Rest of World Sabodala Location: Senegal In December 2019, Teranga announced an agreement to acquire the ww Operator: Endeavour Mining Corporation adjacent Massawa gold project and commenced processing ore from the vievie Precious Metals: Au project in 2020. Franco-Nevada’s stream does not extend to the Massawa erer Stream: Fixed gold deliveries / 6% Gold Stream gold project area. vv OO In September 2020, Franco-Nevada amended its existing Sabodala 2022 2021 2020 gold purchase and sale agreement with Teranga to compensate for displacement from the processing of Massawa ore through the Revenue to Franco-Nevada ($ million) $ 16.8 $ 16.7 $ 21.6 Sabodala processing facilities and to provide for certain protocols for the M&I Resource (koz Au)1 6,333 6,640 3,730 commingling of Sabodala and Massawa ores. The amended agreement Inferred Resource (koz Au)1 1,380 1,728 976 provides that effective September 1, 2020, Teranga, now Endeavour, P&P Reserves (koz Au)1 4,086 4,796 2,190 will make fixed deliveries of 783.33 ounces of refined gold per month until 105,750 ounces of gold have been delivered to Franco-Nevada 1, 2 M&I Royalty Ounces (000s) 120 112 159 (the “Fixed Delivery Period”) and 6% of production from the stream area 2 Inferred Royalty Ounces (000s) 32 35 47 thereafter. Following the Fixed Delivery Period which is expected to 2 P&P Royalty Ounces (000s) 67 75 85 end in October 2031, a reconciliation will be conducted to determine if etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Franco-Nevada would have received more or less than 105,750 ounces of Resource category; all M&I categories are inclusive of Mineral Reserves gold under the 6% variable stream during such period. Endeavour will be 2 In 2022, Franco-Nevada estimates that 49% (42% in 2021) of the remaining Mineral Resources and entitled to a credit for an over-delivery which will be applied against the Mineral Reserves at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream 6% variable stream until depleted and Franco-Nevada will be entitled to ecious M which is factored by 80% to estimate equivalent Royalty Ounce rate). In 2020, it was estimated that r 100% of the Mineral Resources and Mineral Reserves at Sabodala only were subject to a rate of 4.8% P a one-time additional delivery in the case of an under-delivery. Franco- Nevada will make ongoing payments for each ounce of gold delivered In December 2013, Franco-Nevada (Barbados) equal to 20% of the spot gold price. Corporation, a subsidiary of Franco-Nevada, provided In 2022, Sabodala-Massawa produced 358 koz of gold, with the majority Teranga Gold Corporation (“Teranga”) with a $135 million produced from Massawa. Endeavour’s 2023 production guidance for deposit to fund the acquisition by Teranga of additional Sabodala-Massawa is between 315 koz and 340 koz of gold. To date future ore sources for its Sabodala mill. production from Sabodala has been less than the fixed ounces delivered to Franco-Nevada. With the acquisition, Teranga was able to expand its land package to over 950 km2 including much of a 70 km prospective greenstone Fixed gold deliveries per year until 2031, belt. In February 2021, Endeavour Mining Corporation (“Endeavour”) and thereafter 6% of gold production from acquired Teranga. Sabodala concessions Over the first six years, Teranga delivered 22,500 ounces of gold annually Land package offers significant to Franco-Nevada, under a fixed arrangement, for a total of 135,000 ounces of gold delivered. The fixed delivery period was fulfilled in exploration potential December 2019 and, between January 2020 and August 2020, Franco- Nevada received 6% of the gold produced from either the Sabodala or Oromin Joint Venture (“OJVG”) properties. Sabodala Mauritania Gold Stream Atlantic Ocean Senegal N Dakar Mali 0 2.5 Sabodala km Guinea 10 kilometres Tailings from mill Sabodala Pit Sabodala Mill Masato Deposit Gora Sabodala West Deposit N 0 20 Sabodala Concession km Niakafiri OJVG OJVG Concession Deposit Deposits Golouma Deposits 74 Franco-Nevada Corporation TSX / NYSE: FNV