Canada Timmins West Location: Ontario, Canada ww Operator: Pan American Silver Corp. vievie Precious Metals: Au erer Royalty: NSR: 2.25% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 3.2 $ 3.2 $ 3.2 M&I Resource (koz Au)1 675 675 1,040 Inferred Resource (koz Au)1 24 24 1,161 P&P Reserves (koz Au)1 541 541 653 1, 2 M&I Royalty Ounces (000s) 15 15 23 2 Inferred Royalty Ounces (000s) 1 1 26 2 P&P Royalty Ounces (000s) 12 12 15 Timmins West, Ontario etals 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 Pan American Silver produced 134,600 ounces of gold from its Timmins 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral operations in 2022 versus 133,800 ounces of gold in 2021. As of March Reserves are subject to our royalty interest and estimates a rate of 2.25% is applicable ecious M 2023, Pan American had not provided its 2023 operating outlook and r P guidance, which is expected to occur later in the first half of 2023. Franco-Nevada’s Timmins West 2.25% NSR royalty covers a 2 large land package of approximately 130 km to the west Ore from both the Timmins West and Bell Creek mines is processed at the of the City of Timmins, Ontario. Bell Creek mill. The Timmins West property hosts the Timmins, Thunder Creek and Pan American Silver holds a significant land position in the Timmins 144 Gap deposits as well as the Gold River Trend exploration zone. Camp and exploration success has extended mine life with potential for Franco-Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake exploration upside in the future. Shore Gold”) in 2012, after Lake Shore Gold put the property into full commercial production in 2011. Lake Shore Gold was acquired by Tahoe Exploration success has extended the mine life Resources Inc. (“Tahoe Resources”) in April 2016, which was subsequently acquired by Pan American Silver Corp. (“Pan American Silver”) in Large land package providing exploration upside February 2019. Under Pan American Silver, public reporting for both the Timmins West and Bell Creek underground mines has been consolidated into its Timmins operations (Franco-Nevada does not have a royalty on Bell Creek). Franco-Nevada estimates that Timmins West represented approximately 60% of the Timmins operations production in 2022. Bur r o w Bell Creek s Benedic Complex Ma 0 N 20 ttagami R t F Bell Creek Mine & Mill ault Hoyle Pond ault cupine F or -P or Dest km iv Pamour Mine er F Hollinger ault McIntyre Dome Timmins Mine Timmins West Timmins West UG Mine 2.25% NSR Shaft Deposits Timmins Deposit N Thunder Creek Musselwhite 4 km 101 Deposit Quebec Ontario Gold River Trend 144 Gap Zone Deposit 62 Franco-Nevada Corporation TSX / NYSE: FNV