United States Bald Mountain Location: Nevada, United States Operator: Kinross Gold Corporation Precious Metals: Au Royalty: NSR/GR: 0.875-5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 8.4 $ 11.2 $ 11.2 M&I Resource (koz Au)1 4,353 4,390 4,735 Inferred Resource (koz Au)1 522 669 695 P&P Reserves (koz Au)1 625 798 1,143 1, 2 M&I Royalty Ounces (000s) 101 139 143 2 Inferred Royalty Ounces (000s) 11 23 23 2 P&P Royalty Ounces (000s) 22 16 22 Bald Mountain, Nevada 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 2 For Royalty Ounce calculation, Franco-Nevada estimates 91% of Mineral Reserves (95% in 2021, 93% in 2020) and 96% of Mineral Resources (exclusive of Mineral Reserves) (95% in 2021, 93% in 2020) Bald Mountain are subject to our royalty interest and estimates an average rate of 3.92% is applicable for Mineral Mine Reserves and 2.20% for Mineral Resources (exclusive of Mineral Reserves) N 1%-5% 1%-5% The Bald Mountain mine lies within the Southern Ruby 0 2 GR GR km Mountains of northeastern Nevada along the southern Royale North Block Royale North Block extension of the prolific Carlin Trend, approximately 110 km southeast of Elko. LJ Ridge 1%-5% GR North Duke LJ Ridge 1%-5% GR North Duke 2/3 South 2/3 South Banghart Duke Banghart Duke 2 Poker Poker Ore is sourced from multiple open pits over an estimated 600 km 1 South Flats 1 South Flats property with processing at multiple conventional heap leaching facilities. 5 Ridge 4% 5 Ridge 4% NSR* Winrock NSR* Winrock Bald Mountain is the largest mine site by area in the U.S. It stretches 40 km 4% NSR* Galaxy 4% NSR* Galaxy Redbird Rat Redbird Rat D north to south and 15 km east to west and is divided in three zones: North Top iv Top Zone, South Zone and JV Zone. 0.875 Sage Flats Bida ersified A0.875 Sage Flats Bida to Belmont to Belmont 1.75% 4% NSR 1.75% 4% NSR NSR 2.418% NSR 2.418% Franco-Nevada’s Bald Mountain royalties cover a significant portion of NSR NSR the Bald Mountain property. Royalty rates range from 0.875%-5% NSR/GR. Horseshoe 4% NSR ssets Horseshoe 4% NSR A detailed map of the royalties is shown in the schematic. At the end of Saga Saga 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% North of the North and South Zones while forming a 50/50 exploration joint Block venture partnership with Barrick on the JV Zone in between the North 4% 4% NSR* NSR* and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV area that it did not already own. In 2022, 15,924 kt of ore were placed on pads at Bald Mountain at a M grade of 0.50 g/t versus 19,063 kt of ore at a grade of 0.51 g/t in 2021. iner N Bald Mountain produced 214,094 ounces in 2022, a slight increase from al R 0 Km 2 the 204,890 ounces produced in 2021, mainly due to timing of ounces esour recovered from the heap leach pads. South Oregon Idaho Block c Nevada es and M Bald The large scale of the Bald Mountain land package offers significant Utah Mountain 4% NSR 4% 4% NSR 4% Mine exploration upside, with multiple known mineralized bodies. In 2022, NSR* Bald Mountain NSR* California Arizona approximately 8,150 meters of drilling was completed over six target Pacific iner Excluded from Royalty Ocean * Subject to possible reduction areas. A priority exploration focus was on building volume for the MEXICO al R by third-party royalty high-grade top underground potential resource along with growing eser the nearby deposits. Drilling advanced the Zed Williams target, located 4% NSR* v 4% NSR* southeast of the previously mined Numbers pits. It is primarily near- Lux/Vantage es Lux/Vantage North Block surface and consists of thick intervals of low-grade mineralization over a Targets Targets broad area. The Juniper Project EIS was advanced during the year with the 4% NSR* 4% NSR* completion of the public scoping period in May 2022. The next steps of 4% NSR 4% NSR the process will be the publishing of the Draft EIS, Final EIS and Record of South Block South Block Decision. The Juniper Project would modify and expand operations within the North Operations Area (NOA) resulting in 3,969 acres of new surface A disturbance and extension of the NOA mine life by 11 years. dditional I Yankee Yankee Excluded from Royalty Targets Targets Large land package and significant * Subject to possible reduction nf exploration upside by third-party royalty 4% NSR* orma 4% NSR* South Block Potential to add significant mine life tion TSX / NYSE: FNV Franco-Nevada Corporation 45