92 TSX / NYSE: FNV Franco-Nevada Corporation Iron Ore Overview Precious Metals Diversified Assets LIORC Location: Newfoundland and Labrador, Canada Operator: Rio Tinto plc Metals: Iron Ore Royalty: GORR 0.7% Iron Ore, IOC Equity 1.5% IOC produces high grade +65% Fe iron ore concentrate for sale and pellets with a reserve-only 24-year mine life and a large mineral resource supporting further extensions. IOC has nominal capacity of 23.3 Mtpa (combined concentrate and pellets) with 2022 attributable sales of 17.6 Mt and Rio Tinto has provided 2023 guidance of saleable production between 17.9 Mt and 19.6 Mt. In 2022, total capital expenditures at IOC were C$460 million, below the forecast of C$606 million due to deferral of certain projects. In 2023, capital expenditures at IOC are forecast by IOC to be C$534 million, including C$134 million of growth and development projects. IOC benefits from integrated infrastructure, including the mine, concentrator/pellet facilities, railway, and a port at Sept-Îles, Quebec. IOC has a long history as a supplier of high quality, low impurity, premium iron ore and pellets which has typically received premium prices from the European steel making industry. Producer of high-quality pellets and fines 24-year reserve life with large resource base to support extensions Fully integrated from mine to port, operated by Rio Tinto +50-year track record 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 14.8 $ 30.2 $ 14.7 M&I Resource (Mt Iron Ore) 1,931 1,930 – Inferred Resource (Mt Iron Ore) 811 895 – P&P Reserves (Mt Iron Ore) 1,077 1,144 – M&I Royalty Ounces (000s) 1, 2 332 349 – Inferred Royalty Ounces (000s) 2 139 162 – P&P Royalty Ounces (000s) 2 185 207 – 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, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for additional information Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72/share. The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross overriding royalty interest (0.7% attributable), C$0.10 per tonne commission (C$0.01 per tonne attributable), and 15.1% equity interest (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash dividends from net income derived from IOC to the maximum extent possible, while maintaining appropriate levels of working capital. Over the past two years (2021 and 2022), cash flow from operations at LIORC has averaged approximately 47% from IOC dividends from the 15.1% equity interest and 53% from the royalty and commission. LIORC, Newfoundland and Labrador