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