Canada Valentine Gold Location: Newfoundland, Canada The Valentine Gold project comprises a series of mineralized deposits Operator: Marathon Gold Corporation along a 32 km trend representing high grade open pits with average Precious Metals: Au Mineral Reserve grade of 1.6 g/t. Royalty: NSR: 1.5% In December 2022, Marathon Gold announced the results of an updated feasibility study outlining a three-pit mine plan based on the Marathon, 2022 2021 2020 Leprechaun and Berry deposits. The updated feasibility study presented increased Mineral Reserves, an extended mine life and a higher gold Revenue to Franco-Nevada ($ million) $ – $ – $ – production profile compared to the initial March 2021 feasibility study. M&I Resource (koz Au)1 3,960 3,138 3,092 The updated study outlines a 14.3-year mine life, with an average gold Inferred Resource (koz Au)1 1,100 1,639 958 production profile of 195,000 ounces of gold per year between 2025 and P&P Reserves (koz Au)1 2,690 2,100 1900 2036 from the processing of high-grade mill feed, and 97,000 ounces of gold per year between 2037 and 2039 from the processing of 1, 2 M&I Royalty Ounces (000s) 59 47 46 low-grade stockpiles. M&I Resources, exclusive of reserves, contain an 2 Inferred Royalty Ounces (000s) 17 25 14 additional 1.27 Moz. 2 P&P Royalty Ounces (000s) 40 32 29 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Marathon Gold announced a construction decision in September 2022. Resource category; all M&I categories are inclusive of Mineral Reserves As of March 2023, the Valentine Gold project remains on schedule for ore 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral to be delivered to the mill by the end of 2024 and first gold production in Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable the first quarter of 2025, with construction at 7% completion at such time. Franco-Nevada holds a 1.5% NSR on the Valentine Lake Updated feasibility study incorporating Berry Gold Camp in central Newfoundland. Zone, extending mine life and increasing The project is being advanced by Marathon Gold Corporation (“Marathon production profile Gold”) and when completed, the Valentine Gold project will be the largest Mine under construction with first gold production gold mine in Atlantic Canada. The royalty, which was acquired in February expected in Q1 2025 2019, was initially a 2.0% NSR subject to a 0.5% buyback provision for $7 million. In February 2023, Marathon Gold exercised its option for a partial buy-back of the royalty, reducing Franco-Nevada’s NSR to 1.5%. D iv ersified A Buchans Junction Buchans Valentine Gold Valentine Lake Millertown ssets Quebec Gold Camp Newfoundland Ontario N 0 20 km Teck Resources Duck Pond Mine M Powerline Springdale iner al R Victory Deposit esour Sprite Deposit Deer Lake c Leprechaun Deposit Badger es and M Corner Brook Buchans Millertown Grand Falls Valentine Lake Thrust Fault Marathon Deposit Stephenville Duck Pond Mine iner Frank Zone Berry Zone Marathon Gold Corporation Valentine al R Gold Granite Canal 0 N 75 eser Property Substation v Granite Canal km es Hydro Facility A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 67