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