44 TSX / NYSE: FNV Franco-Nevada Corporation United States Overview Overview Precious Metals Marigold Location: Nevada, United States Operator: SSR Mining Inc. Precious Metals: Au Royalty: NSR: 1.75-5% / GR: 0.5-4% N Valmy 5 North Deposit 8 North Deposit Terry Pit Target Pit E. Basalt and Battle Cry Targets Antler and Basalt Pits (Backfilled) Marigold Mine Terry Zone North 1.75% NSR 1.75% NSR 1.75% NSR 1.75% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 3% NSR* 3% NSR* 3% NSR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 2.5%- 4% GR* 5% NSR 1.75% NSR *December 2009 Acquisition Schematic Representation Only 1 Mile 0.5%-1.5% GR* Mackay Pit Valmy and Mud Pits Hideout 8D 8SX Pits Exploration Targets N Valmy 5 North Deposit 8 North Deposit Terry Pit Target Pit E. Basalt and Battle Cry Targets Antler and Basalt Pits (Backfilled) Marigold Mine Terry Zone North 1.75% NSR 1.75% NSR 1.75% NSR 1.75% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 3% NSR* 3% NSR* 3% NSR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 2.5%- 4% GR* 5% NSR 1.75% NSR * December 2009 Acquisition Schematic Representation Only 1 mile 0.5%-1.5% GR* Mackay Pit Valmy and Mud Pits Hideout 8D 8SX Pits Exploration Targets Red Dot Red Dot 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 7.5 $ 8.5 $ 7.1 M&I Resource (koz Au) 1 5,004 5,004 4,942 Inferred Resource (koz Au) 1 252 252 182 P&P Reserves (koz Au) 1 3,410 3,410 3,887 M&I Royalty Ounces (000s) 1, 2 126 154 155 Inferred Royalty Ounces (000s) 2 6 8 6 P&P Royalty Ounces (000s) 2 86 106 122 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 2 For Royalty Ounce calculation, Franco-Nevada estimates 97% of the Mineral Reserves (96% in 2021, 98% in 2020), 96% of the M&I Mineral Resources (97% in 2021, 98% in 2020) and 97% of the Inferred Mineral Resources (96% in 2021, 98% in 2020) are subject to our royalty interest and estimates a rate of 2.59% is applicable The Marigold mine is located approximately 64 km southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. (“SSR Mining”). The mine has been in continuous production since 1989 and is a large run-of-mine heap leach operation with several open pits. Franco-Nevada has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering a significant portion of the current Mineral Reserve base. Franco-Nevada’s original royalties were acquired in connection with its IPO and, in December 2009, additional royalties covering alternate sections were added. In 2022, 18,061 kt of ore were placed on pads at a grade of 0.56 g/t versus 19,999 kt of ore placed on pads at a grade of 0.41 g/t in 2021. The mine produced 194,668 ounces of gold in 2022 versus 235,282 ounces in 2021. For 2023, SSR Mining expects production to be between 260,000 to 290,000 ounces, with production of between 215,000 to 245,000 ounces in 2024. The current life of mine plan predicts a 10-year mine life, with life of mine production of 2.3 million ounces of gold and average annual production of 225,000 ounces over the next three years. Royalty payments to Franco-Nevada will fluctuate depending on the royalty ground being mined. SSR Mining’s strategy to advance brownfields targets proximal to existing infrastructure continues to yield encouraging results and the company plans to continue its exploration drilling in 2023 with a $26 million budget. Currently, the focus will be on higher-grade oxides, resource expansion and conversion at New Millennium, Mackay, Valmy, Trenton Canyon and Buffalo Valley, the majority of which are not on Franco- Nevada royalty ground. The Marigold mine has produced in excess of four million ounces Continued resource expansion and encouraging exploration results Marigold Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO Marigold, Nevada