91 Franco-Nevada Corporation TSX / NYSE: FNV Iron Ore Mineral Resources and Mineral Reserves Additional Information Northern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the Northern System mines. The Northern System located in Carajas, Para state, Brazil is a fully integrated operation inclusive of mines, railroad, maritime facilities and a port. The Northern System includes the Serra Sul (i.e. S11A-D), Serra Norte and Serra Leste mines and represents one of the largest mining complexes globally with long-life reserves and excellent potential for mine life extensions. The Northern System has been in operation since 1984 with the most recent development of the Serra Sul (S11D) mine in 2016. The current reserve life at the complex supports multi-decades of mining. The Northern System produced 172 Mt of premium high-grade iron ore in 2022. Production is expected by Vale to be c.180 Mt in 2023 and to gradually increase to +220 Mt long term through the approved expansion of Serra Sul and other growth projects. Southeastern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the portion of production covered by the Royalty in the Southeastern System. The Southeastern System located in the Iron Quadrangle of Minas Gerais, Brazil is a key global producer of pellet feed and is a fully integrated complex with rail, maritime facilities and a port. Contributions to the Royalty will start once a cumulative sales threshold of 1.7 Bt of iron ore has been reached, expected by Vale in 2025, adding approximately 25% to 30% volume attributable to the Royalty. The Royalty provides partial coverage of the three Southeastern System mining complexes. The primary complexes within the Royalty area are: Itabira, Minas Centrais (Brucutu mine), Mariana (Fazendao and, to a lesser extent, Capanema mines). We estimate attributable production of c.60 Mtpa from these complexes over the medium to long term (or approximately 70% of system capacity). Vale now expects a more moderate ramp up of production from the Southeastern System over the long term. Sossego The Royalty also provides for a 2.5% (0.367% attributable) net sales royalty on certain copper and gold assets. The Royalty applies on a 50% basis (i.e. 1.25% of net sales, 0.183% attributable) to Sossego, reflecting Vale’s ownership at the time of issuance. Sossego is located in Carajas, Para state, Brazil and is an open pit operation with nominal capacity of approximately 93 kt per year of copper in concentrate. Sossego produced 43.2 kt of copper in 2022, impacted by extended mill maintenance in H1 2022. The Royalty further covers certain adjacent satellite deposits to Sossego which are being studied by Vale as replacement/life extensions for the operation. Other Additionally, the Royalty provides for a 1% (0.147% attributable) net sales royalty on all other minerals (specified mining rights include prospective deposits for other minerals including zinc, manganese, amongst others), subject to certain thresholds. A 1% rate (0.147% attributable) applies to net proceeds in the event of an underlying asset sale. In total, the Royalty covers approximately 15,000 km 2 of prospective geology. World class iron ore mines producing high quality iron ore for low emission steel Strong potential for growth and multi-decade mine lives Fully integrated production provides cost advantage Large land package of approximately 15,000 km 2 Vale, Brazil