Overview Our History w vie er Creation of the Royalty Model Our Unique Approach v O Franco-Nevada Mining Corporation Limited We avoid having long-term debt, preferring to have capital to invest when others don’t. The commodity downturn of 2014-2016 forced even The history of our business starts with our predecessor company, Franco- the largest global mining companies to repair their balance sheets. We Nevada Mining Corporation Limited, founded by Seymour Schulich and invested US$1.8 billion in those years, creating precious metals streams Pierre Lassonde. Pierre bought Franco-Nevada’s first royalty in 1986 on the at some of the world’s largest copper mines – Candelaria, Antamina and Goldstrike mine in the Carlin Trend. At the time, it was a small heap-leach Antapaccay – and gaining exposure to longer duration assets than can mine operated by Western States Mining. Shortly thereafter, American typically be found in the gold industry. Barrick (now Barrick Gold Corporation) purchased Goldstrike and did the deep level exploration that would ultimately reveal a 50 million ounce We have not forgotten our roots and continue to invest in smaller orebody that drove the success of both Barrick and Franco-Nevada. development-stage assets which over time have tremendous resource optionality. Our total mining asset count has grown from 190 at IPO Pierre and Seymour, assisted by David Harquail, began acquiring royalties to 419 today, including exploration assets on some of the world’s in the more prolific gold camps in the world including the Carlin and best gold belts. We have invested outside of precious metals when Getchell trends in Nevada, Timmins and Kirkland Lake camps in Ontario good opportunities have come to market, adding cash flow growth and the Kalgoorlie belt in Australia. They also expanded into PGMs and exposure to the exploration upside on a broad range of world- including a royalty on Stillwater in Montana which, along with Goldstrike, class resources. stands out as one of their most successful royalty purchases. In 2011, we acquired royalties on a suite of large copper development In the early 1990s as part of their prospect generation model, projects by acquiring Lumina Royalty. Following the oil price collapse in Franco-Nevada discovered the high-grade Ken Snyder deposit in Nevada. 2014, we added to our long held Canadian oil and gas royalty interests, They determined that the deposit had a high enough silver credit to carry investing in the major U.S. basins including the the Permian, SCOOP/ all operating costs, creating an effective 100% gold royalty and proceeded STACK, Marcellus, and Haynesville. Most recently, we added royalty to construct the mine. In early 2001, Franco-Nevada sold the mine to exposure to high grade iron ore at Vale’s Northern and Southeastern Normandy Mining in exchange for 20% of Normandy and a royalty systems in Brazil. We believe the depth of our portfolio gives us the on the mine. latitude to patiently search for exposure to good geology. Later in 2001, AngloGold made a bid for Normandy. Seeing the potential Our desire is to build the most diverse portfolio of royalties and streams for a better alternative transaction, Seymour and Pierre struck a deal exposed to precious metal prices, but also to exploration success across with Newmont to acquire both Franco-Nevada and Normandy. When the world’s greatest mineral belts. Our prospects to put more capital the transaction closed in 2002, Franco-Nevada was valued at close to work in the capital intensive and cyclical resource sector have never to US$3 billion. been better. The IPO Franco-Nevada Corporation (FNV) Franco-Nevada Historical TSX Share Price (US$) In 2007, Newmont made the decision to divest its portfolio of royalty (December 31, 2007 – March 31, 2023) assets. Pierre Lassonde, David Harquail and a small team led by management of the original Franco-Nevada, launched an initial public $200 offering on the Toronto Stock Exchange and acquired the royalty portfolio from Newmont for US$1.2 billion. The offering remains the largest mining IPO completed in North America and was the birth of Franco-Nevada Corporation (FNV). $150 The performance of the portfolio of royalties acquired from Newmont e (US$) ric has more than justified the price of the IPO. In the past 15 years, the IPO e P portfolio has paid out over US$2.1 billion in revenue. At the same time, SX Shar$100 the reserve ounces associated with those same properties has tripled. Key T ada contributors, including Detour Lake and Tasiast, have once again proven ev -N the power of the royalty business model and the exploration optionality o anc r of being exposed to great geology. F $50 Streaming – the New Engine of Growth At the end of 2008, in the depth of the financial crisis, we entered into – our first gold streaming agreement with Coeur Mining to complete December 31, 2007 March 31, 2023 the construction of the Palmarejo mine in Mexico. Our largest stream transaction to date was a US$1 billion gold and silver streaming commitment to support Inmet’s construction of the giant Cobre Panama project in 2012. A few years later the commitment was expanded to US$1.35 billion with the development of Cobre Panama then in the hands of First Quantum. First Quantum demonstrated its industry-leading project development skill bringing the asset to production in 2019. 22 FFrrancancoo-Nev-Nevada Cada Cororporporaationtion TTSX / NSX / NYYSE: FNVSE: FNV