104 TSX / NYSE: FNV Franco-Nevada Corporation Overview Precious Metals Diversified Assets Our energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy Assets Franco-Nevada has owned and invested in energy assets since inception. Our energy investments 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. 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 opportunities. Until 2016, Franco-Nevada’s focus was primarily on the Western Canadian Sedimentary Basin. Starting in late 2016, we added exposure to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware basins in Texas due to their attractive economics, favourable regulatory environment and access to market. We subsequently shifted our focus to natural gas, adding royalty assets in the Marcellus shale in Appalachia in 2019, and in the Haynesville shale in East Texas in late 2020. In 2021, Franco-Nevada updated the methodology used to account for 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. Major Producing Assets as at April 12, 2023 United States Marcellus Range Resources Haynesville Rockcliff Energy/Various SCOOP/STACK Continental Resources/Various Permian Basin Various Canada Weyburn Unit Whitecap Resources Orion Strathcona Resources