Rest of World MWS Location: South Africa Operator: Harmony Gold Mining Company Limited Precious Metals: Au Stream: 25% Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 39.2 $ 41.3 $ 41.8 M&I Resource (koz Au)1 1,849 1,946 2,150 Inferred Resource (koz Au)1 – – – P&P Reserves (koz Au)1 1,485 1,749 1,930 1, 2 M&I Royalty Ounces (000s) 38 54 71 2 Inferred Royalty Ounces (000s) – – – 2 P&P Royalty Ounces (000s) 38 54 71 MWS, South Africa 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 In September 2020, Harmony Gold Mining Company Limited (“Harmony”) 2 For Royalty Ounce calculation, Franco-Nevada estimates 49,923 stream ounces (71,749 stream acquired MWS from AngloGold Ashanti Limited (“AngloGold Ashanti”). ounces in 2021, 94,764 stream ounces in 2020) to be delivered and factored by 75% (75% in 2021, 75% in 2020) to estimate equivalent Royalty Ounces AngloGold Ashanti had purchased the operation from First Uranium Corporation in July 2012. As part of the AngloGold Ashanti purchase, Franco-Nevada, through its acquisition of Gold Wheaton in Franco-Nevada amended the agreement and is now entitled to receive March 2011, receives 25% of gold produced from the Mine 25% of all the gold produced through the MWS plant, including treatment Waste Solutions (“MWS”) project. of AngloGold Ashanti’s tailings, until Franco-Nevada has received 312,500 ounces of gold. MWS is a gold and uranium tailings recovery operation located near In 2022, Franco-Nevada sold 21,825 ounces of gold that had been Stilfontein, approximately 160 km west of Johannesburg, South Africa. received under the agreement, compared with 23,016 ounces of gold The operation processes multiple tailings dumps in the area through sold in 2021. As at December 31, 2022, Franco-Nevada has received three production modules. It also includes a modern tailings storage 262,576 ounces of gold of the 312,500 ounce cap since the amendment of facility approximately 15 km from the gold plant. Franco-Nevada makes the agreement. Harmony’s production guidance for MWS, for the financial D ongoing payments equal to the lesser of $400/ounce of payable gold year July 2022 to June 2023, is between 82.5 koz and 89.6 koz of gold. The iv (subject to a 1% annual inflation that commenced December 2012) and cap is currently expected to be reached in late 2024. ersified A the spot price for gold. The current ongoing price is equal to $446.26 per ounce of gold as of December 2022. Franco-Nevada is entitled to 25% of all gold ssets produced until 312,500 ounces are received MWS Gold Stream MWS 4 Upside limited by production cap on payments MWS N MWS 5 0 2.5 N 12 km M iner STILFONTEIN Plant Site al R Town esour c AngloGold Ashanti es and M Dumps Hartebeestfontein Tailings storage H1 facility site H6 H5 iner H2 al R ZIMBABWE eser NAMIBIA BOTSWANA MOZAMBIQUE v MWS es SOUTH Indian SPD AFRICA Ocean Buffelsfontein Atlantic Ocean Vaal East B2 B1 B5 B4 B3 Vaal West A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 73