Rest of World Tasiast Location: Mauritania Operator: Kinross Gold Corporation Precious Metals: Au Royalty: NSR: 2% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 18.3 $ 6.7 $ 14.3 M&I Resource (koz Au)1 7,239 8,992 9,083 Inferred Resource (koz Au)1 1,443 971 267 P&P Reserves (koz Au)1 5,737 6,404 6,330 1, 2 M&I Royalty Ounces (000s) 145 180 182 2 Inferred Royalty Ounces (000s) 29 19 5 2 P&P Royalty Ounces (000s) 115 128 127 Tasiast, Mauritania 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 Kinross has been implementing a phased expansion of Tasiast. The 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Phase One expansion was completed during the third quarter of 2018. Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable Phase One increased mill throughput from 8,000 tpd to 12,000 tpd. In Franco-Nevada has a 2% NSR royalty on the Tasiast project September 2019, Kinross announced the Tasiast 24k project, increasing operated by Kinross. throughput to 21,000 tpd by year-end 2021 and 24,000 tpd by mid-2023. In Q4 2022, Kinross successfully finalized a three-year collective labour Kinross acquired control of Tasiast in September 2010 pursuant to its agreement at Tasiast with no interruption to operations. acquisition of Red Back Mining Inc. The royalty originally covered three Including downtime for tie-ins, and ramp-up periods, the mill is targeting large permit areas in Mauritania, West Africa including the Tasiast main average throughput of between 20,000 and 21,000 tpd in 2023, to trend and Tasiast Sud. The most prominent permit area is Tasiast, with a produce 610,000 ounces of gold. The mill has achieved 21,000 tpd and is 2 currently reported mining license area of 312 km and a total exploration expected to be consistently running at 24,000 tpd by the end of 2023. The license area of 3,118 km2 . Tasiast 24k is expected to extend the mine life by four years to 2033 and Tasiast is expected to produce over 600,000 ounces of gold per annum D In 2022, Tasiast produced 538,591 ounces of gold compared with over the next several years. iv 170,502 ounces in 2021. Production in 2021 was impacted by a mill fire ersified A in June of that year. Kinross achieved record production and grades in Tasiast 24k project on schedule to Q4 of 2022. reach 24,000 tpd ssets Prospective 75 km long greenstone belt, including Tasiast Sud Tasiast Permit Area M Tasiast License Area, March 2012 iner Tasiast Mining License al R Tasiast Sud esour Gold Prospects c Trends es and M Tasiast Resource/Reserve Target Main Trend Plant Site iner al R Plant Site Algeria eser v es Tasiast Sud Tasiast Mauritania A Senegal dditional I Mali N 2% NSR Royalty Original Royalty Area 0 10 Boundary nf km orma tion TSX / NYSE: FNV Franco-Nevada Corporation 75