South America Salares Norte Location: Chile, South America Operator: Gold Fields Limited Precious Metals: Au & Ag Royalty: NSR: 1-2% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 3,933 3,804 3,804 Inferred Resource (koz Au)1 142 109 109 P&P Reserves (koz Au)1 3,467 3,476 3,476 M&I Resource (Moz Ag)1 44.9 42.9 42.9 Inferred Resource (Moz Ag)1 0.9 0.7 0.7 P&P Reserves (Moz Ag)1 39.0 39.3 39.3 Salares Norte, Chile 1, 2 M&I Royalty Ounces (000s) 45 44 88 2 Inferred Royalty Ounces (000s) 2 1 2 tonnes grading 5.85 g/t gold and 71.3 g/t silver). In June 2022, Gold 2 Fields released a technical report supporting the 2019 feasibility study P&P Royalty Ounces (000s) 39 40 81 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral which envisaged an open-pit mining operation with an initial mine life Resource category; all M&I categories are inclusive of Mineral Reserves of 11 years. 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Reserves & Mineral Resources (100% in 2021, 100% in 2020) are subject to our royalty interest and estimates a rate of Construction of the Salares Norte mine commenced in 2020 and 1.0% (1.0% in 2021, 2.0% in 2020) in anticipation that Gold Fields exercises its right to repurchase pre-stripping of the pit and construction of the processing plant started 1.0% of the 2.0% NSR. Silver has been converted assuming $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020) in January 2021. COVID-19 and severe weather conditions impacted activities on site during 2022, and ongoing skills shortages resulted In early 2019, Franco-Nevada acquired an existing 2% NSR in further delay, with first gold production now expected in Q4 2023. on the Salares Norte project being advanced by Gold Production for 2023 is expected to range from 15,000 to 35,000 ounces Fields Limited (“Gold Fields”) in the Atacama region of and is expected to increase to 500,000 ounces in 2024, before reaching Northern Chile. full production of approximately 600,000 ounces in 2025. For the six-year period from 2024 to 2029, average annual production is expected to be D 500,000 ounces and for the 10-year period from 2024 to 2033, average iv The royalty is subject to a 1% buyback by Gold Fields within 24 months annual production is expected to be 355,000 ounces. Gold Fields reported ersified A of announcing commercial production, for $6.0 million, with a credit total project completion of 87% for the construction of Salares Norte from royalty revenue. In September 2020, Franco-Nevada acquired an additional 2% NSR on all mineral production from Gold Fields’ Rio Baker at the end of December 2022. With the commencement of commercial ssets concessions for $5.0 million in cash with contingent payments of up to production at Salares Norte now expected in Q4 2023, Franco-Nevada $8.0 million. The Rio Baker claims cover the northwest extension of the does not anticipate meaningful royalty payments until 2024. Salares Norte deposit and the royalty acquisition provided Franco-Nevada First production expected in Q4 2023 with exposure to 100% of the Salares Norte project. Salares Norte is a blind epithermal gold and silver deposit and represents Initial 11-year mine life one of Gold Fields’ key development projects. In March 2023, Gold Fields Near-mine exploration success to potentially M released an updated Mineral Reserve as of December 31, 2022 containing extend mine life iner 3.45 million ounces of gold and 42.2 million ounces of silver (18.4 million al R esour c Salares Norte es and M Agua Amarga Royalty Area iner N PERU al R 0 0.5 1 eser v km BOLIVIA es Antofagasta CHILE High-grade gold sub-domains Salares Taca Norte Taca 2017 EIA pit outline ARGENTINA A Brecha Copiapo dditional I Principal Main low-grade Relincho domains La Serena nf Rio Baker Salares Norte orma San Jorge Vizcachitas tion Santiago TSX / NYSE: FNV Franco-Nevada Corporation 33