North America Orion Location: Alberta, Canada Operator: Strathcona Resources Ltd. Energy: Oil Royalty: Royalty Rate 4% 2022 2021 2020 1 Revenue to Franco-Nevada ($ million) $ 15.1 $ 10.8 $ 5.9 2 Production (Mboe) 229 237 281 3 Commodity Split (%) Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil and Gas Interests 3 Percentage based on production revenue from each commodity Orion processing facilities, Alberta Franco-Nevada acquired a 4% GORR on the Orion Thermal Franco-Nevada recorded revenue of $15.1 million in 2022. Royalty Project in the Cold Lake region of Alberta from OSUM Oil payments are based on the WCS benchmark price and are impacted by changes in the differential with WTI as well as by the price of diluent, Sands Corp. for C$92.5 million in 2017. which is required to transport the product to market. In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), Long-life resource located in Canada who now operates the project. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent Stable year-over-year production volumes costs associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that began Potential for future capacity expansion commercial production in 2007. Infrastructure at the project consists of a central processing facility surrounded by several well pads which supply the plant. The asset has a large resource base capable of supporting the production of heavy oil beyond 2050 on a Proven and Probable Reserve basis. As at year-end 2022 Orion was producing approximately ~15,700 barrels per day of bitumen. The asset is permitted to produce in excess of 20,000 barrels per day of bitumen. an chew ta t lber aska Orion A S Peace River N Athabaska Fort McMurray M iner al R Orion Grand Prairie esour c Orion es and M Cold Lake Cold Lake iner Edmonton Edmonton Lloydminster al R Lloydminster Hardisty eser v es an chew ta t lber Saska A Hardisty Calgary Liquids Pipeline A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 111