% NSR (All Minerals) ecious M Vizcachitas, Chile Los Andes Copper Limited 0.51-2% NSR (All Minerals) r P United States Chilito-Cyprus Christmas, Arizona Grupo Mexico (Asarco LLC) $0.02/lb (Cu); beyond 650M lbs production Copper Creek Redhawk, Arizona CopperBank Resources (Copper Creek Project LLC) 1% NSR plus other (All Minerals) Zeolites, Arizona Imagin Minerals et al $1.50/ton plus escalator (Clay) EaglePicher Diatomite II, Nevada EP Minerals, LLC $0.25/short ton plus other (Diatomite) Boling Dome, Texas Total E&P USA, Inc./H & L New Gulf, Inc. $0.0028225 per long ton (Sulfur) Hobson Pearson, Texas Uranium Energy Corp. 20% OR (Uranium) Shirley Basin (Davy Crockett), Wyoming Ur-Energy Inc. (Pathfinder Mines Corporation) 4% GR (Uranium) ssets Canada Carruthers, British Columbia Cariboo Rose Resources Ltd. 2.5% NSR (All Minerals) (buy-back option on 1.5%) Trout Lake (MAX Moly Mine), British Columbia Cameo Industries Corp. 2.5% NSR (All Minerals) ersified A Golden Ridge, New Brunswick Darryl Leblanc 2% NSR (All Minerals) iv Buchans, Newfoundland and Labrador Buchans Resources Limited (Buchans Minerals Corporation) 2% NSR (All Minerals) (buy-back option on 1%) D LabMag (Taconite), Newfoundland and Labrador Abaxx Technologies 1.666% GR (Iron Ore-Taconite) Mary March, Newfoundland and Labrador Canstar Resources Inc. 1% NSR plus other (All Minerals) Mazenod, Northwest Territories BFR Copper & Gold Inc. 2% NSR (All Minerals) (buy-back option on 1%) Redstone (Coates Lake), Northwest Territories Copper North Mining Corp. (Redbed Resources Corp.) 3-4% NSR (Cu, Ag) Bull Lake, Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals ) 2% NSR (All Minerals) Butler and Sanderson (Diagnos), Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals)/MacDonald Mines Exploration Ltd. ROFR on Diagnos Royalty (Diamonds/Base Metals) Cline Lake, Ontario Alamos Gold Inc. 0.75% NSR (All Minerals) Diagnos, Ontario Debut Diamonds Inc. 2% NSR (All Minerals) Eagle’s Nest, Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals) 1% GR (All Minerals) Folson Lake, Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals) 2% NSR (All Minerals) Kyle, Ontario Renforth Resources Inc. 2% NSR (All Minerals) MacFadyen & Pele, Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals) 2% NSR (All Minerals) Ring of Fire (Black Thor), Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals) 2-3% NSR (Cr, Ni, Cu) Ring of Fire (Original Noront Properties), Ontario Wyloo Metals Pty Ltd (Ring of Fire Metals) 2% GR (Cr) plus other Sungold, Ontario Interbanc Capital Corp. 2% NSR (All Minerals) Timmins (Project 81-Crawford), Ontario Canada Nickel Company Inc. 2% NSR (All Minerals) Benoist, Quebec Cartier Resources Inc. 1% NSR (All Minerals) (buy-back option on 0.5%) Dalhousie, Quebec Wyloo Metals Pty Ltd (Ring of Fire Metals) 2% NSR (All Minerals) Matagami JV, Quebec Glencore Canada Corporation 2% NSR (All Minerals) Matagami PD1, Quebec Glencore Canada Corporation Net Carried Interest plus other (All Minerals) Crawford Lake, Saskatchewan Denison Mines Corp. 2% NSR (All Minerals) (buy-back option on 1%) 102 Franco-Nevada Corporation TSX / NYSE: FNV

Diversified (Mining) Exploration Assets Asset Operator Interest and %1 Australia Mt Fitch, Northern Territory Northern Territories Resources Pty Ltd 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) Bowen Basin (Various), Queensland (30 assets) Peabody Energy Corp/Pembroke Resources South Pty Ltd Production Payment (Coal) Millmerran (Power Station), Queensland Millmerran Power Partnership 8.3125% NPI of cashflow; NPV threshold (Coal) Peculiar Knob, S. Australia GFG Alliance Production Payment (Fe) Third Plain, S. Australia Perilya Limited/Minotaur Exploration Limited 0.5% NSR (Zn) Moina, Tasmania Geotech International Pty Ltd A$125K lump sum at commencement of mining Rosebery Extension, Tasmania MMG Limited 2.6305% (Au, Ag, Other Minerals) Agnew (Miranda Nickel), W. Australia Gold Fields Limited 0.5% of production (Ni) Agnew (Miranda Nickel No2), W. Australia Ramelius Resources Limited 0.5% of production (Ni) Camelback, W. Australia GME Resources Limited A$0.50/tonne (Ni) FMG Hamersley, W. Australia Fortescue Metals Group Ltd A$0.05/tonne; capped at A$1M (Fe) Jaguar Project (Western Claim), W. Australia Aeris Resources Limited 1-2% NSR (Cu, Zn, Other Metals) Mt Newman-Victory, W. Australia St Barbara Limited/Astro Resources NL 0.07% GR (All Minerals) South Kalgoorlie (Location 48), W. Australia BHP Billiton Limited 1-1.75% NSR (Au, Ag, Other Minerals) Rest of World CEXCI, Philippines Nickel Asia Corporation Production Payment; capped at $10M Rogozna (KMC), Serbia Ibaera Capital Advisers Pty Ltd 1.5-2% NSR (Au, Base and Other Metals) Kasese, Uganda Scully Royalty Ltd. 10% of free cash flow; capped at $10M (Co) 1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 103

Energy Assets w vie er Franco-Nevada has owned and invested in energy assets since inception. Our energy investments v O have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy revenue was 25% of Franco-Nevada’s overall revenue in 2022. Major Producing Assets as at April 12, 2023 The scale of the energy sector along with its many participants has provided access to a diverse set of operators and a broad range of royalty United States opportunities. Until 2016, Franco-Nevada’s focus was primarily on the Western Marcellus Range Resources Canadian Sedimentary Basin. Starting in late 2016, we added exposure Haynesville Rockcliff Energy/Various to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware SCOOP/STACK Continental Resources/Various etals basins in Texas due to their attractive economics, favourable regulatory Permian Basin Various environment and access to market. We subsequently shifted our focus to Canada ecious M natural gas, adding royalty assets in the Marcellus shale in Appalachia in r P 2019, and in the Haynesville shale in East Texas in late 2020. Weyburn Unit Whitecap Resources In 2021, Franco-Nevada updated the methodology used to account for Orion Strathcona Resources undrilled inventory locations for our shale assets in the U.S. The locations are now based on third-party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations. Relative to our prior methodology, these estimates do not include all hydrocarbon-bearing formations at depth and future well locations are typically constrained to shorter distances away from existing wells. ssets Our energy investments have allowed us to be opportunistic through ersified A iv the commodity cycles, adding growth and diversity to our portfolio. D 104 Franco-Nevada Corporation TSX / NYSE: FNV

U.S. and Canadian Energy Assets Peace River Athabasca Edson Cold Lake Cardium Orion Formation Weyburn Midale Williston Basin Neal Hot Springs Anadarko Appalachian Basin Marcellus Basin STACK Delaware SCOOP Midland Oil Permian Haynesville Gas Basin Geothermal M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 105

North America Marcellus Location: SW Pennsylvania, United States w Operator: Range Resources vie Energy: Natural Gas and NGLs er Royalty: 1% overriding royalty v O 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 56.5 $ 36.1 $ 20.4 1 Production (Mboe) 1,442 1,458 1,615 2 Commodity Split (%) Oil 5% 6% 5% Gas 66% 56% 56% NGL 29% 38% 39% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of gas and natural gas liquids 2 Percentage based on production revenue from each commodity Range Resources drill pad, SW Pennsylvania etals 3 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations The Marcellus is one of the most prolific and active gas and liquids plays in North America. Range’s acreage is in a liquids-rich portion of ecious M Franco-Nevada has a 1% royalty on the majority of Range the Marcellus, enhancing well economics and the overall cost structure. r P Resources Corporation’s (“Range”) operated position in Range helped pioneer the Marcellus shale in 2004 with the successful Southwest Pennsylvania. drilling of the Renz #1 well in Washington County, Pennsylvania. Since that time, Range has developed a track record of growing reserves from The royalty is calculated as 1% of gross production less minor deductions its asset base. Range’s position in Southwest Appalachia is estimated from approximately 338,000 net acres of Range’s working interest to have one of the longest core inventory lives among U.S. natural position in Washington, Western Allegheny and Southern Beaver counties gas producers, and its diversified portfolio of transportation capacity in Pennsylvania. The royalty applies to existing production and future mitigates in-basin pricing risk. development from the Marcellus shale formation as well as future In 2022, Franco-Nevada received $56.5 million in revenue from the potential development from the Utica and Upper Devonian formations. Marcellus royalty. During the year, Range completed 48 wells in the The royalty is registered on title and is a direct interest in real property. Marcellus on royalty lands, which is a decrease from 64 wells in 2021. 3 ssets The land base has a potential inventory of 1,083 future well locations implying more than 20 years of additional drilling (based on the prior year drilling rate), followed by many years of production over the life of ersified A the wells. There is additional potential in the Utica and Upper Devonian iv formations not included in the above estimate of well locations that may D increase the longevity of the asset. Diverse exposure to natural gas and natural gas liquids Long-life asset with strong underlying economics Secure land title with exposure to undeveloped formations at depth Appalachian Basin Marcellus 106 Franco-Nevada Corporation TSX / NYSE: FNV

North America Haynesville Location: East Texas, United States Operator: Rockcliff Energy, Others Energy: Natural Gas Royalty: Various Royalty Rates 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 72.9 $ 38.5 $ 4.211 2 Production (Mboe) 1,988 1,904 340 3 Commodity Split (%) Oil 0% 1% 0% Gas 99% 97% 100% NGL 1% 2% 0% st 1 Revenue from October 1 effective date until December 31, 2020 2 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of natural gas Rockcliff Energy drill rig, East Texas 3 Percentage based on production revenue from each commodity 4 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, The portfolio principally generates revenue from dry natural gas and Contingent resource categories for currently producing formations production which amounted to $72.9 million in 2022, benefitting from In December of 2020, Franco-Nevada acquired a portfolio strong realized natural gas prices. During 2022, approximately 59 wells were completed on royalty lands. The land base has a potential inventory 4 of royalty rights in the Haynesville natural gas play in of 464 future well locations implying approximately eight years of Texas from Mesa Minerals Partners LLC, a Quantum Energy additional drilling (based on the prior year drilling rate), followed by many Partners portfolio company, for $135 million. years of production over the life of the wells. The royalties also provide development potential in the Cotton Valley formation, which may be The Haynesville is currently one of the most active natural gas plays further exploited in the future. The Haynesville portfolio has performed in North America, owing to its strong well performance and close well since acquisition benefitting from robust activity levels and favorable proximity to infrastructure along the U.S. Gulf Coast, which reduces realized gas prices. transportation costs. Natural gas exposure concentrated under The royalties consist of approximately 2,701 acres of mineral rights (net strong operator to Franco-Nevada), located in Harrison and Panola counties and provide a perpetual interest in land. The royalty position is situated in a core Close proximity to U.S. Gulf Coast area of the East Texas portion of the Haynesville, which represents a enhances economics shallower part of the basin where the producing formation is thickest. The portfolio was originally assembled in strategic partnership with Rockcliff Secure land title with proven production history Energy II LLC (“Rockcliff”), which allowed for acreage to be selected on the basis of geologic quality as well as prioritization under the company’s drilling schedule. Approximately 75% of the royalty position is operated by Rockcliff, who has been a leading the most active operator in the East Texas Haynesville. M Haynesville iner T al R e esour 0 N 15 xas km L 0 10 ouisiana c miles Harrison es and M County iner al R FNV Royalty Acreage eser v Haynesville Fairway es OKLAHOMA ARKANSAS Anadarko Basin Fayetteville Woodford Arkomo Basin Panola Bend NEW Fort Worth Ardmore Haynesville-Bossier County MEXICO Basin Barnett Basin LOUISIANA A Spraberry Tuscaloosa dditional I Permian Basin TEXAS Eagle Ford Regional Basins nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 107

North America SCOOP/STACK Location: Oklahoma, United States w Operator: Continental Resources, Ovintiv Inc., Devon Energy, Others vie Energy: Oil and Natural Gas er Royalty: Various Royalty Rates v O 2022 2021 2020 1, 2 Revenue to Franco-Nevada ($ million) $ 57.8 $ 36.4 $ 21.6 2 Production (Mboe) 1,051 893 1,174 3 Commodity Split (%) Oil 40% 48% 60% Gas 57% 47% 32% NGL 4% 6% 8% 1 Revenue refers only to payments made to Franco-Nevada 2 Includes revenue and production net to Franco-Nevada from both Continental Royalty Acquisition Venture and Other SCOOP/STACK royalties Continental Resources drill rig, Oklahoma etals 3 Percentage based on production revenue from each commodity 4 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, The top three operators on the acreage are Ovintiv Inc. (formerly Encana), and Contingent resource categories for currently producing formations Devon Energy, and Continental Resources, Inc. (“Continental”). These ecious M operators reduced their drilling activity in the play in 2020 owing to a r P Through several discrete transactions, Franco-Nevada has sharp drop in commodity prices, and while the drilling rates have been accumulated a large royalty position in the SCOOP and rebounding, they remain below peak levels achieved in 2019. In 2022, STACK plays in Oklahoma. 38 wells were completed on royalty lands. The land base has a potential 4 inventory of 1,024 future well locations implying approximately 27 years In the fourth quarter of 2016, Franco-Nevada purchased royalty rights in of additional drilling (based on the prior year drilling rate), followed by the STACK shale play in Oklahoma’s Anadarko basin for approximately many years of production over the life of the wells. $100 million. The current focus is on the Meramec formation, although In the fourth quarter of 2018, Franco-Nevada and Continental entered the royalties have exposure to multiple horizons at depth, including the into a transaction whereby Franco-Nevada acquired $120 million in Woodford and Osage formations. existing royalties owned by Continental and formed a jointly owned In the second quarter of 2017, Franco-Nevada acquired additional mineral entity (the “Royalty Acquisition Venture”) to acquire up to $400 million ssets title and royalty interests for $27.6 million, which added to its existing in royalty rights under Continental’s area of operations. With the Royalty position in the STACK and provided new exposure to the SCOOP shale Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and play to the south. In total, the assets consist of GORRs and mineral title receives 50-75% of distributions, depending on performance against ersified A rights which apply to approximately 1,430 acres (net to Franco-Nevada). pre-set volume targets. Franco-Nevada received 50% of distributions in iv 2022, however, our share of distributions is expected to begin increasing D going forward. In exchange for the partial capital carry in favour of SCOOP/STACK COLORADO KANSAS MISSOURI Continental, the venture provides Franco-Nevada with an opportunity 0 N 40 km NEW OKLAHOMA FNV Royalty Acreage 0 25 MEXICO STACK to acquire royalty rights at the grass-roots level, leverage the value of miles Oklahoma City SCOOP Continental’s drilling plans, and benefit from the company’s knowledge Anadarko ARKANSAS Basin TEXAS of local land title and geology. In addition, Continental manages the MAJOR GARFIELD assets and Franco-Nevada does not incur any administrative burden. The ressure P ansition r T Black Oil venture was established to acquire royalty rights in areas primarily within PAYNE Condensate Volatile Oil acreage operated by Continental. These areas offer excellent economics, DEWEY KINGFISHER LOGAN CREEK proximity to infrastructure and future upside via stacked hydrocarbon- Dry Gas bearing horizons. CUSTER BLAINE STACK OKLAHOMA LINCOLN As at December 31, 2022, Franco-Nevada had contributed $440.6 million OKFUSKEE CANADIAN to the venture, with a remaining commitment of approximately CADDO $79.4 million. In the fourth quarter of 2022, Harold Hamm, Continental’s WASHITA founder, privatized the company through an acquisition of the GRADY CLEVELAND POTTAWATOMIE SEMINOLE outstanding publicly traded shares. MCCLAIN HUGHES GREER SCOOP/STACK provides exposure to both KIOWA oil and gas-rich areas SCOOP PONTOTOC COMANCHE GARVIN JACKSON Exposure to multiple formations at depth COAL STEPHENS MURRAY TILLAMAN Royalty volumes in the Royalty Acquisition COTTON JOHNSTON CARTER ATOKA Venture are supported by volume targets from Continental WILBARGER WICHITA CLAY JEFFERSON MARSHALL LOVE BRYAN 108 Franco-Nevada Corporation TSX / NYSE: FNV

North America Permian Basin Location: Texas, United States Operator: Pioneer Natural Resources, Occidental Petroleum, Coterra Energy, others Energy: Oil Royalty: Various Royalty Rates 2022 2021 2020 1 Revenue to Franco-Nevada ($ million) $ 52.6 $ 34.9 $ 18.5 2 Production (Mboe) 780 708 737 3 Commodity Split (%) Oil 77% 78% 88% Gas 12% 11% 5% NGL 11% 11% 7% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil and Gas Interests 3 Percentage based on production revenue from each commodity Drill rig in the Permian Basin, Texas 4 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations geologically, and is attractive to operators due to the stacked pay potential and premier economics. The current focus of operators in the Franco-Nevada has exposure to the Permian Basin in West Delaware Basin are the Wolfcamp and Bonespring horizons. The royalties Texas, through both the Midland and Delaware sub-basins. consist of approximately 94% mineral title rights, along with some GORR interests, which apply to approximately 676 acres (net to Franco- Both of these basins are considered among the most economic and Nevada). There are various operators across the acreage who continue to prolific shale oil plays in the U.S. and have been the key drivers behind direct capital toward the Delaware Basin, which will result in continued U.S. oil production growth over the last decade. The Permian is the most development of our assets over time. active shale play in North America. Franco-Nevada’s Permian assets generated $52.6 million in revenue in Effective in the first quarter of 2017, Franco-Nevada purchased a package 2022 representing a 51% increase from 2021. This was primarily driven of royalties in the Midland Basin for approximately $115 million. The by higher realized oil prices coupled with an increase in wells completed Midland Basin comprises the eastern portion of the broader Permian on our land base. During the year, 777 wells were completed on royalty Basin. The royalty acreage is very diversified, covering a significant lands, which is an increase from the 585 wells completed in 2021. 4 portion of the core of the Midland basin and providing exposure to The land base has a potential inventory of 6,307 future well locations multiple benches in the Wolfcamp and Spraberry formations. The royalties implying approximately eight years of additional drilling (based on the consist of approximately 97% mineral title rights, along with some GORR prior year drilling rate), followed by many years of production over the life interests, which apply to approximately 1,036 acres (net to Franco- of the wells. The inventory estimate relates to currently active formations, Nevada). The acreage is host to numerous operators, however, Pioneer however the Permian has additional stacked formations that may be Natural Resources (“Pioneer”) is the operator for the largest portion of exploited in the future. royalty acreage and is one of the largest companies operating in the Royalties provide exposure to Midland basin. Pioneer is focused solely on its Midland Basin acreage and achieves some of the best well results in the area. and Delaware Basins In the third quarter of 2017, Franco-Nevada acquired a package of Permian represents one of the most active and royalties in the Delaware Basin for approximately $101 million. The M Delaware Basin comprises the western portion of the broader Permian economic plays in North America iner Basin, which is located in West Texas and southeast New Mexico. Sitting to Exposure to upside through multiple al R the west of the Midland Basin, the Delaware Basin shares many similarities formations at depth esour c es and M Permian Basin Delaware Basin Midland Basin Northwest Shelf San Simon Channel FNV Royalty Acreage iner WSON BORDEN al R A N D 0 16 0 km 10 miles LEA ARD eser ARTIN HOW M Y EDD ANDREWS v Net Royalty Acres Central Basin es by County Platform 3% Eddy 1.% Lea o xic 3% Culberson New Me OCK 1% Other GLASSC 3% Ward xas e T 4% Upton OR 23% Reeves OVING ECT 5% Reagan L WINKLER MIDLAND 7% Loving CULBERSON 8% Howard 16% Martin 11% Midland 15% Glasscock ARD W CRANE A ON dditional I UPT GAN REA IRION New Mexico REEVES Midland Basin Delaware Texas Basin CROCKETT nf Permian orma OS VIS PEC A Basin JEFF D tion TSX / NYSE: FNV Franco-Nevada Corporation 109

North America Weyburn Unit Location: Saskatchewan, Canada w Operator: Whitecap Resources Inc. vie Energy: Oil er Royalty: NRI: 11.71% /ORR: 0.44% / WI: 2.56% v O 2022 2021 2020 1 Revenue to Franco-Nevada ($ million) $ 65.0 $ 43.8 $ 16.0 2 Production (Mboe) 769 736 511 3 Commodity Split (%) Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil and Gas Interests based on 0.44% ORR, 11.71% NRI and 2.56% WI. ORR and W.I. volumes are a percentage of gross production. NRI volumes are pro-rated based on our profit, reflecting a net Weyburn processing facility, Saskatchewan etals interest 3 Percentage based on production revenue from each commodity For 2022, revenue received by Franco-Nevada from the Weyburn Unit was $65.0 million. Weyburn revenues are linked to the Edmonton Light oil ecious M Franco-Nevada, after Whitecap Resources Inc. benchmark price which averaged C$119.73/bbl in 2022. Revenue for the r P (“Whitecap”), has the second largest economic interest in NRI is recorded net of deductions for capital and operating costs, which the Weyburn Unit, one of the world’s largest geological CO results in increased leverage to the oil price. Oil production, including storage projects. 2 NGLs, net to Franco-Nevada was 2,374 Boe/d. Franco-Nevada takes product-in-kind for its WI and NRI share of this production and markets it The Weyburn Unit is located approximately 129 km southeast of Regina, through a third-party marketer. Weyburn is a highly economic reservoir, 2 although our NRI and WI in the unit have higher leverage to commodity Saskatchewan and encompasses approximately 216 km on a gross price swings than our revenue based royalties. Our interests benefited basis (net 31 km2) in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 11.71% NRI, a 0.44% ORR and a 2.56% WI in the from the recovery in commodity prices in 2022 following the pandemic Weyburn Unit. Production commenced from the Midale zone within the lows in 2020. unitized area in 1955 under primary depletion (solution gas expansion). CO EOR project commenced in 2000 and Establishment of the Weyburn Unit occurred in 1963 for the purpose 2 continues to be rolled out ssets of implementing a waterflood pressure maintenance scheme. In 2000, Cenovus, the operator at that time, began injecting CO2 in a portion of the Interests are leveraged to commodity prices Weyburn Unit as an enhanced oil recovery (“EOR”) method. Currently, CO ersified A is being sourced from the Dakota Gasification Company in North Dakota 2 iv D and the Boundary Dam power station in Saskatchewan. Low decline asset with proven production history Gross production of the Weyburn Unit is approximately 21,000 Boe/d of light oil. Weyburn is a long-life asset with a Proven and Probable Reserve life of almost 20 years. Weyburn Unit N T7 Note: not to scale Unitized land wells R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 T8 Weyburn, SK T8 T7 Weyburn T6T7 Unit Unitized land N T6 Note: T6 not to scale Midale, SK T5 T5 T4 T4 T3 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T5 R14W2 R13W2 R12W2 110 Franco-Nevada Corporation TSX / NYSE: FNV

North America Orion Location: Alberta, Canada Operator: Strathcona Resources Ltd. Energy: Oil Royalty: Royalty Rate 4% 2022 2021 2020 1 Revenue to Franco-Nevada ($ million) $ 15.1 $ 10.8 $ 5.9 2 Production (Mboe) 229 237 281 3 Commodity Split (%) Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil and Gas Interests 3 Percentage based on production revenue from each commodity Orion processing facilities, Alberta Franco-Nevada acquired a 4% GORR on the Orion Thermal Franco-Nevada recorded revenue of $15.1 million in 2022. Royalty Project in the Cold Lake region of Alberta from OSUM Oil payments are based on the WCS benchmark price and are impacted by changes in the differential with WTI as well as by the price of diluent, Sands Corp. for C$92.5 million in 2017. which is required to transport the product to market. In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), Long-life resource located in Canada who now operates the project. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent Stable year-over-year production volumes costs associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that began Potential for future capacity expansion commercial production in 2007. Infrastructure at the project consists of a central processing facility surrounded by several well pads which supply the plant. The asset has a large resource base capable of supporting the production of heavy oil beyond 2050 on a Proven and Probable Reserve basis. As at year-end 2022 Orion was producing approximately ~15,700 barrels per day of bitumen. The asset is permitted to produce in excess of 20,000 barrels per day of bitumen. an chew ta t lber aska Orion A S Peace River N Athabaska Fort McMurray M iner al R Orion Grand Prairie esour c Orion es and M Cold Lake Cold Lake iner Edmonton Edmonton Lloydminster al R Lloydminster Hardisty eser v es an chew ta t lber Saska A Hardisty Calgary Liquids Pipeline A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 111

North America Other Producing Energy Assets Location: BC / AB / SK / MB, Canada and Oregon, U.S. In Saskatchewan and Manitoba, the assets are focused primarily in high w Operator: Various quality oil plays and are operated by companies such as Crescent Point vie Royalty: ORR/FH: 0.5-20% Energy, Saturn Oil & Gas Inc., Vermilion Energy Inc. and Tundra Oil & er Gas Partnership. The most significant producing assets are comprised v O of the Midale Unit and the Tidewater royalties. Franco-Nevada holds a 1.14% gross override royalty interest and a 1.59% working interest 2022 2021 2020 in the Midale Unit in Southeast Saskatchewan where Cardinal Energy produces approximately 3,800 Boe/d through CO Enhanced Oil Recovery 1 2 Revenue to Franco-Nevada ($ million) $ 13.4 $ 8.9 $ 5.1 (“EOR”) techniques. The Tidewater royalties in Saskatchewan generate oil 2 production from the Shaunavon and other formations and are managed Production (Mboe) 250 257 319 3 by various operators. Commodity Split (%) Oil 66% 67% 70% Gas 23% 20% 16% In Alberta and BC, the interests generate revenue primarily from natural NGL 11% 13% 14% gas production from shallow gas formations such as Milk River and 1 Revenue refers only to payments made to Franco-Nevada; includes revenue received from lease Medicine Hat. In northern Alberta, the interests provide exposure to and bonus payments deeper conventional gas targets including the Shunda, Grosmont and 2 Net to the Oil and Gas Interests and does not include production from Neal Hot Springs etals 3 Percentage based on production revenue from each commodity Elkton formations. Franco-Nevada’s most significant assets in the region are the Edson property operated by Canadian Natural Resources Ltd. Franco-Nevada has other interests in Western Canada (“CNRL”) and the Medicine Hat Consolidated Unit No.1, operated by ecious M Canlin Resources Partnership. Franco-Nevada has an approximate 15% r which generate revenue primarily through lessor royalties P overriding royalty in the Edson property where CNRL extracts gas and and GORRs. natural gas liquids by exploiting resources in the Cardium Formation. The Medicine Hat Unit has been producing gas since 1963 and is located Aside from the major producing assets of Weyburn and Orion, Franco- approximately 257 km southeast of Calgary. Other production comes Nevada has 44 Other Producing Assets that generate revenue. These from unitized and non-unitized wells, including gross overriding royalty 2 interests cover more than 2,250 km . positions in ten different Units across Alberta. Other operators on the interests include, CNRL and Imperial Oil. In 2020, Franco-Nevada acquired a royalty on the Neal Hot Springs geothermal operation in Oregon as part of a broader portfolio transaction. The plant produces approximately 22 MW of geothermal ssets energy and is operated by Ormat Technologies, Inc. Franco-Nevada received $0.23 million in revenue from Neal Hot Springs in 2022. Montney ersified A Peace River Primarily quality oil plays in Saskatchewan and iv Oil Sands Athabasca D Oil Sands Manitoba Exposure to shallow gas and deeper conventional gas in Alberta and BC ALBERTA Duvernay Interest in the Neal Hot Springs Deep Redwater geothermal operation Basin Cardium Viking Cold Lake Edson Oil Sands EDMONTON Saskatchewan/Manitoba Oil and Gas Interests N Lloydminster 0 80 N Heavy Oil km 0 80 Lloydminster km Heavy Oil SASKATCHEWAN MANITOBA Alberta/ Dodsland SE Saskatchewan British Columbia Viking Lower Bakken Torquay Oil Oil and Gas CBM and Mississippian Oil Interests CALGARY (HSCN) Shallow Gas REGINA AN Shaunavon Company Core Land W Oil Company Non Core Land Shallow CHE A Gas Weyburn/ Major City T T A Midale BRITISH COLUMBIA Williston Basin Alberta SASK ALBER Bakken NORTH DAKOTA Bakken Spearfish Company Core Land WASHINGTON IDAHO MONTANA Sanish Oil Oil Company Non Core Land MONTANA Major City 112 Franco-Nevada Corporation TSX / NYSE: FNV

Other Producing Energy Assets Energy Exploration Assets Location Location: AB / MB / SK, Canada & Nevada, U.S. Alameda Oil Saskatchewan Operator: Various Alida Oil Saskatchewan Royalty: 0.1-18% and WI: 2-100% Benson Oil Saskatchewan Carnduff Oil Saskatchewan In addition to its producing assets, Franco-Nevada has Cessford Gas Alberta exposure to a portfolio of undeveloped, non-producing oil Claresholm Gas Alberta and gas interests. E. Crossfield Gas Alberta Edson Gas Alberta Elswick Oil Saskatchewan These are grouped into 26 different assets covering an area of over Enchant Gas Alberta 1,500 km2 and are located in Alberta, Saskatchewan and Manitoba along Ferrybank Gas Alberta with a small amount of acreage in Nevada. Much of the interests consist Ghost Pine Gas Alberta of mineral title which is currently unleased. Hanlan Gas Alberta Harmattan Gas Alberta Numerous future opportunities in Harvest – AB Gas Alberta Western Canada and the U.S. Huntoon Oil Saskatchewan Innes Oil Saskatchewan Inverness Oil Alberta Laglace Gas Alberta Energy Exploration Assets Lesser Slave Oil Alberta Lochend Gas Alberta Location Lone Pine Gas Alberta Macoun Oil Saskatchewan Big Bend Alberta Manitoba Oil Manitoba Carbon Alberta Medicine Hat Gas Alberta Cindy/Belloy Alberta Midale Royalties Oil Saskatchewan Colgate Saskatchewan Midale WI Oil Saskatchewan Devil Alberta Montreal Trust Oil Saskatchewan Dixonville Alberta Neal Hot Springs Geothermal Oregon Elko Mineral Rights Nevada Oungre Oil Saskatchewan Flatrock British Columbia Pearmac – AB Gas Alberta Granor Alberta Pearmac – MB Oil Manitoba Harvest – SK Saskatchewan Pearmac – SK Oil Saskatchewan Hotchkiss Alberta Prudential – AB Gas Alberta Killam Alberta Qu’Appelle Oil Saskatchewan Kimiwan Alberta Queensdale Oil Saskatchewan Liege Alberta Rainbow South Oil Alberta Long Coulee Alberta Rocanville Oil Saskatchewan Melville Saskatchewan Royce Gas Alberta Paradise British Columbia Stoughton Oil Saskatchewan Provost Alberta Swalwell Gas Alberta Prudential – MB Manitoba Tidewater Oil Saskatchewan Prudential – SK Saskatchewan Viewfield Oil Saskatchewan Steelman Saskatchewan Watts/Craig Oil Alberta Swift Current Saskatchewan Touchwood Alberta Turner Alberta M W. Calling Lake Alberta iner Widewater Alberta al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 113

w vie er v O etals ecious M r P ssets ersified A iv D 114 Franco-Nevada Corporation TSX / NYSE: FNV

Mineral Resources and Mineral Reserves MM ineriner al Ral R esouresour cc es and Mes and M ineriner al Ral R esereser vv eses A dditional I nf orma tion

Mineral Resources and Mineral Reserves Gold Mineral Resources (Inclusive of Mineral Reserves) w vie Measured (M) Indicated (I) (M)+(I) Inferred er Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained v Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz O South America Candelaria 3,4 826,839 0.13 3,373 405,558 0.15 1,963 5,336 149,583 0.10 484 Antapaccay 5 306,000 0.08 787 937,000 0.08 2,292 3,079 120,000 0.05 193 Condestable 6 32,975 0.24 255 55,438 0.24 426 688 60,489 0.24 479 Sossego 1,7 164,100 0.12 638 236,800 0.12 950 1,589 21,700 0.10 70 Cerro Moro 1,8 542 7.98 139 2,144 6.31 435 574 1,488 4.73 226 Salares Norte 9 — — — 26,424 4.63 3,933 3,933 2,649 1.67 142 Cascabel (Alpala) 10 1,209,800 0.39 15,090 1,980,700 0.15 9,660 24,850 649,100 0.12 2,520 Tocantinzinho 11 17,609 1.49 841 30,505 1.29 1,261 2,102 1,580 0.99 50 Posse (Mara Rosa) 12 14,000 1.20 510 19,000 1.10 640 1,200 100 0.60 2 Taca Taca 13 421,500 0.14 1,853 1,781,800 0.07 4,200 6,052 716,900 0.05 1,183 CentroGold (Gurupi) 14 — — — 29,200 1.82 1,705 1,705 10,400 1.71 572 Calcatreu 15 — — — 9,841 2.11 669 669 8,078 1.34 348 San Jorge 16 79,518 0.22 584 104,091 0.19 626 1,211 11,235 0.16 59 Volcan 17 105,918 0.74 2,513 283,763 0.70 6,368 8,881 41,553 0.50 671 etals Central America and Mexico Cobre Panama 18 177,300 0.13 741 3,294,300 0.06 6,418 7,159 1,090,400 0.04 1,296 Guadalupe-Palmarejo 1,2,19 7,358 2.15 508 27,962 1.80 1,619 2,127 5,110 2.31 380 ecious M United States r P Carlin Trend 20 86,179 4.69 13,008 243,902 2.35 17,886 30,894 118,699 2.34 8,943 Marigold 1,21 — — — 319,100 0.49 5,004 5,004 21,800 0.36 252 Bald Mountain 1,22 8,381 0.70 190 276,664 0.50 4,163 4,353 50,064 0.30 522 Mesquite 1,23 115 0.81 3 135,174 0.43 1,852 1,855 84,030 0.34 912 Castle Mountain 1,24 85,691 0.55 1,515 246,442 0.52 4,123 5,638 69,890 0.63 1,422 Fire Creek/Midas 1,2,25 2 17.14 1 171 16.60 91 92 69,474 1.43 3,185 Hollister 1,2,26 16 19.05 10 64 19.59 40 51 582 14.58 273 Stibnite Gold 27 — — — 148,160 1.33 6,320 6,320 52,128 0.96 1,611 Sandman 28 — — — 18,550 0.73 433 433 3,246 0.58 61 Robinson 29 317,942 0.18 1,840 40,173 0.15 194 2,072 11,942 0.18 69 Mountain View 30 — — — — — — — 23,200 0.57 427 Canada Detour Lake 1,31 138,483 1.03 4,567 1,440,616 0.74 34,071 38,638 58,317 0.62 1,156 Sudbury 32 not available not available not available ssets Hemlo 33 720 5.11 120 52,000 2.09 3,500 3,600 5,400 3.30 580 Brucejack 34 4,300 8.00 1,100 18,100 10.70 6,200 7,200 9,400 10.30 3,100 Kirkland Lake 1,35 407 12.07 158 20,575 5.46 3,612 3,770 22,291 4.43 3,175 Dublin Gulch (Eagle) 36 35,000 0.62 705 198,000 0.57 3,596 4,304 30,000 0.52 497 ersified A Musselwhite 1,37 4,700 5.03 760 9,600 5.35 1,650 2,410 3,000 4.15 410 iv Timmins West 1,38 1,770 3.13 178 5,139 3.01 497 675 174 4.36 24 D Canadian Malartic 1,39 51,604 0.70 1,158 102,580 2.17 7,156 8,314 37,986 2.27 2,772 Island Gold 1,40 854 8.81 242 4,648 10.12 1,513 1,755 8,066 13.61 3,529 Golden Highway – Holt Complex 1,41 5,806 4.29 800 5,884 4.75 898 1,699 9,097 4.48 1,310 Golden Highway – Hislop 1,42 — — — 1,337 4.00 173 173 804 3.80 97 Golden Highway – Aquarius 1,43 — — — 23,112 1.49 1,106 1,106 502 0.87 14 Magino 44 43,558 0.98 1,367 88,849 0.93 2,652 4,019 20,919 0.78 526 Greenstone 1,45 5,623 1.28 232 145,463 1.45 6,775 7,007 24,948 3.83 3,072 Valentine Gold 46 29,230 2.19 2,060 35,400 1.67 1,900 3,960 20,750 1.65 1,100 Eskay Creek 47 22,521 3.58 2,590 25,274 1.82 1,477 4,067 3,750 1.47 177 Red Lake (McFinley) 48 — — — 2,100 4.63 317 317 1,800 3.84 220 eseses Courageous Lake 49 13,401 2.53 1,100 93,914 2.28 6,900 8,000 53,587 2.26 3,900 vvv Goldfields 50 — — — 23,200 1.31 980 980 7,100 0.92 211 eseresereser Monument Bay 51 — — — 36,581 1.52 1,787 1,787 41,946 1.32 1,781 al Ral Ral R Red Mountain 52 1,920 8.81 544 1,271 5.85 239 783 405 5.32 69 Fenelon-Martiniere 53 — — — 30,702 3.09 3,054 3,054 24,680 2.96 2,351 inerineriner Spences Bridge (Shovelnose) 54 — — — 10,592 2.32 791 791 9,177 0.89 263 Australia Duketon 55 26,000 0.83 690 108,000 0.99 3,430 4,120 34,000 0.94 1,030 es and Mes and Mes and MMatilda (Wiluna) 56 1,430 1.24 57 57,100 1.91 3,495 3,552 19,900 3.09 1,978 ccc South Kalgoorlie 57 2,799 2.91 262 12,136 3.03 1,183 1,445 10,116 3.25 1,058 esouresouresourYandal (Bronzewing) 58 17,821 1.60 914 57,614 1.60 2,995 3,909 8,878 1.60 459 Aphrodite 59 — — — 17,614 2.05 1,163 1,163 7,892 1.97 500 al Ral Ral R Red October 60 105 8.00 27 483 5.67 88 116 2,287 7.54 555 Henty 61 — — — 1,800 4.50 257 257 900 4.00 111 inerineriner Bullabulling 62 — — — 68,805 0.99 2,190 2,190 26,595 1.19 1,020 MMM Rebecca 63 — — — 26,000 1.20 1,000 1,000 5,700 1.00 190 Edna May 64 884 2.10 60 23,110 0.95 707 767 7,039 0.96 217 Glenburgh 65 — — — 13,500 1.00 431 431 2,800 0.90 79 Rest of World MWS 66 75,200 0.22 533 165,400 0.25 1,317 1,849 — — — Sabodala-Massawa Complex 67 22,300 1.18 843 83,800 2.04 5,490 6,333 19,900 2.16 1,380 Tasiast 1,68 63,303 1.16 2,359 89,945 1.69 4,880 7,239 18,565 2.40 1,443 Subika (Ahafo) 1,69 40,600 1.88 2,454 96,600 2.16 6,710 9,160 21,200 2.41 1,640 Karma 70 300 0.40 4 47,700 1.24 1,894 1,898 16,200 1.30 679 Edikan 71 18,200 1.06 620 37,900 1.04 1,265 1,885 5,300 1.66 283 Kiziltepe 72 600 3.01 58 698 2.33 52 110 1,180 2.09 79 Séguéla 1,73 — — — 19,171 2.61 1,611 1,611 9,154 3.26 960 Perama Hill 74 3,093 4.15 412 10,973 2.73 962 1,374 16,006 1.53 787 Aği Daği 1,75 2,516 0.74 60 104,453 0.63 2,132 2,192 19,551 0.52 330 Sissingué 76 1,300 1.34 56 1,200 1.39 55 111 100 1.10 2 Total Gold Mineral Resources* 71,488 217,421 288,987 71,464 * Total excludes New Prosperity 116116 FFrrancancoo-Nev-Nevada Cada Cororporporaationtion TTSX / NSX / NYYSE: FNVSE: FNV

Mineral Resources and Mineral Reserves Gold Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz South America Candelaria 3,4 512,724 0.11 1,856 142,574 0.14 623 655,298 0.12 2,479 Antapaccay 5 225,000 0.08 579 275,000 0.07 619 499,000 0.07 1,198 Condestable 6 20,802 0.18 120 7,409 0.19 45 28,211 0.18 163 Sossego 7 1,500 0.23 11 83,900 0.17 459 85,400 0.18 470 Cerro Moro 8 365 9.27 109 1,384 7.82 348 1,749 8.12 457 Salares Norte 9 — — — 20,763 5.19 3,467 20,763 5.19 3,467 Cascabel (Alpala) 10 — — — 558,000 0.52 9,370 558,000 0.52 9,370 Tocantinzinho 11 17,973 1.46 842 30,703 1.22 1,200 48,676 1.31 2,042 Posse (Mara Rosa) 12 11,800 1.20 456 12,000 1.16 446 23,800 1.18 902 Taca Taca 13 408,300 0.13 1,750 1,350,200 0.08 3,337 1,758,500 0.09 5,087 CentroGold (Gurupi) 14 — — — 20,000 1.70 1,100 20,000 1.70 1,100 Calcatreu 15 — — — — — — — — — San Jorge 16 — — — — — — — — — Volcan 17 — — — — — — — — — Central America and Mexico Cobre Panama 18 175,000 0.12 675 2,760,800 0.07 6,186 2,935,900 0.07 6,861 Guadalupe-Palmarejo 2,19 3,702 2.02 241 12,808 1.73 712 16,512 1.80 953 United States Carlin Trend 20 34,146 6.07 6,667 112,195 2.73 9,919 146,341 3.50 16,260 Marigold 21 — — — 203,800 0.52 3,410 203,800 0.52 3,410 Bald Mountain 22 — — — 36,900 0.50 625 36,900 0.50 625 Mesquite 23 34 0.79 1 30,264 0.48 470 30,298 0.48 471 Castle Mountain 24 84,910 0.55 1,498 172,990 0.48 2,670 257,900 0.51 4,168 Fire Creek/Midas 2,25 — — — — — — — — — Hollister 2,26 — — — — — — — — — Stibnite Gold 27 — — — 104,626 1.43 4,816 104,626 1.43 4,816 Sandman 28 — — — — — — — — — Robinson 29 110,513 0.15 533 8,860 0.12 34 119,374 0.15 576 Mountain View 30 — — — — — — — — — Canada Detour Lake 31 107,622 0.91 3,133 742,795 0.73 17,551 850,417 0.76 20,683 Sudbury 32 not available not available not available Hemlo 33 500 4.93 79 23,000 2.19 1,600 23,000 2.25 1,700 Brucejack 34 2,400 7.90 600 12,000 8.40 3,300 14,400 8.30 3,900 Kirkland Lake 35 135 15.33 66 3,802 15.11 1,847 3,937 15.11 1,913 Dublin Gulch (Eagle) 36 21,000 0.68 464 97,000 0.63 1,943 118,000 0.64 2,407 Musselwhite 37 3,400 5.48 590 7,000 5.89 1,320 10,400 5.76 1,920 Timmins West 38 1,518 3.03 148 4,172 2.94 393 5,690 2.96 541 Canadian Malartic 39 51,604 0.70 1,158 52,370 1.10 1,852 103,976 0.90 3,010 Island Gold 40 833 8.92 239 3,393 11.24 1,225 4,225 10.78 1,464 Golden Highway – Holt Complex 41 — — — — — — — — — Golden Highway – Hislop 42 — — — — — — — — — Golden Highway – Aquarius 43 — — — — — — — — — Magino 44 26,286 1.24 1,044 39,238 1.10 1,383 65,526 1.15 2,427 Greenstone 45 5,623 1.28 232 129,700 1.27 5,307 135,323 1.27 5,538 Valentine Gold 46 23,360 1.89 1,430 28,220 1.40 1,270 51,580 1.62 2,690 Eskay Creek 47 17,300 3.64 2,020 12,600 2.10 850 29,900 2.99 2,870 Red Lake (McFinley) 48 — — — 500 5.82 98 500 5.82 98 Courageous Lake 49 12,000 2.41 1,000 79,000 2.17 5,500 91,000 2.20 6,500 Goldfields 50 — — — — — — — — — Monument Bay 51 — — — — — — — — — Red Mountain 52 2,194 6.68 471 351 5.51 62 2,545 6.52 534 Fenelon-Martiniere 53 — — — — — — — — — Spences Bridge (Shovelnose) 54 — — — — — — — — — Australia Duketon 55 14,000 0.53 240 29,000 1.24 1,160 43,000 1.01 1,400 Matilda (Wiluna) 56 570 1.29 24 36,190 1.20 1,401 36,760 1.20 1,424 South Kalgoorlie 57 919 3.32 98 2,717 4.11 359 3,636 3.91 457 Yandal (Bronzewing) 58 10,495 1.50 522 31,476 1.60 1,625 41,971 1.60 2,147 Aphrodite 59 — — — 2,782 3.60 322 2,782 3.60 322 Red October 60 — — — — — — — — — Henty 61 — — — 983 3.60 115 983 3.60 115 Bullabulling 62 — — — — — — — — — Rebecca 63 — — — — — — — — — Edna May 64 15 0.90 0 220 3.20 23 235 3.11 23 Glenburgh 65 — — — — — — — — — Rest of World MWS 66 21,100 0.26 179 166,800 0.24 1,307 187,800 0.25 1,485 Sabodala-Massawa Complex 67 19,200 1.14 705 43,600 2.41 3,381 62,800 2.02 4,086 Tasiast 68 54,519 1.20 2,087 53,529 2.10 3,650 108,048 1.70 5,737 Subika (Ahafo) 69 40,400 1.89 2,450 51,900 1.92 3,200 92,300 1.90 5,650 A Karma 70 300 0.40 4 5,200 0.93 154 5,500 0.90 158 dditional I Edikan 71 8,700 1.16 325 28,100 1.13 1,019 36,900 1.13 1,344 Kiziltepe 72 466 2.06 31 451 2.65 38 926 2.39 71 Séguéla 73 — — — 12,100 2.80 1,088 12,100 2.80 1,088 Perama Hill 74 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250 nf Aği Daği 75 1,450 0.76 36 52,911 0.66 1,130 54,361 0.67 1,166 orma Sissingué 76 1,900 1.38 84 400 1.09 14 2,300 1.31 97 Total Gold Mineral Reserves 35,197 116,194 151,091 tion TSX / NYSE: FNV Franco-Nevada Corporation 117

Mineral Resources and Mineral Reserves Mineral Resources and Mineral Reserves w Silver Mineral Resources – Inclusive of Mineral Reserves vie er Measured (M) Indicated (I) (M)+(I) Silver Inferred Mineral Resources v O Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Candelaria 4,77 826,839 1.91 50,709 405,558 2.29 29,924 80,632 149,583 1.16 5,570 Antapaccay 78 306,000 1.53 15,047 937,000 1.83 55,167 70,214 120,000 0.87 3,357 Antamina 1,79,80 281,200 9.97 90,125 607,400 11.85 231,396 321,223 1,244,800 11.50 460,197 Condestable 81 32,975 5.87 6,221 55,438 6.28 11,192 17,410 60,489 6.29 12,233 Cerro Moro 1,82 542 475.85 8,292 2,144 315.11 21,721 30,014 1,488 170.60 8,159 Salares Norte 83 — — — 26,424 52.86 44,907 44,907 2,649 10.89 928 Cascabel (Alpala) 84 1,192,000 1.37 52,400 1,470,000 0.84 39,800 92,200 544,000 0.61 10,600 Calcatreu 85 — — — 9,841 19.83 6,275 6,275 8,078 13.09 3,399 Cobre Panama 86 177,300 1.55 8,836 3,294,300 1.33 140,347 149,182 1,090,400 1.08 37,990 Fire Creek/Midas 1,2,87 2 239.99 14 171 100.67 552 566 69,473 5.98 13,349 Eskay Creek 88 22,521 93.02 67,350 25,274 38.15 31,003 98,353 3,750 22.18 2,674 Mountain View 89 — — — — — — — 23,200 2.68 2,000 Total Silver Mineral Resources 298,993 612,284 910,977 560,455 etals Silver Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained ecious M Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz r P Candelaria 4,77 512,724 1.62 26,773 142,574 2.06 9,426 655,298 1.72 36,199 Antapaccay 78 225,000 1.20 8,681 275,000 1.20 10,610 499,000 1.20 19,290 Antamina 79,80 155,400 8.60 43,086 126,800 11.20 45,464 282,200 9.80 88,252 Condestable 81 20,802 5.28 3,531 7,409 6.89 1,641 28,211 5.70 5,170 Cerro Moro 82 365 593.50 6,964 1,384 342.00 15,215 1,749 394.50 22,180 Salares Norte 83 — — — 20,763 58.40 38,990 20,763 58.40 38,990 Cascabel (Alpala) 84 — — — 558,000 1.65 30,000 558,000 1.65 30,000 Calcatreu 85 — — — — — — — — — Cobre Panama 86 175,000 1.51 8,496 2,760,800 1.36 121,098 2,935,900 1.36 128,810 Fire Creek/Midas 2,87 — — — — — — — — — Eskay Creek 88 17,300 99.00 55,100 12,600 50.00 20,500 29,900 79.00 75,500 Mountain View 89 — — — — — — — — — Total Silver Mineral Reserves 152,631 292,943 444,392 ssets PGM Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) PGM Inferred Mineral Resources ersified A Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained iv Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz D Stillwater 90 42,600 13.70 18,700 50,400 12.80 20,700 39,400 114,000 12.20 44,800 Sudbury 91 not available not available not available Eagle's Nest 92 5,346 4.79 823 5,643 4.41 800 1,627 10,581 4.29 1,459 Marathon (Sally) 93 — — — 24,801 0.62 494 494 14,019 0.48 218 Pandora 94 22,195 4.81 3,415 147,317 4.60 21,707 25,122 21,220 4.72 3,171 Total PGM Mineral Resources 22,938 43,701 66,643 49,647 es PGM Mineral Reserves v Proven Probable Proven and Probable eser Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained al R Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Stillwater 90 10,000 13.50 4,300 50,300 13.60 22,000 60,200 13.60 26,300 iner Sudbury 91 not available not available not available Eagle's Nest 92 5,264 4.65 787 5,867 3.72 702 11,131 4.16 1,489 Marathon (Sally) 93 — — — — — — — — — es and M Pandora 94 2,195 4.20 244 19,756 4.08 2,683 21,951 4.09 2,927 c Total PGM Mineral Reserves 5,331 25,385 30,716 esour al R Copper Mineral Resources – Inclusive of Mineral Reserves iner Measured (M) Indicated (I) (M)+(I) Copper Inferred Mineral Resources M Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s % 000 oz 000s % 000 oz Mlbs 000s % Mlbs Sossego 1,95 164,100 0.72 2,608 236,800 0.76 3,960 6,591 21,700 0.80 383 Cascabel (Alpala) 96 1,209,800 0.47 12,655 1,980,700 0.27 11,971 24,626 649,100 0.24 3,439 NuevaUnión (Relincho) 1,97 895,400 0.29 5,657 1,440,400 0.33 10,411 16,068 724,700 0.36 5,752 Taca Taca 98 421,500 0.60 5,606 1,781,800 0.39 15,229 20,835 716,900 0.31 4,863 Vizcachitas 99 273,000 0.43 2,605 1,268,000 0.37 10,416 13,021 1,823,000 0.34 13,747 Copper World Project 100 792,000 0.44 7,672 381,000 0.36 3,003 10,597 262,000 0.37 2,125 Robinson 101 317,942 0.47 3,294 40,173 0.34 301 3,553 11,942 0.38 100 Total Copper Mineral Resources 40,097 55,292 95,290 30,409 118 Franco-Nevada Corporation TSX / NYSE: FNV

Mineral Resources and Mineral Reserves Mineral Resources and Mineral Reserves Copper Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % 000 oz 000s % Mlbs 000s % Mlbs Sossego 95 1,500 0.83 27 83,900 0.61 1,128 85,300 0.62 1,166 Cascabel (Alpala) 96 — — — 558,000 0.58 7,187 558,000 0.58 7,187 NuevaUnión (Relincho) 97 576,400 0.34 4,320 977,400 0.36 7,757 1,553,800 0.35 12,078 Taca Taca 98 408,300 0.59 5,295 1,350,200 0.39 11,757 1,758,500 0.44 17,052 Vizcachitas 99 302,000 0.41 2,714 918,000 0.34 6,908 1,220,000 0.36 9,623 Copper World Project 100 — — — — — — — — — Robinson 101 110,513 0.42 1,023 8,860 0.28 55 119,374 0.41 1,078 Total Copper Mineral Reserves 13,380 34,793 48,184 Nickel Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Nickel Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s % 000 oz 000s % 000 oz Mlbs 000s % Mlbs Falcondo 102 40,500 1.42 1,268 31,100 1.53 1,049 2,320 4,900 1.40 151 Eagle's Nest 103 5,346 2.08 245 5,643 — 187 432 10,581 0.98 228 Crawford 104 536,400 0.26 3,108 888,700 0.23 4,564 7,672 670,100 0.23 3,417 Mt Keith 105 136,600 0.54 1,622 67,000 0.52 768 2,390 24,000 0.52 275 Total Nickel Mineral Resources 6,244 6,567 12,814 4,072 Nickel Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % 000 oz 000s % 000 oz 000s % 000 oz Falcondo 102 44,900 1.28 1,267 26,300 1.36 789 71,200 1.31 2,056 Eagle's Nest 103 5,264 2.02 234 5,867 1.38 178 11,131 1.68 413 Crawford 104 — — — — — — — — — Mt Keith 105 67,600 0.57 847 20,000 0.55 240 87,600 0.56 1,087 Total Nickel Mineral Reserves 2,348 1,207 3,556 Chromite Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) Chromite Inferred Mineral Resources Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Cr203 000s % Cr203 000s % Cr203 Ring of Fire* 106 140,190 32.5 52,570 29.8 54,580 30.8 Total Chromite Mineral Resources 140,190 52,570 54,580 Chromite Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Cr203 000s % Cr203 000s % Cr203 Ring of Fire* 106 — — — — — — Total Chromite Mineral Reserves — — — Iron Ore Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) Iron Ore Inferred Mineral Resources Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Fe 000s % Fe 000s % Fe Vale (Northern and Southeastern System) 1,107 7,449,500 54.0 9,700,400 55.0 3,879,500 43.1 LIORC 1,108,109 826,000 39.4 1,105,000 38.6 811,000 38.0 Total Iron Ore Mineral Resources 8,275,500 10,805,400 4,690,500 Iron Ore Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Fe 000s % Fe 000s % Fe A Vale (Northern and Southeastern System) 107 3,163,100 60.6 5,701,800 60.5 8,864,900 60.5 dditional I LIORC 108,109 675,000 39.0 401,000 38.0 1,077,000 38.0 Total Iron Ore Mineral Reserves 3,838,100 6,102,800 9,941,900 nf * No Mineral Reserve estimate has been reported for the Ring of Fire orma tion TSX / NYSE: FNV Franco-Nevada Corporation 119

Mineral Resources and Mineral Reserves Notes and Sources All Mineral Resources and Mineral Reserves have been calculated in accordance with CIM or Acceptable 47 Skeena Resources Limited; NI 43-101 Technical Report and Feasibility Study, September 19, 2022 w Foreign Codes for the purposes of NI 43-101, including Regulation S-K 1300, JORC, or SAMREC guidelines. 48 Evolution Mining Limited; ASX Announcement, February 16, 2023 vie Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. 49 Seabridge Gold Inc.; Mineral Resources and Mineral Reserves, June 2022 er Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves. 50 Fortune Bay Corp.; Goldfields Project NI 43-101 Technical Report on PEA, October 31, 2022 v O 51 Agnico Eagle Mines Limited; News Release, February 16, 2023 Contained metal does not take into account recovery losses. 52 Ascot Resources Ltd.; Annual Information Form, March 21, 2022 Franco-Nevada’s royalties or stream interests may not cover the operator’s entire property or all 53 Wallbridge Mining Company Limited; News Release, January 17, 2023 estimated Mineral Resources and Mineral Reserves or a combination of both. 54 Westhaven Gold Corp.; Shovelnose Gold Property NI 43-101 Technical Report, January 19, 2022 The grade of platinum group elements has been reported by the operators as either the sum of the 55 Regis Resources Limited; ASX Announcement, June 8, 2022 individual platinum group elements grades or the individual grades. In the cases where individual 56 Wiluna Mining Corporation Limited; ASX Announcements, April 12, 2022 and November 17, 2021 platinum group element grades have been reported, Franco-Nevada’s Qualified Person has calculated the sum of the platinum group element grades for presentation purposes. 57 Northern Star Resources Limited; ASX Announcement, May 3, 2022 Mineral Resources and Mineral Reserves based on publicly disclosed information available as of 58 Northern Star Resources Limited; ASX Announcement, May 3, 2022 March 9, 2023. 59 St Barbara Limited; 2022 Annual Report, September 16, 2022 Rows and columns may not add up due to rounding. 60 Matsa Resources Ltd.; Annual Report, October 12, 2022 and AngloGold Ashanti Limited; Mineral Resource and Ore Reserve Report as at December 31, 2021 Inferred Resources are in addition to Measured and Indicated Resources. See “Cautionary Note Regarding 61 Catalyst Metals Limited; ASX Announcement, November 10, 2022 Mineral Resource and Mineral Reserve Estimates”. 62 Norton Gold Fields Limited; Corporate Website, January 25, 2023 1 Mineral Resources reported by operator exclusive of Mineral Reserves. Franco-Nevada’s Qualified 63 Ramelius Resources Limited; ASX Release, September 13, 2022 etals Person determined the inclusive Mineral Resources by adding the exclusive Measured and 64 Ramelius Resources Limited; ASX Release, September 13, 2022 Indicated Mineral Resources to the Proven and Probable Reserves 65 Gascoyne Resources Limited; Corporate AGM Presentation, January 20, 2022 2 Mineral Resources and Mineral Reserves are reported by the operator in non-metric units. Franco- 66 Harmony Gold Mining Company Limited; Mineral Resources and Mineral Reserves Report, ecious M Nevada’s Qualified Person calculated the metric conversion using 1 opt = 34.286 g/t, 1 short ton = June 30, 2022 r 0.9018 metric tonnes, 1 oz = 31.1035 g 67 Endeavour Mining Corp.; News Release, March 9, 2023 P 3 Lundin Mining Corporation; News Release, February 8, 2023 4 The stream agreement applies to 100% of the property, but only with respect to the ownership 68 Kinross Gold Corporation; News Release, February 15, 2023 interest of Lundin Mining Corporation which indirectly owns 80% of the Candelaria Copper Mining 69 Newmont Corporation; News Release, February 23, 2023 Complex 70 Endeavour Mining Corp.; Annual Information Form, March 31, 2021 5 Glencore plc; Resources & Reserves as at December 31, 2022 71 Perseus Mining Limited; News Release, August 30, 2022 6 Southern Peaks Mining LP; Mineral Reserves: Email to Franco-Nevada (Barbados) Corporation, 72 Ariana Resources plc; News Release, February 1, 2022 February 28, 2023, containing reserve declaration. Mineral Resources: Letter to Franco-Nevada 73 Fortuna Silver Mines Inc.; News Releases, March 17, 2022 and December 05, 2022 (Barbados) Corporation, March 7, 2023, containing global, in situ, resource estimate 74 Eldorado Gold Corporation; News Release, December 5, 2022 7 Vale S.A.; Form 20-F as filed with the Securities and Exchange Commission on April 14, 2022. Details 75 Alamos Gold Inc.; News Release, February 21, 2023 of Vale’s Participating Debentures are available on Vale’s website 8 Yamana Gold Inc.; Technical Report, August 26, 2022 76 Perseus Mining Limited; News Release, August 30, 2022 9 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual 77 Lundin Mining Corporation; News Release, February 8, 2023 Report 2021 78 Glencore plc; Resources & Reserves as at December 31, 2022 ssets 10 SolGold plc; Annual Report 2022, October 26, 2022 79 Teck Resources Limited; Annual Information Form, February 21, 2023 11 G Mining Ventures Corp.; Corporate Presentation, February 2023 80 The stream agreement applies to 100% of the property, but only with respect to the ownership 12 Hochschild Mining PLC; Annual Report & Accounts 2021 interest of Teck Resources Limited which indirectly owns a 22.5% interest in Compañía Minera 13 First Quantum Minerals Ltd.; Amended and Restated Technical Report, March 29, 2021 Antamina S.A. ersified A 14 OZ Minerals Limited; ASX Release, December 21, 2022 81 Southern Peaks Mining LP; Mineral Reserves: Email to Franco-Nevada (Barbados) Corporation, iv February 28, 2023, containing reserve declaration. Mineral Resources: Letter to Franco-Nevada D 15 Patagonia Gold Corp.; Investor Presentation, October 2022 (Barbados) Corporation, March 7, 2023, containing global, in situ, resource estimate 16 Coro Mining Corporation; Preliminary Feasibility Study, March 1, 2012 82 Yamana Gold Inc.; Technical Report, August 26, 2022 17 Hochschild Mining PLC; Annual Report and Accounts 2021, April 20, 2022 83 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual 18 First Quantum Minerals Ltd.; Annual Information Form, March 28, 2022 Report 2021 19 Coeur Mining, Inc.; News Release, February 22, 2023 84 SolGold plc; Annual Report 2022, October 26, 2022 20 Barrick Gold Corporation; Press Release, February 9, 2023. Carlin Trend includes Goldstrike, Gold 85 Patagonia Gold Corp.; Investor Presentation, October 2022 Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or 86 First Quantum Minerals Ltd.; Annual Information Form, March 28, 2022 stream interests 87 Hecla Mining Company; News Release, February 14, 2023 es 21 SSR Mining Inc.; Form 8-K, September 29, 2022 88 Skeena Resources Limited; NI 43-101 Technical Report and Feasibility Study, September 19, 2022 v 22 Kinross Gold Corporation; News Release, February 15, 2023 eser 89 Millennial Precious Metals Corp.; Corporate Presentation, January 2023 23 Equinox Gold Corp.; Mineral Reserves & M