North America Marcellus Location: SW Pennsylvania, United States w Operator: Range Resources vie Energy: Natural Gas and NGLs er Royalty: 1% overriding royalty v O 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 56.5 $ 36.1 $ 20.4 1 Production (Mboe) 1,442 1,458 1,615 2 Commodity Split (%) Oil 5% 6% 5% Gas 66% 56% 56% NGL 29% 38% 39% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of gas and natural gas liquids 2 Percentage based on production revenue from each commodity Range Resources drill pad, SW Pennsylvania etals 3 Inventory locations are based on third-party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations The Marcellus is one of the most prolific and active gas and liquids plays in North America. Range’s acreage is in a liquids-rich portion of ecious M Franco-Nevada has a 1% royalty on the majority of Range the Marcellus, enhancing well economics and the overall cost structure. r P Resources Corporation’s (“Range”) operated position in Range helped pioneer the Marcellus shale in 2004 with the successful Southwest Pennsylvania. drilling of the Renz #1 well in Washington County, Pennsylvania. Since that time, Range has developed a track record of growing reserves from The royalty is calculated as 1% of gross production less minor deductions its asset base. Range’s position in Southwest Appalachia is estimated from approximately 338,000 net acres of Range’s working interest to have one of the longest core inventory lives among U.S. natural position in Washington, Western Allegheny and Southern Beaver counties gas producers, and its diversified portfolio of transportation capacity in Pennsylvania. The royalty applies to existing production and future mitigates in-basin pricing risk. development from the Marcellus shale formation as well as future In 2022, Franco-Nevada received $56.5 million in revenue from the potential development from the Utica and Upper Devonian formations. Marcellus royalty. During the year, Range completed 48 wells in the The royalty is registered on title and is a direct interest in real property. Marcellus on royalty lands, which is a decrease from 64 wells in 2021. 3 ssets The land base has a potential inventory of 1,083 future well locations implying more than 20 years of additional drilling (based on the prior year drilling rate), followed by many years of production over the life of ersified A the wells. There is additional potential in the Utica and Upper Devonian iv formations not included in the above estimate of well locations that may D increase the longevity of the asset. Diverse exposure to natural gas and natural gas liquids Long-life asset with strong underlying economics Secure land title with exposure to undeveloped formations at depth Appalachian Basin Marcellus 106 Franco-Nevada Corporation TSX / NYSE: FNV