United States Stillwater Location: Montana, United States Operator: Sibanye-Stillwater Precious Metals: PGM Royalty: NSR: 5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 36.8 $ 57.8 $ 50.9 1 M&I Resource (koz PGM) 39,400 45,000 35,747 1 Inferred Resource (koz PGM) 44,800 44,600 45,327 1 P&P Reserves (koz PGM) 26,300 27,300 26,883 1, 3 M&I Royalty Ounces (000s) 1,316 2,040 1,739 2, 3 Inferred Royalty Ounces (000s) 1,497 2,021 2,205 2, 3 P&P Royalty Ounces (000s) 879 1,237 1,308 Stillwater, Montana 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 require engineered backfill as well as geologically and geotechnically 2 For Royalty Ounce calculation, Franco-Nevada estimates 98% of the Mineral Resources and Mineral more complex mining at East Boulder. Factoring in these operational Reserves are subject to our royalty interest 3 Given more significant smelting and refining charges, Franco-Nevada estimates an average rate of constraints at the Stillwater complex, 2023 PGM production is forecast to 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces be between 500,000 to 535,000 ounces. assuming $900/ounce Pt and $1,500/ounce Pd ($1,000/ounce Pt and $2,100/ounce Pd in 2021, $1,100/ounce Pt and $2,200/ounce Pd in 2020) Stillwater East (the Blitz project), located east of the Stillwater mine The Stillwater complex in Eastern Montana is comprised (Stillwater West) and covered by the NSR, commenced production in of the Stillwater mine (West and East) and East Boulder October 2017. Stillwater East continues to ramp up despite various operational challenges. The 2022 U.S. PGM update from Sibanye-Stillwater mine and is operated by Sibanye-Stillwater, following the highlighted that the Benbow flooding, challenging ground conditions acquisition of Stillwater Mining Company by Sibanye Gold and critical skills shortages impeded production build up at Stillwater Limited in May 2017. East. Sibanye-Stillwater plans to build a $30 million engineered backfill solution plant and commission it by 2025. The steady state run rate Production began in 1986 at the Stillwater mine and in 2002 at the East from Stillwater East is expected to be approximately 170,000 ounces per D annum starting in 2026. iv Boulder mine. Both are PGM mines with the majority of production ersified A being palladium. In 2022, Sibanye-Stillwater performed a comprehensive update of the Franco-Nevada has a 5% NSR royalty on all commercially recoverable Mineral Resource and Mineral Reserve estimation methodology at the ssets metals produced from 813 of the 995 claims that cover the Stillwater Montana operations. While this resulted in a downward revision to the complex. The amount of the royalty is reduced by permissible “onward Mineral Reserves, the Mineral Reserves continue to support a 42 year processing” deductions, which have averaged between 5-10% of revenue mine life building up to +700 koz of annual production from 2027. over the last several years. Significant Mineral Resources have the potential to increase mine life even further in the future. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 98% Only PGM producer in the U.S. of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. In recent years, the percentage of Stillwater complex production M subject to Franco-Nevada’s royalty has increased well above 90% as Mineral Reserves support a long mine life iner mining moves away from the shaft area towards royalty ground. al R PGM production for 2022 yielded 421,133 ounces versus 570,400 Significant Mineral Resource has the potential to esour increase mine life even further c ounces in 2021. Production in 2022 was affected by the June regional es and M flooding event, temporary suspension of mining Stillwater East areas that iner East Boulder Portal Site Stillwater Complex al R eek eser r ork C Dry F (Plan View) S S w tillw Stillwater N eet a v 5% NSR g t Mill Site r er C East B ass C o es 1 mile East o . Boulder oulder R . Adit ewis Gulch L Limit of Franco- iv er Claims er er Nevada t iv amp a Royalty C Franco- er R SK Lake tillw Nevada t a Stillwater ork S Royalty tillw BC AB MB Boulder R C S S iv est F oun w er W t Montana North Dakota eet y line Washington P g Franco-Nevada Royalty Land ar r k C ass C o o South Dakota A . . Oregon Idaho Wyoming dditional I Stillwater Complex Current and future planned Nebraska production layouts (Long Section) Nevada East Boulder Mine Not to scale Stillwater West Stillwater East (Blitz) Utah Colorado California nf orma tion Non-Royalty mill area TSX / NYSE: FNV Franco-Nevada Corporation 41