Canada Hemlo Location: Ontario, Canada Operator: Barrick Gold Corporation Precious Metals: Au Royalty: NSR: 3% / NPI: 50% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 28.2 $ 27.6 $ 69.9 M&I Resource (koz Au)1 3,600 2,600 3,300 Inferred Resource (koz Au)1 580 820 900 P&P Reserves (koz Au)1 1,700 1,100 1,500 1, 2 M&I Royalty Ounces (000s) 137 127 167 2 Inferred Royalty Ounces (000s) 22 40 46 2 P&P Royalty Ounces (000s) 65 54 76 Hemlo, Ontario 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 Production at Hemlo decreased from 150,000 ounces of gold in 2021 to 2 For Royalty Ounce calculation, Franco-Nevada estimates approximately 20% of the publicly reported 133,000 ounces of gold in 2022. All-in sustaining costs, which is important Mineral Resources and Mineral Reserves for Hemlo are on its royalty ground and estimates a rate of 3.81% (4.90% in 2021, 5.07% in 2020) is applicable when factoring our NSR and NPI interests. Please to take into consideration with respect to the NPI royalty, decreased to see page 15 for our methodology on calculating Royalty Ounces for an NPI $1,788 per ounce in 2022 versus $1,970 per ounce in 2021. Barrick is The Hemlo gold mine has been in production for over forecasting 2023 estimated production of 150,000 to 170,000 ounces at an all-in sustaining cost of between $1,590 to $1,670 per ounce. 30 years and is located adjacent to the Trans-Canada highway near Marathon, Ontario. Barrick announced that it expects production from Hemlo to increase in 2023 relative to 2022, but Franco-Nevada expects a lower proportion Barrick is the operator and manages both the open-pit and underground to be sourced from our royalty ground. Barrick also reported that a operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI new pushback in the Hemlo open-pit was a significant contributor to royalty on a portion of the western down-dip underground extension, reserve growth. Absent further exploration success, Franco-Nevada principally the Lower C Zone, of the Hemlo ore-body as shown in the expects annual production from royalty ground to gradually reduce. longitudinal schematic. Barrick conducted studies to better define the geological controls of the D mineralization at Hemlo in 2022, improving growth targeting in the C and iv Mining on the royalty property began in late 2008, but revenues were E Zones, where mineralization remains open at depth. Drilling continued ersified A limited to the 3% NSR royalty. The 50% NPI portion of the royalty began at C Zone Deep during Q4 2022, aiming to extend the mineralization paying in the third quarter of 2012 after the upfront capital costs had down plunge. ssets been recovered by Barrick. Operational improvements expected in 2023 Profit royalties provide more leverage to Hemlo gold prices Long Section Williams Shaft & Mill ‘C’ Zone Pit Surface Exploration targeting extensions of the M Lower C Zone on royalty ground iner al R 9975 esour ‘C’ Zone c es and M 9765 Mined Area 9555 iner al R 9450 eser Mined Area v W es F illiams M 9240 Ontario r Ro anc Quebec y o 9160 alty G-N ine Hemlo e 3% NSR v r ada + ound ‘B’ Zone 50% NPI A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 57