33 Franco-Nevada Corporation TSX / NYSE: FNV South America Mineral Resources and Mineral Reserves Additional Information Diversified Assets Salares Norte Location: Chile, South America Operator: Gold Fields Limited Precious Metals: Au & Ag Royalty: NSR: 1-2% Brecha Principal N Salares Norte Royalty Area Agua Amarga Salares Norte Rio Baker 0.5 km 0 1 High-grade gold sub-domains 2017 EIA pit outline Main low-grade domains tonnes grading 5.85 g/t gold and 71.3 g/t silver). In June 2022, Gold Fields released a technical report supporting the 2019 feasibility study which envisaged an open-pit mining operation with an initial mine life of 11 years. Construction of the Salares Norte mine commenced in 2020 and pre-stripping of the pit and construction of the processing plant started in January 2021. COVID-19 and severe weather conditions impacted activities on site during 2022, and ongoing skills shortages resulted in further delay, with first gold production now expected in Q4 2023. Production for 2023 is expected to range from 15,000 to 35,000 ounces and is expected to increase to 500,000 ounces in 2024, before reaching 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 500,000 ounces and for the 10-year period from 2024 to 2033, average annual production is expected to be 355,000 ounces. Gold Fields reported total project completion of 87% for the construction of Salares Norte at the end of December 2022. With the commencement of commercial production at Salares Norte now expected in Q4 2023, Franco-Nevada does not anticipate meaningful royalty payments until 2024. First production expected in Q4 2023 Initial 11-year mine life Near-mine exploration success to potentially extend mine life 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 M&I Royalty Ounces (000s) 1, 2 45 44 88 Inferred Royalty Ounces (000s) 2 2 1 2 P&P Royalty Ounces (000s) 2 39 40 81 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, 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 1.0% (1.0% in 2021, 2.0% in 2020) in anticipation that Gold Fields exercises its right to repurchase 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 early 2019, Franco-Nevada acquired an existing 2% NSR on the Salares Norte project being advanced by Gold Fields Limited (“Gold Fields”) in the Atacama region of Northern Chile. The royalty is subject to a 1% buyback by Gold Fields within 24 months of announcing commercial production, for $6.0 million, with a credit from royalty revenue. In September 2020, Franco-Nevada acquired an additional 2% NSR on all mineral production from Gold Fields’ Rio Baker concessions for $5.0 million in cash with contingent payments of up to $8.0 million. The Rio Baker claims cover the northwest extension of the Salares Norte deposit and the royalty acquisition provided Franco-Nevada with exposure to 100% of the Salares Norte project. Salares Norte is a blind epithermal gold and silver deposit and represents one of Gold Fields’ key development projects. In March 2023, Gold Fields released an updated Mineral Reserve as of December 31, 2022 containing 3.45 million ounces of gold and 42.2 million ounces of silver (18.4 million Antofagasta La Serena Santiago Copiapo Relincho CHILE ARGENTINA BOLIVIA PERU Vizcachitas San Jorge Taca Taca Salares Norte Salares Norte, Chile