Rest of World Karma Location: Burkina Faso Operator: Néré Mining SA Precious Metals: Au Stream: 4.875% Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.3 $ 9.9 $ 28.9 M&I Resource (koz Au)1 1,898 1,898 2,042 Inferred Resource (koz Au)1 679 679 681 P&P Reserves (koz Au)1 158 158 293 1, 2 M&I Royalty Ounces (000s) 74 74 80 2 Inferred Royalty Ounces (000s) 26 26 27 2 P&P Royalty Ounces (000s) 6 6 11 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 2 100% of the Mineral Resources and Mineral Reserves at Karma are subject to a rate of 3.9% (6.5% Karma, Bukina Faso gold stream which is factored by 80% to equate to a Royalty Ounce as well as Franco-Nevada’s 75% interest) In August 2014, Franco-Nevada (Barbados) Corporation, Karma a subsidiary of Franco-Nevada, and Sandstorm Gold Ltd. Gold Stream (“Sandstorm”) committed to provide up to $120 million in stream funding to assist the construction of the Karma N 0 10 Project in Burkina Faso, West Africa, in a syndicated km stream transaction. Rounga Franco-Nevada committed 75% of the funding and Sandstorm committed the remaining 25%. Franco-Nevada ultimately contributed $78.75 million D Youba iv ($75 million with $3.75 million as part of an increase option). The Karma Tougou ersified A Project was constructed by True Gold Mining Inc. which was acquired by Endeavour in March 2016. In March 2022, Endeavour announced the sale of its 90% interest in Karma to Néré Mining SA (“Néré”). Bogoya ssets Nami Pit Under the stream agreement, Endeavour delivered to Franco-Nevada Bonguirga 15,000 ounces of gold per year, beginning in March 2016 through to the Namissiguima end of February 2021, for a total of 75,000 ounces of gold delivered. The Ouahigouya Ouest increase option was repaid in 8 quarterly deliveries totaling 5,625 ounces Kao Nord Kao Pit of gold by Q1 2019. Sandstorm receives deliveries for its 25% interest Kao Sud directly. After February 2021, Endeavour and, now Néré, shall deliver to Franco-Nevada an amount of gold equal to 4.875% of the gold produced M at Karma over the life of the mine in exchange for ongoing payments Karma iner Project Area equal to 20% of the spot price of gold. Area of al R Interest 5 km esour The Karma Project started production in 2016 and, in 2021, produced Current Exploitation c 88,000 gold ounces. Operations at Karma have been suspended following Area Nami Pit es and M security incidents at the mine in June and August 2022. As a result, Franco-Nevada only sold 1,759 GEOs from the mine in 2022, compared Goulagou I Pit with 5,556 GEOs in 2021. iner ALGERIA Goulagou II Pit 2 Rambo Pit al R The stream agreement covers all of the concessions within the 856 km MALI eser Karma Project and also includes a defined area of interest of 5 km Karma NIGER v surrounding the borders of the project. BURKINA FASO es BENIN TOGO North Kao COTE NIGERIA Prospective land package of 856 km2 D’IVOIRE GHANA Gold Zone Atlantic Ocean Kao Pit Trailing 4.875% gold stream in place A dditional I nf orma Burkina Faso tion TSX / NYSE: FNV Franco-Nevada Corporation 77