Canada Eskay Creek Red Lake (McFinley) Location: British Columbia, Canada Location: Ontario, Canada Operator: Skeena Resources Limited Operator: Evolution Mining Limited Precious Metals: Au & Ag Precious Metals: Au Royalty: NSR: 1.5% Royalty: NSR: 2% Franco-Nevada holds a 1.5% NSR on the past-producing Franco-Nevada has a 2% NSR (subject to a buy-back of Eskay Creek gold-silver project in British Columbia’s 0.5%) on the water claims, which cover the majority of Golden Triangle. Mineral Reserves, of the Bateman gold project in Red Eskay Creek was the highest-grade gold mine in the world when in Lake, Ontario. production with the operator, Barrick Gold Corp., producing 3.3 million In May 2021, Evolution Mining Limited (“Evolution Mining”) announced ounces of gold and 160 million ounces of silver at average grades of the completion of its acquisition of Battle North Gold Corporation 45 g/t gold and 2,224 g/t silver from 1994-2008. (previously Rubicon Minerals Corp), taking ownership of the Bateman In September 2022, the current owner of the property, Skeena Resources gold project (previously known as the Phoenix project). Under Evolution Limited (“Skeena”), announced a positive feasibility study, outlining Mining, Bateman is being reported under Red Lake for public reporting average annual production of 269,000 ounces of gold and 7.4 million purposes (Franco-Nevada does not have a royalty on Evolution Mining’s ounces of silver over an initial 9-year mine life. The feasibility study other Red Lake properties) and is being referred to as the McFinley was based on Proven and Probable Mineral Reserves of 3.85 Moz AuEq project in the December 31, 2022 annual Mineral Resources and Ore (29.9 Mt at 2.99 g/t Au and 79 g/t Ag). The study indicated a high- Reserves statement. grade open-pit and a flotation plant producing saleable concentrate. It Rubicon developed the Phoenix project with completion of a 1,800 tpd contemplated a processing throughput of 3.0 Mtpa in years one to five mill in 2015. Later that same year Rubicon shutdown underground and 3.7 Mtpa in years six to nine. activities to enhance its geologic model and develop an implementation In December 2021, Franco-Nevada entered into an agreement with plan as the gold mineralization was more geologically complex Skeena to amend the terms of its existing 1% NSR royalty agreement than anticipated and the contained gold ounces estimated were such that the existing royalty covered substantially all of the Eskay Creek materially reduced. gold-silver project land package at the time, including all currently-known In October 2020, Battle North announced feasibility study results for the mineralized zones. Bateman gold project. The base case study outlined life of mine payable D gold production of 602,987 ounces, averaging 73,835 ounces per year iv In December 2022, Franco-Nevada acquired an additional 0.5% NSR for 8.2 years from initial production. Of the 8.2 years, seven years were ersified A on Eskay Creek and now holds a 1.5% NSR covering the majority of the classified as commercial production, which Battle North defined as an project’s land package, including the known Mineral Resource. average of 70% of the 1,250 tpd permitted capacity, over 90 consecutive days. The project contemplated an 1,800 tpd mill with excess capacity ssets Exploration by Skeena Resources in 2022 led to three new discoveries for potential incremental tonnes from the F2, McFinley and Pen Zones including the Eskay Rift Zone, the 23 and 23 South Zones and the 21A (contemplating 2,500 tpd for the expanded mill). West Zone. In the new ‘Eskay Rift’ discovery 500 m down-plunge to the north of the historically underground mined NEX zone Skeena intersected The consolidated Red Lake operation, under the ownership of Evolution 32 m at 4.5 g/t Au. This mineralization was hosted in rhyolite and Mining, consists of the Red Lake, Campbell, Cochenour, HG Young and without significant Hg, As and Sb and highlights potential underground McFinley mining areas that will provide ore to the Campbell, Red Lake mineable resource inventory growth to the north from existing historical and Bateman mills with a total processing capacity target of two million underground stopes in the NEX zone. M tonnes by 2026. Ore from the deposits not covered by Franco-Nevada’s iner royalty are likely be higher priority through the mills in the short to Skeena’s continued success with exploration drilling highlights potential medium term. al R resource growth to the south of the of the 2022 Resource pit and esour potential for expansion of the 22 Zone Resource pit. For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral c Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable in anticipation that es and M For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Evolution Mining exercises its right to repurchase 0.5% of the 2.0% NSR Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable iner al R eser v es A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 69