United States South Arturo Location: Nevada, United States ww Operator: Nevada Gold Mines LLC vievie Precious Metals: Au erer Royalty: GR: 4-9% with AMR vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.9 $ 5.6 $ 6.2 1, 2 M&I Resource (koz Au) n/a n/a n/a Inferred Resource (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a 2, 3 M&I Royalty Ounces (000s) n/a n/a n/a 3 Inferred Royalty Ounces (000s) n/a n/a n/a 3 P&P Royalty Ounces (000s) n/a n/a n/a South Arturo, Nevada etals 1 Please refer to the table on page 42 for the Carlin Trend Mineral Resources and Mineral Reserves which include South Arturo Franco-Nevada holds a sliding scale gross royalty (4-9%) on production 2 All M&I categories are inclusive of Mineral Reserves from South Arturo. The royalty rate depends on the type of ore (oxide ecious M 3 Please refer to the table on page 42 for the Carlin Trend Royalty Ounce calculation which includes versus non-oxide), as well as the grade (for oxide only). Franco-Nevada r South Arturo P estimates a 4% royalty rate for the oxide mineralization and a 6% royalty South Arturo consists of a series of sediment hosted Carlin- rate for the non-oxide. The royalty agreement includes an annual style gold deposits adjacent to and including the former minimum payment which is credited against any future production Dee gold mine, 60 km northwest of Elko, Nevada. royalty payments. Commercial production at South Arturo’s El Niño mine was declared at Nevada Gold Mines acquired the 40% interest in South Arturo that it did the end of Q3 2019. The mine is located in close proximity to Nevada Gold not already own from i-80 Gold Corp. (“i-80 Gold”) effective June 1, 2021. Mines’ Goldstrike operations where the ore is processed at the refractory The transaction provided Nevada Gold Mines with 100% of the project facilities. In July 2019, Barrick (61.5%) and Newmont (38.5%) combined and all of the longer-term upside at the South Arturo pit and the El Niño their significant assets across Nevada to create Nevada Gold Mines as a underground, as well as flexibility to pursue other potential operational joint venture. Under this joint venture, South Arturo is reported as part of synergies at Goldstrike. the Carlin operation category by Barrick. South Arturo Production from El Niño and the Phase 1 pit began in 2019 and Dee mining of the Phase 1 pit was suspended in December 2019 awaiting 4-9% GR roasting capacity at Goldstrike. Nevada Gold Mines announced that the N South Arturo open pit returned to production in December 2022. In January 2021, Premier Gold Mines Limited (“Premier”), the predecessor 1 mile to i-80 Gold, released a positive prefeasibility study which included the underground El Niño mine and the proposed Phase 1 open pit. Based Phase 2: on the prefeasibility study, El Niño had a two-year mine life with 58,750 Open pit completed recoverable ounces and Phase 1 had an 18-year mine life with 664,000 El Nino U/G: Currently developing recoverable ounces and production targeted to begin in 2025. In May 2021, i-80 Gold reported that the development of a ramp at El Niño was Phase 1 expected to be completed in Q1 2023 to access deeper mineralization. Pit Exploration drilling by Nevada Gold Mines in 2021 and 2022 identified South Hinge extensions to the north, northwest and east of the of the orebody. Target A follow-up program is planned for 2023. East Dee Phase 3 Target Pit Consolidated ownership Year-over-year resource growth Exploration success around newly recognized Excluded controlling structure at El Niño from Royalty Oregon Idaho South Arturo Nevada Utah California Arizona Pacific Ocean MEXICO 46 Franco-Nevada Corporation TSX / NYSE: FNV