Canada Sudbury Location: Ontario, Canada ww Operator: KGHM International Ltd. vievie Precious Metals: PGM and Au erer Stream: 50% Precious Metals Stream vv OO 2022 2021 2020 PGM Revenue to FNV ($ million) $ 18.3 $ 14.6 $ 35.3 Gold Revenue to FNV ($ million) $ 3.1 $ 2.8 $ 4.8 Total Revenue to FNV ($ million) $ 21.4 $ 17.4 $ 40.1 1 PGM M&I Resource (koz PGM) n/a n/a n/a 1 PGM Inferred Resource (koz PGM) n/a n/a n/a 1 PGM P&P Reserves (koz PGM) n/a n/a n/a Gold M&I Resource (koz Au)1 n/a n/a n/a Gold Inferred Resource (koz Au)1 n/a n/a n/a Sudbury, Ontario etals Gold P&P Reserves (koz Au)1 n/a n/a n/a the Levack (Morrison Deposit), Podolsky and McCreedy West mines. The 1, 2 M&I Royalty Ounces (000s) 24 24 33 footwall deposits are primarily rich in palladium followed by platinum and 2 gold. KGHM does not have processing facilities in Sudbury and sells the ecious M Inferred Royalty Ounces (000s) – – – r P 2 ore to third parties for processing. Currently all ore is being processed by P&P Royalty Ounces (000s) 24 24 33 1 KGHM does not provide public estimates for Mineral Resources and Mineral Reserves. Previous Vale’s Clarabelle plant in Sudbury. estimates have not been updated in numerous years and thus Franco-Nevada has chosen not to continue to report these figures McCreedy West Mine: The stream agreement applies to the PM and 700 2 For Royalty Ounce calculation, Franco-Nevada estimates 5 years of mining (5 years in 2021, 5 years deposits at the McCreedy West mine. McCreedy West stopped mining the in 2020) from McCreedy West are subject to our 50% stream interest to which a 40% margin factor precious metal-rich ores in the PM deposit in 2011. Franco-Nevada agreed (40% in 2021, 54% in 2020) has been applied based on assumed ongoing payments of 60% of the spot price. Platinum and palladium have been converted to Royalty Ounces assuming $1,800/ounce to renegotiate the existing contract with KGHM and mining restarted Au, $900/ounce Pt and $1,500/ounce Pd ($1,800/ounce Au, $1,000/ounce Pt and $2,100/ounce Pd in in September 2018. In February 2021, KGHM approved an updated life 2021, $1,750/ounce Au, $1,100/ounce Pt and $2,200/ounce Pd in 2020). Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical of mine plan which extended mining operations at the McCreedy West recoveries in the calculation of the Royalty Ounce mine for another five years. To support this extension of operations in mid-2021, Franco-Nevada agreed to increase its purchase price per GEO, Franco-Nevada has three precious metals streams in the from $800 per ounce to 60% of the prevailing monthly average gold spot Sudbury basin of Ontario. price during periods when monthly average gold prices exceed $1,333 per ounce subject to a cap of $1,200 per ounce. McCreedy is expected to Franco-Nevada is entitled to purchase 50% of the precious metals be the main source of revenue from Sudbury to Franco-Nevada in 2023. contained in ore produced from the footwall portions of three separate mines subject to ongoing payments per ounce. The streams are Levack (Morrison Deposit): This mine was put into production in 2007 calculated based on contained precious metals in the delivered ore but was placed on care and maintenance in Q1 2019. rather than payable metals. The streams were acquired as part of Franco- Podolsky Mine: The stream agreement applies to the 2000 and North Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in deposits at the Podolsky mine which operated between 2008 and 2013. March 2011. The mine is currently on care and maintenance but KGHM is reviewing the At the time of acquisition by Franco-Nevada, the mines were operated by possible restart of the mine by 2025. Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently acquired by KGHM International Ltd. (“KGHM”) in March 2012. The three mines are Podolsky N Levack 0 5 (Morrison km Deposit) Coleman Strathcona McCreedy Mill West Nickel Rim South Sudbury Sudbury Igneous Complex Chelmsford Formation Clarabelle Mill Onaping & Onwatin Formations Ontario Smelter Current and Former Mines Sudbury Quebec Mill Copper Cliff Smelter Creighton Stream Properties Totten 56 Franco-Nevada Corporation TSX / NYSE: FNV