United States Goldstrike Location: Nevada, United States ww Operator: Nevada Gold Mines LLC vievie Precious Metals: Au erer Royalty: NSR: 2-4% / NPI: 2.4-6% vv OO Carlin Trend 2022 2021 2020 1, 2 M&I Resource (koz Au) 30,894 30,894 30,894 1, 2 Inferred Resource (koz Au) 8,943 7,480 2,602 1, 2 P&P Reserves (koz Au) 16,260 17,886 19,512 1, 3 M&I Royalty Ounces (000s) 324 324 324 3 Inferred Royalty Ounces (000s) 94 79 27 3 P&P Royalty Ounces (000s) 171 188 205 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category for Carlin Trend; all M&I categories are inclusive of Mineral Reserves etals 2 Under the Nevada Gold Mines joint venture, Barrick now reports Goldstrike, Gold Quarry and South Arturo as part of the Carlin operation category. Mineral Resources and Mineral Reserves include Goldstrike, Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or stream interests Goldstrike, Nevada ecious M 3 For Royalty Ounce calculation, Franco-Nevada estimates 35% of the Carlin Trend Mineral Resources r P and Mineral Reserves are subject to our royalty interests on Goldstrike, Gold Quarry and South Arturo and estimates an average royalty rate of 3.0% is applicable The Goldstrike complex is located on the Carlin Trend, about 60 km northwest of the town of Elko, Nevada and includes the open-pit Betze- Goldstrike Au 2022 2021 2020 Post mine, as well as the underground operations of Meikle and Rodeo Total NSR Revenue to FNV ($ million) $ 5.5 $ 3.9 $ 5.2 immediately to the north. Mining activity commenced on the property in Total NPI Revenue to FNV ($ million) $ 13.7 $ 21.4 $ 15.5 1976 and, since 1987, has been operated by Barrick. Total Revenue to FNV ($ million) $ 19.2 $ 25.3 $ 20.7 Franco-Nevada holds both NSR (2-4%) and NPI (2.4-6%) royalties at M&I Resource (koz Au)1 n/a n/a n/a Goldstrike covering over 50% of the reported Mineral Reserves. This Inferred Resource (koz Au)1 n/a n/a n/a estimate includes low-grade ore that has been stockpiled. The royalties P&P Reserves (koz Au)1 n/a n/a n/a vary depending on the claim blocks, operating costs and capital 2, 3 investments, as shown in the schematic. As a result, royalty payments can M&I Royalty Ounces (000s) n/a n/a n/a vary substantially on a quarterly basis. Franco-Nevada anticipates royalty 3 Inferred Royalty Ounces (000s) n/a n/a n/a production in 2023 to be similar to that of 2022. 3 P&P Royalty Ounces (000s) n/a n/a n/a 1 Please refer to the table above for the Carlin Trend Mineral Resources and Mineral Reserves which On July 1, 2019, Barrick (61.5%) and Newmont Corporation (“Newmont”) include Goldstrike (38.5%) combined their significant assets across Nevada to create Nevada 2 All M&I categories are inclusive of Mineral Reserves Gold Mines as a joint venture. Under this joint venture, Goldstrike is 3 Please refer to the table above for the Carlin Trend Royalty Ounce calculation which reported as part of the Carlin operation category by Barrick. Barrick includes Goldstrike announced 2022 production of 966,000 gold ounces from its 61.5% share Franco-Nevada holds royalties covering the majority of the of Carlin which includes Goldstrike, Gold Quarry and South Arturo as Nevada Gold Mines LLC (“Nevada Gold Mines”) Goldstrike well as other properties where Franco-Nevada has no royalty interests. complex operated by Barrick Gold Corporation (“Barrick”). Nevada Gold Mines noted that Carlin gold production for 2022 was 5% higher compared to 2021, mainly due to higher roaster production after recovering from the mill failure at the Goldstrike roaster in May Goldstrike 2021. Nevada Gold Mines also noted that there will be major roaster Mine Extension maintenance and the autoclave CIL conversion in Q1 2023 at Goldstrike. 5% NPI 4% NSR Goldstrike Barrick has reported 2023 production guidance of 910,000 to N Underground Mine 1,000,000 gold ounces from its 61.5% share of Carlin. Exploration Meikle/Rodeo 1 mile projects being contemplated to provide upside in the future include a Gold Bug Goldstrike underground expansion and the potential Goldstrike 6NW 5% NPI Royal open-pit layback. Oregon Idaho 4% NSR 3% NSR Nevada Utah Goldstrike World class gold operation Goldstrike Open Pit Mine California Arizona Pacific Bazza Strip Focus asset for Barrick with substantial Ocean 2% NSR MEXICO 2.4% NPI SJ invested capital 6% NPI Post 5% NPI Corbett Bazza 4% NSR Profit royalties provide more 2% NSR 2% NSR leverage to gold prices Goldstrike 5% NPI Pandora 4% NSR 2% NSR Rodeo Creek 4% NSR SPLC Weimer Above 4600’ Lease 4% NSR 6% NPI 42 Franco-Nevada Corporation TSX / NYSE: FNV