Canada Kirkland Lake Location: Ontario, Canada Franco-Nevada’s 2% NSR royalty, covering a number of claims held by Operator: Agnico Eagle Mines Limited Agnico Eagle from its acquisition of Osisko Mining Corporation in April Precious Metals: Au 2014, covers the AK, Upper Canada, Anoki-McBean and Canadian Kirkland Royalty: NSR: 1.5-5.5%; NPI: 20% deposits. Work is ongoing to evaluate the potential to develop Upper Canada and Anoki-McBean as potential ore feed to existing milling infrastructure in the region. 2022 2021 2020 #4 Shaft completed Revenue to Franco-Nevada ($ million) $ 5.5 $ 5.8 $ 5.4 M&I Resource (koz Au)1 3,770 3,934 4,467 Large land position in historical mining area Inferred Resource (koz Au)1 3,175 3,781 3,414 covering multiple known deposits P&P Reserves (koz Au)1 1,913 1,856 2,368 1, 2 Exploration potential on royalty ground at AK and M&I Royalty Ounces (000s) 63 66 73 2 Inferred Royalty Ounces (000s) 58 70 64 Upper Canada 2 P&P Royalty Ounces (000s) 29 28 36 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. The table above is the sum of reported Agnico Eagle Mineral Resources and Mineral Reserves Bernhardt Twp. 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Kirkland Lake Teck Twp. Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean and Upper Canada Royalty Area Franco-Nevada has various royalties covering 0 N 1 . . 2 km wp wp approximately 170 km of the Larder Lake and Main Breaks Overlying 1.5% NSR eck T ebel T in the historic Kirkland Lake gold camp of Ontario. Plus Underlying Royalties of: T L 20% NPI – Macassa Agnico Eagle is the largest landowner in the Kirkland Lake camp following 2% NSR – Gracie West its merger with Kirkland Lake Gold in February 2022. Agnico Eagle now 3% NSR – KLW Kirkland owns and operates the Macassa mine which includes production from the 2% NSR – AK extension Lake Main Break, ’04 Break and the high-grade South Mine Complex (“SMC”). 2% NSR – AK and Wright- surrounding land LakeshoreHargreaves Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: Teck-Hughes D package iv Kirkland ersified A • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding and Macassa Minerals Gr T #1 Shaft including the Macassa mine enf eck T Macassa ell T wp #2 Shaft Macassa ssets • An underlying 20% profit-based royalty immediately to the southwest #4 Shaft wp . Macassa of the SMC as shown in the inset of the schematic . #3 Shaft Amalgamated • An underlying 2-3% NSR on claims to the west of current operations Macassa Kirkland (AK) South Mine • An underlying 2% NSR royalty on the extension of Amalgamated Complex Kirkland Kirkland (“AK”) Lake West (KLW) • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland and the surrounding land packages Swastika M Gracie iner In 2022, Macassa produced 200,833 ounces of gold compared to 210,192 West ounces of gold in 2021. Production in 2023 is forecast to be between Teck Twp. al R 170,000 to 225,000 ounces of gold, in line with guidance provided in Otto Twp. esour 2022. In 2024 and 2025, current guidance of between 255,000 to 275,000 c and 295,000 to 315,000, respectively, reflects a slower ramp-up of mining es and M activities and a lower forecast gold grade. The slower ramp-up in 2024 24 M oz. Kirkland 66 King Kirkland Upper Beaver is partly due to a re-evaluation of the development rate and mining Main Break iner sequence following the completion of Shaft #4 and the new ventilation Kirkland Upper Canada system. After 2025, Agnico Eagle is forecasting production from the deep Lake al R mine (including the SMC and Main Break) to be approximately 300,000 to Dobie eser 180 East v 310,000 ounces of gold per year. Amalgamated 13 M oz. Biroco Esker es Kirkland (AK) Larder Lake Break Overall, Agnico Eagle believes that Macassa has the potential to be a Swastika 320,000 to 350,000 ounces of gold per year producer over the medium Anoki-McBean Fault Gold Showings term including prospects closer to surface. Both the AK and the Near Mineralized Breaks Mine Shafts Surface Deposits at Macassa are accessible from an existing surface ramp at Macassa. Production from the Near Surface deposits is expected to A begin in 2023 and production from the AK deposit could potentially dditional I begin in 2024. Average annual production from these two deposits Ontario Kirkland Quebec could be 20,000 to 40,000 ounces of gold, commencing in 2024. Drilling Lake is planned to continue at AK in 2023 from underground platforms, nf with a focus on continuing to upgrade and increase the Indicated orma Mineral Resource. tion TSX / NYSE: FNV Franco-Nevada Corporation 59