Canada Musselwhite Location: Ontario, Canada Operator: Newmont Corporation Precious Metals: Au Royalty: NPI: 5%; NSR: 2% 2022 2021 2020 Revenue to Franco-Nevada1 ($ million) $ 1.5 $ – $ – M&I Resource (koz Au)2 2,410 2,200 2,130 Inferred Resource (koz Au)2 410 440 410 P&P Reserves (koz Au)2 1,920 1,770 1,790 2, 3 M&I Royalty Ounces (000s) 39 47 48 3 Inferred Royalty Ounces (000s) 7 9 9 3 P&P Royalty Ounces (000s) 31 38 40 Musselwhite, Ontario 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral 2 Resource category; all M&I categories are inclusive of Mineral Reserves The area is estimated to cover 120 km in northwestern Ontario, 3 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral 480 km north of Thunder Bay. The royalty also covers an area of interest Reserves are subject to our royalty interest and estimates a rate of 1.6% (2.2% in 2021, 2.2% in 2020) surrounding the property as shown in the schematic. Franco-Nevada’s is applicable assuming an all in cost of $1,222/ounce ($1,026/ounce in 2021, $967/ounce in 2020). Musselwhite interest is a profit royalty which did not become payable Please see page 15 for our methodology on calculating Royalty Ounces for an NPI until historical capital and operational costs had been recovered by Franco-Nevada has a 5% NPI royalty that covers all of the the operator in 2011. In September 2019, Franco-Nevada acquired from Premier a 2% NSR on property owned by Newmont, adjoining 2 original leased lands at the Musselwhite operation. Musselwhite, and covering approximately 6.3 km of the projected northwest extension of Newmont’s Musselwhite mine, as shown in the schematic. Musselwhite The mine is a fly-in and fly-out underground operation which began N operating in April 1997 and has been ramping back up to full production 0 1.5 3 levels following a fire at the mine in March 2019 and subsequent 2% NSR D km COVID-19 restrictions. The Materials Handling Project, which reached iv commercial production in December 2020, has enabled hoisting of ore ersified A through an underground winze resulting in reduced reliance on high- 5% cost truck haulage. This has led to improved energy efficiency, reduced ssets NPI ventilation requirements, reduced mining costs and an enhanced production profile. Musselwhite produced 173,000 ounces of gold in PQD 2022, versus 152,000 ounces of gold in 2021, and reported 1.9 million North ounces of gold Mineral Reserves as of December 31, 2022. Newmont Outside Boundary reported that Q4 2022 was Musselwhite’s best quarter in five years for Lynx 5% NPI Zone both development meters and gold production, with Franco-Nevada Saddle receiving NPI payments for this period. 2023 production is expected to Opapimiskan Lake Camp Zone be between 200,000 and 220,000 gold ounces. Musselwhite unit costs are M Bay Zone Main expected to steadily improve in 2023 with higher production volumes. iner West Anticline 5% Zone Canoe Zone Mine NPI All-in sustaining costs are expected to range between $1,290 per ounce al R Trend Mill and $1,390 per ounce, versus $1,531 per ounce in 2022. Musselwhite is esour expected to deliver steadily improving production in 2023 and longer- c term, driven by productivity improvements and accessing higher grade in es and M the PQ Deeps. In 2023, Franco-Nevada anticipates payments from its NPI royalty from Musselwhite to increase compared to the prior year. Karl Zeemal iner 5% Zeemel Lake Area Mine ramping back up, with Material Handling al R NPI Project positively impacting production and eser Leased Lands v Unpatented Lands operating costs es Deposits NPI leverage to the gold price Large land package with additional royalty covering the projected northwest extension of Musselwhite A Musselwhite dditional I Quebec Ontario nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 61