Overview Organic Growth Drivers 1 Our guidance is for total GEO sales of 640,000 to 700,000 GEOs in 2023 growing to 760,000 to 820,000 GEOs by 2027 through organic growth alone. The ongoing Cobre Panama expansion is expected to be the largest growth driver through the period. That growth is expected to be complemented by a combination of mine expansions and a number of new mines commencing production. Over the last 15 years, Franco-Nevada's GEOs have grown over four times both through organic expansions and acquisitions. We have a strong pipeline of opportunities to add further growth through acquisitions. 2 Expansions P r 2023 2024 2025 2026 2027 ecious M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cobre Panama Panama etals Subika Ghana Tasiast Mauritania Vale Brazil Detour Lake Ontario Kirkland Gold Ontario Island Gold Ontario D iv Stillwater Montana ersified A ssets 3 New Mines Estimated Start 2023 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Magino Ontario M Séguéla Côte d'Ivoire iner Salares Norte Chile al R esour Yandal/Bronzewing Australia c es and M Greenstone Ontario Posse (Mara Rosa) Brazil iner al R Tocantinzinho Brazil eser v Valentine Gold Newfoundland es Eskay Creek British Columbia Stibnite Gold Idaho Copper World Project Arizona A dditional I 1 2023 Guidance and 2027 Outlook as published on March 15, 2023 in Franco-Nevada’s 2022 Annual Report. Assuming: $1,800/oz Au, $21/oz Ag, $900/oz Pt, $1,500/oz Pd, $120/tonne Fe 62% CFR China, $80/bbl WTI oil and $3.00/mcf Henry Hub natural gas 2 Expansion periods are based on operators’ indicated period of ramp-up nf 3 Indicated start periods are based on operators’ guidance and FNV best estimates orma tion TSX / NYSE: FNV Franco-Nevada Corporation 13