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Other Mining Mt Keith Location: Australia Franco-Nevada’s royalty does not cover Goliath or the southern half of w Operator: BHP Billiton Limited Six Mile Well. It is estimated that royalty area production accounted for vie Metals: Ni 20% of Nickel West total production in the fiscal year ending June 2022. er Royalty: NPI: 0.25% / GR: 0.375% Yakabindie satellite deposits are expected to provide the majority of ore v O to the Mt Keith concentrator going forward. BHP is progressing expansion plans to increase Mt Keith mill capacity to 13.5 Mtpa and increase 2022 2021 2020 nickel concentrate production to 50,000 tpa, with contracts awarded Revenue to Franco-Nevada ($ million) $ 0.8 $ 2.3 $ 1.2 March 2023. M&I Resource (Mlbs Ni)1 2,390 2,390 2,442 15-year mine life at Mt Keith Inferred Resource (Mlbs Ni)1 275 275 275 P&P Reserves (Mlbs Ni)1 1,087 1,087 1,135 Yakabindie satellite deposits developed in 2019 – 1, 2 largely outside royalty area M&I Royalty Ounces (000s) 51 42 34 Inferred Royalty Ounces (000s)2 6 5 4 P&P Royalty Ounces (000s)2 23 19 16 Progressing Mt Keith concentrator expansion to etals 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral 50,000 tonnes per annum Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Exploration upside on large land package Reserves are subject to our royalty interest and estimates a rate of 0.50% is applicable. Franco- ecious M Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces r assuming $11.00 per pound ($9.00 per pound in 2021, $7.00 per pound in 2020) P Mt Keith Kingston Franco-Nevada has a 0.375% gross royalty and a 0.25% NPI Royalty Area Total: 236.5 km2 royalty on lands including the Mt Keith nickel operation in N Western Australia, located 460 km north of Kalgoorlie. 0 5 10 km BHP Billiton Limited (“BHP Billiton”) is the operator and the project is a Jericho Albion Downs large, low-grade disseminated nickel sulphide ore body with an open-pit 2 mine. Franco-Nevada’s royalties cover 236 km and includes the Jericho Nickel Deposit located approximately 25 km northwest of Mt Keith, and Kingston Royalty Area part of the Yakabindie Deposits located approximately 25 km south of 122.5 km2 ssets Mt Keith. Mining commenced in 1993 with the first nickel concentrate produced in ersified A 1994. In June 2022, BHP Billiton reported that Mt Keith had an estimated Mt Keith iv mine life of 15 years. D Mt Keith concentrator ore throughput is approximately 10.5 Mtpa with 63% recoveries. Production capacity is 35,000-40,000 tonnes per annum Port Hedland Mt Keith of nickel in concentrate. Mt Keith is part of Nickel West, BHP Billiton’s Royalty Area Wiluna Cliffs 114 km 2 integrated business unit for Australian nickel assets, along with four other mines, a concentrator, a smelter and a refinery. BHP Billiton reported that Kalgoorlie Perth Nickel West total production for the fiscal year ending June 2022 was 77,000 tonnes of nickel. During 2019, BHP Billiton developed the Goliath and Six Mile Well Nickel Deposits at Yakabindie as satellite operations. Yakabindie Mt Keith, Australia 100 Franco-Nevada Corporation TSX / NYSE: FNV

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