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