Canada Canadian Malartic Location: Quebec, Canada Operator: Agnico Eagle Mines Limited Precious Metals: Au Royalty: GR: 1.5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 2.3 $ 2.4 $ 3.1 M&I Resource (koz Au)1 8,314 5,214 4,638 Inferred Resource (koz Au)1 2,772 6,236 6,602 P&P Reserves (koz Au)1 3,010 3,534 4,428 Canadian Malartic, Quebec 1, 2 M&I Royalty Ounces (000s) 25 13 6 2 As of December 31, 2022, the Canadian Malartic open-pit mine contains Inferred Royalty Ounces (000s) 28 32 34 2 Proven and Probable Mineral Reserves of 3.0 million ounces of gold P&P Royalty Ounces (000s) 5 5 6 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral (104.0 million tonnes grading 0.90 g/t Au). Franco-Nevada estimates that Resource category; all M&I categories are inclusive of Mineral Reserves roughly 10% of the Mineral Reserves of the open-pit complex are subject 2 For Royalty Ounce calculation, Franco-Nevada estimates 10% of the Mineral Reserves (9% in 2021, to our royalty interest. 9% in 2020), 20% of the M&I Mineral Resources (16% in 2021, 9% in 2020) and 68% of the Inferred Mineral Resources (34% in 2021, 34% in 2020) are subject to our royalty interest and estimates a rate The Odyssey project hosts three main zones: East Gouldie, East Malartic, of 1.5% is applicable and Odyssey (which is further sub-divided into Odyssey North, Odyssey In June 2011, Franco-Nevada purchased a 1.5% gross South and Odyssey Internal). The Odyssey underground project supports royalty on part of the Canadian Malartic gold project. a mine life to at least 2039 and post 2029 is expected to produce an average of 545,400 ounces of gold per year. Production from the Odyssey The project is located in Quebec’s Abitibi mining district and rivals Detour project is expected to commence at Odyssey South by ramp access in Lake as Canada’s largest gold producer. The royalty covers seven claims on March 2023, with the mined ore to be processed at 51,500 tpd at the the property including the central portion of the open pit as shown in the Canadian Malartic mill. The Odyssey project is forecast to gradually ramp-up production in 2023, and is expected to contribute approximately schematic which equates to approximately 3 km2. Royalty payments are 50,000 ounces of gold in 2023 and 80,000 ounces of gold in 2024 and expected to fluctuate annually based on the location of mining relative 2025 to the Canadian Malartic Complex. With the depletion of the to the royalty property. In January 2023, the ownership of Canadian Canadian Malartic pit in 2023 and the transition to in-pit tailings disposal D iv Malartic was consolidated under Agnico Eagle as part of the acquisition of in the second half of 2024, Agnico Eagle is evaluating opportunities to ersified A Yamana’s Canadian assets. further increase the mill throughput up to 60,000 tpd. One of Franco- Nevada’s royalty claims covers a portion of the Odyssey South extension On a 100% basis, Canadian Malartic produced 658,792 ounces of gold in and two of Franco-Nevada’s royalty claims cover a portion of East Gouldie, ssets 2022 versus 2021 production of 714,784 ounces of gold. The midpoint as seen in the schematic below. of 2023 gold production at Canadian Malartic is estimated to be 668,000 ounces on a 100% basis (reported by Agnico Eagle to be between 575,000 A 1,800m deep shaft is planned to facilitate production from East and 595,000 ounces assuming 50% ownership of Canadian Malartic for Gouldie with shaft sinking expected to commence in 2023 and shaft the first three months and 100% ownership for the last nine months of commissioning in 2027. From the March 2021 technical report, which 2023). Production is forecast in 2024 and 2025 to be between 645,000 to summarized the internal preliminary economic assessment for the 675,000 ounces and 595,000 to 625,000 ounces, respectively on a 100% Odyssey project, it is estimated that approximately 5 million ounces of basis. During 2022, the mine continued the transition from the Canadian the 6.9 million ounces expected to be produced from the Odyssey project M Malartic pit to the Barnat pit. In 2023, production is expected to be over the 17-year mine life are from East Gouldie. It is also estimated that iner sourced from the Canadian Malartic pit, the Barnat pit and the Odyssey Franco-Nevada’s East Gouldie claims cover approximately 35% of the East al R mine, complemented by ore from the low-grade stockpiles. The Canadian Gouldie resource with infill and step-out drilling at the East Gouldie zone esour Malartic mine (Canadian Malartic and Barnat pits) and the Odyssey mine continuing to support continuity and scale. c will now form the Canadian Malartic Complex in 2023, with the Canadian es and M Malartic pit expected to be completed late in the first half of 2023. Long-life asset transitioning to underground production iner Canadian Malartic N Open pit and underground exploration targets al R Royalty Area 0 1 eser km present additional potential ore sources v Malartic (town site) 1.5% Royalty Claims es Quartz Veins Mineralized Envelopes Rail line Hwy 117 deviation Open Pit Rail line Sheehan Jeffrey Pit Odyssey Barnat North A Pit Odyssey dditional I Canadian Jupiter Odyssey Malartic Pit East Malartic South Quebec Mill Ontario Canadian Malartic nf orma East tion Gouldie Gouldie TSX / NYSE: FNV Franco-Nevada Corporation 63