109 Franco-Nevada Corporation TSX / NYSE: FNV North America Mineral Resources and Mineral Reserves Additional Information Permian Basin Location: Texas, United States Operator: Pioneer Natural Resources, Occidental Petroleum, Coterra Energy, others Energy: Oil Royalty: Various Royalty Rates REAGAN GLASSCOCK MIDLAND ECTOR UPTON CRANE HOWARD MARTIN ANDREWS BORDEN DAWSON CROCKETT IRION Midland Basin Permian Basin FNV Royalty Acreage N km 0 16 miles 0 10 WINKLER PECOS REEVES WARD CULBERSON LOVING LEA EDDY JEFF DAVIS New Mexico Texas San Simon Channel Northwest Shelf Central Basin Platform Texas Midland Basin Delaware Basin New Mexico Permian Basin Delaware Basin Net Royalty Acres by County 23% Reeves 16% Martin 15% Glasscock 11% Midland 8% Howard 7% Loving 5% Reagan 4% Upton 3% Ward 3% Culberson 3% Eddy 1.% Lea 1% Other geologically, and is attractive to operators due to the stacked pay potential and premier economics. The current focus of operators in the Delaware Basin are the Wolfcamp and Bonespring horizons. The royalties consist of approximately 94% mineral title rights, along with some GORR interests, which apply to approximately 676 acres (net to Franco- Nevada). There are various operators across the acreage who continue to direct capital toward the Delaware Basin, which will result in continued development of our assets over time. Franco-Nevada’s Permian assets generated $52.6 million in revenue in 2022 representing a 51% increase from 2021. This was primarily driven by higher realized oil prices coupled with an increase in wells completed on our land base. During the year, 777 wells were completed on royalty lands, which is an increase from the 585 wells completed in 2021. The land base has a potential inventory of 6,307 future well locations 4 implying approximately eight years of additional drilling (based on the prior year drilling rate), followed by many years of production over the life of the wells. The inventory estimate relates to currently active formations, however the Permian has additional stacked formations that may be exploited in the future. Royalties provide exposure to Midland and Delaware Basins Permian represents one of the most active and economic plays in North America Exposure to upside through multiple formations at depth 2022 2021 2020 Revenue to Franco-Nevada ($ million) 1 $ 52.6 $ 34.9 $ 18.5 Production (Mboe) 2 780 708 737 Commodity Split (%) 3 Oil 77% 78% 88% Gas 12% 11% 5% NGL 11% 11% 7% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil and Gas Interests 3 Percentage based on production revenue from each commodity 4 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations Franco-Nevada has exposure to the Permian Basin in West Texas, through both the Midland and Delaware sub-basins. Both of these basins are considered among the most economic and prolific shale oil plays in the U.S. and have been the key drivers behind U.S. oil production growth over the last decade. The Permian is the most active shale play in North America. Effective in the first quarter of 2017, Franco-Nevada purchased a package of royalties in the Midland Basin for approximately $115 million. The Midland Basin comprises the eastern portion of the broader Permian Basin. The royalty acreage is very diversified, covering a significant portion of the core of the Midland basin and providing exposure to multiple benches in the Wolfcamp and Spraberry formations. The royalties consist of approximately 97% mineral title rights, along with some GORR interests, which apply to approximately 1,036 acres (net to Franco- Nevada). The acreage is host to numerous operators, however, Pioneer Natural Resources (“Pioneer”) is the operator for the largest portion of royalty acreage and is one of the largest companies operating in the basin. Pioneer is focused solely on its Midland Basin acreage and achieves some of the best well results in the area. In the third quarter of 2017, Franco-Nevada acquired a package of royalties in the Delaware Basin for approximately $101 million. The Delaware Basin comprises the western portion of the broader Permian Basin, which is located in West Texas and southeast New Mexico. Sitting to the west of the Midland Basin, the Delaware Basin shares many similarities Drill rig in the Permian Basin, Texas