90 TSX / NYSE: FNV Franco-Nevada Corporation Iron Ore Overview Precious Metals Diversified Assets Vale Location: Brazil, South America Operator: Vale S.A. Metals: Iron Ore, Cu, Au and Other Royalty: 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other 1 Alemão Project (Cu/Au) Serra Norte (Fe) Serra Leste (Fe) Itabira Overview Southeastern System Minas Centrais Overview Southeastern System Mariana Overview Southeastern System Caué (Fe) Conceição (Fe) Brucutu (Fe) Fazendão (Fe) Capanema (Fe) S11D (Fe) Sossego (Cu/Au) Royalty Area Iron Asset Cu/Au Asset Northern System Southeastern System Southeastern System Northern System N In April 2021, Franco-Nevada acquired 57 million Participating Debentures (“Royalty Debentures”) for $538 million, providing holders with an effective net sales royalties on Vale S.A.’s (“Vale”) Northern and Southeastern Iron Ore Systems and on certain copper and gold operations in Brazil (together, the “Royalty”). The acquisition represents 14.7% of the total issued Royalty Debentures by Vale. The Royalty Debentures were issued in 1997 with the privatization of Vale to provide exposure to future resource growth from specified properties held at the time. Royalty payments are made by Vale on a semi- annual basis on March 31 st and September 30 th of each year reflecting production in the preceding half calendar year period. 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 40.7 $ 59.4 $ – Vale (Northern and Southeastern System) M&I Resource (Mt Iron Ore) 2 17,150 – – Inferred Resource (Mt Iron Ore) 2 3,880 – – P&P Reserves (Mt Iron Ore) 2 8,865 10,773 – Sossego (Au) P&P Reserves (koz Au) 2 470 583 – Sossego (Cu) P&P Reserves (Mlbs Cu) 2 1,166 1,495 – M&I Royalty Ounces (000s) 3 1,380 1,141 – Inferred Royalty Ounces (000s) 3 84 – – P&P Royalty Ounces (000s) 3 1,006 1,141 – 1 See Franco-Nevada AIF for the year ended December 31, 2022 and Vale’s website for Royalty Debenture details including deed, semi-annual debenture reports, and annual mineral property inventory 2 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages and details for Sossego Mineral Resources. 3 For Royalty Ounce calculation, the Vale Royalty covers specified mining rights in the Northern and Southeastern Systems reflecting the specified properties held by Vale at privatization. At the Northern System, all of the Mineral Resources and Mineral Reserves are estimated to be covered by the Vale Royalty and at the Southeastern System, 60% of Mineral Reserves are estimated to be covered by the Vale Royalty and due to the limited recent disclosure by Vale S.A. on Mineral Resources for the Southeastern System only Mineral Resources covering Itabira are included in the calculation. Historically, approximately 70% of Southeastern System production has been attributable to the Vale Royalty and is expected to remain at that level over the medium-term. The Mineral Reserves of the Southeastern System include non-approved projects that are not covered by the Vale Royalty (e.g., the Apolo project). In addition, Franco-Nevada accounts for moisture, mass recovery, and allowable deductions under the Vale Royalty, as described more fully on Vale’s website. For the Royalty Ounce calculation associated with the Mineral Reserves of the Sossego mine, Franco- Nevada accounts for allowable deductions and mineral recovery and Mineral Resources have been excluded based on limited disclosure by Vale S.A. and inclusion of projects not covered by the Vale Royalty in the Mineral Resources. Refer to Vale’s 2021 20-F annual report for additional information Vale, Brazil