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