70 TSX / NYSE: FNV Franco-Nevada Corporation Canada Overview Overview Precious Metals Courageous Lake Goldfields Location: Northwest Territories, Canada Operator: Seabridge Gold Inc. Precious Metals: Au Royalty: NSR: 1.02% Location: Saskatchewan, Canada Operator: Fortune Bay Corp. Precious Metals: Au Royalty: NSR: 2% The property also hosts the Walsh Lake deposit (Inferred Mineral Resource of 4.6 million tonnes grading 3.24 g/t), which is located 10 km south of the larger FAT deposit. Metallurgical testing demonstrated that the Walsh Lake material is free milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake project. An updated preliminary feasibility study is underway. Seabridge is redesigning the large-scale project assumed in the 2012 study to determine if a smaller, less capital-intensive design with a smaller footprint and a more current gold price, could improve economics and enhance the permitting process. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable November 2022, Fortune Bay released the results of a new preliminary economic assessment for the Box and Athona deposits which outlines an 8.3-year life-of-mine, producing 835,000 ounces of gold. Average annual gold production is expected to be 101,000 ounces over the mine life, with an average of 122,000 ounces per year in the first four years. A new Mineral Resource update accompanied the preliminary economic assessment, outlining an Indicated Mineral Resource of 979,900 ounces of gold (23.2 million tonnes grading 1.31 g/t) and an Inferred Mineral Resource of 210,800 ounces of gold (7.1 million tonnes grading 0.92 g/t). The mineralization at both the Box and Athona deposits remains open at depth. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous Lake project and, in July 2012, released results of its first preliminary feasibility study for the asset. The study estimated Mineral Reserves of 6.5 million ounces of gold (91 million tonnes grading 2.20 g/t at the FAT deposit) and projected average annual production of 385,000 ounces over a mine life of 15 years. This project covers only 2 km of a greenstone belt that stretches 53 km and by reserves, the FAT deposit is one of Canada’s largest undeveloped gold deposits. The Goldfields project consists of two gold deposits, the Box and Athona deposits, located approximately 13 km south of Uranium City in northern Saskatchewan. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which was advancing the project, was acquired by Primero Mining Corp. in 2014. The Goldfields project was not part of the acquisition and was spun out into Fortune Bay Corp. (“Fortune Bay”). In Monument Bay Location: Manitoba, Canada Operator: Agnico Eagle Mines Limited Precious Metals: Au Royalty: NSR: 2-3% additional production. Yamana acquired the project from Mega Precious Metals Inc. in 2015 and in September 2018, Yamana signed an Exploration Agreement with Red Sucker Lake First Nations in relation to the Monument Bay exploration site. In both 2020 and 2021, Yamana focused on exploring these high-grade extensions and on targets surrounding the Twin Lakes shear zone, an area believed to host considerable opportunity for resource expansion. The Twin Lakes deposit was originally considered as an open-pit operation but has since been re-evaluated as an underground project, with internal studies indicating the presence of steeply plunging higher-grade shoots within the open-pit Mineral Resource. Deep drilling also provided an initial test of the depth extent and potential of several high-grade shoots which are along the 4 km strike length of the deposit. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable for the first 1.0 million ounces produced and 3.0% on any additional ounces In January 2023, Agnico Eagle acquired the Monument Bay project as part the acquisition of Yamana’s Canadian assets. The Monument Bay project, is located in Manitoba, approximately 570 km northeast of Winnipeg adjacent to the Ontario border. Monument Bay consists of 136 contiguous claims and hosts a Measured and Indicated Mineral Resource base of 1.79 million ounces of gold in 36.6 million tonnes grading 1.52 g/t. Franco-Nevada holds a 2% NSR royalty on the first 1.0 million ounces produced and a 3% NSR on any