North America SCOOP/STACK Location: Oklahoma, United States w Operator: Continental Resources, Ovintiv Inc., Devon Energy, Others vie Energy: Oil and Natural Gas er Royalty: Various Royalty Rates v O 2022 2021 2020 1, 2 Revenue to Franco-Nevada ($ million) $ 57.8 $ 36.4 $ 21.6 2 Production (Mboe) 1,051 893 1,174 3 Commodity Split (%) Oil 40% 48% 60% Gas 57% 47% 32% NGL 4% 6% 8% 1 Revenue refers only to payments made to Franco-Nevada 2 Includes revenue and production net to Franco-Nevada from both Continental Royalty Acquisition Venture and Other SCOOP/STACK royalties Continental Resources drill rig, Oklahoma etals 3 Percentage based on production revenue from each commodity 4 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, The top three operators on the acreage are Ovintiv Inc. (formerly Encana), and Contingent resource categories for currently producing formations Devon Energy, and Continental Resources, Inc. (“Continental”). These ecious M operators reduced their drilling activity in the play in 2020 owing to a r P Through several discrete transactions, Franco-Nevada has sharp drop in commodity prices, and while the drilling rates have been accumulated a large royalty position in the SCOOP and rebounding, they remain below peak levels achieved in 2019. In 2022, STACK plays in Oklahoma. 38 wells were completed on royalty lands. The land base has a potential 4 inventory of 1,024 future well locations implying approximately 27 years In the fourth quarter of 2016, Franco-Nevada purchased royalty rights in of additional drilling (based on the prior year drilling rate), followed by the STACK shale play in Oklahoma’s Anadarko basin for approximately many years of production over the life of the wells. $100 million. The current focus is on the Meramec formation, although In the fourth quarter of 2018, Franco-Nevada and Continental entered the royalties have exposure to multiple horizons at depth, including the into a transaction whereby Franco-Nevada acquired $120 million in Woodford and Osage formations. existing royalties owned by Continental and formed a jointly owned In the second quarter of 2017, Franco-Nevada acquired additional mineral entity (the “Royalty Acquisition Venture”) to acquire up to $400 million ssets title and royalty interests for $27.6 million, which added to its existing in royalty rights under Continental’s area of operations. With the Royalty position in the STACK and provided new exposure to the SCOOP shale Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and play to the south. In total, the assets consist of GORRs and mineral title receives 50-75% of distributions, depending on performance against ersified A rights which apply to approximately 1,430 acres (net to Franco-Nevada). pre-set volume targets. Franco-Nevada received 50% of distributions in iv 2022, however, our share of distributions is expected to begin increasing D going forward. In exchange for the partial capital carry in favour of SCOOP/STACK COLORADO KANSAS MISSOURI Continental, the venture provides Franco-Nevada with an opportunity 0 N 40 km NEW OKLAHOMA FNV Royalty Acreage 0 25 MEXICO STACK to acquire royalty rights at the grass-roots level, leverage the value of miles Oklahoma City SCOOP Continental’s drilling plans, and benefit from the company’s knowledge Anadarko ARKANSAS Basin TEXAS of local land title and geology. In addition, Continental manages the MAJOR GARFIELD assets and Franco-Nevada does not incur any administrative burden. The ressure P ansition r T Black Oil venture was established to acquire royalty rights in areas primarily within PAYNE Condensate Volatile Oil acreage operated by Continental. These areas offer excellent economics, DEWEY KINGFISHER LOGAN CREEK proximity to infrastructure and future upside via stacked hydrocarbon- Dry Gas bearing horizons. CUSTER BLAINE STACK OKLAHOMA LINCOLN As at December 31, 2022, Franco-Nevada had contributed $440.6 million OKFUSKEE CANADIAN to the venture, with a remaining commitment of approximately CADDO $79.4 million. In the fourth quarter of 2022, Harold Hamm, Continental’s WASHITA founder, privatized the company through an acquisition of the GRADY CLEVELAND POTTAWATOMIE SEMINOLE outstanding publicly traded shares. MCCLAIN HUGHES GREER SCOOP/STACK provides exposure to both KIOWA oil and gas-rich areas SCOOP PONTOTOC COMANCHE GARVIN JACKSON Exposure to multiple formations at depth COAL STEPHENS MURRAY TILLAMAN Royalty volumes in the Royalty Acquisition COTTON JOHNSTON CARTER ATOKA Venture are supported by volume targets from Continental WILBARGER WICHITA CLAY JEFFERSON MARSHALL LOVE BRYAN 108 Franco-Nevada Corporation TSX / NYSE: FNV