North America Weyburn Unit Location: Saskatchewan, Canada w Operator: Whitecap Resources Inc. vie Energy: Oil er Royalty: NRI: 11.71% /ORR: 0.44% / WI: 2.56% v O 2022 2021 2020 1 Revenue to Franco-Nevada ($ million) $ 65.0 $ 43.8 $ 16.0 2 Production (Mboe) 769 736 511 3 Commodity Split (%) Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil and Gas Interests based on 0.44% ORR, 11.71% NRI and 2.56% WI. ORR and W.I. volumes are a percentage of gross production. NRI volumes are pro-rated based on our profit, reflecting a net Weyburn processing facility, Saskatchewan etals interest 3 Percentage based on production revenue from each commodity For 2022, revenue received by Franco-Nevada from the Weyburn Unit was $65.0 million. Weyburn revenues are linked to the Edmonton Light oil ecious M Franco-Nevada, after Whitecap Resources Inc. benchmark price which averaged C$119.73/bbl in 2022. Revenue for the r P (“Whitecap”), has the second largest economic interest in NRI is recorded net of deductions for capital and operating costs, which the Weyburn Unit, one of the world’s largest geological CO results in increased leverage to the oil price. Oil production, including storage projects. 2 NGLs, net to Franco-Nevada was 2,374 Boe/d. Franco-Nevada takes product-in-kind for its WI and NRI share of this production and markets it The Weyburn Unit is located approximately 129 km southeast of Regina, through a third-party marketer. Weyburn is a highly economic reservoir, 2 although our NRI and WI in the unit have higher leverage to commodity Saskatchewan and encompasses approximately 216 km on a gross price swings than our revenue based royalties. Our interests benefited basis (net 31 km2) in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 11.71% NRI, a 0.44% ORR and a 2.56% WI in the from the recovery in commodity prices in 2022 following the pandemic Weyburn Unit. Production commenced from the Midale zone within the lows in 2020. unitized area in 1955 under primary depletion (solution gas expansion). CO EOR project commenced in 2000 and Establishment of the Weyburn Unit occurred in 1963 for the purpose 2 continues to be rolled out ssets of implementing a waterflood pressure maintenance scheme. In 2000, Cenovus, the operator at that time, began injecting CO2 in a portion of the Interests are leveraged to commodity prices Weyburn Unit as an enhanced oil recovery (“EOR”) method. Currently, CO ersified A is being sourced from the Dakota Gasification Company in North Dakota 2 iv D and the Boundary Dam power station in Saskatchewan. Low decline asset with proven production history Gross production of the Weyburn Unit is approximately 21,000 Boe/d of light oil. Weyburn is a long-life asset with a Proven and Probable Reserve life of almost 20 years. Weyburn Unit N T7 Note: not to scale Unitized land wells R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 T8 Weyburn, SK T8 T7 Weyburn T6T7 Unit Unitized land N T6 Note: T6 not to scale Midale, SK T5 T5 T4 T4 T3 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T5 R14W2 R13W2 R12W2 110 Franco-Nevada Corporation TSX / NYSE: FNV