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