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United States Stibnite Gold Location: Idaho, United States Operator: Perpetua Resources Corp. Precious Metals: Au Royalty: NSR: 1.7% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (koz Au)1 6,320 6,034 6,034 Inferred Resource (koz Au)1 1,611 1,246 1,246 P&P Reserves (koz Au)1 4,816 4,819 4,819 1, 2 M&I Royalty Ounces (000s) 107 103 103 2 Inferred Royalty Ounces (000s) 27 21 21 2 P&P Royalty Ounces (000s) 82 82 82 Stibnite Gold, Idaho 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 Yellow Pine, Hangar Flats and West End deposits by conventional open 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral pit. Based on the 2020 feasibility study, the Stibnite project would be the Reserves are subject to our royalty interest and estimates a rate of 1.70% is applicable fourth largest U.S. gold operation and produce approximately 4-5 million The Stibnite project is located in a historic mining town ounces of gold based on total Mineral Resources and Mineral Reserves of of the same name in Idaho, about 153 km northeast of approximately 6.3 million and 4.8 million ounces of gold, respectively. Boise and is potentially one of the highest grade open-pit The United States Forest Service (“USFS”) released a Draft Environmental deposits in the U.S. Impact Statement (“Draft EIS”) for public review in August 2020. Perpetua and the USFS advanced a modified proposed action that The project is being advanced by Perpetua Resources Corp. (“Perpetua included stakeholder feedback on the Draft EIS, developed to decrease Resources”), formerly known as Midas Gold Corp., who have consolidated the project footprint and improve environmental conditions. The 2 changes incorporated the elimination of waste rock storage areas, 107 km of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production. overall reductions in mined material, two access routes, additional pit backfilling and restoration, and improvements to water quality and water D In December 2020, Perpetua Resources announced the results of a temperature. A Supplemental Draft EIS was published in October 2022 iv feasibility study on the Stibnite project. The project is expected to have a incorporating these changes to the original Draft EIS. A 75-day ersified A 15-year mine life with average annual gold production of 301,000 ounces Supplemental Draft EIS comment period ended in January 2023 and per year. The first four years demonstrate an average annual gold Perpetua reported that over 15,000 positive comments were received on ssets production of 466,000 ounces per year. The project consists of mining the the project. The current project schedule assumes a final EIS and Draft Record of Decision is released by the end of 2023 and a final Record of Decision issued in early 2024. Commercial operations are expected Stibnite Gold in 2027. Royalty 1.7% NSR Perpetua Resources plans for restoration of the site to include progressive and concurrent remediation, beginning at the start of construction and N continuing through operations and project closure. Extensive reclamation 0 1 Salt M mile and restoration of historical mining impacts are planned, with permanent iner fish access having been restored for the first time in 80 years. al R West End esour Yellow Pine Deposit One of the largest and highest grade undeveloped Mineral Resources Deposit c Prospects open-pit deposits in the U.S. es and M Ridgetop Patented Claims Upper Cinnamid under option Midnight Saddle The Stibnite project would be the only domestic Fern source of antimony mined in the U.S. iner Royalty Property Garnet al R Hangar Flats Scout eser Deposit v Rabbit es Historic Tailings Mule Coeur Stibnite d'Alene Gold Project McCall Cascade Boise Idaho A Nevada Utah Blow-out dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 51

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