Rest of World Subika (Ahafo) Location: Ghana ww Operator: Newmont Corporation vievie Precious Metals: Au erer Royalty: NSR: 2% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 18.0 $ 11.6 $ 10.4 M&I Resource (koz Au)1 9,160 9,350 9,010 Inferred Resource (koz Au)1 1,640 1,730 1,220 P&P Reserves (koz Au)1 5,650 6,100 6,060 1, 2 M&I Royalty Ounces (000s) 78 80 85 2 Inferred Royalty Ounces (000s) 14 15 11 2 P&P Royalty Ounces (000s) 76 82 82 Subika, Ghana etals 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 In 2022, Ahafo South produced 574,000 ounces of gold compared with 2 For Royalty Ounce calculation, Franco-Nevada estimates 68% of Mineral Reserves (68% in 2021, 481,000 ounces in 2021 and it is estimated that 68% of project reserves as 68% in 2020), 43% of the M&I Mineral Resources (43% in 2021, 47% in 2020) and 43% of the Inferred ecious M Resources (43% in 2021, 47% in 2020) are subject to our royalty interest and estimates an average of December 31, 2022 fall on Franco-Nevada’s royalty ground. Newmont r rate of 2.0% is applicable P reported a ramp-up of production at Subika following a change in mining method and, in Q4 2022, the Ahafo mill achieved record throughput for 2 Franco-Nevada has a 2% NSR royalty which covers a 78 km the quarter. Production from Ahafo is expected to increase to between area on the southern portion of Newmont’s Ahafo South 675,000 and 745,000 ounces, in 2023, as underground mining rates mine in Ghana (shown in the schematic). Ahafo South is a continue to improve, delivering higher grade ore to the mill. Production separate mine from Newmont’s Ahafo North mine which is is expected to continue to increase through 2024, due to higher grade at located 30 km to the north. the Subika open pit and increased underground tonnes mined due to the change in mining method at the Subika Underground. Franco-Nevada The 2% NSR is payable on all ounces produced from the Rank (formerly expects a larger proportion of production to be sourced from ground Ntotoroso) concession. The majority of the Subika deposit, the northern covered by our royalty in 2023. portion of the Awonsu deposit, and the southern tip of the Amoma In 2022, Newmont highlighted significant underground potential at deposit fall within the Rank mining lease boundary. Subika (on royalty ground) and the Apensu pit (not on royalty ground). Production growth through 2024 Subika Amoma Estimate 68% of Ahafo South reserves fall on Project Area royalty ground N Ntotoroso Larger share of future production expected on Note: royalty ground not to scale Awonsu Apensu Plant and Offices Subika Kenyase ALGERIA 2% NSR MALI NIGER BURKINA FASO Royalty Area BENIN COTE NIGERIA D’IVOIRE GHANA TOGO Subika Atlantic Ocean 76 Franco-Nevada Corporation TSX / NYSE: FNV