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