48 TSX / NYSE: FNV Franco-Nevada Corporation United States Overview Overview Precious Metals Castle Mountain Location: California, United States Operator: Equinox Gold Corp. Precious Metals: Au Royalty: NSR: 2.65%-4.65% Oro Belle Mined Pit Jumbo Mined Pit JSLA Mined Pit South Waste Dump West Waste Dump Heap Leach Pad Castle Mountain Royalty Area Royalty lands 2.65% NSR Pacific Clay claims Royalty 4.65% NSR Plus 10 Mile Area of Interest 1,000 metres 0 2,000 Castle Mountain Mine Las Vegas Los Angeles San Diego MEXICO CALIFORNIA NEVADA Castle Mountain Mine Nevada California * The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. The mine is operated by Equinox Gold, which also owns the Mesquite mine described on page 47. NewCastle Gold Ltd. (“NewCastle”), a predecessor company to Equinox Gold, was the previous owner of the Castle Mountain property. The Castle Mountain land holdings total greater than 40 km 2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold. Franco-Nevada currently holds a 2.65% NSR covering all of the existing Castle Mountain mine and extending 10 miles from the boundary of the mine. On May 2, 2022, Franco-Nevada acquired the ‘American Standard’ 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. Redevelopment of Castle Mountain is planned in two phases. Construction and commissioning of the Phase 1 mine was completed 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 study for the Phase 2 expansion was released in March 2021. The Phase 2 project will expand ROM heap leaching and incorporate milling of higher-grade ore, increasing production to an average of 218,000 ounces 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 March 2022. The environmental review process and public scoping is anticipated to begin in the first half of 2023. Phase 1 production ongoing and planned to continue until Phase 2 Permitting Phase 2 expansion to increase production to >200,000 ounces per year Franco-Nevada’s royalty covers entire project area with a 10-mile area of interest 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 M&I Royalty Ounces (000s) 1, 2 149 157 115 Inferred Royalty Ounces (000s) 2 38 43 59 P&P Royalty Ounces (000s) 2 110 110 94 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 Reserves are subject to our royalty interest and estimates a rate of 2.82% is applicable Castle Mountain, California