Canada Red Mountain Cariboo Location: British Columbia, Canada Location: British Columbia, Canada Operator: Ascot Resources Ltd. Operator: Osisko Development Corp. Precious Metals: Au Precious Metals: Au Royalty: NSR: 1% / Production Payment Royalty: NSR: 3% Franco-Nevada has a 1% NSR as well as a $10/oz Osisko Development Corp. (“Osisko Development”) production payment on gold produced in excess of is advancing the Cariboo Gold project in east-central 1.85 million ounces from the Red Mountain project near British Columbia. Stewart, B.C. 2 The property consists of 2,120 km of mineral rights located 85 km Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio east of the town of Quesnel. From 1933 to 1967, 4.5 million ounces of in November 2013. In March 2019, Ascot Resources Ltd. (“Ascot”) gold were mined in the area from both historical underground and completed its acquisition of IDM Mining and its 100%-owned Red alluvial production. Mountain project and a revised feasibility study was released in April Osisko Development started mining the Bonanza Ledge II project, located 2020. The study envisioned the feed from four deposits (Big Missouri, within the Cariboo Gold project, in Q1 2021. The Bonanza Ledge II Mineral Silver Coin, Premier and Red Mountain) being processed at the Premier Resource includes the BC Vein, Bonanza Ledge, and KL Zone deposits. mill, which is approximately 23 km southeast of the Red Mountain Franco-Nevada’s 3% NSR covers the claims to the immediate northeast of deposit. The Premier mill required refurbishment and expansion as it had Bonanza Ledge, referred to as the KL Zone. Franco-Nevada’s 3% royalty been on care and maintenance for over 20 years. The updated feasibility interest also includes the Williams Claims which are about 5 km southeast study contemplated Red Mountain ore commencing processing in the of Bonanza Ledge. second year of operation continuing for approximately seven years and contributing roughly half the ore feed for the mill, or approximately The Bonanza Ledge II project was placed on care and maintenance 70,000 ounces per annum in year three to seven. Since the 2020 in June 2022 to focus on the completion of the Cariboo Gold project feasibility study, Ascot has updated the sequence of mining, deferring feasibility study, which was released in January 2023. The feasibility study Red Mountain development until later in the overall mine life of the envisions a two-phase ramp up, with the first gold pour expected in Q3 project. Commercial production of the combined operation is expected 2024. Phase 1 is 1,500 tpd at approximately 73,000 ounces per year for the in mid-2024. The Red Mountain project received federal Environmental first three years and Phase 2 is 4,900 tpd with underground development Assessment approval in January 2019 and, in April 2019, signed a Benefits and production to increase to approximately 194,000 ounces per year. The Agreement with the Nisga’a Nation. In July 2021, Ascot signed an updated D Benefits Agreement for both the Premier Gold and Red Mountain project. broader project has an initial 12-year mine life and there is potential to iv In January 2023, Ascot completed a $200 million financing package convert additional Inferred Resources located adjacent to reserve blocks, ersified A for the construction of the Premier Gold project and is targeting initial with mineralization open at depth and along strike. production in Q1 2024. Franco-Nevada has not included Cariboo in Royalty Ounce estimates ssets For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable M iner al R esour c es and M iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 71