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