United States Gold Quarry Location: Nevada, United States Operator: Nevada Gold Mines LLC Precious Metals: Au Royalty: NSR: 7.29% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 4.9 $ 7.5 $ 10.7 1, 2 M&I Resource (koz Au) n/a n/a n/a Inferred Resource (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a 2, 3 M&I Royalty Ounces (000s) n/a n/a n/a 3 Inferred Royalty Ounces (000s) n/a n/a n/a 3 P&P Royalty Ounces (000s) n/a n/a n/a 1 Please refer to the table on page 42 for the Carlin Trend Mineral Resources and Mineral Reserves which include Gold Quarry 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 42 for the Carlin Trend Royalty Ounce calculation which includes Gold Quarry, Nevada Gold Quarry The Gold Quarry operation is part of the Nevada Gold were further optimized based on process routing options made possible with the multiple processing facilities available following the formation of Mines Carlin operations in north-central Nevada. Nevada Gold Mines. A key driver for growth at the asset is the expansion of the Gold Quarry roaster. In the past, the operation has considered pit It is a large open-pit mine that has been in production since 1985 expansions including the West Wall Layback and the Greater Gold Quarry supplying ore as part of an integrated mining and processing complex. Expansion. In 2022, Franco-Nevada’s prepaid ounces delivered by Gold In 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant Quarry exceeded the Gold Quarry known Mineral Reserves resulting assets across Nevada to create Nevada Gold Mines as a joint venture. in lower expected future minimum payments. Going forward, Franco- Under this joint venture, Barrick reports Gold Quarry under its Carlin Nevada expects its royalty from Gold Quarry to be 1,350 GEOs per annum operations category and Newmont reports Gold Quarry under its Nevada based on the minimum payment obligation. D Gold Mines category. iv Annual minimum payment obligations ersified A Franco-Nevada’s royalty interest covers only a portion of the Gold Quarry property, as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production with a minimum payment obligation. The Benefits from additional milling and ssets annual minimum royalty payment calculation is tied to Mineral Reserves roasting infrastructure following the formation and stockpiles attributed to the Gold Quarry royalty property. Through of Nevada Gold Mines optimized pit shells, Gold Quarry was able to deliver year-over-year total Registered on private lands open-pit resource growth in 2022. Notably, mineral resource estimates Gold Quarry 7.29% M Mine NSR iner al R N esour c 0.5 mile es and M 7.29% NSR iner al R eser v West Wall Layback Gold Quarry es Open Pit Oregon Idaho A Gold Quarry Nevada Utah dditional I Potential Greater Gold Quarry Expansion California Arizona Pacific Ocean nf MEXICO orma tion TSX / NYSE: FNV Franco-Nevada Corporation 43