2024 Asset Handbook
2024 ASSET HANDBOOK
Overview
Over vie w Precious Metals Diver sified Assets Mineral Resources and Mineral Reser ves Overview Additional Inf or mation
Overview CONTENTS w Overview Diversified Assets vie Over Message to Stakeholders 5 Iron Ore 92 Our History 6 Other Mining 95 Our Business Model 7 Diversified (Mining) Exploration Assets 104 Funding Successful Mines 8 Energy Assets 106 Diversified Portfolio With Low Risk 9 Energy Exploration Assets 115 Global Assets 10 Asset Portfolio 12 Mineral Resources and Mineral Reserves Historical Performance 14 Gold Mineral Resources 118 Track Record 16 Gold Mineral Reserves 119 Organic Growth Drivers 17 Mineral Resources and Mineral Reserves 120 Royalty Optionality 18 Royalty Ounces 19 Additional Information Precious Metals Royalty Ounces 20 Asset Counts, Acreage of Assets 126 Diversified Royalty Ounces 21 Mine Life Index 127 Environmental, Social and Governance Highlights 22 Board of Directors 128 Executive Management 130 Precious Metals Assets Corporate Organization 131 South America 28 Non-GAAP Financial Measures 132 Central America & Mexico 38 Technical and Third-Party Information 134 United States 42 Forward-Looking Information 135 Canada 53 Glossary 136 Rest of World 72 Corporate Information 138 Precious Metals Exploration Assets 85 This Asset Handbook has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction. Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as at March 8, 2024 (except where stated otherwise). More current information may become available in our subsequent disclosure and on our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. Also, the description and depiction of our business and assets have been simpli昀椀ed for presentation purposes. Dollar references are in U.S. dollars unless otherwise noted. This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our Annual Information Form (“AIF”), our annual Management’s Discussion & Analysis (“MD&A“), and our Annual Report on Form 40-F available at www.sedarplus.com and www.sec.gov, respectively, and on our website at www.franco-nevada.com. This Asset Handbook complements but does not form part of such documents.
Overview DEAR STAKEHOLDERS Our objective is to build a diversified, top-line business that is a hedge We operate our business with a small team of 40 people and have kept against market volatility and is exposed to the exploration success overhead low while our asset base has grown substantially. Our success of the mining industry. This approach has resulted in a history of leading is a result of a highly capable team and the guidance of an experienced returns, but in late 2023 we were challenged by the unprecedented and engaged Board of Directors. They have a material stake in the production halt at Cobre Panama. Despite the hopefully temporary business and think like owners. production halt at this asset, our business remains robust. We finished the year with no debt and US$1.4B of cash. The balance of our business Geopolitical risks are an increasing challenge for the mining industry. continues to generate approximately US$800M in cash flow from We remain convinced our business model of maintaining a diversified operations each year. portfolio with a stronger balance sheet will prove to be the best strategy for shareholders. While the Cobre Panama production halt caused a greater than 20% decline in our share price, our top-line business model still generated Thank you for your ongoing trust and support. industry-leading revenue and cash flow for 2023. Our business is high Precious Metals margin and not impacted by industry cost inflation. In 2023, we generated David Harquail Paul Brink an 83% Adjusted EBITDA Margin1 1 and a 56% Adjusted Net Income Margin . Chair of the Board President & CEO In 2023, we acquired a number of royalty interests principally on gold mines April 10, 2024 and projects in Canada, Chile, Australia and the USA. A drop in U.S. natural gas prices also allowed us to add to our natural gas royalty interests. We allocate capital on behalf of our shareholders to operations that treat the environment and their host communities responsibly. We receive top-level ratings from the ESG rating agencies and, notably, are the top-ranked company in the Gold sector and in the broader Precious Metals sector by Sustainalytics in 2024. Our objective is to have a sustainable and progressive dividend that Diver is dependable despite commodity price volatility and asset-specific sified Assets disruptions. In January 2024, our Board increased our dividend for th the 17 consecutive year. Investors from our IPO are now achieving a 9.4% yield in US$ and a 12.9% yield in C$. In terms of growth, Franco-Nevada has organic growth from our existing assets and a strong treasury to facilitate acquisitions. There is also the potential for future contributions from Cobre Panama if operations resume. We expect GEOs from the balance of our business (excluding Cobre Panama) to increase from 498,447 GEOs sold in 2023 to between Mineral Resources and Mineral Reser 540,000 and 600,000 GEOs by 2028 from organic growth alone. Two-thirds of this growth is already under construction. Our portfolio of exploration and development stage royalties also provides resource optionality from the world’s most prospective resource trends. Paul Brink (President & CEO), David Harquail (Chair of the Board) At year-end, we had US$2.4B in available capital, including cash balances, and a committed unused credit facility. We passed on low return deals in the period following COVID-19 and are now fortunate to have a strong treasury in today’s capital-constrained world. ves We strongly prefer a solution providing for the resumption of operations at Cobre Panama with the support of the Panamanian people and the Government. The mine contributes 4-5% of Panamanian GDP, provides valued jobs to 7,000 direct employees, furnishes support to its local communities and has a strong environmental performance record. The operation has the potential to generate substantial benefits for Additional Inf Panama over several generations. or mation 1 Adjusted EBITDA Margin and Adjusted Net Income Margin are Non-GAAP Financial Measures. Refer to the “Non-GAAP Financial Measures” section starting on page 132 of this Asset Handbook TSX / NYSE: FNV Franco-Nevada Corporation ★ 5
Overview OUR HISTORY w vie Creation of the Royalty Model Our Unique Approach Over Franco-Nevada Mining Corporation Limited We avoid having long-term debt, preferring to have capital to invest when others don’t. The commodity downturn of 2014-2016 forced even the The history of our business starts with our predecessor company, largest global mining companies to repair their balance sheets. We invested Franco-Nevada Mining Corporation Limited, founded by Seymour Schulich US$1.8 billion in those years, creating precious metals streams at some and Pierre Lassonde. Pierre bought Franco-Nevada’s first royalty in 1986 of the world’s largest copper mines – Candelaria, Antamina and Antapaccay on the Goldstrike mine in the Carlin Trend. At the time, it was a small – and gaining exposure to longer duration assets than can typically be heap-leach mine operated by Western States Mining. Shortly thereafter, found in the gold industry. American Barrick (now Barrick Gold Corporation) purchased Goldstrike and did the deep level exploration that would ultimately reveal a 50 We have not forgotten our roots and continue to invest in smaller million ounce orebody that drove the success of both Barrick and development-stage assets which over time have tremendous resource Franco-Nevada. optionality. Our total mining asset count has grown from 190 at IPO to 347 today, including exploration assets on some of the world’s best Pierre and Seymour, assisted by David Harquail, began acquiring royalties gold belts. We have invested outside of precious metals when good in the more prolific gold camps in the world including the Carlin and opportunities have come to market, adding cash flow growth and Getchell trends in Nevada, Timmins and Kirkland Lake camps in Ontario exposure to the exploration upside on a broad range of world- and the Kalgoorlie belt in Australia. They also expanded into PGMs class resources. including a royalty on Stillwater in Montana which, along with Goldstrike, stands out as one of their most successful royalty purchases. In 2011, we acquired royalties on a suite of large copper development projects by acquiring Lumina Royalty. Following the oil price collapse in In the early 1990s as part of their prospect generation model, 2014, we added to our long held Canadian oil and gas royalty interests, Franco-Nevada discovered the high-grade Ken Snyder deposit in Nevada. investing in the major U.S. basins including the Permian, SCOOP/STACK, They determined that the deposit had a high enough silver credit to Marcellus, and Haynesville. Recently, we added royalty exposure to high carry all operating costs, creating an effective 100% gold royalty and grade iron ore at Vale’s Northern and Southeastern systems in Brazil. proceeded to construct the mine. In early 2001, Franco-Nevada sold the We believe the depth of our portfolio gives us the latitude to patiently mine to Normandy Mining in exchange for 20% of Normandy and a royalty search for exposure to good geology. on the mine. Our desire is to build the most diverse portfolio of royalties and streams Later in 2001, AngloGold made a bid for Normandy. Seeing the potential exposed to precious metal prices, but also to exploration success across for a better alternative transaction, Seymour and Pierre struck a deal the world’s greatest mineral belts. Our prospects to put more capital with Newmont to acquire both Franco-Nevada and Normandy. When to work in the capital intensive and cyclical resource sector have never the transaction closed in 2002, Franco-Nevada was valued at close been better. to US$3 billion. The IPO Franco-Nevada Corporation (FNV) In 2007, Newmont made the decision to divest its portfolio of royalty FRANCO-NEVADA HISTORICAL assets. Pierre Lassonde, David Harquail and a small team led by TSX SHARE PRICE (US$) management of the original Franco-Nevada, launched an initial public offering on the Toronto Stock Exchange and acquired the royalty portfolio from Newmont for US$1.2 billion. The offering remains the largest mining $200 IPO completed in North America and was the birth of Franco-Nevada Corporation (FNV). The performance of the portfolio of royalties acquired from Newmont has $150 more than justified the price of the IPO. In the past 17 years, the IPO portfolio has paid out over US$2.2 billion in revenue. At the same time, the reserve ounces associated with those same properties has tripled. Key contributors, including Detour Lake and Tasiast, have once again proven the power of the royalty business model and the exploration $100 optionality of being exposed to great geology. Streaming – the New Engine of Growth vada TSX Share Price (US$) At the end of 2008, in the depth of the financial crisis, we entered into $50 our first gold streaming agreement with Coeur Mining to complete ranco-Ne the construction of the Palmarejo mine in Mexico. Acquiring precious F metal streams on large long life copper mines quickly became the largest growth driver of the company. We were able to acquire precious metal streams on Cobre Panama in Panama, Candelaria in Chile, and Antamina December 31, 2007 March 31, 2024 and Antapaccay in Peru. 6 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview OUR BUSINESS MODEL As a gold-focused royalty and streaming company, we do not operate mines, develop projects or conduct exploration. We have a unique business that is exposed to both the tremendous resource upside potential, or “optionality” of royalties on gold mines, development projects and exploration properties and the low risk, long life cash flows of precious metals streams on large copper mines. Both royalties and streams provide exposure to commodity prices, increases in production and future discoveries on the property. After our initial investment has been made, neither interest is subject to cash calls to fund exploration, development, capital, environmental or closure costs and so they are lower risk than an operating interest. Royalties Streams Royalties are often 1-2% of the value of future production from a Streams have become a mainstream source of capital to mining resource property and are typically created as exploration properties companies most often to fund the construction of new projects. Precious Metals change hands. Often royalties are a percentage of the net value a mine In particular, streaming precious metals by-product from large copper operator receives for its product when it is processed at a smelter, projects provides a very attractive cost of capital to project developers. hence the term “net smelter return” or “NSR” royalty. Other forms of Streams are metal purchase agreements where the streamer purchases royalties include profit-related royalties or “NPI” royalties but these are all or a portion of the gold, silver or other products from a mine in not a major part of Franco-Nevada’s portfolio. Royalty rights are often exchange for an upfront payment and an additional payment on each registered on the title of the property or mineral rights. Registered delivery. While streams have similar exploration and price optionality royalties have strong tenure and, in jurisdictions where recognized, to royalties, they differ from royalties in many respects including the will generally survive an operating company reorganization. ongoing cash payment required to purchase the physical metal. BUSINESS MODEL ADVANTAGES Diver UPSIDE POTENTIAL LOW RISK sified Assets Optionality Diversi昀椀ed Portfolio 2 (1) Potential for exploration success on ~66,800 km Non-operating business is more scalable Focus on Growth High Margins & Low Overhead Management not occupied with operational decisions Strong cash generation throughout the commodity cycle Mineral Resources and Mineral Reser Free Cash Flow Business Limited Cost In昀氀ations Not exposed to capital calls Streams/NSRs not exposed to cost inflation ves Additional Inf or mation 1 Cobre Panama currently on preservation and safe management TSX / NYSE: FNV Franco-Nevada Corporation ★ 7
Overview FINANCING SUCCESSFUL MINES w vie Royalties and streams provide low-cost and flexible funding for the mining Over industry. It helps operators reduce the fixed burden of debt and avoid excessive equity dilution, particularly when financing new mine builds. We aim to be a stable and supportive partner through the cycle and to share in the exploration success of the projects that we help fund. M&A DEBT REDUCTION PROJECT DEVELOPMENT EMERGING PROJECTS 8 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview DIVERSIFIED PORTFOLIO WITH LOW RISK Franco-Nevada has the largest and most diversified portfolio of cash flow producing assets. 1 2024 GEOs DIVERSIFICATION Commodity Geography Assets 75% from Precious 85% from Americas No individual asset > 15% Metals 14 Countries Precious Metals Gold Canada and USA Candelaria Silver Diver South America Antapaccay PGM Mexico and Central America Antamina sified Assets Other Mining Rest of the World Guadalupe-Palmarejo Oil Vale Gas Energy NGL Other 1 The above charts are based on the commodity price and other assumptions used for our 2024 guidance, which is provided on page 17 Mineral Resources and Mineral Reser ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 9
Overview Global Assets w vie Over Dublin Gulch (Eagle) Courageous Lake Greenstone Eskay Creek Gold elds Ring of Fire Brucejack Edson Monument Bay Magino Orion Red Lake Timmins West Red Mountain (McFinley) Crawford Carol Lake Cariboo Island Detour Lake Weyburn Midale Gold Golden Highway Musselwhite Canadian Malartic Valentine Gold Stillwater Hemlo Macassa (Kirkland Lake) Stibnite Gold Sudbury Franco-Nevada Nevada U.S. Office Marcellus Franco-Nevada STACK Head Office Castle Mountain Copper Creek SCOOP Mesquite Delaware Haynesville Copper World Project Midland Milpillas Guadalupe-Palmarejo Falcondo Franco-Nevada Barbados Office Cobre Panama Granite Creek (Pinson) South Arturo EaglePicher Goldstrike Gold Quarry Cascabel (Alpala) Marigold CentroGold (Gurupi) Vale N. System Tocantinzinho Sossego Bald Mountain Antamina Robinson Condestable Antapaccay Posse (Mara Rosa) Nevada Vale S.E. System Salares Norte Taca Taca Candelaria Caserones Sterling NuevaUnión (Relincho) San Jorge Calcatreu Cerro Moro 10 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview “ A diversified portfolio of 430 2 assets covering ~66,800 km .” Precious Metals Perama Hill Kiziltepe Tasiast Sabodala Karma Sissingué Diver Séguéla Subika (Ahafo) Edikan sified Assets Mineral Resources and Mineral Reser Pandora MWS Our Portfolio 430 Australia Total Mt Keith Yandal (Bronzewing/Julius) 118 Precious Matilda (Wiluna) Duketon ves Metals Diversi ed Producing Aphrodite South Kalgoorlie (Mt Martin-Loc. 45) 41 Precious Metals Diversi ed Franco-Nevada Advanced Australia Office South Kalgoorlie Additional Inf 271 Precious (New Celebration/ Metals Diversi ed Mt Marion Lithium) Exploration or Only selected assets are shown on this map mation Asset count as of April 2, 2024 Cobre Panama currently on preservation and safe management TSX / NYSE: FNV Franco-Nevada Corporation ★ 11
Overview ASSET PORTFOLIO w vie Precious Metals Over Revenue ($ millions) Asset Operator Interest and % (Gold unless otherwise noted) 2023 2022 2021 Notes Precious Metals South America Candelaria Lundin Mining Stream 68% Gold & Silver $130.3 $125.8 $116.5 6, P Antapaccay Glencore Stream (indexed) Gold & Silver 120.1 95.2 111.6 6, P Antamina Teck Resources Stream 22.5% Silver 50.5 68.4 94.1 6, P 7 Condestable Southern Peaks Mining Stream Gold & Silver, Fixed through 2025 then % 23.7 22.4 22.5 6, P Other (21 assets) 5.2 6.3 6.2 Px3, Ax5, Ex13 Central America & Mexico Cobre Panama First Quantum Stream (indexed) Gold & Silver 248.9 223.3 235.0 6, P Guadalupe-Palmarejo Coeur Mining Stream 50% 66.8 74.2 83.4 1, 3, 6, P Other (1 asset) – – – Ex1 United States Stillwater Sibanye-Stillwater NSR 5% PGM 26.1 36.8 57.8 1, P Goldstrike Nevada Gold Mines NSR 2-4%, NPI 2.4-6% 13.1 19.2 25.3 1, 2, P Marigold SSR Mining NSR 1.75-5%, GR 0.5-4% 11.2 7.5 8.5 1, 2, 3, 4, P Bald Mountain Kinross Gold NSR/GR 0.875-5% 11.7 8.4 11.2 1, 2, 3, 4, P Gold Quarry Nevada Gold Mines NSR 7.29% 3.0 4.9 7.5 1, 3, P Other (43 assets) 6.9 9.5 12.5 Px4, Ax4, Ex35 Canada Detour Lake Agnico Eagle Mines NSR 2% 25.9 26.3 25.3 P Sudbury KGHM International Stream 50% PGM & Gold 17.6 21.4 17.4 1, 6, Px2 Hemlo Barrick Gold NSR 3%, NPI 50% 22.7 28.2 27.6 1, 5, P Brucejack Newmont NSR 1.2% 5.9 5.8 7.0 1, P Macassa (Kirkland Lake) Agnico Eagle Mines NSR 1.5-5.5%, NPI 20% 6.3 5.5 5.8 2, 3, P Other (77 assets) 13.9 10.4 10.3 Px6, Ax13, Ex58 Rest of World MWS Harmony Gold Mining Stream 25% 50.4 39.2 41.3 6, P Tasiast Kinross Gold NSR 2% 24.5 18.3 6.7 P Subika (Ahafo) Newmont NSR 2% 19.4 18.0 11.6 1, P 8 Sabodala Endeavour Mining Stream 6%, Fixed to 105,750 oz 18.3 16.8 16.7 3, 6, P Duketon Regis Resources NSR 2% 12.0 10.7 11.1 1, P Other (74 assets) 16.5 17.2 22.8 Px13, Ax10, Ex51 Revenue – Precious Metals $950.9 $919.7 $995.7 Notes: “NSR” Net Smelter Return Royalty “GORR” Gross Overriding Royalty “GR” Gross Royalty “ORR” Overriding Royalty “FH” Freehold or Lessor Royalty “NPI” Net Pro昀椀ts Interest “NRI” Net Royalty Interest “WI” Working Interest “P” “Producing” assets are those that have generated revenue from steady-state operations for Franco-Nevada or are expected to in the next year “A” “ Advanced” assets are interests on projects which are not yet producing but where, in management’s view, the technical feasibility and commercial viability of extracting Mineral Resources are demonstrable “E” “Exploration” assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable Management uses the following criteria in its assessment of technical feasibility and commercial viability: (i) Geology: there is a known mineral deposit which contains Mineral Resources or Mineral Reserves; or the project is adjacent to a mineral deposit that is already being mined or developed and there is suf昀椀cient geologic certainty of converting the deposit into Mineral Resources or Mineral Reserves (ii) Accessibility and authorization: there are no signi昀椀cant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable 12 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview ASSET PORTFOLIO Diversi昀椀ed Revenue ($ millions) Asset Operator Interest and % 2023 2022 2021 Notes Diversi昀椀ed 9 Vale Vale 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other $35.1 $40.7 $59.4 Px3, Ex1 10 LIORC Rio Tinto GORR 0.7% Iron Ore, IOC Equity 1.5% 12.1 14.8 30.2 P Other Mining (104 assets) 13.2 6.9 5.2 Px10, Ax9, Ex85 United States (Energy) Marcellus Range Resources GORR 1% 28.0 56.5 36.1 P Precious Metals Haynesville Various Various Royalty Rates 26.0 72.9 38.5 Px2 SCOOP/STACK Various Various Royalty Rates 33.1 57.8 36.4 Px3 Permian Basin Various Various Royalty Rates 47.6 52.6 35.0 Px2 Other (2 assets) 0.3 0.3 0.2 Px1, Ex1 Canada (Energy) Weyburn Unit Whitecap Resources NRI 11.71%, ORR 0.44%, WI 2.56% 50.1 65.0 43.8 Px3 Orion Strathcona Resources GORR 4% 13.6 15.1 10.8 P Other (69 assets) 9.0 13.4 8.7 Px43, Ex26 Revenue – Diversi昀椀ed $268.1 $396.0 $304.3 Total Revenue (Precious Metals + Diversified) $1,219.0 $1,315.7 $1,300.0 Diver 1 Does not cover all the Mineral Resources or Mineral Reserves reported for the property by 7 8,760 oz Au & 291,000 oz Ag per year until December 2025; then, 63% Au & Ag until 87,600 oz sified Assets the operator Au & 2,910,000 oz Ag delivered, respectively; thereafter, 25% Au & Ag 2 Percentage varies depending on the claim block of the property 8 Sabodala agreement was amended with an effective date of September 1, 2020 3 Provides for minimum or advance payments 9 Net sales royalty attributable to FNV Royalty holding on certain properties and subject to 4 Percentage varies depending on the commodity price or value of ore certain thresholds. Copper/Gold rate applies to Sossego at 50% given its previous joint venture 5 Payable after operator recovers de昀椀ned exploration and development expenses ownership 6 These revenue numbers are before the deduction of the purchase cost per ounce 10 GORR and IOC equity interest attributable to FNV 9.9% equity ownership of Labrador Iron Ore Royalty Corporation Mineral Resources and Mineral Reser ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 13
Overview HISTORICAL PERFORMANCE 2023 – 2008 w vie (in millions, except GEOs, Total Shareholders’ Equity, Market Capitalization, and per share amounts) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Over 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 1 GEOs sold (000s) 627.0 730.0 728.2 573.3 598.4 516.6 537.7 488.5 384.5 351.6 290.4 254.7 260.6 185.4 158.2 167.8 Revenue $ 1,219.0 $ 1,315.7 $ 1,300.0 $ 1,020.2 $ 844.1 $ 653.2 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating (Loss) Income $ (428.0) $ 820.7 $ 860.7 $ 336.5 $ 410.2 $ 188.8 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net (Loss) Income $ (466.4) $ 700.6 $ 733.7 $ 326.2 $ 344.1 $ 139.0 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8) $ 62.7 $ 80.9 $ 40.3 Basic (Loss) Earnings per share $ (2.43) $ 3.66 $ 3.84 $ 1.71 $ 1.83 $ 0.75 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 2 Adjusted Net Income $ 683.1 $ 697.6 $ 673.6 $ 516.3 $ 341.5 $ 217.0 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income2 per share $ 3.56 $ 3.64 $ 3.52 $ 2.71 $ 1.82 $ 1.17 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 Adjusted EBITDA2 $ 1,014.7 $ 1,106.9 $ 1,092.3 $ 839.6 $ 673.4 $ 519.6 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 Adjusted EBITDA2 per share $ 5.28 $ 5.78 $ 5.72 $ 4.41 $ 3.59 $ 2.79 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 Dividends declared (including DRIP) $ 262.1 $ 245.8 $ 221.4 $ 197.2 $ 187.0 $ 177.8 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends declared per share $ 1.36 $ 1.28 $ 1.16 $ 1.03 $ 0.99 $ 0.95 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 Working Capital4 $ 1,576.1 $ 1,332.9 $ 708.2 $ 610.5 $ 225.3 $ 153.5 $ 593.8 $ 323.6 $ 253.9 $ 677.8 $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 Debt $ Nil $ Nil $ Nil $ Nil $ 80.0 $ 207.6 $ Nil $ Nil $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Total Shareholders’ Equity $ 5.8B $ 6.4B $ 6.0B $ 5.4B $ 5.1B $ 4.6B $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B 5 Market Capitalization $ 21.3B $ 26.1B $ 26.5B $ 23.9B $ 19.6B $ 13.1B $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B GOLD EQUIVALENT REVENUE OPERATING CASH FLOW 1 OUNCES SOLD (US$ MILLIONS) (US$ MILLIONS) (000s) 800 $1,400 1200 700 1,200 1000 600 1,000 800 500 800 400 600 600 300 400 200 400 200 200 100 – – – '8 '9 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 1 Starting in Q4 2021, revenue from Franco-Nevada’s Energy assets are included in the calculation of Gold Equivalent Ounces (“GEOs”). GEOs for comparative periods have been recalculated to conform with the current presentation. GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold 2 Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA, and Adjusted EBITDA per share are non-GAAP 昀椀nancial measures with no standardized meaning under International Financial Reporting Standards (“IFRS Accounting Standards”) and might not be comparable to similar 昀椀nancial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section starting on page 132 of this Asset Handbook 3 Fiscal years 2010 through 2023 were prepared in accordance with IFRS Accounting Standards. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. Comparative information has been adjusted to conform to current presentation 4 The Company de昀椀nes Working Capital as current assets less current liabilities 5 As at December 31 14 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview (in millions, except GEOs, Total Shareholders’ Equity, Market Capitalization, and per share amounts)33333333 3 3 3 3 3 3 3 3 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 1 GEOs sold (000s) 627.0 730.0 728.2 573.3 598.4 516.6 537.7 488.5 384.5 351.6 290.4 254.7 260.6 185.4 158.2 167.8 Revenue $ 1,219.0 $ 1,315.7 $ 1,300.0 $ 1,020.2 $ 844.1 $ 653.2 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating (Loss) Income $ (428.0) $ 820.7 $ 860.7 $ 336.5 $ 410.2 $ 188.8 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net (Loss) Income $ (466.4) $ 700.6 $ 733.7 $ 326.2 $ 344.1 $ 139.0 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8) $ 62.7 $ 80.9 $ 40.3 Basic (Loss) Earnings per share $ (2.43) $ 3.66 $ 3.84 $ 1.71 $ 1.83 $ 0.75 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 2 Adjusted Net Income $ 683.1 $ 697.6 $ 673.6 $ 516.3 $ 341.5 $ 217.0 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income2 per share $ 3.56 $ 3.64 $ 3.52 $ 2.71 $ 1.82 $ 1.17 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 Adjusted EBITDA2 $ 1,014.7 $ 1,106.9 $ 1,092.3 $ 839.6 $ 673.4 $ 519.6 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 Adjusted EBITDA2 per share $ 5.28 $ 5.78 $ 5.72 $ 4.41 $ 3.59 $ 2.79 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 Precious Metals Dividends declared (including DRIP) $ 262.1 $ 245.8 $ 221.4 $ 197.2 $ 187.0 $ 177.8 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends declared per share $ 1.36 $ 1.28 $ 1.16 $ 1.03 $ 0.99 $ 0.95 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 Working Capital4 $ 1,576.1 $ 1,332.9 $ 708.2 $ 610.5 $ 225.3 $ 153.5 $ 593.8 $ 323.6 $ 253.9 $ 677.8 $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 Debt $ Nil $ Nil $ Nil $ Nil $ 80.0 $ 207.6 $ Nil $ Nil $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Total Shareholders’ Equity $ 5.8B $ 6.4B $ 6.0B $ 5.4B $ 5.1B $ 4.6B $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B Market Capitalization5 $ 21.3B $ 26.1B $ 26.5B $ 23.9B $ 19.6B $ 13.1B $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B Diver sified Assets 5 G&A ADJUSTED NET INCOME MARKET CAPITALIZATION (% OF CAPITALIZATION) PER SHARE2 (US$ BILLIONS) (US$ PER SHARE) 1.0% 4.00 30 3.50 0.8% 25 3.00 Mineral Resources and Mineral Reser 2.50 20 0.6% 2.00 15 0.4% 1.50 10 0.2% 1.00 0.50 5 – – – ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 15
Overview TRACK RECORD w vie Over 1-Year 2-Year 5-Year Since FNV 1 Total Return Total Return Total Return Inception 2 Franco-Nevada (US$) (17.1%) (11.6)% 10.7% 14.9% NASDAQ 40.9% 7.8% 17.4% 13.1% S&P 500 34.3% 8.9% 15.2% 10.4% 3 Gold Bullion ETF 12.1% 7.2% 11.0% 6.1% Barclays US Aggregate Bond4 2.4% (1.2%) 0.3% 2.7% GDX (index of mostly gold miners) (0.5%) (6.9%) 8.5% (1.0%) Note: Total return assumes reinvestment of dividends over designated period Source: TD Securities; Bloomberg 1 Compounded annual total returns from December 20, 2007 to March 31, 2024 2 Since FNV inception returns in US$ are calculated assuming an initial cost of US$15.21 (based on an IPO price of C$15.20 and CAD/USD of 1.0009 on December 20, 2007). All other index returns are in US$ 3 SPDR Gold Trust 4 Bloomberg Barclays US Aggregate Bond Index 1,2,3 CAGR SINCE FNV INCEPTION Franco-Nevada (FNV) US$ basis NASDAQ S&P 500 Gold Bullion ETF Barclays US Aggregate Bond GDX (index of mostly gold miners) -5% 0% 5% 10% 15% 1 FNV Inception - December 20, 2007 2 Compounded annual total returns to March 31, 2024 3 Source: TD Securities; Bloomberg “ Since its IPO in 2007, Franco-Nevada has outperformed all the relevant benchmarks.” 16 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview ORGANIC GROWTH DRIVERS 1 Our guidance is for total GEO sales of 480,000 to 540,000 GEOs in 2024 growing to 540,000 to 600,000 GEOs by 2028 through organic growth alone. Over the last 17 years, Franco-Nevada's annual GEO sales have grown 3.5 times both through organic expansions and acquisitions. We have a strong pipeline of opportunities to add further growth through acquisitions. Expansion2 Recent Mine Starts Subika to 2024 Séguéla 2023 Precious Metals Macassa (Kirkland Lake) to 2024 Magino 2023 Island Gold to 2026 Yandal (Bronzewing) 2023 Vale to 2026 Posse (Mara Rosa) 2024 Detour Lake to 2027 Salares Norte 2024 Under Construction3 Permitting3 Greenstone 2024 Eskay Creek 2027 Diver Tocantinzinho 2024 Copper World Project 2028 sified Assets Valentine Gold 2025 Stibnite Gold 2028 Castle Mountain (Phase 2) 2028 1 2024 Guidance and 2028 Outlook as published on March 5, 2024 in Franco-Nevada's 2023 Annual Report. Assuming: $1,950/oz Au, $22.50/oz Ag, $850/oz Pt, $900/oz Pd, $115/tonne Fe 62% CFR China, $75/bbl WTI oil and $2.50/mcf Henry Hub natural gas 2 Expansion periods are based on operators’ indicated period of ramp-up 3 Indicated start periods are based on operators’ guidance and FNV best estimates Mineral Resources and Mineral Reser Two-thirds of 5-year Growth is Already Under Construction ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 17
Overview ROYALTY OPTIONALITY w vie Numerous exploration and development stage assets are expected to drive Over long-term growth. In particular, we have royalties on the next generation copper assets: We profile all these assets in this Asset Handbook, although the profiles Cascabel (Alpala) in Ecuador, Copper World Project in Arizona, Taca Taca are not exhaustive. In addition to the profiled assets, we have another in Argentina, and NuevaUnión and Vizcachitas both in Chile. 243 exploration assets which are listed on pages 85-87 and pages 104-105. There is no doubt there will be more discoveries in the coming 2 (1) We also have royalties that cover much of the Ring of Fire in Northern years from the ~66,800 km that our portfolio covers across the best Ontario which hosts some of the world’s largest chromite resources, mineral trends in the world. along with nickel, copper and gold deposits. Another asset with large scale potential is the Crawford nickel deposit that is being delineated The optionality value of the portfolio is difficult to measure. The example in Ontario. below, however, gives an indication of how this optionality has played out historically. 2007 2008 – 2023 2023 120 100 >48 Moz gold produced 3 80 >$2.2 billion revenue to Franco-Nevada ves (Moz) from portfolio 60 Gold Reserves2 of same assets as reported ven and Probable December 2023 ProMineral Reser40 20 2 Gold Reserves at time of IPO 3.5x 0 increase4 IPO $1.2B paid for portfolio Reserves increase at no cost 1 Cobre Panama currently on preservation and safe management 2 Total gold reserves associated with the top 37 assets at the time of IPO (not adjusted for FNV royalty ownership). All Mineral Reserves have been calculated in accordance with CIM or acceptable foreign codes for the purposes of NI 43-101, including Regulation S-K 1300, SEC Industry Guide 7, JORC, or SAMREC guidelines 3 Revenue from original FNV portfolio includes gold, platinum and palladium revenue as at December 31, 2023 4 Calculation includes depletion 18 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview ROYALTY OUNCES Why We Measure “Royalty Ounces” 4. An asset producing silver, PGM or base/bulk metal: Franco-Nevada’s mining properties that have reported Mineral Resources The number of attributable silver, platinum or palladium ounces, and Mineral Reserves are tabulated in the Mineral Resources and and attributable base/bulk metals pounds/tonnes are converted into Royalty Ounces. Mineral Reserves appendix of this Asset Handbook. Unless otherwise noted in the Royalty Ounce calculation for each asset, the figures are This year’s pricing assumptions for conversion include: $1,950 per tabulated based on the publicly disclosed reports of each operator for ounce gold, $22.50 per ounce silver, $850 per ounce platinum, each property on a 100% basis. However, the tabulation does not $900 per ounce palladium, $3.75 per pound copper, $7.89 per provide a specific measure for Franco-Nevada’s interest in such Mineral pound nickel, $1.21 per pound ferrochrome and $115/t Fe 62% CFR Resources and Mineral Reserves for the following reasons: China for our calculations. For copper, nickel, ferrochrome and iron ore Royalty Ounce calculations, we do reflect deductions for processing • Royalty and stream interests have different economics than an operator and refining as they are more material compared to a typical gold has for its stated Mineral Resources and Mineral Reserves. In addition, NSR asset. the economics differ between NSR, NPI and stream interests In the Assets section of this Asset Handbook, we provide details for Precious Metals • Some assets do not cover the entire property associated with the each asset that include summary figures for the Mineral Resources (M&I operator’s publicly reported figures Resources inclusive of P&P Reserves), Mineral Reserves (P&P Reserves) To account for the above, we calculate “Royalty Ounces” to estimate and Inferred Mineral Resources (Inferred Resources). We also provide the value attributable to Franco-Nevada due to our economic interest in the related M&I Royalty Ounces, P&P Royalty Ounces and Inferred Royalty the Mineral Resources and Mineral Reserves of our portfolio. The value Ounces for each of those assets and the key guidance and assumptions of a Royalty Ounce is normalized to that of a gold NSR ounce. that were required to derive those Royalty Ounces. How We Estimate “Royalty Ounces” Readers are cautioned that the Royalty Ounces are prepared by the management of Franco-Nevada and have not been reviewed or endorsed A traditional NSR royalty on a gold mining property provides Franco- by the operators of the projects. Nevada with a simple percentage of the revenue or gold in-kind produced from that property. For example, if we have a 2% NSR royalty on a Example Economics of a Royalty (NSR or NPI) versus a Stream property, we calculate 2% of the stated Mineral Resources and Mineral The example below compares the relative value per ounce to Franco- Reserves as our “Royalty Ounces”. Note we do not make adjustments for recoveries and refining fees for gold NSRs as they are typically minor. Nevada of an NSR, a stream or an NPI or WI. Assume for one ounce Diver 1 When calculating Royalty Ounces for a property our objective is that they of gold, a sales price of $1,950, a “stream cost” of $400 per ounce 2 sified Assets should be comparable to an attributable gold NSR Royalty Ounce. and that the “all-in sustaining cost” of the mine is $1,335 per ounce. To achieve comparable Royalty Ounce figures, we make adjustments in the following circumstances: Developed 1 NSR Stream NPI or WI 1. The royalty or stream does not cover all the Mineral Resources or Mineral Reserves on a property: One ounce sold at $ 1,950 $ 1,950 $ 1,950 We provide our best estimate of the percentage of Mineral $ – 1 2 Resources and Mineral Reserves that are attributable to our interest. Applicable cost $ 400 1,335 2. A stream interest with an associated ongoing cost per ounce: Margin for calculation $ 1,950 $ 1,550 $ 615 The number of attributable stream ounces are factored to make NSR, Stream or NPI % $ 4% $ 4% 4% Mineral Resources and Mineral Reser them economically equivalent to a NSR ounce. For example as illustrated on this page, at an $1,950 per ounce gold price and Revenue per ounce to FNV $ 78 $ 62 $ 25 a $400 cost per ounce, the stream ounces are factored by 79.5%. Value relative to an NSR 1.0x 0.79x 0.32x The factor depends on cost per ounce or the percentage margin written in the agreement. 1 Franco-Nevada’s streams have various ongoing costs. In some cases, it is $400 per ounce plus a 1% annual increment, in other cases it is 20% of the spot price of gold. For each stream, 3. A NPI royalty: Franco-Nevada indicates the detail for ongoing costs A NPI is subject to the operating and capital costs specific to each 2 For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s (“Barrick”) 2023 all-in sustaining cash cost measure, asset. We generate our own internal mine life projections for each as Barrick is the operator of two assets at which Franco-Nevada has NPI interests asset to determine a reasonable estimate of the economic equivalent of a gold NSR Royalty Ounce using an $1,950 gold price assumption. ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 19
Overview 1,2 PRECIOUS METALS ROYALTY OUNCES w vie 4 Asset Asset Type P&P (000s) M&I (000s) Inf (000s) Over South America Candelaria Stream 665 1,586 145 Antapaccay Stream 333 712 32 Antamina Stream 134 522 492 Condestable Stream 85 147 12 Cerro Moro NSR 8 12 4 Salares Norte NSR 39 42 1 Cascabel (Alpala)3 NSR 213 769 127 Posse (Mara Rosa) NSR 9 12 – CentroGold (Gurupi) NSR 11 17 6 Calcatreu NSR – 19 10 Tocantinzinho Stream 204 210 5 Pascua-Lama NSR – 454 19 Volcan NSR – 147 19 San Jorge NSR – 91 4 Central America and Mexico5 Guadalupe-Palmarejo Stream 209 556 110 United States Stillwater NSR 529 886 878 Carlin Trend NSR/NPI 215 354 137 Marigold NSR 70 113 9 Bald Mountain NSR 19 157 18 Mesquite NSR 11 19 9 Castle Mountain NSR 118 159 40 Fire Creek/Midas NSR – 2 83 Hollister NSR – 2 8 Stibnite Gold NSR 82 107 27 Nevada North (Wildcat & Mountain View) NSR – 13 2 Sleeper NSR – 43 26 Sandman NSR – 1 – Canada Detour Lake NSR 399 758 54 Sudbury Stream 24 24 – Hemlo NSR/NPI 64 120 23 Brucejack NSR 37 43 48 Macassa (Kirkland Lake) NSR/NPI 33 64 57 Dublin Gulch (Eagle) NSR 24 43 5 Musselwhite NPI 24 28 3 Timmins West NSR 11 15 2 Gold River NSR – 3 23 Canadian Malartic NSR 25 26 37 Island Gold NSR 9 11 10 Golden Highway - Holt Complex NSR – 131 86 Golden Highway - Hislop NSR – 7 4 Golden Highway - Aquarius NSR – 22 – Greenstone NSR 166 210 92 Valentine Gold NSR 81 119 33 Eskay Creek NSR 109 140 2 Magino NSR 71 137 25 Spences Bridge (Shovelnose) NSR – 13 3 Wawa NSR – 3 7 Kerr-Addison NSR – 18 34 Clarence Stream NSR – 9 13 Red Lake (McFinley) NSR 1 5 3 Courageous Lake NSR 29 112 39 Gold昀椀elds NSR – 20 4 Monument Bay NSR – 44 53 Red Mountain NSR 5 8 1 Fenelon-Martiniere NSR – 37 30 Marathon (Sally) NSR – 5 2 1 For information regarding the calculation of each Royalty Ounce, please refer to the individual asset write-ups. We have assumed $1,950/oz Au, $22.50/oz Ag, $850/oz Pt, $900/oz Pd, $3.75/lb copper, $7.89/lb nickel, $1.21/lb ferrochrome and $115/t Fe 62% CFR China for our calculations 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 Copper Royalty Ounces assume NSR deductions of 15% (for Sossego please refer to the Vale asset write-up); Nickel Royalty Ounces and Ferrochrome Royalty Ounces assume NSR deductions of 30%. Please also refer to the individual Vale (Northern & Southeastern System) & LIORC asset write-ups for the deductions applied to the Iron Ore Royalty Ounces 4 M&I Royalty Ounces include P&P Royalty Ounces 4 royalty ounces and Inf royalty ounces 5 Cobre Panama, currently on preservation and safe management, is not included in the above calculations. Franco-Nevada estimates that P&P royalty ounces, M&I would be 4,468 koz, 4,673 koz and 745 koz, respectively, as per First Quantum’s March 28, 2023 Annual Information Form as at December 31, 2022 20 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview Asset Type P&P (000s) M&I4 (000s) Inf (000s) Asset Rest of World MWS Stream 18 18 – Sabodala Stream 60 111 31 Tasiast NSR 101 140 30 Subika (Ahafo) NSR 63 66 12 Karma Stream 6 74 26 Duketon NSR 17 31 10 Edikan NSR 12 25 4 Matilda (Wiluna) NSR 12 72 128 South Kalgoorlie NSR 12 46 31 Kiziltepe NSR 2 3 2 Sissingué NSR – – – Pandora NPI 18 154 19 Precious Metals Yandal (Bronzewing) NSR 20 36 5 Aphrodite NSR 8 29 13 Rebecca NSR – 17 4 Séguéla NSR 7 9 1 Perama Hill NSR 20 27 16 Ağ i Dağ i NSR 23 44 6 Bullabulling NSR – 11 5 Glenburgh NPI – 2 – 1,2 DIVERSIFIED ROYALTY OUNCES 3 Mining Vale (Northern & Southeastern System) Other 797 1,094 63 Sossego Other 3 20 1 LIORC Other 165 296 124 NuevaUnión (Relincho) NSR 248 346 141 Diver Taca Taca NSR 356 433 99 sified Assets Falcondo NPI 68 77 5 Copper World Project NSR 156 380 66 Caserones NSR 51 80 8 Robinson NSR 5 18 1 Ring of Fire NSR – 188 53 Eagle's Nest NSR – 12 8 Crawford NSR 473 754 465 Mt Keith NSR/NPI 14 33 4 Refer to footnotes on page 20 Mineral Resources and Mineral Reser ROYALTY OUNCES BY MINERAL RESOURCE, 1 LOCATION AND TYPE 2 2 Royalty Ounces by M&I Royalty Ounces by M&I Royalty Ounces by MINERAL RESOURCE CATEGORY LOCATION TYPE ves P&P 37% South America 48% NSR 58% M&I 39% Central America Stream 28% Inferred 24% and Mexico 5% NPI 4% United States 16% Other 10% Canada 24% Rest of World 7% Additional Inf or mation 1 Cobre Panama, currently on preservation and safe management, is not included in the above calculations 2 M&I Royalty Ounces include P&P Royalty Ounces TSX / NYSE: FNV Franco-Nevada Corporation ★ 21
Overview ENVIRONMENTAL, SOCIAL w AND GOVERNANCE HIGHLIGHTS vie Over Franco-Nevada’s 2024 ESG Report is available on our website. Highlights from the report are summarized below. DUE DILIGENCE TO INVEST IN STRONG ESG PERFORMERS Our principal ESG-related focuses when making investments are highlighted in our 2024 ESG Report, including health and safety, carbon footprint, water management and risk, tailings management and biodiversity. We have also assessed how the operators of our top revenue-generating mining assets have performed in each of these five categories. INCREASED COMMUNITY CONTRIBUTIONS AND COMMITMENTS Our community contributions funded increased year-over-year, including our renewed Enseña Peru funding in Peru and new contributions in Brazil, Senegal, the United States, and Canada. We continue to support mining industry groups and diversity initiatives. Franco-Nevada’s Barbados team celebrates African Awareness Month FOCUS ON EMPLOYEE WELL-BEING AND ACCOMMODATIONS "We achieved our goal to have 40% diverse We have highlighted the efforts made by our organization to persons at the Board and senior management promote the physical and mental well-being of our employees, including providing hybrid work arrangements, health benefits, levels (as a group) ahead of schedule" wellness allowances, accommodations for cultural and religious beliefs, and the ability to disconnect when not working. NEW EMISSION FURTHERED DIVERSE REDUCTION TARGETS REPRESENTATION We have adopted emission reduction targets for our corporate AND DIVERSITY INITIATIVES emissions in line with our goal to achieve net-zero emissions We achieved our goal to have 40% diverse persons at the Board by 2050 or sooner. The targets include a 42% reduction of our and senior management levels (as a group) ahead of schedule. Scope 1 and 2 emissions by 2030 and a 30% reduction of our The number of Franco-Nevada Diversity Scholarship awards overall corporate emissions (Scope 1, 2 and 3, excluding financed increased in 2023, with five new students from four Canadian emissions) by 2030, each from a 2023 base year. We have universities receiving scholarships. advanced the implementation of measures and programs to reduce our carbon footprint in furtherance of our emission reduction targets. 22 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Overview Precious Metals Commerce Court West, Toronto OUR SCOPE 3 EMISSIONS INITIATIVES ALIGNED INCLUDE FINANCED EMISSIONS WITH UN SUSTAINABLE Diver We have measured and disclosed financed emissions DEVELOPMENT GOALS sified Assets attributable to our royalty and stream interests, included as Initiatives across our business help advance a number of Scope 3, Category 15 (Investments) emissions. In our 2024 the Sustainable Development Goals, which were adopted ESG Report, we include a primer for navigating the Greenhouse by the United Nations in 2015 as a universal call to action Gas Protocol standards, including what comprises Scope 1, 2 to end poverty, protect the planet, and ensure that by 2030 and 3 emissions. all people enjoy peace and prosperity. Mineral Resources and Mineral Reser MAINTAINED CARBON NEUTRALITY CONTINUED HIGH RANKINGS FOR CORPORATE EMISSIONS AND RECOGNITION FROM ESG Since 2020, we have maintained carbon neutrality for our corporate RATING AGENCIES operations. We have accomplished this, and will continue to do so We continue to receive recognition for our ESG efforts and rank through the reduction of our corporate emissions and the purchase highly with top ESG rating agencies. Franco-Nevada is the #1 of high quality carbon credits to offset emissions that cannot ranked precious metals company and the #1 ranked gold be eliminated. company by Sustainalytics. We are rated “AA” by MSCI and “Prime” by ISS ESG. ves ALIGNMENT OF ESG REPORTING WITH TCFD, SASB AND GRI Our ESG disclosure is aligned with leading reporting standards Additional Inf and frameworks, including the Sustainability Accounting Standards Board and Global Reporting Initiative standards and the Task Force on Climate-related Financial Disclosures framework. or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 23
w vie Over 24 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Precious Metals Diver sified Assets Mineral Resources and Mineral Reser ves Precious Metals Additional Inf or mation
PRECIOUS METALS/DIVERSIFIED ASSETS INDEX w – REGIONAL vie Over PRECIOUS METALS South America 28 Rest of World 72 Candelaria (Au & Ag) 29 Séguéla (Au) 73 Antapaccay (Au & Ag) 30 MWS (Au) 74 Antamina (Ag) 31 Sabodala (Au) 75 Condestable (Au & Ag) 32 Tasiast (Au) 76 Tocantinzinho (Au) 33 Subika (Ahafo) (Au) 77 Cerro Moro (Au & Ag) 34 Karma (Au) 78 Salares Norte (Au & Ag) 35 Duketon (Au) 79 Cascabel (Alpala) (Au, Cu, Ag) 36 Edikan (Au) 80 Posse (Mara Rosa) (Au) 37 Yandal (Bronzewing) (Au) 81 CentroGold (Gurupi) (Au) 37 Matilda (Wiluna) (Au) 82 Calcatreu (Au & Ag) 37 Kiziltepe (Au & Ag) 82 Precious Metals San Jorge (Au) 37 South Kalgoorlie (Au) 83 Sissingué (Au) 83 Central America & Mexico 38 Pandora (PGM) 83 Aphrodite (Au) 84 Cobre Panama (Au & Ag) 39 Perama Hill (Au) 84 Guadalupe-Palmarejo (Au) 41 Precious Metals Exploration Assets 85 United States 42 Stillwater (PGM) 43 DIVERSIFIED Goldstrike (Au) 44 Gold Quarry (Au) 45 Vale (Iron Ore, Cu, Au & Other) 92 Marigold (Au) 46 LIORC (Iron Ore) 94 Bald Mountain (Au) 47 South Arturo (Au) 48 Mesquite (Au) 49 Other Mining 95 Castle Mountain (Au) 50 Stibnite Gold (Au & Ag) 51 NuevaUnión (Relincho) (Cu, Au & Mo) 95 Sterling (Au) 52 Taca Taca (Cu, Au & Mo) 96 Granite Creek (Pinson) (Au) 52 Caserones (Cu & Mo) 97 Copper World Project (Cu, Mo, Ag & Au) 98 Canada 53 Ring of Fire (Cr, Ni, Cu & PGM) 99 Mt Keith (Ni) 100 Detour Lake (Au) 54 Crawford (Ni, Co, Cr & PGM) 101 Sudbury (PGM & Au) 56 Robinson (Cu, Mo, Ag & Au) 101 Hemlo (Au) 57 EaglePicher (De) 102 Brucejack (Au & Ag) 58 Copper Creek (Cu, Mo & Ag) 102 Macassa (Kirkland Lake) (Au) 59 Milpillas (Cu) 102 Dublin Gulch (Eagle) (Au) 60 Diversi昀椀ed (Mining) Musselwhite (Au) 61 104 Timmins West (Au) 62 Exploration Assets Canadian Malartic (Au) 63 Magino (Au) 64 U.S. Energy 108 Island Gold (Au) 65 Greenstone (Au) 66 Marcellus 108 Valentine Gold (Au) 67 Haynesville 109 Golden Highway (Au) 68 SCOOP/STACK 110 Eskay Creek (Au & Ag) 69 Permian Basin 111 Red Lake (McFinley) (Au) 70 Courageous Lake (Au) 70 Canadian Energy 112 Gold昀椀elds (Au) 70 Monument Bay (Au) 71 Weyburn Unit 112 Red Mountain (Au) 71 Orion 113 Cariboo (Au) 71 Other Producing Energy Assets 114 Energy Exploration Assets 115 26 ★ Franco-Nevada Corporation TSX / NYSE: FNV
PRECIOUS METALS/DIVERSIFIED ASSETS INDEX – ALPHABETICAL PRECIOUS METALS Antamina (Ag) 31 Red Mountain (Au) 71 Antapaccay (Au & Ag) 30 Sabodala (Au) 75 Aphrodite (Au) 84 Salares Norte (Au & Ag) 35 Bald Mountain (Au) 47 San Jorge (Au) 37 Brucejack (Au & Ag) 58 Séguéla (Au) 73 Calcatreu (Au & Ag) 37 Sissingué (Au) 83 Canadian Malartic (Au) 63 South Arturo (Au) 48 Candelaria (Au & Ag) 29 South Kalgoorlie (Au) 83 Cariboo (Au) 71 Sterling (Au) 52 Cascabel (Alpala) (Au, Cu, Ag) 36 Stibnite Gold (Au & Ag) 51 Castle Mountain (Au) 50 Stillwater (PGM) 43 CentroGold (Gurupi) (Au) 37 Subika (Ahafo) (Au) 77 Cerro Moro (Au & Ag) 34 Sudbury (PGM & Au) 56 Cobre Panama (Au & Ag) 39 Tasiast (Au) 76 Condestable (Au & Ag) 32 Timmins West (Au) 62 Courageous Lake (Au) 70 Tocantinzinho (Au) 33 Detour Lake (Au) 54 Valentine Gold (Au) 67 Dublin Gulch (Eagle) (Au) 60 Yandal (Bronzewing) (Au) 81 Duketon (Au) 79 Edikan (Au) 80 DIVERSIFIED Eskay Creek (Au & Ag) 69 Gold Quarry (Au) 45 Golden Highway (Au) 68 Caserones (Cu & Mo) 97 Gold昀椀elds (Au) 70 Copper Creek (Cu, Mo & Ag) 102 Diver Goldstrike (Au) 44 Copper World Project (Cu, Mo, Ag & Au) 98 Granite Creek (Pinson) (Au) 52 Crawford (Ni, Co, Cr & PGM) 101 sified Assets Greenstone (Au) 66 Diversi昀椀ed (Mining) Exploration Assets 104 Guadalupe-Palmarejo (Au) 41 EaglePicher (De) 102 Hemlo (Au) 57 Energy Exploration Assets 115 Island Gold (Au) 65 Haynesville 109 Karma (Au) 78 LIORC (Iron Ore) 94 Kiziltepe (Au & Ag) 82 Marcellus 108 Macassa (Kirkland Lake) (Au) 59 Milpillas (Cu) 102 Magino (Au) 64 Mt Keith (Ni) 100 Marigold (Au) 46 NuevaUnión (Relincho) (Cu, Au & Mo) 95 Matilda (Wiluna) (Au) 82 Orion 113 Mineral Resources and Mineral Reser Mesquite (Au) 49 Permian Basin 111 Monument Bay (Au) 71 Ring of Fire (Cr, Ni, Cu & PGM) 99 Musselwhite (Au) 61 Robinson (Cu, Mo, Ag & Au) 101 MWS (Au) 74 SCOOP/STACK 110 Pandora (PGM) 83 Taca Taca (Cu, Au & Mo) 96 Perama Hill (Au) 84 Vale (Iron Ore, Cu, Au & Other) 92 Posse (Mara Rosa) (Au) 37 Weyburn Unit 112 Precious Metals Exploration Assets 85 Red Lake (McFinley) (Au) 70 ves Additional Inf The description and depiction of our assets in this Asset Handbook has been simpli昀椀ed for presentation purposes. More detailed and current information may be available in our previous and subsequent disclosure and on our website. Mineral Resources and Mineral Reserves information for 2022 and 2021 is provided for comparative purposes only. For a detailed breakdown of the 2022 and 2021 Mineral or Resources and Mineral Reserves, please refer to our AIF for each of the years ended December 31, 2022 and December 31, 2021, respectively available on SEDAR+ at www.sedarplus.com. mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 27
South America w vie Over Precious Metals Cascabel (Alpala) CentroGold (Gurupi) Tocantinzinho Antamina Condestable Antapaccay Posse (Mara Rosa) Salares Norte Candelaria San Jorge Calcatreu Cerro Moro Producing Advanced 28 ★ Franco-Nevada Corporation TSX / NYSE: FNV
South America CANDELARIA Location: Chile, South America | Operator: Lundin Mining Corporation | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In November 2014, Franco-Nevada (Barbados) Corporation acquired a gold and silver stream on production from the Candelaria operation in Chile. 2023 2022 2021 concession and partly on ground covered by Franco-Nevada’s area Revenue to Franco-Nevada ($ million) $ 130.3 $ 125.8 $ 116.5 of interest. Operations at the Alcaparrosa underground mine were M&I Resources (koz Au)1 5,895 5,336 5,600 suspended in connection with the sinkhole which occurred near Inferred Resources (koz Au)1 606 484 500 the mine in July 2022 and excluded from the Candelaria LOM plans. P&P Reserves (koz Au)1 2,235 2,479 2,700 Candelaria has a total mill throughput of approximately 79 ktpd. In early 1 2022, Lundin completed a feasibility study update for throughput expansion M&I Resources (Moz Ag) 86.6 80.6 83.0 1 of the underground mines from 15 ktpd to up to 30 ktpd and included Inferred Resources (Moz Ag) 6.3 5.6 7.0 1 underground crushing and conveying systems and a surface secondary P&P Reserves (Moz Ag) 32.1 36.2 39.0 1, 2 crushing plant although a construction decision has not yet been made. M&I Royalty Ounces (000s) 1,586 1,456 1,586 In 2023, Candelaria produced approximately 152 kt of copper, 90 koz 2 Inferred Royalty Ounces (000s) 145 115 125 of gold and 1.5 Moz of silver, on a 100% basis. Franco-Nevada sold 2 P&P Royalty Ounces (000s) 665 746 851 66,709 GEOs from the mine in 2023, compared with 69,854 GEOs 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral in 2022. In 2024, Franco-Nevada expects sales from its Candelaria Resource category; all M&I categories are inclusive of Mineral Reserves stream to be between 70,000 and 80,000 GEOs. 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable metal of the balance of the 720,000 ounces of gold and 12 million ounces of silver remaining and the balance of P&P Reserves subject to the lower stream percentage. For M&I Royalty History of expanding resources Ounces, Franco-Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the lower stream percentage. For Inferred Royalty Ounces, Franco- Updated plan extends life of mine to 2048 Nevada assumes Inferred Mineral Resources are subject to the lower stream percentage. Silver is converted to Royalty Ounces assuming $1,950/oz gold and $22.50/oz silver UG mine expansion permitted and being evaluated ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz silver in 2021). The stream interest has been factored by 78% to re昀氀ect $1,950 per ounce gold and $428.85 per ounce ongoing payments (76% in 2023, 76% in 2022) Diver The Candelaria mine was discovered in 1987 and the open pit has been sified Assets in operation since 1993. The operation also includes the Candelaria North Candelaria and South, Santos and Alcaparrosa underground mines. Lundin Mining Gold and Silver Stream Corporation (“Lundin”) is the operator of the project and owns 80% Copiapo of the asset with the balance owned by Sumitomo Corporation and its affiliates. Franco-Nevada provided an up-front deposit of $655 million N to acquire the gold and silver stream from what is primarily a copper mine. Alcaparrosa The funds were used to finance a portion of the cost paid by Lundin 0 2.5 Mine to acquire the asset from Freeport-McMoRan Inc. Candelaria is an kilometer Tierra Amarilla established mining operation and the transaction was the first material Santos Mine instance of a royalty/streaming company partnering with an operating Mineral Resources and Mineral Reser company to purchase a producing asset. Candelaria North (U/G) 2 The stream covers the current property of approximately 150 km . An additional defined area of interest effectively doubles the property Candelaria Pit position. Should Lundin acquire properties located within the area Candelaria La Española South (U/G) of interest, Franco-Nevada has the option to purchase a gold and silver stream which will apply to the additional ore from such properties. Under the streaming agreement, Lundin will deliver 68% of the payable gold and silver from 100% of the mine production, which reduces to 40% after 720,000 ounces of gold and 12 million ounces of silver have been ves delivered to Franco-Nevada. This is currently expected to occur in 2027. Cumulatively, 541,308 ounces of gold and 8.7 million ounces of silver have been delivered since acquisition until December 31, 2023. Franco-Nevada pays an ongoing price equal to the lesser of $428.85 per ounce of gold and $4.28 per ounce of silver or the then prevailing spot price for gold and silver for each ounce delivered under the stream. This price escalates by 1% per annum in October of each year. Peru Brazil Additional Inf Bolivia Area of Interest Lundin has made a significant investment in exploration at Candelaria Paci c Ocean Pits and has extended the mine life from 2028, when it acquired Candelaria, Candelaria to 2048. Lundin has successfully added to the Mineral Resources and Candelaria Mining Property or Mineral Reserves at the four underground mines and has discovered Ojos del Salado Mining Property mation Chile Argentina the Española open pit deposit which is located partly on the stream TSX / NYSE: FNV Franco-Nevada Corporation ★ 29
South America ANTAPACCAY w Location: Peru, South America | Operator: Glencore plc | Precious Metals: Au & Ag | Stream: Gold and Silver Stream vie Over In February 2016, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Antapaccay mine for $500 million from Glencore plc (“Glencore”) and its subsidiaries. 2023 2022 2021 10 million ounces of silver have been delivered, which is currently expected Revenue to Franco-Nevada ($ million) $ 120.1 $ 95.2 $ 111.6 to occur in 2028. Thereafter, Franco-Nevada will receive 30% of the gold M&I Resources (koz Au)1 2,871 3,079 3,279 and silver shipped. Cumulatively, 446,810 ounces of gold and 7.0 million Inferred Resources (koz Au)1 164 193 383 ounces of silver have been delivered since acquisition until December 31, P&P Reserves (koz Au)1 1,033 1,198 1,222 2023. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 M&I Resources (Moz Ag)1 68.3 70.2 70.6 million ounces of refined silver have been delivered. Thereafter, the on-going Inferred Resources (Moz Ag)1 3.4 3.4 6.2 price will increase to 30% of the spot price of gold and silver. P&P Reserves (Moz Ag)1 17.7 19.3 17.6 Precious Metals 1,2 The stream is referenced to the entire Antapaccay concession covering M&I Royalty Ounces (000s) 712 786 868 2. Glencore is considering developing the 1 approximately 997 km Inferred Royalty Ounces (000s) 32 36 72 Coroccohuayco deposit which is located within 10 km of the Antapaccay 1 P&P Royalty Ounces (000s) 333 397 440 plant. The project has been rescoped as an open pit with mine planning 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral currently at the PFS level. Coroccohuayco hosts M&I Mineral Resources Resource category; all M&I categories are inclusive of Mineral Reserves of 643 million tonnes with a copper grade that is approximately 50% 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable higher than the Antapaccay Mineral Reserves. In addition, there are metal of the remaining deliveries before the 630,000 ounces of gold and 10 million ounces of silver hurdle with the balance of Mineral Reserves subject to a 30% stream. For M&I Royalty a number of large-scale regional targets and prospects on the Ounces, Franco-Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources Antapaccay concessions. subject to the 30% stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject to the 30% stream. Silver has been converted to Royalty Ounces assuming $1,950/oz gold and $22.50/oz silver ($1,800/oz gold and $21.00/oz silver in Antapaccay currently has a combined (Antapaccay + Tintaya plants) mill 2022, $1,800/oz gold and $23.00/oz silver in 2021). The stream interest has been factored throughput capacity of 105 ktpd. In 2023, Antapaccay produced 173 kt by different ongoing payments of 20% of the spot price of gold and silver on the 昀椀rst 750,000 ounces of gold and 12.8 million ounces of silver and 30% of the spot price thereafter of copper, 97 koz of gold and 1.3 Moz of silver. Franco-Nevada sold 61,158 GEOs from the mine in 2023, compared with 53,023 GEOs in 2022 and, Antapaccay is located within the province of Espinar in Southern Peru. in 2024, expects sales from its Antapaccay stream to be between 50,000 The property also hosts the historic Tintaya open pit mine and related and 60,000 GEOs. Antapaccay has a planned mine life to 2034 which infrastructure which began operating in 1984. Glencore (Xstrata) invested would be further extended by any development of Coroccohuayco. in excess of $1.5 billion of initial capital to build and commission the Antapaccay open pit mine and plant, which commenced operations Gold and silver deliveries initially referenced to copper in 2012. in concentrate shipped Under the streaming agreement, gold and silver deliveries are initially Potential for Coroccohuayco to extend mine life referenced to copper in concentrate shipped. Franco-Nevada will receive 2 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes Land package of 997 km offers a number of large-scale of copper in concentrate shipped, until 630,000 ounces of gold and regional targets Antapaccay Gold and Silver Stream Brazil Peru Tintaya Pit/ Tintaya Plant N Tailings Storage Antapaccay Bolivia 0 15 Antapaccay Plant Paci c Ocean 8 km Chile Argentina kilometer 7 km Coroccohuayco Antapaccay Concession Area Antapaccay Pit Pits Antapaccay Concession Area *Antapaccay Concession area 2 covers ~997 km Excluded from Royalty 30 ★ Franco-Nevada Corporation TSX / NYSE: FNV
South America ANTAMINA Location: Peru, South America | Operator: Teck Resources Limited (owns 22.50%) | Precious Metals: Ag | Stream: Silver Stream In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina mine in Peru from Teck Resources Limited (“Teck”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 50.5 $ 68.4 $ 94.1 M&I Resources (Moz Ag)¹ 324.7 321.2 324.9 Inferred Resources (Moz Ag)¹ 429.6 460.2 447.7 P&P Reserves (Moz Ag)¹ 77.8 88.3 107.0 1,2 M&I Royalty Ounces (000s) 522 528 585 1 Inferred Royalty Ounces (000s) 492 531 560 1 P&P Royalty Ounces (000s) 134 153 201 1 Please refer to the tables on pages 118-124 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 assumes 22.5% of Teck’s interest in Antamina is subject to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted to Royalty Ounces assuming $1,950/ oz gold and $22.50/oz ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz in 2021). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), Antamina, Peru the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). High grade copper/zinc orebody Antamina commenced operations in 2001 and is one of the lowest cost One of the lowest cost copper operations globally copper operations globally. Antamina has a mill throughput capacity Large, high grade Inferred Mineral Resource Diver of approximately 145,000 tonnes per day. In 2023, on a 100% basis, Antamina produced 423,500 tonnes of copper, 463,100 tonnes of zinc sified Assets and 11.6 million ounces of silver (silver calculated from Glencore’s 33.75% interest in Antamina) in concentrates. Silver sold for 2023 was 2.2 million ounces for Franco-Nevada’s attributable Antamina share under the stream, with 3.1 million ounces sold in 2022. Franco- Silver Stream Huari Nevada expects attributable production in 2024 to be between 2.0 million Huaraz to 2.4 million silver ounces, temporarily lower than our long-term expected San Marcos Antamina annual range of 2.8 million to 3.2 million silver ounces as silver grades Chavui De Huantar are expected to be lower than average in 2024. Antamina is expected N Subestacion 0 100 Recuay Machac Linea de to revert to higher silver grades in 2025. In addition, a capital program Transmision Mineral Resources and Mineral Reser Electrica that includes moving the location of the in-pit crusher will provide access kilometer to higher grade ore resulting in higher metal production. The stream is Catac Parque Nacional Huascaran based on recovered silver from Teck’s attributable 22.50% interest in the Pachacoto Huanzala Huallanca Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada Yanashall pays 5% of the spot silver price for each ounce of silver delivered under Autopista Panamericana Norte the stream. The stream will reduce by one-third after 86 million ounces CMA Pipeline Huarmey of silver have been delivered, currently expected after 2040. A total CMA Aquia Puerto Minero Carretera of 27.1 million cumulative ounces of silver have been delivered to Punta Lobitos Pativilca-Huarez Conococha Franco-Nevada as of December 31, 2023. Cajacay Chiquian Inclusive of Mineral Reserves, the mine contains total Measured and Chasquitambo Indicated Mineral Resources of approximately 899 million tonnes of ore ves (with a silver grade of 11.2 g/t) and an Inferred Mineral Resource of 1.19 billion tonnes of ore (with a silver grade of 11.3 g/t). Total Mineral Cutatambo Reserves are 226 million tonnes of ore (with a silver grade of 10.7 g/t), Brazil which are currently constrained by tailings disposal capacity. Approval Antamina Peru of the Modification of Environmental Impact Assessment was received Bolivia Paramonga on February 14, 2024, to extend its mine life from 2028 to 2036. CMA Pativilca Additional Inf is evaluating for additional tailings storage options and alternative mine Barranca Paci c Ocean Paci c Ocean Pto. Supe plans that could result in significant mine life extensions. Beyond the Huacho Chile Argentina known Mineral Resources and Mineral Reserves, Antamina hosts additional Huaral Chancay potential open pit and bulk/selective underground targets. There is also Lima or regional exploration potential over a large, prospective land package mation 2 greater than 1,000 km . TSX / NYSE: FNV Franco-Nevada Corporation ★ 31
South America CONDESTABLE w Location: Peru, South America | Operator: Southern Peaks Mining LP | Precious Metals: Au & Ag | Stream: Gold and Silver Stream vie Over In March 2021 and amended in March 2024, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Condestable mine in Peru, for a total combined deposit of $175 million. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 23.7 $ 22.4 $ 22.5 M&I Resources (koz Au)1 537 688 701 Inferred Resources (koz Au)1 79 479 480 P&P Reserves (koz Au)1 267 163 170 1 M&I Resources (Moz Ag) 9.8 17.4 17.6 1 Inferred Resources (Moz Ag) 1.0 12.2 12.3 1 P&P Reserves (Moz Ag) 5.2 5.2 5.2 Precious Metals 1,2 M&I Royalty Ounces (000s) 147 164 180 1 Condestable, Peru Inferred Royalty Ounces (000s) 12 87 89 1 P&P Royalty Ounces (000s) 85 97 n/a 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Proven operation with excellent potential for expansions Mineral Resource category; all M&I categories are inclusive of Mineral Reserves and mine life extension 2 For Royalty Ounce calculation, Franco-Nevada estimates 昀椀xed deliveries for M&I Royalty Increased LOM exposure with additional $10M deposit Ounces of 8,760 ounces of gold and 291,000 ounces of silver per year until December 2025; then, 63% of gold and silver until 87,600 ounces of gold and 2,910,000 ounces of silver are 2 delivered, respectively; thereafter, 25% of gold and silver ounces are subject to the stream. Large, prospective land package of approximately 450 km For Inferred Royalty Ounces, Franco-Nevada assumes 25% of gold and silver from Inferred Mineral Resources (25% in 2022) are subject to the stream. Silver has been converted to Royalty Ounces assuming $1,950/oz gold and $22.50/oz ($1,800/oz gold and $21.00/ oz silver in 2022, $1,800/oz gold and $23.00/oz in 2021). The stream interest has been Condestable factored by ongoing payments of 20% of the spot price of gold and silver Gold and Silver Stream The Condestable mine is located approximately 90 km south of Lima, Peru, and is owned and operated by a majority-owned subsidiary of Southern Peaks Mining LP (“SPM”), a private company. The Condestable N mine has operated for over 50 years, produces approximately 20,000 00 55 tonnes of copper per year and has a proven history of resource conversion. kilometerkilometer For the first five years of the streaming agreement, commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada will receive 8,760 ounces of gold and 291,000 ounces of silver annually until a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive 63% of the gold and silver contained in concentrate until a 102 km cumulative total of 87,600 ounces of gold and 2,910,000 ounces of to Lima silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 37.5% over the remaining life of mine (the Surface “Variable Phase 2 Deliveries”). The Variable Phase 2 Deliveries were facilities increased from 25% to 37.5%, as part of the March 2024 amendment. Condestable UG Franco-Nevada will pay 20% of the spot price for gold and silver for each Raul UG ounce delivered under the stream (the “Ongoing Payment”). Vinchos UG For a period of four years from closing, subject to certain restrictions, a subsidiary of SPM may, at its option, make a one-time special delivery comprising the number of ounces of refined gold equal to $118.8 million at the then current spot price subject to the Ongoing Payment, to achieve the early payment of the Fixed Deliveries and Variable Phase 1 Deliveries. Pan American Hwy The Variable Phase 2 Deliveries would commence immediately thereafter. Paci c Ocean The stream is referenced to the entire Condestable concessions covering 2 approximately 450 km with excellent near mine exploration upside. Throughput at the mine averaged 7,900 tpd in 2023. SPM is currently ramping up capacity at the Condestable mine to 8,400 tpd and is Condestable Mining Property Brazil advancing a feasibility study on a further expansion to 10,000 tpd. Peru Excluded from Royalty Condestable Bolivia Paci c Ocean Chile Argentina 32 ★ Franco-Nevada Corporation TSX / NYSE: FNV
South America TOCANTINZINHO Location: Brazil, South America | Operator: G Mining Ventures Corp. | Precious Metals: Au | Stream: Gold Stream In July 2022, Franco-Nevada (Barbados) Corporation announced a $352.5 million funding package with G Mining Ventures Corp. on the Tocantinzinho gold project in Brazil. 2023 2022 2021 mill producing 1.8 Moz of gold over 10.5 years, resulting in an average Revenue to Franco-Nevada ($ million) $ − $ – $ – annual gold production profile of approximately 175 koz with an M&I Resources (koz Au)1 2,102 2,102 – all-in-sustaining cost of $681/oz and initial capital cost of $458 million. Inferred Resources (koz Au)1 50 50 – Project construction is well advanced and proceeding on time and P&P Reserves (koz Au)1 2,042 2,042 – on budget with first production expected in the second half of 2024. 1,2 Full year contributions to Franco-Nevada from the project are expected M&I Royalty Ounces (000s) 210 210 – 1 to average approximately 24,500 GEOs per year over the first five years Inferred Royalty Ounces (000s) 5 5 – 1 of full production. P&P Royalty Ounces (000s) 204 204 – 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Experienced team with track record of successful 2 For Royalty Ounce calculation, Franco-Nevada estimates it will receive 12.5% of gold produced project delivery which reduces to 7.5% after 300,000 ounces of gold have been delivered. The stream interest has been factored by 80% to re昀氀ect an ongoing payment price of 20% of the spot price for each Construction proceeding on time and on budget ounce of gold delivered ($1,950 per ounce gold in 2023, $1,800 per ounce gold for 2022) 2 Large, prospective land package of approximately 996 km Tocantinzinho is located in the Tapajos region of Pará State, Brazil, 200 km south-southwest of the city of Itaituba, and is owned and operated by G Mining Ventures Corp. (“G Mining Ventures”). The construction funding package included a $250 million gold Tocantinzinho Diver stream, $75 million secured term loan and purchase of $27.5 million Gold Stream sified Assets of G Mining Ventures’ common shares. N 0 10 Under the streaming agreement, Franco-Nevada will receive 12.5% kilometer of gold produced which reduces to 7.5% after 300,000 ounces of gold have been delivered, which is currently expected to occur around 2037. Franco-Nevada pays an ongoing price of 20% of the spot gold price for each ounce of gold delivered. The $75 million, six-year term loan is available for a period of 3.5 years, drawable quarterly at G Mining Ventures’ option following full funding of the stream with an interest rate of 3-Month Term Secured Mineral Resources and Mineral Reser Overnight Financing Rate (“3-Month SOFR”) +5.75% per annum, reducing to 3-Month SOFR+4.75% after completion tests have been achieved at the project. Tocantinzinho is a conventional open pit mining and milling operation. Tocantinzinho G Mining Ventures’ February 2022 feasibility study outlined a 12.6 ktpd ves Mining Licenses Tocantinzinho Exploration Licenses Additional Inf Peru Licenses under application Brazil Bolivia Excluded from Stream Paci c Ocean or Argentina mation Tocantinzinho, Brazil TSX / NYSE: FNV Franco-Nevada Corporation ★ 33
South America CERRO MORO w Location: Argentina, South America | Operator: Pan American Silver Corp. | Precious Metals: Au & Ag | Royalty: NSR: 2% vie Over Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by Pan American Silver Corp. (“Pan American Silver”) in Santa Cruz province, Argentina. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 5.2 $ 6.3 $ 4.9 M&I Resources (koz Au)1 422 574 574 Inferred Resources (koz Au)1 192 226 226 P&P Reserves (koz Au)1 302 457 457 1 M&I Resources (Moz Ag) 19.5 30.0 30.0 1 Inferred Resources (Moz Ag) 4.9 8.2 8.2 1 P&P Reserves (Moz Ag) 11.3 22.2 22.2 1,2 M&I Royalty Ounces (000s) 12 17 18 1 Precious Metals Inferred Royalty Ounces (000s) 4 6 6 1 P&P Royalty Ounces (000s) 8 14 15 1 Please refer to the tables on pages 118-124 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 95% of the Mineral Reserves (95% in 2022, 100% in 2021), 90% of the M&I Mineral Resources (90% in 2022, 95% in 2021) and 90% of the Inferred Mineral Resources (90% in 2022, 95% in 2021) are subject to our royalty interest and estimates a rate of 2.0% is applicable. Silver has been converted Cerro Moro, Argentina assuming $1,950/oz gold and $22.50/oz silver ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz silver in 2021) 3 Please refer to Yamana’s public disclosures for further details on its de昀椀nition of gold process plant optimizations and organizational enhancements. Prior to equivalent ounces the acquisition, Yamana’s long-term plan at Cerro Moro was to create ten years of sustainable production of at least 160,000 gold equivalent The royalty covers about 160 km2 of the property including a significant 3 ounces per year. portion of the mineral resources contained in high-grade epithermal gold and silver veins. In March 2023, Pan American Silver acquired In 2022 Yamana’s infill drilling was targeting extensions of known Cerro Moro as part of its acquisition of Yamana Gold Inc. (“Yamana”). mineralization both to depth and along strike to replace mining depletion. Yamana was considering both a plant expansion and added heap leach Construction at Cerro Moro was completed in 2018 with commercial project which, along with conversion of known exploration targets to production being declared in June 2018. For the nine-month period from mineral resources, could produce at least 200,000 gold equivalent March 31 to December 31, 2023, actual production was 84,600 ounces 3 ounces per year. of gold and 3.5 million ounces of silver compared to 108,240 ounces of gold and 6.1 million ounces of silver in FY2022. Production in 2024 High grade gold/silver deposit with expansion potential is expected to be between 93,000 to 115,000 ounces of gold and 3.2 Significant near-mine and regional exploration targets to 3.5 million ounces of silver. Silver production reflects mining lower grades than in 2023 due to mine sequencing while gold production is expected to be similar to 2023. Lower than expected costs have been achieved at Cerro Moro from higher throughput and higher gold prices, Cerro Moro 2% NSR 2% NSR Uruguay Chile Argentina Buenos Aires 0 N 5 kilometer Cerro Moro Natalia NW Nini Ext Nini Natalia FNV Royalties Tres Lomas Esperanza Michelle Loma Escondida Deborah Deposits Carla Excluded from Royalty Escondida Martina Elsa Plant Zoe 34 ★ Franco-Nevada Corporation TSX / NYSE: FNV
South America SALARES NORTE Location: Chile, South America | Operator: Gold Fields Limited | Precious Metals: Au & Ag | Royalty: NSR: 1-2% In early 2019, Franco-Nevada acquired an existing 2% NSR on the Salares Norte project being advanced by Gold Fields Limited (“Gold Fields”) in the Atacama region of Northern Chile. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (koz Au)1 3,646 3,933 3,804 Inferred Resources (koz Au)1 58 142 109 P&P Reserves (koz Au)1 3,454 3,467 3,476 1 M&I Resources (Moz Ag) 44.6 44.9 42.9 1 Inferred Resources (Moz Ag) 0.5 0.9 0.7 1 P&P Reserves (Moz Ag) 42.2 39.0 39.3 1,2 M&I Royalty Ounces (000s) 42 45 44 1 Inferred Royalty Ounces (000s) 1 2 1 1 P&P Royalty Ounces (000s) 39 39 40 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Reserves & Mineral Resources (100% in 2022, 100% in 2021) are subject to our royalty interest and estimates a rate of 1.0% (1.0% in 2022, 1.0% in 2021) in anticipation that Gold Fields exercises its right to repurchase 1.0% of the 2.0% NSR. Silver has been converted assuming Salares Norte, Chile $1,950/oz gold and $22.50/oz silver ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz silver in 2021) First production achieved in March 2024 Diver The royalty is subject to a 1% buyback by Gold Fields within 24 months of announcing commercial production, for $6.0 million, with a credit from Initial 11-year mine life sified Assets royalty revenue. In September 2020, Franco-Nevada acquired a separate Near-mine exploration success to potentially extend 2% NSR on all mineral production from Gold Fields’ Rio Baker concessions mine life for $5.0 million in cash with contingent payments of up to $8.0 million. The Rio Baker claims cover the northwest extension of the Salares Norte deposit, and the royalty acquisition provided Franco-Nevada with exposure to 100% of the Salares Norte project. Salares Norte is a blind epithermal gold and silver deposit and represents one of Gold Fields’ key development projects. In March 2023, Gold Fields released an updated Mineral Reserve as of December 31, 2022, Salares Norte Mineral Resources and Mineral Reser containing 3.45 million ounces of gold and 42.2 million ounces of silver 1-2% NSR (18.4 million tonnes grading 5.85 g/t gold and 71.3 g/t silver). In June Agua Amarga 2022, Gold Fields released a technical report supporting the 2019 feasibility study which envisaged an open pit mining operation with 2% NSR N an initial mine life of 11 years. 0 1 kilometer Construction of the Salares Norte mine commenced in 2020 and after some construction delays, first gold production was achieved in March 2024. Production for 2024 is expected to be 250,000 gold equivalent 1% NSR 2017 EIA pit outline ounces and is expected to increase to 580,000 gold equivalent ounces PERU in 2025, before reaching 600,000 gold equivalent ounces in 2026. High-grade gold sub-domains ves For the five-year period from 2025 to 2029, average annual production Main low-grade domains is expected to be 485,000 gold equivalent ounces and for the 9-year BOLIVIA period from 2025 to 2033, average annual production is expected to be 360,000 gold equivalent ounces. Gold Fields continues to invest Antofagasta Chile in exploration within the area of the project to add to the life-of-mine Brecha Taca Taca production. Over 15,000 m of exploration drilling occurred in 2023 Principal Salares Norte following 18,836 m of drilling in 2022. An underground option, as opposed Additional Inf to the original open pit plan, is also being studied at a prefeasibility level Argentina for the mining of the Agua Amarga deposit, the northern portion of the Copiapo Salares Norte pit. Rio Baker Salares Norte Relincho La Serena or mation San Jorge TSX / NYSE: FNV Franco-Nevada Corporation ★ 35
South America CASCABEL (ALPALA) w Location: Ecuador, South America | Operator: SolGold plc | Precious Metals: Au, Cu, Ag | Royalty: NSR: 1% vie Over In 2020, Franco-Nevada acquired a 1% NSR on the Cascabel copper-gold-silver project located in northern Ecuador being advanced by SolGold plc (“SolGold”). 2023 2022 2021 of gold and 794,000 ounces of silver per year is expected over the life Revenue to Franco-Nevada ($ million) $ − $ – $ – of the project. M&I Resources (Mlbs Cu)¹ 27,337 24,626 22,994 Exploration has yielded encouraging results on the broader Cascabel Inferred Resources (Mlbs Cu)¹ 4,409 3,439 4,012 concessions with the identification of a highly mineralized system at TAM, P&P Reserves (Mlbs Cu)¹ 7,055 7,187 – which is located approximately 6 km northeast of the Alpala deposit, M&I Resources (koz Au)1 31,200 24,850 22,900 offering an excellent opportunity to provide additional mill feed for up Inferred Resources (koz Au)1 5,400 2,520 3,140 to 7 years and the potential for an earlier start of metal production from P&P Reserves (koz Au)1 9,400 9,370 – an open pit mining method. TAM is covered by the Franco-Nevada royalty. M&I Resources (Moz Ag)1 91.3 92.2 92.2 SolGold declared a updated mineral resource at TAM in February 2024 Precious Metals Inferred Resources (Moz Ag)1 11.0 10.6 10.6 comprising 722 million tonnes at 0.36% copper equivalent containing P&P Reserves (Moz Ag)1 28.0 30.0 – 1.7 million tonnes of copper and 4.5 million ounces of gold in Indicated Mineral Resources, plus 247 million tonnes at 0.35% copper equivalent M&I Royalty Ounces (millions)1,2 769 724 621 containing 0.5 million tonnes of copper and 1.6 million ounces of gold Inferred Royalty Ounces (millions)1 127 91 99 in the Inferred category. P&P Royalty Ounces (millions)1 213 233 – 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral One of the largest copper-gold development projects Resource category; all M&I categories are inclusive of Mineral Reserves in the world 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources Updated prefeasibility study released in February 2024 and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% (0.85% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per pound in 2022) and silver has been converted to Royalty Ounces assuming $1,950/oz gold and $22.50/oz silver ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz silver in 2021) Cascabel (Alpala) 2 Franco-Nevada’s royalty covers nearly 50 km of the Cascabel mining 1% NSR N concessions including the Alpala and the Tandayama-America (“TAM”) 0 1 deposit. Alpala, the main target in the Cascabel concession, is a kilometer copper-gold porphyry deposit and represents one of the largest copper-gold projects being advanced globally. Site Of ce Rocafuerte The Cascabel project is owned by Exploraciones Novamining SA, which was 1% NSR previously held 85% by SolGold and 15% by Cornerstone Capital Resource Inc. (“Cornerstone”). In February 2023, SolGold consolidated a 100% interest in the Cascabel project, merging with Cornerstone. The royalty Frontier is in reference to all minerals produced with the option for Franco-Nevada Transverse to convert the royalty to a gold NSR for a period of time once Alpala is Hwy producing. Franco-Nevada is further entitled to receive minimum royalty Tandayama America payments starting in 2028, subject to certain conditions. The royalty Aguinaga agreement also includes an option to buy back 50% of the royalty for a period of time. SolGold announced an updated prefeasibility study on the Cascabel project in February 2024. The prefeasibility study contemplates a phased underground block cave and outlined a Probable Mineral Reserve containing 9.4 million ounces of gold, 3.2 million tonnes of copper, and 28 million ounces of silver (540 million tonnes grading 0.54 g/t Au, 0.60% Cu and Alpala 1.6 g/t Ag). The inclusive Measured and Indicated Mineral Resource Alpala Camp comprised 3,013 million tonnes at 0.52% CuEq for 26.8 million ounces of gold, 10.7 million tonnes of copper, and 91.3 million ounces of silver. The prefeasibility study contemplates an initial 28-year mine life, which reflects the exploitation of only 18% of the Alpala measured and indicated mineral resource. The initial capital cost has decreased compared to previous Royalty Claim Area scenarios, as the phased approach gradually scales up operations. After Colombia a ramp-up period of approximately two years, the initial block cave will Cascabel 0.1% Copper Equivalent Equador achieve a production rate of 12 Mtpa. The initial cave will extract high-grade 0.4% Copper Equivalent ore, averaging approximately 1.45% CuEq for the first ten years of production. Brazil The extraction of this high-grade material will not sterilize the surrounding 1.0% Copper Equivalent Peru lower-grade ore. The mining operations will be expanded by an additional Paci c 12Mtpa, increasing to a total annual production rate of 24Mtpa in year 6. Ocean Bolivia An average of approximately 123,000 tonnes of copper, 277,000 ounces 36 ★ Franco-Nevada Corporation Chile Argentina TSX / NYSE: FNV
South America POSSE (MARA ROSA) Location: Brazil, South America | Operator: Hochschild Mining PLC | Precious Metals: Au | Royalty: NSR: 1% Franco-Nevada holds a 1% NSR royalty on the Posse open pit project located in Mara Rosa in the State of Goiás, Brazil. Hochschild Mining PLC (“Hochschild”) acquired the project through gold ounces in 2024 and Hochschild expects average annual production its acquisition of Amarillo Gold Corporation (“Amarillo”) in April 2022. of approximately 80,000 gold ounces over an initial mine life of 10 years, Hochschild announced that the first gold pour took place on February with approximately 100,000 gold ounces annually over the first four years. 20, 2024, with commercial production expected towards the end of Q2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral 2024. Mara Rosa is expected to produce between 83,000 to 93,000 Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable CENTROGOLD (GURUPI) Location: Brazil, South America | Operator: BHP Group Limited | Precious Metals: Au | Royalty: NSR: 0-1% Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400 per ounce gold) on the CentroGold (Gurupi) project located in the State of Maranhão in northern Brazil. BHP Group Limited (“BHP”) acquired the previous operator, OZ Minerals underwent an extensive negotiation and agreement process on a Land Limited (“Oz Minerals”), in 2023. In July 2019, Oz Minerals released an Use Agreement and, in December 2022, the National Institute of updated prefeasibility study on the project which envisioned a 10-year Colonization and Agrarian Reform approved the Land Use Agreement mine life with average annual gold production of 100,000 to 120,000 required for progressing the court injunction removal. ounces of gold per year with 190,000 to 210,000 ounces of gold per year in the first two years of production. There have been challenges For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Diver Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable from a mining license injunction for the property. In 2022, Oz Minerals sified Assets CALCATREU Location: Argentina, South America | Operator: Patagonia Gold PLC | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Calcatreu property in Argentina. Calcatreu is an epithermal gold-silver deposit located in the Province project moving forward. During the same period, surface rights covering Mineral Resources and Mineral Reser of Rio Negro. In December 2017, Patagonia Gold PLC (“Patagonia”) a major portion of the current Mineral Resource at Calcatreu were acquired the property from Pan American Silver. The Calcatreu deposit purchased. The new government, national and provincial, took office contains an Indicated Mineral Resource of 669,000 ounces of gold and December 2023 and Patagonia expects that the permitting process will 6.3 million ounces of silver and an Inferred Mineral Resource of 348,000 follow a legislated timeline. ounces of gold and 3.4 million ounces of silver. In 2022, Patagonia held For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral a series of outreach meetings with local communities, authorities and Reserves are subject to our royalty interest and estimates an average rate of 2.5% is applicable. unions presenting an update on activities, to seek input from those groups Silver has been converted assuming $1,950/oz gold and $22.50/oz silver and others which will form a vital part of the permitting process for the SAN JORGE ves Location: Argentina, South America | Operator: Aterra Investments Ltd. and Solway Industries Ltd. | Precious Metals: Au | Royalty: NSR: 7.5% San Jorge is a copper-gold porphyry project located in the Province of Mendoza, Argentina. Additional Inf Aterra Investments Ltd. and Solway Industries Ltd. (“Solway”) acquired in 2021. Franco-Nevada maintains a 7.5% NSR on all gold produced from the property from Coro Mining Corp. in April 2015. Solway reported the property, having acquired the royalty through its acquisition of Lumina prefeasibility results on their website, with annual production of over Royalty Corp. in December 2011. 40,000 tonnes of copper and 40,000 ounces of gold contained in or concentrate over a 16-year life. Franco-Nevada received annual minimum For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral mation Reserves are subject to our royalty interest and estimates an average rate of 7.5% is applicable payments of $1.25 million per year for a 10-year period which ended TSX / NYSE: FNV Franco-Nevada Corporation ★ 37
Central America & Mexico w vie Over Precious Metals Guadalupe-Palmarejo Cobre Panama Producing Cobre Panama currently on preservation and safe management 38 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Central America & Mexico COBRE PANAMA Location: Panama | Operator: First Quantum Minerals Ltd. | Precious Metals: Au & Ag | Stream: Gold and Silver Stream Cobre Panama is one of the world’s largest copper-gold-silver porphyry mines and is indirectly 90% owned by First Quantum Minerals Ltd. (“First Quantum”) and 10% by Korea Mine Rehabilitation & Mineral Resources Corp. (“KOMIR”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 248.9 $ 223.3 $ 235.0 2022 2021 M&I Resources (koz Au)1,2 7,159 7,396 Inferred Resources (koz Au)1,2 1,296 1,301 P&P Reserves (koz Au)1,2 6,861 7,104 1,2 M&I Resources (Moz Ag) 149.2 152.9 1,2 Inferred Resources (Moz Ag) 38.0 38.1 1,2 P&P Reserves (Moz Ag) 128.8 133.0 2,3 M&I Royalty Ounces (000s) 4,758 4,973 3 Inferred Royalty Ounces (000s) 750 769 3 P&P Royalty Ounces (000s) 4,532 4,743 1 Cobre Panama has been a material mining project in prior years but is currently on Preservation and Safe Management. Due to the status of Cobre Panama, Mineral Resources and Mineral Reserves are being reported separately and are not included in the Mineral Cobre Panama, Panama Resources and Mineral Reserves table 2 Please refer to the tables on page 122 for a breakout of grade and tonnages by Mineral Resource category for Cobre Panama as at December 31, 2022; all M&I categories are of Justice of Panama declared Law 406 unconstitutional and stated Diver inclusive of Mineral Reserves that the effect of the ruling was that the revised concession contract 3 For 2023, Franco-Nevada estimates that P&P royalty ounces, M&I royalty ounces and Inf royalty purportedly no longer existed. The Supreme Court did not order the sified Assets ounces would be 4,468 koz, 4,673 koz and 745 koz, respectively, using the same general assumptions as 2022 and assuming $1,950/oz gold and $22.50/oz silver. For 2022 Royalty closure of the mine. However, in late November the mine was placed on Ounce calculation, Franco-Nevada assumed 88% of the Mineral Resources and Mineral Reserves preservation and safe management (“P&SM”) due to illegal blockades were subject to our stream interest. Silver was converted into Royalty Ounces assuming and, although the blockades have dissipated, the Government of Panama $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021) and a 62% (62% in 2021) factor was applied to obtain a Royalty Ounce for the P&P category, announced “closure” plans for the mine in December 2023 and the mine a 62% (62% in 2021) factor was applied for Royalty Ounces in the M&I category remains on P&SM. and a 50% factor was applied for Royalty Ounces in the Inferred category Franco-Nevada (Barbados) Corporation, a wholly owned subsidiary of Due to the above events and the political environment surrounding the Franco-Nevada, contributed a total of $1.36 billion to the construction ruling by the Supreme Court, Franco-Nevada conducted an impairment of Cobre Panama since 2015. Franco-Nevada has two precious metals analysis and, taking a prudent approach, recognized a full impairment streams on Cobre Panama. Each stream has slightly different terms loss for the asset under applicable accounting rules as of the end of the Mineral Resources and Mineral Reser as described below but both streams are indexed to the copper in reporting period. Franco-Nevada is pursuing all appropriate legal avenues concentrate shipped until certain specific thresholds of gold and silver to protect its investment and rights. The impairment has been taken deliveries are met: without prejudice, or without at present attributing any specific value, to the legal remedies that may be obtained through any arbitration • Fixed Payment Stream – Effective since 2015 and applies to First proceedings or otherwise. Quantum’s original 80% interest in Cobre Panama. The ongoing Franco-Nevada does not expect deliveries from the mine in 2024. payment is $457.35/oz gold and $6.86/oz silver with a 1.5% annual Presidential and national legislative elections are scheduled to take inflation factor. place in May 2024, with a new president, Government of Panama cabinet • Floating Payment Stream – Effective March 2018, Franco-Nevada and National Assembly expected to assume office in July 2024. In the (Barbados) Corporation added a new precious metals stream which event that there is a material change in the facts and circumstances increased its coverage to 100% of the ownership of the Cobre Panama surrounding the halting of production at Cobre Panama and there is a ves operation. The Floating Payment Stream applies to First Quantum’s resumption of precious metal stream deliveries to Franco-Nevada, the 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s impairment loss that was recognized may be partially or fully reversed. 10% indirect interest. The ongoing payment is 20% of the spot price for the Mineral Reserve life as of 2018 and higher thereafter. Franco-Nevada strongly prefers and hopes for an amicable solution providing for the resumption of operations at Cobre Panama, with the support of Cobre Panama commenced production in February 2019. In 2023, Cobre the Panamanian people and the State of Panama. Additional Inf Panama produced 330 kt of copper. Franco-Nevada sold 128,599 GEOs from the mine in 2023, compared to 123,769 GEOs in 2022. One of the largest copper producers (approx. 1.5% of global production) In October 2023, the National Assembly of Panama approved a revised or concession contract for the Cobre Panama mine through a new law, Law Currently in a phase of Environmental Preservation mation 406. Following this approval, widespread protests occurred in Panama and Safe Management resulting in the National Assembly enacting an indefinite mining Before production halt, employed 7,000 workers moratorium in Panama. In late November 2023, the Supreme Court and contributed 5% of Panama’s GDP TSX / NYSE: FNV Franco-Nevada Corporation ★ 39
Central America & Mexico Punta Rincón Port and w Powerplant vie Caribbean Sea Over Cobre Panama Gold and Silver Stream River Caimito N 0 4 kilometer 20 km Concession Boundary Precious Metals Pits Concession Caribbean Sea Boundary Power Transmission Panama 230 kv line Cobre Panama Canal Project Panama City Camp Medio Pit Plant Site Paci c Ocean Colina Pit Botija Pit Balboa Pit Valle Grande Pit Botija Abajo Pit Brazo Pit Cobre Panama is one of the world’s largest copper porphyry deposits. Its location near tidewater allows a very low cost operation. 40 ★ Franco-Nevada Corporation TSX / NYSE: FNV
South America GUADALUPE-PALMAREJO Location: Mexico, Central America and Mexico | Operator: Coeur Mining, Inc. | Precious Metals: Au | Stream: 50% Gold Stream Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo silver mine located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. (“Coeur”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 66.8 $ 74.2 $ 83.4 M&I Resources (koz Au)1 2,090 2,127 1,931 Inferred Resources (koz Au)1 381 380 246 P&P Reserves (koz Au)1 769 953 884 1,2 M&I Royalty Ounces (000s) 556 535 467 1 Inferred Royalty Ounces (000s) 110 102 60 1 P&P Royalty Ounces (000s) 209 241 211 1 Please refer to the tables on pages 118-124 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 92% of the Mineral Reserves (91% in 2022, 86% in 2021), 89% of the exclusive M&I Mineral Resource (89% in 2022, 90% in 2021) and 98% of the Inferred Mineral Resource (97% in 2022, 88% in 2021) are subject to our 50% stream interest. The stream interest has been factored by 59% to re昀氀ect $1,950 per ounce gold ($1,800/oz gold in 2022, $1,800/oz gold in 2021) and $800 per ounce ongoing payments (56% in 2022, 56% in 2021) Palmarejo is an underground silver mine with a considerable gold by-product. Guadalupe-Palmarejo, Mexico Starting in 2009, Franco-Nevada Mexico received 50% of the gold produced from Palmarejo in return for a $75 million investment. The original contract was terminated in 2014 and Coeur fulfilled its obligation under that Diver agreement in the third quarter of 2016, once they delivered the minimum Guadalupe-Palmarejo 0 N 4 sified Assets ounce obligation of 400,000 ounces of gold. In June 2014, Franco-Nevada Gold Stream (Barbados) Corporation, a subsidiary of Franco-Nevada, entered into a new kilometer 50% gold stream with Coeur on the Palmarejo project with ongoing payments equal to the lesser of $800 per ounce (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The new agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo operation. The agreement applies to a land position totaling 2 over 1,200 km although it does not cover the adjacent concessions that Coeur acquired through the acquisition of Paramount Gold and Silver Corp. Mineral Resources and Mineral Reser in 2014. Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground Palmarejo mine on the Palmarejo property. Mill La Bavisa Franco-Nevada sold 34,455 ounces of gold from the mine in 2023, Agua Salada Independencia West compared to 41,000 ounces of gold in 2022. Palmarejo has a mill Independencia throughput capacity of 7 ktpd and in 2023 produced 6.6 Moz of silver Mine Complex and 101 koz of gold. Coeur’s 2024 production guidance for Palmarejo Independencia East is between 5.9 Moz and 6.7 Moz of silver and 95 koz and 103 koz La Nación of gold. In 2024, Franco-Nevada expects sales from the Guadalupe- Zapata Palmarejo stream to be between 30,000 and 35,000 GEOs. Guadalupe Perimeter of gold Mine Complex ves Mineral Reserves and Mineral Resources remained stable in 2023 net of stream property depletion. Franco-Nevada estimates that over 90% of the existing Mineral Deposits La Patria Resources and Mineral Reserves are covered by the stream agreement. Excluded from Stream Consistent exploration success Mineral Resources and Mineral Reserves CA AZ NM Additional Inf replenished depleted ore TX Stream has significant leverage to the gold price Guadalupe- Palmarejo or MEXICO mation Paci c Ocean TSX / NYSE: FNV Franco-Nevada Corporation ★ 41
United States w vie Over Stibnite Gold Stillwater Nevada Precious Metals Castle Mountain Mesquite Granite Creek (Pinson) South Arturo Goldstrike Gold Quarry Marigold Bald Mountain Robinson Nevada Sterling Producing Advanced 42 ★ Franco-Nevada Corporation TSX / NYSE: FNV
United States STILLWATER Location: Montana, United States | Operator: Sibanye-Stillwater | Precious Metals: PGM | Royalty: NSR: 5% The Stillwater complex in Eastern Montana is comprised of the Stillwater mine (West and East) and East Boulder mine and is operated by Sibanye-Stillwater. 2023 2022 2021 Reserves. In recent years, the percentage of Stillwater complex production Revenue to Franco-Nevada ($ million) $ 26.1 $ 36.8 $ 57.8 subject to Franco-Nevada’s royalty has increased well above 95% as mining M&I Resources (koz PGM)1 44,100 39,400 45,000 moves away from the Stillwater shaft area onto royalty ground. Inferred Resources (koz PGM)1 43,700 44,800 44,600 PGM production for 2023 yielded 427,272 ounces versus 421,133 P&P Reserves (koz PGM)1 26,300 26,300 27,300 ounces in 2022. Production in 2023 was affected by the Q1 shaft 1,3 incident which impacted production from Stillwater West. At the outset M&I Royalty Ounces (000s) 886 1,316 2,040 2,3 of the Stillwater East project, the operator targeted expanding production Inferred Royalty Ounces (000s) 878 1,497 2,021 2,3 to as much as 850 koz per year. Operational constraints have caused P&P Royalty Ounces (000s) 529 879 1,237 expansion plans to be moderated. Production for 2024 has also been 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral repositioned for a lower PGM price environment, with annual production Resource category; all M&I categories are inclusive of Mineral Reserves forecasted to be between 440 koz and 460 koz ounces. The operator 2 For Royalty Ounce calculation, Franco-Nevada estimates 98% of the Mineral Resources currently is targeting production levels of up to 600 koz to 650 koz per and Mineral Reserves are subject to our royalty interest 3 Given more signi昀椀cant smelting and re昀椀ning charges, Franco-Nevada estimates an average year by 2027. rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces assuming $850/ounce Pt and $900/ounce Pd ($900/ounce Pt and $1,500/ As at December 31, 2023, Sibanye-Stillwater reported updated Mineral ounce Pd in 2022, $1,000/ounce Pt and $2,100/ounce Pd in 2021)) Resources and Mineral Reserves at the Montana operations. Mineral Production began in 1986 at the Stillwater mine and in 2002 at the East Reserves and Mineral Resources remained relatively stable compared to Boulder mine. In 2014, the operator commenced the Blitz project which 2022 as depletion was off-set by successful brownfield exploration included developing a third access at Stillwater East. The majority of activity and continued improvement in estimation practices. Reserves production from the PGM orebodies is palladium. continue to support a mine life in excess of 40 years. Diver Sibanye Gold Limited acquired Stillwater Mining Corporation in May 2017. Only PGM producer in the U.S. sified Assets Franco-Nevada has a 5% NSR royalty on all commercially recoverable Mineral Reserves support a long mine life metals produced from 810 of the 1,712 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward Significant Mineral Resource has the potential to increase processing” deductions, which have averaged between 5-15% of revenue mine life even further over the last several years. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 97% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Mineral Resources and Mineral Reser Stillwater Complex East Boulder Portal Site Plan View ork Creek Sw Stillw Dry F 5% NSR eetgrass Co. East Boulder River ater Co. Stillwater Mill Site East Boulder Adit 0 N 1 wis Gulch Limit of Claims Franco- Le Nevada mile Camp ater Franco- Royalty e Lak Nevada Royalty ater River Sw Boulder River ork Stillw County line ves eetgrass Co. est F Stillw AB SK MB P W Stillwater ark Co. Montana North Dakota Long Section (Not to scale) South Dakota Idaho Wyoming East Boulder Mine Stillwater West Stillwater East (Blitz) Nebraska Additional Inf Utah Colorado Franco-Nevada Royalty Land Current and future planned Non-Royalty mill area Lower Stillwater East or production layouts (Lower Blitz) mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 43
United States GOLDSTRIKE w Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 2-4% / NPI: 2.4-6% vie Over Franco-Nevada holds royalties covering the majority of the Nevada Gold Mines LLC (“Nevada Gold Mines”) Goldstrike complex. Carlin Trend 2023 2022 2021 interests. Nevada Gold Mines noted that Carlin gold production for 2023 M&I Resources (koz Au)1,2 26,016 30,894 30,894 was 10% lower compared to 2022, mainly due to the closure of the Gold Inferred Resources (koz Au)1,2 10,081 8,943 7,480 Quarry concentrator at the beginning of the second quarter of 2023 and P&P Reserves (koz Au)1,2 15,772 16,260 17,886 the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023. M&I Royalty Ounces (000s)1,3 354 324 324 Inferred Royalty Ounces (000s)3 137 94 79 Barrick has reported 2024 production guidance of 800 koz to 880 koz P&P Royalty Ounces (000s)3 215 171 188 gold ounces from its 61.5% share of Carlin. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category for Carlin Trend; all M&I categories are inclusive of Mineral Reserves World class gold operation 2 Under the Nevada Gold Mines joint venture, Barrick now reports Goldstrike, Gold Quarry Focus asset for Barrick with substantial Precious Metals and South Arturo as part of the Carlin operation category. Mineral Resources and Mineral Reserves include Goldstrike, Gold Quarry and South Arturo as well as other properties where invested capital Franco-Nevada has no royalties or stream interests 3 For Royalty Ounce calculation, Franco-Nevada estimates 34% of the Carlin Trend Mineral Profit royalties provide more leverage to gold prices Resources and Mineral Reserves (35% in 2022, 35% in 2021) are subject to our royalty interests on Goldstrike, Gold Quarry and South Arturo and estimates an average royalty rate of 4.0% is applicable (3.0% in 2022, 3.0% in 2021) Goldstrike 2023 2022 2021 Total NSR Revenue to FNV ($ million) $ 4.4 $ 5.5 $ 3.9 Total NPI Revenue to FNV ($ million) $ 8.7 $ 13.7 $ 21.4 Total Revenue to FNV ($ million) $ 13.1 $ 19.2 $ 25.3 Goldstrike M&I Resources (koz Au)1 n/a n/a n/a 2-4% NSR / 2.4-6% NPI 0 N 1 Inferred Resources (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a mile 2,3 M&I Royalty Ounces (000s) n/a n/a n/a Extension 3 5% NPI Inferred Royalty Ounces (000s) n/a n/a n/a 4% NSR 3 Goldstrike P&P Royalty Ounces (000s) n/a n/a n/a Underground Mine Meikle/Rodeo 1 Please refer to the table above for the Carlin Trend Mineral Resources and Mineral Reserves which include Goldstrike Gold Bug 2 All M&I categories are inclusive of Mineral Reserves 5% NPI 4% NSR Royal 3 Please refer to the table above for the Carlin Trend Royalty Ounce calculation which 3% NSR includes Goldstrike The Goldstrike complex is located on the Carlin Trend, about 60 km Goldstrike Open Pit Mine northwest of the town of Elko, Nevada and includes the open pit Betze-Post mine, as well as the underground operations of Meikle and Rodeo immediately to the north. Mining activity commenced Bazza Strip SJ on the property in 1976 and, since 1987, has been operated by Barrick. 2% NSR 6% NPI 2.4% NPI Post 5% NPI Corbett Bazza 4% NSR Franco-Nevada holds both NSR (2-4%) and NPI (2.4-6%) royalties 2% NSR 2% NSR at Goldstrike covering over 50% of the reported Mineral Reserves. This estimate includes low-grade ore that has been stockpiled. The royalties vary depending on the claim blocks, operating costs Pandora 2% NSR and capital investments, as shown in the schematic. As a result, royalty payments can vary substantially on a quarterly basis. Franco-Nevada Rodeo anticipates royalty production in 2024 to be lower than 2023 due Creek SPLC Goldstrike Weimer 4% NSR Lease 5% NPI to fewer open pit stockpile tons being processed. Open pit stockpile 4% NSR Above 4600’ 6% NPI 4% NSR tons are only processed through the roaster since the autoclave CIL conversion in Q1 2023. FNV Royalties On July 1, 2019, Barrick (61.5%) and Newmont Corporation (“Newmont”) Oregon Idaho Goldstrike Open Pit Mine (38.5%) combined their significant assets across Nevada to create Goldstrike Underground mine Nevada Gold Mines as a joint venture. Under this joint venture, Nevada Utah Goldstrike is reported as part of the Carlin operation category by Barrick. Goldstrike Barrick announced 2023 production of 868 koz gold ounces from its California Arizona 61.5% share of Carlin which includes Goldstrike, Gold Quarry and South Paci c Ocean Arturo as well as other properties where Franco-Nevada has no royalty Mexico 44 ★ Franco-Nevada Corporation TSX / NYSE: FNV
South America GOLD QUARRY Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 7.29% The Gold Quarry operation is part of the Nevada Gold Mines Carlin operations in north-central Nevada. 2023 2022 2021 Franco-Nevada’s royalty interest covers only a portion of the Gold Revenue to Franco-Nevada ($ million) $ 3.0 $ 4.9 $ 7.5 Quarry property, as shown in the schematic. The Gold Quarry royalty M&I Resources (koz Au)1,2 n/a n/a n/a is a 7.29% NSR based on production with a minimum payment Inferred Resources (koz Au)1 n/a n/a n/a obligation. The annual minimum royalty payment calculation is tied P&P Reserves (koz Au)1 n/a n/a n/a to Mineral Reserves and stockpiles attributed to the Gold Quarry royalty property. In the past, the operation has considered pit expansions 2,3 including the West Wall Layback and the Greater Gold Quarry Expansion. M&I Royalty Ounces (000s) n/a n/a n/a 3 In 2023, Franco-Nevada’s cumulative prepaid ounces delivered by Gold Inferred Royalty Ounces (000s) n/a n/a n/a 3 Quarry exceeded the attributable Gold Quarry known Mineral Reserves P&P Royalty Ounces (000s) n/a n/a n/a resulting in lower expected future minimum payments. Going forward, 1 Please refer to the table on page 44 for the Carlin Trend Mineral Resources and Mineral Franco-Nevada expects its royalty from Gold Quarry to be 1,350 GEOs Reserves which include Gold Quarry per annum based on the minimum payment obligation. 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 44 for the Carlin Trend Royalty Ounce calculation which includes Gold Quarry Annual minimum payment obligations Gold Quarry is a large open pit mine that has been in production since Benefits from additional milling and roasting infrastructure 1985 supplying ore as part of an integrated mining and processing following the formation of Nevada Gold Mines complex. In 2019, Barrick (61.5%) and Newmont (38.5%) combined their Registered on private lands significant assets across Nevada to create Nevada Gold Mines as a joint venture. Under this joint venture, Barrick reports Gold Quarry under its Carlin operations category and Newmont reports Gold Quarry under its Nevada Gold Mines category. Diver sified Assets 7.29% Gold Quarry NSR 7.29% NSR Mineral Resources and Mineral Reser N 0 0.5 7.29% mile NSR Gold Quarry Open Pit FNV Royalties Gold Quarry Open Pit ves Oregon Idaho Nevada Utah Gold Additional Inf Quarry California Arizona West Wall Layback Paci c Ocean MEXICO Potential Greater Gold Quarry Expansion or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 45
United States MARIGOLD w Location: Nevada, United States | Operator: SSR Mining Inc. | Precious Metals: Au | Royalty: NSR: 1.75-5% / GR: 0.5-4% vie Over The Marigold mine is located 64 km southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. (“SSR Mining”). 2023 2022 2021 Record production in 2023 Revenue to Franco-Nevada ($ million) $ 11.2 $ 7.5 $ 8.5 Continued resource expansion and encouraging M&I Resources (koz Au)1 4,603 5,004 5,004 exploration results Inferred Resources (koz Au)1 370 252 252 P&P Reserves (koz Au)1 2,863 3,410 3,410 1,2 M&I Royalty Ounces (000s) 113 126 154 Marigold 2 Inferred Royalty Ounces (000s) 9 6 8 1.75-5% NSR / 0.5-4% GR 0 N 1 2 P&P Royalty Ounces (000s) 70 86 106 mile 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral 5% NSR Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 96% of the Mineral Reserves (97% in 2022, 96% in 2021), 96% of the M&I Mineral Resources (96% in 2022, 97% in 2021) and 96% of the Inferred Mineral Resources (97% in 2022, 96% in 2021) are subject to our royalty interest and estimates a rate of 2.55% is applicable (2.59% in 2022, 3.2% in 2021) 1.75% NSR 5% NSR The mine has been in continuous production since 1989 and is a large Valmy 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 5% NSR 1.75% NSR 5% NSR 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 2023, 21,846 kt of ore were placed on pads at a grade of 0.45 g/t versus 18,061 kt of ore placed on pads at a grade of 0.56 g/t in 2022. 5% NSR 2.5%-4% GR* 5 North Pits 5% NSR The mine had record production of 278,488 ounces of gold in 2023 versus 194,668 ounces in 2022. For 2024, SSR Mining expects 5% NSR 8 North 5% NSR 5% NSR Terry Pit production to be between 155 koz to 175 koz, with production of Zone 1.75% between 155 koz to 270 koz annually from 2025 to 2028. The current North NSR life of mine plan predicts a 9–year mine life, with life of mine production Terry Zone 2.5%-4% of 2.2 million ounces of gold. Royalty payments to Franco-Nevada will GR* 8 South fluctuate depending on the royalty ground being mined. 5% NSR 5% NSR SSR Mining’s strategy to advance brownfields targets proximal to existing infrastructure continues to yield encouraging results and the company 2.5%-4% GR* 0.5%-1.5% GR* 2.5%-4% GR* Mackay plans to continue its exploration drilling in 2024 with a $9 million budget. Pit The focus will be on oxide mineral reserve additions and conversion at Red Dot Buffalo Valley, Mackay, Valmy and New Millenium. Franco-Nevada royalty ground covers Mackay and portions of the Valmy and New Millenium targets. 5% NSR 3% NSR* 2.5%- Mud Pits 4% GR* Target Pit 1.75% NSR 5% NSR Valmy Basalt 3% NSR* 3% NSR* & Antler Schematic New Millenium Representation 1.75% NSR Only Buffalo Valley and Trenton Canyon to the south. No FNV Royalty Oregon Idaho FNV Royalties Utah Marigold Nevada Pits Excluded from Royalty California Arizona * December 2009 Acquisition Paci c Ocean Marigold, Nevada MEXICO 46 ★ Franco-Nevada Corporation TSX / NYSE: FNV
United States BALD MOUNTAIN Location: Nevada, United States | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR/GR: 0.875-5% The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada along the southern extension of the prolific Carlin Trend, 110 km southeast of Elko. 2023 2022 2021 Bald Mountain Revenue to Franco-Nevada ($ million) $ 11.7 $ 8.4 $ 11.2 0.875-5% NSR / GR M&I Resources (koz Au)1 4,175 4,353 4,390 Inferred Resources (koz Au)1 489 522 669 1%-5% GR P&P Reserves (koz Au)1 489 625 798 N 0 2 1,2 Royale M&I Royalty Ounces (000s) 157 101 139 kilometer North Block 2 Inferred Royalty Ounces (000s) 18 11 23 2 P&P Royalty Ounces (000s) 19 22 16 1%-5% GR North Duke LJ Ridge 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral 2/3 South Resource category; all M&I categories are inclusive of Mineral Reserves Banghart Duke 1 Poker 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Reserves (91% in 2022, 5 South 4% Flats Ridge 95% in 2021) and 99% of Mineral Resources (exclusive of Mineral Reserves) (96% in 2022, NSR* Winrock * 95% in 2021) are subject to our royalty interest and estimates an average rate of 3.79% 4% NSR is applicable for Mineral Reserves and Mineral Resources (exclusive of Mineral Reserves) Redbird Rat Galaxy Top 0.875 Sage Flats Bida 2 to Ore is sourced from multiple open pits over an estimated 600 km Belmont 1.75% 4% NSR property with processing at multiple conventional heap leaching facilities. NSR 2.418% Bald Mountain is the largest private mining land package in the U.S. NSR It stretches 40 km north to south and 15 km east to west and is divided Horseshoe 4% NSR Diver in three zones: North Zone, South Zone and JV Zone. Saga Franco-Nevada’s Bald Mountain royalties cover a significant portion FNV Royalties sified Assets of the Bald Mountain property. Royalty rates range from 0.875%-5% Pits/Deposits 4% NSR* NSR/GR. A detailed map of the royalties is shown in the schematic. Excluded from Royalty At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased * Subject to possible reduction from Barrick 100% of the North and South Zones while forming a 50/50 by third-party royalty exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV zone that it did not already own. In 2023, 17,306 kt of ore were placed on pads at Bald Mountain Mineral Resources and Mineral Reser at a grade of 0.42 g/t versus 15,924 kt of ore at a grade of 0.50 g/t in 2022. Bald Mountain produced 157,749 ounces in 2023, a decrease from the 214,094 ounces produced in 2022, primarily due to the lower 4% grades and timing of ounces recovered from the heap leach pads. 4% NSR NSR* The large scale of the Bald Mountain land package offers significant exploration upside, with multiple known mineralized bodies. In 2023, exploration focused on near-term growth enabling the addition of 78 koz * to reserves. In 2024, the strategy will continue to focus on low-strip, 4% NSR near-pit extensions across six target areas in the North and South area Lux/Vantage Targets of operations, as well as testing new target areas within the Bida trend. * The Juniper Project EIS was advanced during the year with the publication 4% NSR ves of a notice of availability for the draft EIS in the Federal Register 4% NSR in August 2023. The next steps of the process will be publishing South Block the Final EIS and issuing a Record of Decision. The Juniper Project would modify and expand operations within the North Operations Area Oregon Idaho (NOA) and potentially extend the NOA mine life by 11 years. Nevada Utah Bald California Arizona Yankee Additional Inf Large land package and significant exploration upside Mountain Targets * Potential to add significant mine life through Paci c Ocean Mexico 4% NSR the Juniper Project or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 47
United States SOUTH ARTURO Location: Nevada, United States | Operator: Nevada Gold Mines LLC. | Precious Metals: Au | Royalty: GR: 4-9% with AMR w vie Over South Arturo consists of a series of sediment hosted Carlin-style gold deposits adjacent to and including the former Dee gold mine, 60 km northwest of Elko, Nevada. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 2.4 $ 3.9 $ 5.6 M&I Resources (koz Au)1,2 n/a n/a n/a Inferred Resources (koz Au)1 n/a n/a n/a South Arturo P&P Reserves (koz Au)1 n/a n/a n/a 4-9% GR with AMR 2,3 M&I Royalty Ounces (000s) n/a n/a n/a 4-9% GR 3 Dee Inferred Royalty Ounces (000s) n/a n/a n/a 3 N P&P Royalty Ounces (000s) n/a n/a n/a 0 1 1 Please refer to the table on page 44 for the Carlin Trend Mineral Resources and Mineral mile Reserves which include South Arturo Precious Metals 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 44 for the Carlin Trend Royalty Ounce calculation which Phase 2: includes South Arturo Open pit completed 4-9% GR East Dee El Nino U/G: The mine is located in close proximity to Nevada Gold Mines’ Goldstrike Target Currently developing operations where the ore is processed at the refractory facilities. In July 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant assets across Nevada to create Nevada Gold Mines as a joint venture. Under this joint venture, South Arturo is reported as part of the Carlin Phase 1 Pit operation category by Barrick. Nevada Gold Mines acquired the 40% interest in South Arturo that South Hinge it did not already own from i-80 Gold Corp. (“i-80 Gold”) effective June 1, Target 2021. The transaction provided Nevada Gold Mines with 100% of the Phase 3 project and all of the longer-term upside at the South Arturo pit and Pit the El Niño underground, as well as flexibility to pursue other potential operational synergies at Goldstrike. Franco-Nevada holds a sliding scale gross royalty (4-9%) on production from South Arturo. The royalty rate depends on the type of ore (oxide versus non-oxide), as well as the grade (for oxide only). Franco-Nevada estimates a 4% royalty rate for the oxide mineralization and a 6% royalty rate for the non-oxide. The royalty agreement includes an annual minimum payment which is credited against any future production royalty payments. Production from El Niño and the Phase 1 pit began in 2019 and mining of the Phase 1 pit was suspended in December 2019 awaiting roasting capacity at Goldstrike. Nevada Gold Mines announced that the South Royalty Property Arturo open pit returned to production in December 2022 and mining continued throughout 2023. In January 2021, Premier Gold Mines Excluded from Royalty Limited (“Premier”), the predecessor to i-80 Gold, released a positive Pits prefeasibility study which included the underground El Niño mine and Exploration Targets the proposed Phase 1 open pit. Based on the prefeasibility study, El Niño had a two-year mine life with 58,750 recoverable ounces and Phase 1 had an 18-year mine life with 664,000 recoverable ounces and production targeted to begin in 2025. Oregon Idaho South Arturo Nevada Utah Consolidated ownership California Arizona Paci c Ocean Exploration success around newly recognized controlling Mexico structure at El Niño 48 ★ Franco-Nevada Corporation TSX / NYSE: FNV
United States MESQUITE Location: California, United States | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 0.5-2% Mesquite is a gold operation located in southeast California, 70 km northwest of Yuma, Arizona and 230 km east of San Diego, California. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 3.1 $ 4.1 $ 4.4 M&I Resources (koz Au)1 1,016 1,855 1,924 Inferred Resources (koz Au)1 510 912 928 P&P Reserves (koz Au)1 584 471 471 1,2 M&I Royalty Ounces (000s) 19 34 31 2 Inferred Royalty Ounces (000s) 9 17 15 2 P&P Royalty Ounces (000s) 11 9 8 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.85% is applicable Mesquite, California The mine is an open pit, run-of-mine, heap leach operation. Franco- Nevada holds royalties on the entire Mesquite mine property that Mining at Mesquite in 2024 will be focused on waste stripping the range from a 0.5-2% NSR, depending on the claim block, as shown Ginger pit, which is expected to deliver the majority of ounces in early on the schematic. 2025. Efforts to establish additional mineral reserves through In 2023, 16,988 kt of ore were placed on pads at Mesquite at a grade exploration and resource drilling are expected to continue along with of 0.45 g/t versus 12,076 kt of ore at a grade of 0.42 g/t in 2022. permitting required to enable mine life extensions beyond 2024. Diver Mesquite produced 87,753 ounces of gold in 2023, a decrease from An additional area that may be mined is the rehandling of the remainder sified Assets 2022 ounces produced of 123,965 due to a smaller pit approach to of the Old Vista Pad material that will be re-stacked and leached reduce waste stripping and a longer leach cycle for some of the ore that on the current heap leach pad. was placed. For 2024, Equinox Gold anticipates production of 75 koz Mesquite has produced in excess of 5 Moz to 85 koz of gold, with approximately 65% of production expected in the first half of the year. Ongoing resource expansion and permitting to enable mine life extension Mesquite Mineral Resources and Mineral Reser 0.5-2% NSR 2% NSR N 0 1 Big mile Chief Brownie 0.5% Rainbow NSR 1% NSR ves Royalty Property Pits Vista Oregon Idaho Additional Inf Nevada Utah Paci c Ocean California or Arizona mation Mesquite Mexico TSX / NYSE: FNV Franco-Nevada Corporation ★ 49
United States CASTLE MOUNTAIN w Location: California, United States | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 2.65-4.65% vie Over The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 1.1 $ 1.1 $ 1.5 Castle Mountain 2.65-4.65% NSR M&I Resources (koz Au)1 5,638 5,638 5,919 Inferred Resources (koz Au)1 1,422 1,422 1,608 P&P Reserves (koz Au)1 4,168 4,168 4,168 2.65-4.65% NSR 1,2 N M&I Royalty Ounces (000s) 159 149 157 2 0 1,000 2,000 Inferred Royalty Ounces (000s) 40 38 43 2 P&P Royalty Ounces (000s) 118 110 110 metre 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Precious MetalsResource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.82% is applicable The Castle Mountain mine is operated by Equinox Gold. The Castle 2 Mountain land holdings total greater than 40 km of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold. Franco-Nevada currently holds a 2.65% NSR covering all of the existing Castle Mountain mine and extending 10 miles from the boundary of the mine. On May 2, 2022, Franco-Nevada acquired the ‘American Standard’ 2% NSR on the Pacific Clay claims, which comprise a portion of the JSLA pit. When combined with the 2.65% NSR, Franco-Nevada now has a 4.65% West Waste Dump NSR on the Pacific Clay claims. Oro Belle Mined Pit Redevelopment of Castle Mountain is planned in two phases. Construction and commissioning of the Phase 1 mine was completed, and commercial production was achieved in November 2020. Castle Mountain produced Jumbo Mined Pit 20,837 gold ounces in 2023, slightly lower than the 23,227 ounces of gold produced in 2022. Equinox Gold anticipates production of 30,000 JSLA Mined Pit to 35,000 ounces of gold in 2024. Equinox will perform an internal evaluation of the Phase 1 operation in 2024 to determine if operations will continue while permitting and engineering for the Phase 2 expansion is Paci c Clay South being advanced. A feasibility study for the Phase 2 expansion was claims Waste Dump released in March 2021. The Phase 2 project will expand ROM heap 4.65% NSR leaching and incorporate milling of higher-grade ore, increasing production to an average of 218,000 ounces per year and extending the total mine Heap life to 21 years. Life-of-mine production including Phase 1 operations and Leach Pad end of mine life rinsing is estimated at 3.4 million ounces of gold. Phase 2 requires modification to Equinox Gold’s approved Mine and Reclamation Plan (“Plan”). The Plan amendment application was submitted to the lead agencies in March 2022. The lead agencies reviewed Plan completeness in early 2023 and the BLM requested minor Plan changes, which were Las Vegas resubmitted for final BLM review in Q3 2023. Equinox anticipates the BLM Nevada will determine the Plan complete during mid 2024 following its review and California then enter into a Memorandum of Understanding with the County and Castle Royalty lands 2.65% NSR Castle Mountain to conduct an EIS for the Phase 2 expansion. Equinox anticipates Pits Mountain the draft EIS stage of formal environmental analysis to occur throughout *Plus 10 Mile Area of Interest Mine Los Angeles 2024 and 2025. Equinox is guiding to receiving Phase 2 permits in 2026 and the 2021 feasibility study showed a two-year construction period. First production from Phase 2 is estimated to occur in 2028. Mexico Phase 1 production ongoing until Phase 2 Permitting Phase 2 expansion to increase production to >200,000 ounces per year Franco-Nevada’s royalty covers entire project area with a 10-mile area of interest 50 ★ Franco-Nevada Corporation TSX / NYSE: FNV
United States STIBNITE GOLD Location: Idaho, United States | Operator: Perpetua Resources Corp. | Precious Metals: Au & Ag | Royalty: NSR: 1.7% Au, 100% Ag The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise and is potentially one of the highest grade open-pit deposits in the U.S. 2023 2022 2021 One of the largest and highest grade undeveloped open-pit Revenue to Franco-Nevada ($ million) $ − $ − $ − deposits in the U.S. M&I Resources (koz Au)1 6,317 6,320 6,034 The Stibnite project would be the only domestic source Inferred Resources (koz Au)1 1,611 1,611 1,246 of antimony mined in the U.S. P&P Reserves (koz Au)1 4,816 4,816 4,819 Critical minerals awards of up to $75 million granted from M&I Royalty Ounces (000s)1,2 107 107 103 the U.S. Department of Defense Inferred Royalty Ounces (000s)2 27 27 21 P&P Royalty Ounces (000s)2 82 82 82 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Stibnite Gold Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources 1.7% NSR Au and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.70% 100% NSR Ag is applicable The project is being advanced by Perpetua Resources Corp. (“Perpetua 2 N Resources”), who have consolidated 107 km of unpatented and patented 0 1 claims. Franco-Nevada holds a 1.7% NSR on gold production and will receive all the payable silver by-product revenue over the life-of-mine, subject mile to the terms of a Silver Agreement which was closed in March 2024. Diver In December 2020, Perpetua Resources announced the results of Salt sified Assets a feasibility study on the Stibnite project. The project is expected to have a 15-year mine life with average annual gold production of 301,000 ounces per year. The first four years demonstrate an average annual gold production of 466 koz per year. The project consists of mining the Yellow West End Deposit Pine, Hangar Flats and West End deposits by conventional open pit. Yellow Pine Deposit Based on the 2020 feasibility study, the Stibnite project would be the Ridgetop fourth largest U.S. gold operation and produce approximately 4-5 million Upper Saddle ounces of gold based on total Mineral Resources and Mineral Reserves Midnight Cinnamid of approximately 6.3 million and 4.8 million ounces of gold, respectively. Total payable silver in the feasibility study is approximately 1 million Garnet Fern Mineral Resources and Mineral Reser payable ounces with 85% of the ounces produced after year 6 in the Scout mine life. Hangar Flats Deposit Rabbit The United States Forest Service (“USFS”) released a Draft Environmental Impact Statement (“Draft EIS”) for public review in August 2020. Perpetua Historic Tailings Mule and the USFS advanced a modified proposed action that included stakeholder feedback on the Draft EIS, decreased the project footprint and improved environmental conditions. A Supplemental Draft EIS was published in Blow-out October 2022 incorporating the changes to the original Draft EIS. The current project schedule assumes a final EIS and Draft Record of Decision will be released in Q2 2024 and a final Record of Decision issued in Q4 2024. Commercial operations are expected in 2028. ves Perpetua has received critical mineral awards of up to $75 million from the U.S. Department of Defense to advance antimony research, construction readiness, permitting and engineering of the project. Coeur d'Alene Stibnite Royalty Property McCall Gold Project Perpetua Resources plans for restoration of the site to include progressive Cascade Mineral Deposits Boise and concurrent remediation, beginning at the start of construction and Additional Inf continuing through operations and project closure. Extensive reclamation Prospects Nevada and restoration of historical mining impacts are planned, with permanent Utah fish access having been restored for the first time in 80 years. Patented Claims under option California or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 51
United States STERLING Location: Nevada, United States | Operator: AngloGold Ashanti | Precious Metals: Au | Royalty: NSR: 0.25% w vie Over Sterling is a historic gold operation located 185 km northwest of Las Vegas, Nevada near Beatty, Nevada. In 2022, AngloGold Ashanti acquired 100% of Coeur’s wholly owned position in the Beatty District allowing for optimal development of the subsidiary, Coeur Sterling, Inc., which owned the Sterling property. assets centered on developing the North Bullfrog, Silicon and Merlin 1 th / Franco-Nevada holds 8 of a 2% NSR, or an effective 0.25% NSR royalty, projects. As of December 31, 2023, AngloGold Ashanti reported 16.6Mozs on approximately 272 lode mining claims with a small minimum advance of total Nevada mineral resource including .91Moz at Sterling. royalty. Sterling underground mining operations were terminated at the end Franco-Nevada has not included Sterling in Royalty Ounce estimates of May 2015. The acquisition consolidates AngloGold Ashanti’s ownership GRANITE CREEK (PINSON) Location: Pinson, United States | Operator: i-80 Gold Corp. | Precious Metals: Au | Royalty: NSR: 1-2% Precious Metals The Granite Creek (Pinson) project is located near Winnemucca, Nevada, at the intersection of the Getchell Gold Belt and the Battle Mountain-Eureka Trend. Franco-Nevada holds a 1-2% NSR on approximately 20 sections within project. In July 2022, i-80 Gold announced they began shipping ore the Getchell trend. This royalty includes a 2% NSR on Section 33 and from operations at Granite Creek to Nevada Gold Mines’ Twin Creeks a 1% NSR on the southern half of Section 32 within Granite Creek’s processing facility, as per the company’s toll-milling agreement. High- operating area, formally known as Pinson. Granite Creek (Pinson) is south grade refractory mineralization is processed at the Twin Creeks facility of Nevada Gold Mines’ Turquoise Ridge mine and 13 km from its Twin and oxide mineralization is sold to a third-party through Creeks mine complex. The historic Pinson mine produced 985 koz of gold a negotiated ore sale agreement. Franco-Nevada’s royalty at Granite from 1980 through 1999 by open-pit mining. Creek does not cover the current underground workings, it does cover In August 2020, Premier Gold Mines USA, Inc. acquired the outstanding portions of the development-stage heap leach project. I-80 Gold is interests of Osgood Mining Company LLC (“Osgood”) from affiliates currently executing an extensive exploration and delineation drilling of Waterton Global Resource. In 2021, Equinox Gold acquired Premier. program targeting both the open pit and underground mineralization. Concurrently, Premier spun-out its US-focused gold production and The company expects to complete a Feasibility Study in 2024. development assets into i-80 Gold, which included the Granite Creek Franco-Nevada has not included Granite Creek (Pinson) in Royalty Ounce estimates 52 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada Canada Dublin Gulch Courageous Lake (Eagle) Eskay Creek Gold elds Brucejack Red Mountain Monument Bay Musselwhite Timmins West Cariboo Red Lake (McFinley) Detour Lake Island Gold Golden Highway Greenstone Hemlo Canadian Malartic Valentine Magino Macassa (Kirkland Lake) Gold Sudbury Diver sified Assets Mineral Resources and Mineral Reser ves Additional Inf Producing or Advanced mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 53
Canada DETOUR LAKE w Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 2% vie Over 2 Franco-Nevada has a 2% NSR royalty that covers an area of 140 km of the Abitibi greenstone belt located 185 km northeast of Cochrane, Ontario including the Detour Lake mine. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 25.9 $ 26.3 $ 25.3 M&I Resources (koz Au)1 37,883 38,638 29,752 Inferred Resources (koz Au)1 2,717 1,156 1,196 P&P Reserves (koz Au)1 19,928 20,683 15,034 1,2 M&I Royalty Ounces (000s) 758 773 595 2 Inferred Royalty Ounces (000s) 54 23 24 2 P&P Royalty Ounces (000s) 399 414 301 Precious Metals 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable From 1983 through 1999, Placer Dome Inc. operated an underground mine on the property producing approximately 1.8 million ounces of gold. Detour Gold Corporation (“Detour Gold”) drilled out a large open pittable Detour Lake, Ontario resource and developed the current open pit mine with first production in 2013. Detour Lake rivals Canadian Malartic as Canada’s largest gold mine. Kirkland Lake Gold Ltd. (“KLG”) acquired Detour Gold in 2020 With the expansion and underground mining study expected in H1 2024, and Agnico Eagle Mines Limited (“Agnico Eagle”) and KLG merged Agnico Eagle has is targeting longer-term production of 1 Moz per year. in February 2022, with the combined company continuing as Agnico Eagle. The Franco-Nevada royalty includes all the Mineral Resources The Detour Lake mine continues to have strong exploration upside and Mineral Reserves on the property, except Detour Zone 58N (approximately primarily to the west and at depth, with potential for both an underground 0.67 million ounces) which sits to the south of the main mineralized trend. mine and extensions to the current four open pits. In 2024, exploration will continue to test and extend the west plunge of the main deposit. Production at Detour Lake was 677,446 ounces of gold in 2023, Agnico Eagle is considering building an exploration ramp to increase compared with 732,572 ounces of gold in 2022. Production for Detour confidence in the mineralization's continuity in the inferred resource Lake is anticipated to be between 675,000 to 705,000 ounces of gold envelope and to potentially collect a bulk sample. per year in 2024, 710,000 to 740,000 ounces in 2025 and 745,000 to 775,000 ounces in 2026. An updated technical evaluation announced Ongoing exploration success in July 2022 outlined an expanded mine plan, extending the expected mine life by 10 years to 2052 and increasing longer term production Potential to add an UG component rates. The study indicates average gold production of approximately Agnico Eagle exploring pathway to one million ounces 765,000 ounces per annum from 2026 to 2042 and then approximately of gold per year 300,000 ounces per annum from 2043 to 2052 as stockpiles are processed at the end of the mine life. Mill expansion activities progressed as planned in 2023, and mill throughput rates of 25.4 Mtpa were achieved. Agnico Eagle expects the mill to reach a throughput rate of approximately 28 Mtpa in the second half of 2024. Agnico Eagle also sees the potential to reach a mill throughput rate of 29 Mtpa in 2026. In 2023, the exploration program at Detour Lake successfully defined continuity of mineralization below and west of the mineral reserves pit. This resulted in Agnico Eagle reporting an initial underground inferred mineral resource totaling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold) outside of the mineral resource pit. Work is ongoing to determine the optimal transition point from open pit to underground mining. 54 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada Detour Lake 2% NSR 2% NSR Gowest Property Block A North Pit Mine Property 2% NSR 2% NSR N 0.5-1% 0 5 NSR Block B kilometer 2% NSR Block D 2% NSR Sunday Lake West Pit Main Pit Deformation Zone Saddle Zone FNV Royalties Block C Lower Detour Lake Pits 2% NSR Deformation Zone Zone 58N OntarioQuebec Block E 2% NSR Other Quebec Detour Lake royalty claims West Pit Extension North Pit 0 Mine not shown 1 Diver kilometer Open sified Assets Main Pit Sunday Lake West Pit Deformation Zone Saddle Ontario Zone Detour Mineral Reserve Pit Outline Lake Quebec Mineral Resource Pit Outline Mineralization Mineral Resources and Mineral Reser Long Section West Pit Extension North & West Pits Main Pit Open Mined Out Pit ves Mineral Reserve Pit Outline Mineral Resource Pit Outline UG Development/Potential UG Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 55
Canada SUDBURY w Location: Ontario, Canada | Operator: KGHM International Ltd. | Precious Metals: PGM & Au | Stream: 50% Precious Metal Stream vie Over Franco-Nevada has three precious metals streams in the Sudbury basin of Ontario. 2023 2022 2021 At the time of acquisition by Franco-Nevada, the mines were operated PGM Revenue to FNV ($ million) $ 13.4 $ 18.3 $ 14.6 by Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently Gold Revenue to FNV ($ million) $ 4.2 $ 3.1 $ 2.8 acquired by KGHM International Ltd. (“KGHM”) in March 2012. The three Total Revenue to FNV ($ million) $ 17.6 $ 21.4 $ 17.4 mines are the Levack (Morrison Deposit), Podolsky and McCreedy West mines. The footwall deposits are primarily rich in palladium followed by PGM M&I Resources (koz PGM)1 n/a n/a n/a platinum and gold. KGHM does not have processing facilities in Sudbury PGM Inferred Resources (koz PGM)1 n/a n/a n/a and sells the ore to third parties for processing. Currently all ore is being PGM P&P Resources (koz PGM)1 n/a n/a n/a processed by Vale’s Clarabelle plant in Sudbury. Gold M&I Resources (koz Au)1 n/a n/a n/a Gold Inferred Resources (koz Au)1 n/a n/a n/a McCreedy West Mine: The stream agreement applies to the PM and Gold P&P Resources (koz Au)1 n/a n/a n/a 700 deposits at the McCreedy West mine. McCreedy West stopped mining the precious metal-rich ores in the PM deposit in 2011. Franco-Nevada Precious MetalsM&I Royalty Ounces (000s)1,3 24 24 24 agreed to renegotiate the existing contract with KGHM, and mining Inferred Royalty Ounces (000s)1 - - - restarted in September 2018. In February 2021, KGHM approved 1 24 an updated life of mine plan which extended mining operations at the P&P Royalty Ounces (000s) 24 24 McCreedy West mine for another five years. To support this extension 1 KGHM does not provide public estimates for Mineral Resources and Mineral Reserves. of operations in mid-2021, Franco-Nevada agreed to increase its purchase Previous estimates have not been updated in numerous years and thus Franco-Nevada has chosen not to continue to report these 昀椀gures price per GEO, from $800 per ounce to 60% of the prevailing monthly 2 For Royalty Ounce calculation, Franco-Nevada estimates 5 years of mining (5 years in 2022, average gold spot price during periods when monthly average gold prices 5 years in 2021) from McCreedy West are subject to our 50% stream interest to which a 40% exceed $1,333 per ounce subject to a cap of $1,200 per ounce. margin factor (40% in 2022, 40% in 2021) has been applied based on assumed ongoing McCreedy is expected to be the main source of revenue from Sudbury payments of 60% of the spot price. Platinum and palladium have been converted to Royalty Ounces assuming $1,950/ounce Au, $800/ounce Pt and $900/ounce Pd ($1,800/ounce to Franco-Nevada in 2024 and is expected to operate through the end Au, $900/ounce Pt and $1,500/ounce Pd in 2022, $1,800/ounce Au, $1,000/ounce Pt and of 2028. $2,100/ounce Pd in 2021). Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical recoveries in the calculation of the Royalty Ounce Levack (Morrison Deposit): This mine was operated between 2007 and 2019 and is currently on care and maintenance. Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of three separate Podolsky Mine: The stream agreement applies to the 2000 and North mines subject to ongoing payments per ounce. The streams are deposits at the Podolsky mine which operated between 2008 and 2013. calculated based on contained precious metals in the delivered The mine is currently on care and maintenance, but KGHM is reviewing ore rather than payable metals. The streams were acquired as part the possible restart of the mine. of Franco-Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in March 2011. Podolsky Sudbury 50% Precious Metals Stream Levack Coleman (Morrison Deposit) N McCreedy West Strathcona 0 5 Mill kilometer Nickel Rim South Sudbury Igneous Complex Chelmsford Formation Sudbury Onaping & Onwatin Formations Clarabelle Mill Current and Former Mines Smelter Copper Cliff Ontario Mill Creighton Sudbury Quebec Smelter Stream Properties Totten 56 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada HEMLO Location: Ontario, Canada | Operator: Barrick Gold Corporation | Precious Metals: Au | Royalty: NSR: 3% / NPI: 50% The Hemlo gold mine has been in production for over 30 years and is located adjacent to the Trans-Canada highway near Marathon, Ontario. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 22.7 $ 28.2 $ 27.6 M&I Resources (koz Au)1 3,200 3,600 2,600 Inferred Resources (koz Au)1 620 580 820 P&P Reserves (koz Au)1 1,700 1,700 1,100 M&I Royalty Ounces (000s)1,2 120 137 127 Inferred Royalty Ounces (000s)2 23 22 40 P&P Royalty Ounces (000s)2 64 65 54 1 Please refer to the tables on pages 118-124 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 approximately 20% of the publicly reported Mineral Resources and Mineral Reserves for Hemlo are on its royalty ground and estimates a rate of 3.75% (3.81% in 2022, 4.90% in 2021) is applicable when factoring our NSR and NPI interests. Please see page 19 for our methodology on calculating Royalty Ounces for an NPI Barrick is the operator and manages both the open pit and underground Hemlo, Ontario operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI royalty on a portion of the western down-dip underground extension, principally the Lower C Zone, of the Hemlo ore body as shown in the Hemlo longitudinal schematic. 3% NSR / 50%NPI Diver Mining on the royalty property began in late 2008, but revenues were sified Assets limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in the third quarter of 2012 after the upfront capital costs had Long Section been recovered by Barrick. Williams Shaft & Mill Production at Hemlo was 141,000 ounces of gold in 2023 versus ‘C’ Zone Pit Surface 133,000 ounces of gold in 2022. All-in sustaining costs, which is important to take into consideration with respect to the NPI royalty, decreased from $1,788 per ounce in 2022 to $1,672 per ounce in 2023. Gold production in 2023 was below the guidance range, primarily due 9975 to interruptions to the underground operations in the fourth quarter, including a fire which damaged some ventilation infrastructure, leading ‘C’ Zone Mineral Resources and Mineral Reser to delays in ramping back up, coupled with underground interruptions 9765 earlier in the year. Barrick is forecasting 2024 estimated production Mined Area of 140,000 to 160,000 ounces at an all-in sustaining cost of between 9555 $1,600 to $1,700 per ounce. 9450 Barrick announced that it expects production from Hemlo to increase Mined Area in 2024 relative to 2023 and Franco-Nevada expects a higher proportion F Williams Mine 9240 to be sourced from our royalty ground. Barrick also reported that production Ro ranco-Ne y 9160 at a new pushback in the Hemlo open pit was permitted and planned alty Ground to commence in the second half of 2025. During 2023 reserve 3% NSR vada + ‘B’ Zone conversion drilling from surface targeted E-Zone and Horizon west of the 50% NPI ves C-Zone. Drilling confirmed the modeled continuity of mineralization, while also increasing the understanding of lithological controls on mineralization in the Horizon zone. Increased output expected in 2024 Profit royalties provide more leverage to gold prices Additional Inf Ontario Quebec Hemlo or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 57
Canada BRUCEJACK w Location: British Columbia, Canada | Operator: Newmont Corporation | Precious Metals: Au & Ag | Royalty: NSR: 1.2% vie Over In May 2013, Franco-Nevada purchased an existing 1.2% NSR royalty covering Newmont Corporation’s (“Newmont”) Brucejack gold project in northwestern British Columbia. 2023 2022 2021 Newmont advancing synergies post Newcrest acquisition Revenue to Franco-Nevada ($ million) $ 5.9 $ 5.8 $ 7.0 High-grade results from Golden Marmot and 1080 HBx M&I Resources (koz Au)1,2 3,600 7,200 7,200 Zone on royalty ground Inferred Resources (koz Au)1,2 4,000 3,100 3,100 P&P Reserves (koz Au)1,2 3,100 3,900 3,900 M&I Royalty Ounces (000s)1,2,3 43 86 86 Brucejack Inferred Royalty Ounces (000s)2,3 48 37 37 1.2% NSR 0 N P&P Royalty Ounces (000s)2,3 37 47 47 2 Precious Metals kilometer 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 Does not include silver Mineral Resources or Mineral Reserves 3 For Royalty Ounce calculation, Franco-Nevada estimates that 100% of the remaining Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.2% is applicable The project includes two principal deposits, the Valley of the Kings Snow eld and the West Zone. The mine was developed by Pretium Resources Inc. (“Pretium”) and commenced production in 2017. Newcrest Mining Limited (“Newcrest”) acquired Pretium in early 2022, with Newmont acquiring Brucejack through its acquisition of Newcrest in November 2023. Brucejack produced approximately 315,000 ounces of gold in 2023 versus 250,357 in the full 2022 calendar year. Newmont 1.2% NSR is expecting Brucejack to produce approximately 310,000 ounces of gold for 2024. Pretium’s guidance in March 2020 stated a life of mine Brucejack Property average annual production of approximately 311,000 ounces of gold Golden with a 13-year mine life. Production at Brucejack was impacted by a Hanging Marmot Covered by Royalty temporary suspension of operations in October 2022 and in December Glacier Zone Zone 2023, Newmont suspended mining operations at the site to conduct Excluded from Royalty a full investigation following a tragic fatality. The site ramped up to full SG Zone operations by the end of January 2024 and is focused on the integration Bonanza and implementation of Newmont’s Fatality Risk Management program, Zone Shore Zone which is designed to ensure safe operations, as well as Newmont’s Gossan Hill Zone Brucejack Full Potential program to deliver synergies. In February 2024, Newmont Lake issued updated mineral reserves. The reduced mineral inventory West Zone encompasses a total Proven and Probable Mineral Reserve of 3.1 million ounces of gold (11.5 million tonnes grading 8.44 g/t), an exclusive M&I Resource of 0.5 million ounces of gold (1.8 million tonnes grading 7.64 Brucejack Mine g/t) and an Inferred Resource of 4.0 million ounces of gold (12.1 million Valley of Flow Dome tonnes grading 10.35 g/t). the Kings Zone Bridge Zone Drilling in 2023 continued to intersect significant mineralization outside the current Mineral Resource. Drilling from the underground continued to test the extents of the HBX Domain, demonstrating the potential for further resource growth. A surface exploration program to test the potential of the Valley of the Kings deposit beyond the limits of current underground development was completed during Q3 2023, with several targets identified for drilling. These results were a follow-up from exploration drilling done in 2022 that confirmed the potential for resource growth at the Valley of the Kings deposit and surrounding area. High-grade results were Brucejack Property returned from the 1080 HBx Zone and Golden Marmot during 2022, both Stewart areas which are covered by Franco-Nevada’s royalty and located outside British of the current published resource. Near-mine exploration targets on royalty Columbia ground outside of the West Zone include the Bridge Zone, Shore Zone, Gossan Hill Zone, SG Zone, Bonanza Zone and the western portion Vancouver of the Flow Dome Zone. 58 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada MACASSA (KIRKLAND LAKE) Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 1.5-5.5%/NPI: 20% 2 Franco-Nevada has various royalties covering approximately 170 km of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. 2023 2022 2021 Franco-Nevada’s 2% NSR royalty, covering a number of claims held by Agnico Revenue to Franco-Nevada ($ million) $ 6.3 $ 5.5 $ 5.8 Eagle from its acquisition of Osisko Mining Corporation in April 2014, covers M&I Resources (koz Au)1 3,856 3,770 3,934 the AK, Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Work Inferred Resources (koz Au)1 3,144 3,175 3,781 is ongoing to evaluate the potential to develop Upper Canada and Anoki- P&P Reserves (koz Au)1 2,137 1,913 1,856 McBean as potential ore feed to existing milling infrastructure in the region. M&I Royalty Ounces (000s)1,2 64 63 66 #4 Shaft completed Inferred Royalty Ounces (000s)2 57 58 70 P&P Royalty Ounces (000s)2 33 29 28 Large land position in historical mining area covering multiple known deposits 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. The table above is Exploration potential on royalty ground at AK and Upper Canada the sum of reported Agnico Eagle Mineral Resources and Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean Bernhardt Twp. and Upper Canada Macassa Teck Twp. Agnico Eagle is the largest landowner in the Kirkland Lake camp following (Kirkland Lake) its merger with Kirkland Lake Gold in February 2022. Agnico Eagle now 1.5-5.5% NSR / 20% NPI owns and operates the Macassa mine which includes production from the wp. wp. Main Break, ’04 Break, the high-grade South Mine Complex (“SMC”) and the eck T T Lebel T Amalgamated Kirkland deposit. Historically, shaft capacity at the Macassa #3 shaft was approximately 2,250 tpd and in 2019 Kirkland Lake Gold N Diver started sinking the new #4 shaft. The shaft was commissioned in 2023 and 0 1 Kirkland 2% NSR sified Assets has increased the ore hoisting capacity at the complex to 4,000 tpd. Lake Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: kilometer Wright- Lakeshore Hargreaves • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding Teck-Hughes and including the Macassa mine Kirkland Minerals Grenfell TT Macassa 2% NSR eck T #1 Shaft AK Extension • An underlying 20% profit-based royalty immediately to the southwest Macassa #2 Shaft Macassa of the SMC as shown in the inset of the schematic wp.wp. #4 Shaft Macassa • An underlying 2-3% NSR on claims to the west of current operations #3 Shaft Amalgamated Macassa Kirkland (AK) • An underlying 2% NSR royalty on the extension of Amalgamated Kirkland (“AK”) South 2% NSR 20% NPI Mine • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland Kirkland Complex Lake West Mineral Resources and Mineral Reser and the surrounding land packages (KLW) 3% NSR In 2023, Macassa produced 228,535 ounces of gold compared to 200,833 ounces of gold in 2022. Production in 2024 is forecast to be between 265,000 2% NSR Swastika Gracie to 285,000 ounces of gold. In 2025 and 2026, current guidance of between West 2% 2% NSR 320,000 to 340,000 and 330,000 to 350,000, respectively. At Macassa, 2% NSR NSR Teck Twp. the mill is expected to reach its nominal capacity of 1,650 tpd in mid-2024. Otto Twp. Overall, Agnico Eagle believes that the Macassa mine has the potential 24 M oz. to maintain production in excess of 300,000 ounces of gold per year Kirkland Kirkland King Kirkland Upper Beaver Main Break Lake 66 based on expected exploration results. The Near Surface (“NSUR”) deposit Upper Canada and AK deposit are accessible from an existing surface ramp at Macassa and both deposits have now been incorporated into Macassa’s Dobie ves Amalgamated 180 East production guidance for 2024 to 2026. Production from the NSUR Kirkland (AK) 13 M oz. Biroco Esker deposit is planned to be processed at the Macassa mill in the first half Larder Lake Break of 2024 and at the LZ5 processing facility at the LaRonde complex in the Anoki-McBean second half of 2024. Production from these two deposits is forecast to Swastika be approximately 19,000 ounces of gold in 2024 and between 35,000 ounces to 50,000 ounces of gold from 2025 to 2028. Franco-Nevada’s Additional Inf multiple royalties at Macassa include a 2% NSR on the AK deposit, a 1.5% NSR on the NSUR, as well as an overlapping area between Overlying 1.5% NSR Fault Ontario Quebec the two deposits, the AK extension, where both the overlying 1.5% NSR and Mineralized Breaks 2% NSR – AK surrounding land and an underlying 2% NSR apply. Agnico Eagle believes that the AK area package Gold Showings or remains prospective for future mineral resource growth. Kirkland mation Excluded from Royalty Mine Shafts Lake TSX / NYSE: FNV Franco-Nevada Corporation ★ 59
Canada DUBLIN GULCH (EAGLE) w Location: Yukon, Canada | Operator: Victoria Gold Corp. | Precious Metals: Au | Royalty: NSR: 1-1.5% vie Over Franco-Nevada has a 1% NSR on the Eagle Gold mine which is owned and operated by Victoria Gold Corp. (“Victoria Gold”). 2023 2022 2021 average 202,000 ounces of gold per year over the first eight years, Revenue to Franco-Nevada ($ million) $ 3.3 $ 2.6 $ 3.1 with peak production of 219,000 gold ounces in 2025. Optimizations M&I Resources (koz Au)1 4,304 4,304 4,397 incorporated into the 2023 technical report include year-round stacking Inferred Resources (koz Au)1 497 497 361 on the heap leach facility, stockpiling of lower grade material for end P&P Reserves (koz Au)1 2,407 2,407 3,061 of mine life processing, and utilization of a mobile crusher to supplement and increase production rates. M&I Royalty Ounces (000s)1,2 43 43 44 Inferred Royalty Ounces (000s)2 5 5 4 Franco-Nevada’s royalty is estimated to cover the entire Eagle deposit P&P Royalty Ounces (000s)2 24 24 31 which contains Mineral Reserves of 2.41 million ounces (118 million tonnes grading 0.64 g/t) and a small portion of the satellite Olive deposit 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral which contains Mineral Reserves of 0.18 million ounces (7 million tonnes Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves grading 0.84 g/t). Mineralization at Eagle has been drill tested to a depth 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and of 850m and remains open at depth. Victoria Gold continues to explore Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% is applicable the broader land package targeting Lynx (on royalty ground) as well as The Eagle deposit is part of the larger Dublin Gulch claim block and Raven (not on royalty ground). In 2023, exploration on the Lynx property is located in central Yukon. In addition, Franco-Nevada has a 1.5% NSR consisted of additional trenching and soil sampling on Franco-Nevada’s on the Lynx properties (part of the Dublin Gulch claim) which is subject royalty ground. to a C$15,000 annual advance royalty payment and is capped at C$1,500,000. In July 2020, the Eagle Gold mine achieved commercial Gold production increasing production. In 2023, the operation produced 166,730 ounces of gold compared with 150,182 ounces of gold in 2022. Gold production Updated technical report in 2023 with 12-year mine plan for 2024 is estimated to be between 165,000 and 185,000 ounces. Exploration potential both near-mine and across the broader In February 2023, Victoria Gold announced an updated technical report land package for the Eagle Gold mine envisioning total gold production of two million ounces over a mine life of 12 years starting in 2023. Production will Dublin Gulch (Eagle Deposit) 1-1.5% NSR 0 N 2.5 Olive- Popeye Shamrock Bluto Nugget-Raven kilometer Eagle Royalty 1% gross return royalty Mar Zone Wolf-Tungsten Property Lynx Royalty 1.5% NSR (capped) Rex Peso Catto Whiskey Wrinkles Eagle West Eagle Gold Mine Lynx Len Zone Eagle Extension Property Alaska Eagle Mine Dublin Gulch (Eagle Deposit) Access Road Northwest Yukon Territories British Columbia 60 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada MUSSELWHITE Location: Ontario, Canada | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NPI: 5%/NSR: 2% Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at the Musselwhite operation. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 2.8 $ 1.5 $ - M&I Resources (koz Au)2 1,800 2,410 2,200 Inferred Resources (koz Au)2 200 410 440 P&P Reserves (koz Au)2 1,500 1,920 1,770 M&I Royalty Ounces (000s)2,3 28 39 47 Inferred Royalty Ounces (000s)3 3 7 9 P&P Royalty Ounces (000s)3 24 31 38 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 3 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.58% (1.6% in 2022, 2.2% in 2021) is applicable assuming an all in cost of $1,335/ounce ($1,222/ounce in 2022, $1,026/ounce in 2021). Please see page 19 for our methodology on calculating Royalty Ounces for an NPI Musselwhite, Ontario 2 The area is estimated to cover 120 km in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest Musselwhite surrounding the property as shown in the schematic. Franco-Nevada’s Musselwhite interest is a profit royalty which first become payable 5% NPI / 2% NSR when historical capital and operational costs had been recovered N Diver by the operator in 2011. In September 2019, Franco-Nevada acquired 0 1.5 3 from Premier a 2% NSR on property owned by Newmont, adjoining kilometer sified Assets 2 2% NSR Musselwhite, and covering approximately 6.3 km of the projected northwest extension of Newmont’s Musselwhite mine, as shown 2% NSR in the schematic. 5% NPI The mine is a fly-in and fly-out underground operation which began 5% NPI operating in April 1997 and has been ramping back up to full production PQD North levels following a fire at the mine in March 2019 and subsequent COVID-19 restrictions. The Materials Handling Project, which reached Outside Boundary 5% NPI commercial production in December 2020, has enabled hoisting of ore Lynx Zone through an underground winze resulting in reduced reliance on high-cost 5% NPI Saddle Mineral Resources and Mineral Reser truck haulage. This has led to improved energy efficiency, reduced Opapimiskan Lake Camp Zone ventilation requirements, reduced mining costs and an enhanced Bay Zone Canoe Zone production profile. Musselwhite produced 180,000 ounces of gold West Anticline Main Mine in 2023, versus 173,000 ounces of gold in 2022, and reported 1.5 Zone Trend million ounces of gold Mineral Reserves as of December 31, 2023. 5% NPI Mill 2024 production is expected to be 190,000 gold ounces. All-in sustaining costs are expected to be $1,620 per ounce in 2024, versus $1,843 per ounce in 2023. In February 2024, Newmont reported that 5% NPI Musselwhite is one of six non-core assets that the company intends to divest. In 2024, Franco-Nevada anticipates payments from its NPI Zeemel Lake Karl Zeemal 5% NPI Area royalty from Musselwhite to increase compared to the prior year. ves Production level increasing NPI leverage to the gold price Large land package with additional royalty covering the projected northwest extension of Musselwhite Additional Inf Musselwhite Leased Lands Ontario Quebec or Unpatented Lands mation Deposits Outside Boundary 5% NPI TSX / NYSE: FNV Franco-Nevada Corporation ★ 61
Canada TIMMINS WEST w Location: Ontario, Canada | Operator: Pan American Silver Corp. | Precious Metals: Au | Royalty: NSR: 2.25% vie Over Franco-Nevada’s Timmins West 2.25% NSR royalty covers a large land package 2 of approximately 130 km to the west of the City of Timmins, Ontario. 2023 2022 2021 Under Pan American Silver, public reporting for both the Timmins Revenue to Franco-Nevada ($ million) $ 4.1 $ 3.2 $ 3.2 West and Bell Creek underground mines has been consolidated into M&I Resources (koz Au)1 652 675 675 its Timmins operations (Franco-Nevada does not have a royalty on Bell Inferred Resources (koz Au)1 79 24 24 Creek). Franco-Nevada estimates that Timmins West represented P&P Reserves (koz Au)1 467 541 541 approximately 60% of the Timmins operations production in 2023. M&I Royalty Ounces (000s)1,2 15 15 15 Pan American Silver produced 132,900 ounces of gold from its Timmins Inferred Royalty Ounces (000s)2 2 1 1 operations in 2023 versus 134,600 ounces of gold in 2022. Pan P&P Royalty Ounces (000s)2 11 12 12 American expects to produce between 125,000 to 135,000 ounces of gold from its Timmins operations in 2024. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves Ore from both the Timmins West and Bell Creek mines is processed 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and at the Bell Creek mill. Mineral Reserves are subject to our royalty interest and estimates a rate of 2.25% is applicable The Timmins West property hosts the Timmins, Thunder Creek and 144 Pan American Silver holds a significant land position in the Timmins Gap deposits as well as the Gold River Trend exploration zone. Franco- Camp and exploration success has extended mine life with potential Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake Shore for exploration upside in the future. Gold”) in 2012, after Lake Shore Gold put the property into full Steady production levels commercial production in 2011. Lake Shore Gold was acquired by Tahoe Resources Inc. (“Tahoe Resources”) in April 2016, which was Exploration success has extended the mine life subsequently acquired by Pan American Silver Corp. (“Pan American Large land package providing exploration upside Silver”) in February 2019. Bur Timmins West Mattagami River F rows Benedict F Bell Creek Complex 2.25% NSR Bell Creek Mine & Mill Hoyle Pond ault ault orcupine F Destor-P ault Hollinger Pamour Mine N McIntyre 0 20 Timmins Dome Mine kilometer Timmins West 2.25% NSR FNV Royalties Deposits UG Mine Shaft Excluded from Royalty Timmins Deposit Thunder Creek 1 Deposit 0 1 Gold River Trend 144 Gap Zone Ontario Quebec Deposit Timmins West 62 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada CANADIAN MALARTIC Location: Quebec, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: GR: 1.5% In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project. 2023 2022 2021 is accessing Odyssey South and the upper deposits by ramp and the Revenue to Franco-Nevada ($ million) $ 1.6 $ 2.3 $ 2.4 deeper mineralization including East Gouldie by shaft, supports a mine M&I Resources (koz Au)1 7,853 8,314 5,214 life to at least 2039 and post 2029 is expected to produce an average Inferred Resources (koz Au)1 3,545 2,772 6,236 of 545,400 ounces of gold per year. Agnico Eagle reported that the P&P Reserves (koz Au)1 7,609 3,010 3,534 planned mining rate of 3,500 tonnes per day at Odyssey South was reached earlier than anticipated and that ramp development also M&I Royalty Ounces (000s)1,2 26 25 13 exceeded target. The Odyssey mine is expected to contribute approximately Inferred Royalty Ounces (000s)2 37 28 32 80,000 ounces of payable gold to the Canadian Malartic complex in 2024, P&P Royalty Ounces (000s)2 25 5 5 2025 and 2026. With the depletion of the Canadian Malartic pit in 2023 and the transition to in-pit tailings disposal which is expected to start in 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral mid-2024, Agnico Eagle is evaluating opportunities to further increase the Resource category; all M&I categories are inclusive of Mineral Reserves mill throughput up to 60,000 tpd. One of Franco-Nevada’s royalty claims 2 For Royalty Ounce calculation, Franco-Nevada estimates 21% of the Mineral Reserves (10% covers a portion of the Odyssey South extension and two of Franco- in 2022, 9% in 2021), 22% of the M&I Mineral Resources (20% in 2022, 16% in 2021) and 70% of the Inferred Mineral Resources (68% in 2022, 34% in 2021) are subject to our royalty Nevada’s royalty claims cover a portion of East Gouldie, as seen in the interest and estimates a rate of 1.5% is applicable schematic below. The project is located in Quebec’s Abitibi mining district and rivals Detour Lake A 1,800m deep shaft is planned to facilitate production from East Gouldie. as Canada’s largest gold producer. The royalty covers seven claims on the Development is ahead of schedule and Agnico Eagle is evaluating the property including the central portion of the open pit as shown in the schematic potential to accelerate initial production from East Gouldie to 2026 from 2 which equates to approximately 3 km . Royalty payments are expected to 2027. Infill and expansion drilling in 2023 resulted in the declaration fluctuate annually based on the location of mining relative to the royalty property. of an initial mineral reserve in the central portion of the East Gouldie In January 2023, the ownership of Canadian Malartic was consolidated under Agnico Eagle as part of the acquisition of Yamana’s Canadian assets. deposit of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 Diver g/t gold) and the extension of the East Gouldie mineral resource laterally by 870 meters, increasing Franco-Nevada’s coverage of East Gouldie. sified Assets On a 100% basis, Canadian Malartic produced 684,640 ounces of gold From the March 2021 technical report, which summarized the internal in 2023 versus 2022 production of 658,792 ounces of gold. Gold preliminary economic assessment for the Odyssey project, approximately production at Canadian Malartic in 2024 is estimated to be between 5 million ounces of the 6.9 million ounces expected to be produced from 615,000 and 645,000 ounces on a 100% basis. Production is forecast the Odyssey project over the 17-year mine life are from East Gouldie. in 2025 and 2026 to be between 600,000 to 630,000 ounces and It is also estimated that Franco-Nevada’s East Gouldie claims now cover 545,000 to 575,000 ounces, respectively on a 100% basis. In 2024, approximately 24% of the East Gouldie reserve with infill and step-out production is expected to be sourced from the Barnat pit and the drilling to the west of the East Gouldie zone continuing to support Odyssey mine, complemented by ore from the low-grade stockpiles. continuity and scale. As of December 31, 2023, the Canadian Malartic open-pit mine contains Mineral Resources and Mineral Reser Proven and Probable Mineral Reserves of 2.4 million ounces of gold (90.8 million tonnes grading 0.83 g/t Au). Franco-Nevada estimates that Long-life asset transitioning to underground production roughly 15% of the Mineral Reserves of the open pit complex are subject Open pit and underground exploration targets present to our royalty interest. additional potential ore sources The Odyssey project hosts three main zones: East Gouldie, East Malartic, Potential for East Goldie to extend further onto and Odyssey (which is further sub-divided into Odyssey North, Odyssey royalty grounds South and Odyssey Internal). The Odyssey underground project, which Canadian Malartic Malartic 1.5% GR 1.5% GR (town site) Quebec ves Rail line Ontario Canadian Rail line Malartic Hwy 117 deviation N 1.5% GR 0 1 kilometer Barnat Pit Additional Inf Canadian Sheehan Malartic Pit East Malartic Jeffrey Pit FNV Royalties Odyssey Odyssey North Jupiter Quartz Veins Mill Odyssey or Mineralized Envelopes East South mation Gouldie 1.5% GR 1.5% GR Gouldie 1.5% GR 1.5% Open Pit GR TSX / NYSE: FNV Franco-Nevada Corporation ★ 63
Canada MAGINO w Location: Ontario, Canada | Operator: Argonaut Gold Inc. | Precious Metals: Au | Royalty: NSR: 3% vie Over Franco-Nevada hold an aggregate 3% NSR on Argonaut Gold Inc.’s Magino gold mine in Ontario. 2023 2022 2021 on the Magino Project, the mine is expected to have a 19-year mine life Revenue to Franco-Nevada ($ million) $ 1.3 $ – $ – with average gold production of 142 koz per annum in the first 5 years. M&I Resources (koz Au)1 4,557 4,019 – Argonaut anticipates 2024 production guidance at Magino to be between Inferred Resources (koz Au)1 843 526 – 120,000 and 130,000 gold equivalent ounces, reflecting a full first year P&P Reserves (koz Au)1 2,361 2,427 – of production since achieving commercial production. An updated NI 43-101 technical report is expected in H2 2024. 1,2 M&I Royalty Ounces (000s) 137 80 – 2 Magino and the regional exploration claims are located adjacent to Inferred Royalty Ounces (000s) 25 11 – 2 Franco-Nevada’s existing royalties in the area on Alamos Gold’s Island P&P Royalty Ounces (000s) 71 49 – Lake properties and expands our exposure to this prospective region. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Exploration targets include high-grade underground potential, e.g. the Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves Elbow Zone, and prospective structures and host rock on trend of Magino 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and located on the royalty grounds. Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable (2.0% in 2022) Magino is located in Ontario, approximately 14 km southeast of the town Commercial production in November 2023 of Dubreuilville and is owned and operated by Argonaut Gold Inc. Long life mine plan and potential to expand output (“Argonaut Gold”). In March 2024, Alamos Gold Inc. (“Alamos”) announced Extensive resource beyond existing mine plan the entering into of a definitive agreement to acquire Argonaut Gold. Alamos’ Island Gold mine is adjacent to the Magino mine and the agreement is expected to close later in 2024. The initial 2% NSR acquired in October 2022 for US$52.5 million, along 2% NSR with the additional 1% NSR acquired in November 2023 for US$28.0 million, applies to the Magino mine and all of Argonaut Gold’s regional 2 exploration properties, a total of 45 km . Magino is a past producing underground gold mine. The new mine achieved commercial production in November 2023, as a conventional open pit mining and milling operation with a nameplate mill throughput capacity of 10 ktpd. As detailed in Argonaut Gold’s March 2022 Technical Report Magino 2% NSR 2% NSR 2% NSR 0 N 2 Island Gold (Alamos) Royalty Area kilometer Magino Royalty Area 0.62% NSR Resource Pit FNV Royalties Resource Pit Granodiorite Reserves + Resources Granodiorite Island Gold Royalty Ontario Quebec Magino 64 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada ISLAND GOLD Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 0.62% In March 2020, Franco-Nevada acquired an existing 0.62% NSR on the Goudreau Lake claims totaling 58 hectares covering the core of the Island Gold mine in western Ontario. 2023 2022 2021 High grade operation Revenue to Franco-Nevada ($ million) $ 0.8 $ 1.0 $ 1.5 Phase III+ expansion expected to increase average annual M&I Resources (koz Au)1 2,441 1,755 1,624 production to 287,000 ounces starting in H1 2026 Inferred Resources (koz Au)1 3,682 3,529 3,454 Strong exploration potential in Island Gold mining camp P&P Reserves (koz Au)1 1,725 1,464 1,338 M&I Royalty Ounces (000s)1,2 11 9 9 Inferred Royalty Ounces (000s)2 10 19 19 Island Gold P&P Royalty Ounces (000s)2 9 8 8 0.62% NSR 1 Please refer to the tables on pages 118-124 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 80% of the Mineral Reserves (90% in 2022, 90% in 2021) and 75% Mineral Resources (85% in 2022, 90% in 2021) are subject N to our royalty interest and estimates a rate of 0.62% is applicable 0 500 metre The UG mine is operated by Alamos who acquired the operation in 2016. The mine utilizes longitudinal retreat longhole stoping with cement backfill Northern Zone and ore is processed through a conventional carbon in pulp plant. Alamos produced a total of 131,400 ounces of gold in 2023 from the mine, compared to 133,700 ounces of gold in 2022. Gold production is forecast Island East Diver to be between 145,000 to 160,000 ounces in 2024. In the near term, Franco-Nevada expects a significant portion of production to come from sified Assets the royalty claims and it is estimated that approximately 75% of the inclusive Mineral Resources and 80% of the Mineral Reserves on the property are Island Main covered by Franco-Nevada’s royalty claims. Island West Alamos is advancing it’s Phase III+ expansion project that will increase output to 2,400 tpd. The expansion is expected to increase average annual gold production to 287,000 ounces per year starting in 2026 Oblique Longitudinal Section upon completion of the shaft, representing an approximate 118% increase from 2023 production. The expanded mine plan has an Shaft expected mine life of 18 years, from 2022 to 2039. Mineral Resources and Mineral Reser Island Gold is one of Canada’s highest grade gold mines. Combined Mineral Resources and Mineral Reserves (including Inferred material) are 6.1 million gold ounces (5.2 million tonnes grading 10.30 g/t of Mineral Reserves, 2.6 million tonnes grading 8.73 g/t of exclusive M&I Resources, and 7.9 million tonnes grading 14.58 g/t of Inferred) as of December 31, 2023. Alamos continued to have exploration success at the property in 2023 and early 2024 with the extension of high-grade mineralization within multiple zones across the Island Gold deposit as well as positive results on regional early-stage targets. ves Franco-Nevada holds additional royalties in the Island Gold mining camp. Island West Island Main Island East These include a 2% NSR royalty on Alamos’ Edwards property located 4 km northeast of the Island Gold mine and a 0.75% NSR royalty on the Cline Lake property immediately adjacent to Edwards. In December 2020, Alamos acquired Trillium Mining Corp. which previously held the Cline Lake FNV Royalties property, increasing its land package by approximately 60% in the region. Quebec Mineral Reserves Additional Inf Both of Franco-Nevada’s additional royalties in the mining camp are along Ontario strike and on the same geologic structure as the Island Gold mine. Island Gold Mineral Resources UG Development or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 65
Canada GREENSTONE w Location: Ontario, Canada | Operator: Equinox Gold Corp. / Orion Mine Finance | Precious Metals: Au | Royalty: NSR: 3% vie Over Franco-Nevada acquired a 3% NSR on Greenstone as part of its acquisition of a portfolio of approximately 20 royalties from Barrick in November 2013. 2023 2022 2021 feasibility study prepared in December 2020 contemplated the construction Revenue to Franco-Nevada ($ million) $ − $ – $ – of a 27,000 tonne per day processing facility and open pit mining M&I Resources (koz Au)1 7,008 7,007 7,105 operation with production over a 14-year mine life. Gold production Inferred Resources (koz Au)1 3,072 3,072 3,095 during the first five years is expected to average 414,000 ounces per P&P Reserves (koz Au)1 5,539 5,538 5,538 annum with an average head grade of 1.45 g/t gold. M&I Royalty Ounces (000s)1,2 210 210 213 Equinox Gold reported that construction at Greenstone was on schedule Inferred Royalty Ounces (000s)2 92 92 93 with installation activities effectively completed at December 31, 2023 P&P Royalty Ounces (000s)2 166 166 166 and commissioning underway to pour first gold in H1 2024. Open pit activities are also currently underway. On a 100% basis, Greenstone 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral is expected to produce between approximately 175,000 and 208,000 Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves gold ounces in 2024, and average annual production of approximately 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and 400,000 gold ounces over the initial mine life of 14 years. Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable The Greenstone project, previously called Hardrock, is being advanced by Greenstone Gold Mines L.P. (“Greenstone”), a 60/40 partnership First gold pour on track for the first half of 2024 between Equinox Gold and Orion Mine Finance, a private entity. 14-year mine life The Greenstone mine encompasses a total Proven and Probable Mineral Reserve of 5.5 million ounces of gold (135.3 million tonnes grading 414,000 ounce per annum during the first five years 1.27 g/t) and a total Inclusive M&I Resource of 7.0 million ounces of gold (151.1 million tonnes grading 1.44 g/t) for the project. An optimized Greenstone 3% NSR Ontario FNV Royalties N Mineralized zones Greenstone 0 3 Excluded from Royalty kilometer Lindsey Errington Geraldton Ashmore 3% NSR Mosher Shaft SP Zone Hardrock Other Royalty Claims Parent Other Salsberg McKelvie Royalty Claims 66 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada VALENTINE GOLD Location: Newfoundland, Canada | Operator: Calibre Mining Corporation | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds a 3% NSR on the Valentine Lake Gold Camp in central Newfoundland. 2023 2022 2021 The Valentine Gold project comprises a series of mineralized deposits Revenue to Franco-Nevada ($ million) $ − $ – $ – along a 32 km trend representing high grade open pits with average M&I Resources (koz Au)1 3,955 3,960 3,138 Mineral Reserve grade of 1.6 g/t. Excellent recent drilling results Inferred Resources (koz Au)1 1,100 1,100 1,639 indicate resource expansion potential in the nearby Frank Zone. P&P Reserves (koz Au)1 2,700 2,690 2,100 In December 2022, Marathon Gold announced the results of an updated M&I Royalty Ounces (000s)1,2 119 59 47 feasibility study outlining a three-pit mine plan based on the Marathon, Inferred Royalty Ounces (000s)2 33 17 25 Leprechaun and Berry deposits. The updated study outlines a 14.3-year P&P Royalty Ounces (000s)2 81 40 32 mine life, with an average gold production profile of 195,000 ounces of gold per year between 2025 and 2036 from the processing of high-grade 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral mill feed, and 97,000 ounces of gold per year between 2037 and 2039 Resource category; all M&I categories are inclusive of Mineral Reserves from the processing of low-grade stockpiles. M&I Resources, exclusive 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and of reserves, contain an additional 1.27 Moz. Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable (1.5% in 2022, 2.0% in 2021) Mine construction commenced in September 2022. As of February 2024, In January 2024, Calibre Mining Corporation (“Calibre”) acquired the Valentine Gold project was is 54% complete with production expected Marathon Gold Corporation (“Marathon Gold”) and is now developing in H1 2025. the Valentine Gold project. When completed, the Valentine Gold project will be the largest gold mine in Atlantic Canada. The royalty was acquired in two transactions first in February 2019, was initially a 2.0% NSR New operator with stronger balance sheet subject to a 0.5% buyback provision for $7 million. In February 2023, Mine under construction with gold production expected Marathon Gold exercised its option for a partial buy-back of the royalty, in H1 2025 Diver reducing Franco-Nevada’s NSR to 1.5%. In June 2023, Franco-Nevada acquired an additional 1.5% NSR. Ongoing exploration success sified Assets Valentine Gold Buchans Junction Buchans Newfoundland 3% NSR Millertown Quebec Mineral Resources and Mineral Reser Ontario Valentine Gold N Teck Resources 0 20 Duck Pond Mine kilometer Powerline Victory Deposit Springdale Sprite ves Deposit Valentine Lake Leprechaun Thrust Fault Deer Lake Deposit Marathon Badger Deposit Corner Brook Buchans Millertown Grand Falls Berry Zone Duck Pond Mine Frank Zone Valentine Gold Additional Inf Property Granite Canal Granite Canal Stephenville Substation N Hydro Facility 0 75 Marathon Gold Corporation kilometer or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 67
Canada GOLDEN HIGHWAY w Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 0.25-10% vie Over Franco-Nevada has multiple NSR royalties ranging from 0.25 to 10% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread 2 over more than 120 km and estimated to cover over 340 km . 2023 2022 2021 with the existing infrastructure in the region which may displace production Revenue to Franco-Nevada ($ million) $ − $ – $ 0.1 from royalty ground in the short to medium term. M&I Resources (koz Au)1 2,978 2,978 2,978 Franco-Nevada has royalties on the following key properties in the trend: Inferred Resources (koz Au)1 1,421 1,421 1,421 Holt: The Holt mine has been the main producing asset in recent years P&P Reserves (koz Au)1 – – – and includes the Holt mill complex. Franco-Nevada has a sliding scale 1,2 NSR royalty beginning at 2% when the gold price is less than or equal M&I Royalty Ounces (000s) 160 160 160 Inferred Royalty Ounces (000s)2 90 90 90 to $500/ounce and increasing in 1% increments for each $100/ounce P&P Royalty Ounces (000s)2 – – – increase in the gold price, to a maximum of 10%. The Holt mine was built Precious Metals in the late 1980s by Barrick. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Taylor: The Taylor mine (1% NSR) achieved commercial production Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Resources and Mineral Reserves are the sum of Golden Highway - Holt Complex (which includes Holt, in November 2015. Exploration potential at Taylor exists along strike Holloway and Taylor), Golden Highway – Hislop and Golden Highway - Aquarius and at depth of current Mineral Resources. 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates rates of: Holt 10%; Holloway: The Holloway mine is located immediately north of the Holt Holloway 3%; Taylor 1%; Hislop 4%; Aquarius 2% property with ore historically processed at the Holt mill. The Holloway mine Kirkland Lake Gold (“KLG”) acquired St Andrew Goldfields (“St Andrew”) was placed on care and maintenance at the end of 2016 due to limited in January 2016, which previously owned and operated most of the economic viability. In an effort to improve the economics of the operation, properties along the trend on which Franco-Nevada has royalties. in 2019, Franco-Nevada agreed to reduce the royalty at Holloway to a flat KLG amalgamated Holt, Holloway and Taylor into the Holt Complex for 3% NSR from the previous sliding scale royalty. The mine resumed reporting purposes, all of which have fed the Holt mill for processing. operations in early 2019, prior to the current suspension. The Holloway mine was placed on care and maintenance in March 2020. Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is Operations at the remainder of the Holt Complex were suspended located approximately 50 km to the west of the Holt mill. The open pit in April 2020. Mineral Reserves for the Hislop open pit were fully depleted in 2014. In August 2020, KLG and Newmont entered into a strategic alliance Aquarius: Franco-Nevada holds a 1-2% sliding scale NSR (2% when agreement, with Newmont acquiring an option on certain mining and gold price is greater than $1,000/ounce) on the majority of claims mineral rights related to the Holt property. In February 2022, Agnico surrounding and including the Aquarius deposit. Eagle and KLG completed a merger of equals, with the combined company continuing as Agnico Eagle (see pages 54, 59 and 63 Multiple NSR royalties in the Destor-Porcupine mineral trend for additional assets operated by Agnico Eagle). Agnico Eagle plans Large land position offers future potential to evaluate the potential to integrate a number of satellite deposits Golden Highway 0.25-10% NSR Quebec Ontario Golden N Highway 0 20 11 Lake Abitibi kilometer Stock Mine and Mill Royalty Lake Abitibi Frederick 1% NSR House Lake Kidd Creek ONR Pipestone Fault Destor-Porcupine Fault Zone Holloway Royalty Stoughton Royalty Hoyle Pond Matheson German Stock Taylor Carr Beatty Munro McCool 3% NSR 0.5-2.5% NSR Kinross 1060 Zone Owl Creek Rand Lamplugh Frecheville Bell Creek Stoughton Apollo Jonpol Holloway Mine Holt Mine Broulan Reef Black Fox Hallnor Pamour #1 Guibord 101 Matheson Hislop Michaud Timmins McIntyre Ross Mine Porcupine 11 Ludgate Hollinger Dome Cody Macklem Bond Currie Bowman Garrison Harker Holloway Marriot Delnite Paymaster 101 Aunor Zone 7 Royalty Porcupine Peninsula Aquarius Royalty Taylor Royalty Hislop Royalty Holt Royalty Royal Oak Sliding scale Sliding scale 1-2% NSR 1% NSR 4% NSR Cook Barnet Thackeray Night Hawk Lake Present or past Central Timmins Royalty Claims Kenogamisis producing mine 0.25-1% NSR Lake 68 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada ESKAY CREEK Location: British Columbia, Canada | Operator: Skeena Resources Limited | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada holds a 2.5% NSR on the past-producing Eskay Creek gold-silver project in British Columbia’s Golden Triangle. 2023 2022 2021 In December 2022, Franco-Nevada acquired an additional 0.5% NSR on Revenue to Franco-Nevada ($ million) $ – $ – $ – Eskay Creek and in December 2023, acquired a further 1.0% NSR, bringing M&I Resources (koz Au)1 4,380 4,067 3,898 the total NSR held by Franco-Nevada to 2.5%. Also in December 2023, Inferred Resources (koz Au)1 67 177 231 Franco-Nevada acquired C$25M in convertible debentures maturing the P&P Reserves (koz Au)1 3,336 2,870 2,870 earlier of December 19, 2028 or on the completion of a Board approved project financing at Eskay Creek. The December 2023 transaction also M&I Resources (Moz Ag)1 107.0 98.4 101.6 increased the property size to cover the prospective properties adjacent 1 the mineral resource. Inferred Resources (Moz Ag) 0.9 2.7 5.0 P&P Reserves (Moz Ag)1 88.0 75.5 80.2 M&I Royalty Ounces (000s)1,2 140 78 52 Skeena Resources completed 13 drillholes in 2023 with success surrounding Inferred Royalty Ounces (000s)2 2 3 3 the 22 Zone yielding new occurrences of footwall gold-silver mineralization P&P Royalty Ounces (000s)2 109 56 39 highlighted by SK-23-1203, which intersected 19.87 g/t Au, 59.1 g/t Ag over 2.95 m and a second high grade interval averaging 21.10 g/t Au, 15.4 g/t Ag 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral over 1.50 metres. Additional mineralization was identified 200 metres north Resource category; all M&I categories are inclusive of Mineral Reserves of the 22 Zone by SK-23-1200 grading 0.63 g/t Au, 86.1 g/t Ag over 14.50 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and metres and 1.37 g/t Au, 7.6 g/t Ag over 5.00 metres. Mineral Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable (1.5% in 2022, 1.0% in 2021) In 2023 Skeena Resources followed up on the Eskay Deeps 2022 Eskay Creek was the highest-grade gold mine in the world when in exploration hole SK-22-1081 (3.79 g/t Au, 59.4 g/t Ag over 32.19 m). production with the operator, Barrick Gold Corp., producing 3.3 million In total, 8 drillholes and 2 wedge branches were completed totalling ounces of gold and 160 million ounces of silver at average grades 13,787 m intersecting anomalous sub-economic mineralization in the Contact Mudstone on 100 m spaced centers. 120 m below the of 45 g/t gold and 2,224 g/t silver from 1994-2008. Contact Mudstone and hosted by footwall rhyolite breccias, 2023 Diver In November 2023, the current owner of the property, Skeena Resources drillhole SK-23-1182 intersected 3.92 g/t Au, 5.2 g/t Ag over 5.38 m. sified Assets Limited (“Skeena”), announced a positive definitive feasibility study, outlining average annual production of 324,000 ounces of gold equivalent Permitting and early development work on going production over an initial 12-year mine life. The definitive feasibility study Positive definitive feasibility study increases mine life was based on Proven and Probable Mineral Reserves of 4.6 Moz AuEq to 12 year with average of 324 koz AuEq (39.8 Mt at 2.6 g/t Au and 69 g/t Ag). The study indicated a high-grade open-pit and a flotation plant producing higher grade saleable concentrate. Skeena is continuing to advance the project through permitting and is undertaking early development work. In December 2021, Franco-Nevada entered into an agreement with Skeena Mineral Resources and Mineral Reser to amend the terms of its existing 1% NSR royalty agreement such that the existing royalty covered substantially all of the Eskay Creek gold-silver project land package at the time, including all currently-known mineralized zones. 2.5% NSR Eskay Creek 2.5% NSR 2.5% NSR ves N Eskay Deeps 0 5 NEX KSM (Seabridge) 21 East kilometer 21A West 23 Additional Inf 22 Eskay Creek 2.5% NSR Stewart FNV Royalties British Columbia Deposits or Area of Interest 2.5% NSR Vancouver mation Excluded from Royalty TSX / NYSE: FNV Franco-Nevada Corporation ★ 69
Canada RED LAKE (McFINLEY) Location: Ontario, Canada | Operator: Evolution Mining Limited | Precious Metals: Au | Royalty: NSR: 2% w vie Franco-Nevada has a 2% NSR (subject to a buy-back of 0.5%) on the water claims, which Over cover the majority of Mineral Reserves, of the McFinley orebody in Red Lake, Ontario. Evolution Mining Limited (“Evolution Mining”) acquired Battle North Gold for 8.2 years from initial production. Of the 8.2 years, seven years were Corporation (previously Rubicon Minerals Corp), taking ownership of the classified as commercial production, which Battle North defined as an Bateman gold project (previously known as the Phoenix project) in 2021. average of 70% of the 1,250 tpd permitted capacity, over 90 consecutive Under Evolution Mining, Bateman is being reported under Red Lake for days. The project contemplated an 1,800 tpd mill with excess capacity public reporting purposes (Franco-Nevada does not have a royalty on for potential incremental tonnes from the F2, McFinley and Pen Zones Evolution Mining’s other Red Lake properties) and is being referred (contemplating 2,500 tpd for the expanded mill). to as the McFinley project in the December 31, 2023 annual Mineral Resources and Ore Reserves statement. The consolidated Red Lake operation, under the ownership of Evolution Mining, consists of the Red Lake, Campbell, Cochenour, HG Young and Rubicon developed the Phoenix project with completion of an 1,800 tpd McFinley mining areas. Evolution continues to work on an updated mill in 2015. Later that same year Rubicon shutdown underground McFinley model, which has been defined over a 1,350m strike length, activities to review its geologic model as the gold mineralization was 1,750 vertical extent and 800m across strike. In the short to medium more geologically complex than anticipated and the contained gold term, ore from the deposits not covered by Franco-Nevada’s royalty are Precious Metalsounces estimated were materially reduced. likely to be higher priority for processing through the Campbell, Red Lake and Bateman mills than the McFinley area. In October 2020, Battle North announced feasibility study results for the Bateman gold project. The base case study outlined life of mine payable For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and gold production of 602,987 ounces, averaging 73,835 ounces per year Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable in anticipation that Evolution Mining exercises its right to repurchase 0.5% of the 2.0% NSR COURAGEOUS LAKE Location: Northwest Territories, Canada | Operator: Seabridge Gold Inc. | Precious Metals: Au | Royalty: NSR: 1.02% The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous The property also hosts the Walsh Lake deposit (Inferred Mineral Resource Lake project and, in January 2024, released results of its updated of 4.1 million tonnes grading 4.18 g/t), which is located 10 km south preliminary feasibility study for the asset, confirming a significantly of the larger FAT deposit. Earlier metallurgical testing demonstrated that improved and smaller project over the previous study completed in 2012. the Walsh Lake material is free milling. Based on these factors, the Walsh The study estimated Mineral Reserves of 2.8 million ounces of gold Lake deposit could be mined prior to constructing the processing plant (33.9 million tonnes grading 2.61 g/t at the FAT deposit) and projected required for the larger, refractory FAT deposit thereby improving the overall average annual production of 201,000 ounces over a mine life of 12.6 economics of the Courageous Lake project. Seabridge also published years. The study contemplates an open pit mine. Processing includes a 2024 preliminary economic assessment, demonstrating the potential pressure oxidizing and cyanide leaching of floatation concentrate to to extend the asset`s mine life by an additional 15.9 years at 205,000 produce gold doré. This project covers only 2 km of a greenstone belt that ounces of gold per year based on exploring resources in addition to the stretches 53 km and based on the size of the reserve, the FAT deposit current reserve. is one of Canada’s largest undeveloped gold deposits. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable GOLDFIELDS Location: Saskatchewan, Canada | Operator: Fortune Bay Corp. | Precious Metals: Au | Royalty: NSR: 2% The Goldfields project consists of two gold deposits, the Box and Athona deposits, located approximately 13 km south of Uranium City in northern Saskatchewan. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus A new Mineral Resource update accompanied the preliminary economic Gold Corp., which was advancing the project, was acquired by Primero assessment, outlining an Indicated Mineral Resource of 979,900 ounces Mining Corp. in 2014. The Goldfields project was not part of the of gold (23.2 million tonnes grading 1.31 g/t) and an Inferred Mineral acquisition and was spun out into Fortune Bay Corp. (“Fortune Bay”). Resource of 210,800 ounces of gold (7.1 million tonnes grading 0.92 g/t). In November 2022, Fortune Bay released the results of a new preliminary The mineralization at both the Box and Athona deposits remains open at economic assessment for the Box and Athona deposits which outlines an depth. In January 2024, the company announced that a prefeasibility study 8.3-year life-of-mine, producing 835,000 ounces of gold. Average annual is underway. gold production is expected to be 101,000 ounces over the mine life, with an average of 122,000 ounces per year in the first four years. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable 70 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Canada MONUMENT BAY Location: Manitoba, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 2-3% In January 2023, Agnico Eagle acquired the Monument Bay project as part the acquisition of Yamana’s Canadian assets. The Monument Bay project, is located in Manitoba, approximately 570 km northeast of Winnipeg adjacent to the Ontario border. Monument Bay consists of 136 contiguous claims and hosts a Measured considerable opportunity for resource expansion. The Twin Lakes deposit and Indicated Mineral Resource base of 1.79 million ounces of gold was originally considered as an open pit operation but has since been in 36.6 million tonnes grading 1.52 g/t. Franco-Nevada holds a 2% NSR re-evaluated as an underground project, with internal studies indicating royalty on the first 1.0 million ounces produced and a 3% NSR on any the presence of steeply plunging higher-grade shoots within the open pit additional production. Yamana acquired the project from Mega Precious Mineral Resource. Deep drilling also provided an initial test of the depth Metals Inc. in 2015 and in September 2018, Yamana signed an extent and potential of several high-grade shoots which are along the Exploration Agreement with Red Sucker Lake First Nations in relation 4 km strike length of the deposit. to the Monument Bay exploration site. In both 2020 and 2021, Yamana focused on exploring these high-grade extensions and on targets For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral surrounding the Twin Lakes shear zone, an area believed to host Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable for the 昀椀rst 1.0 million ounces produced and 3.0% on any additional ounces RED MOUNTAIN Location: British Columbia, Canada | Operator: Ascot Resources Ltd. | Precious Metals: Au | Royalty: NSR: 1% / Production Payment Franco-Nevada has a 1% NSR as well as a $10/oz production payment on gold produced in excess of 1.85 million ounces from the Red Mountain project near Stewart, B.C. Diver Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio 70,000 ounces per annum in year three to seven. Since the 2020 in November 2013. In March 2019, Ascot Resources Ltd. (“Ascot”) feasibility study, Ascot has updated the sequence of mining, deferring sified Assets acquired IDM Mining and its 100%-owned Red Mountain project and a Red Mountain development until later in the overall mine life of the revised feasibility study was released in April 2020. project. Commercial production of the combined operation is expected in mid-2024. The Red Mountain project received federal Environmental The study envisioned the feed from four deposits (Big Missouri, Silver Assessment approval in January 2019 and, in April 2019, signed a Coin, Premier and Red Mountain) being processed at the Premier mill, Benefits Agreement with the Nisga’a Nation. In July 2021, Ascot signed which is approximately 23 km southeast of the Red Mountain deposit. an updated Benefits Agreement for both the Premier Gold and Red The Premier mill required refurbishment and expansion as it had been on Mountain project. As of January 2024, construction of the overall project care and maintenance for over 20 years. The updated feasibility study is at approximately 90%. contemplated Red Mountain ore commencing processing in the second year of operation continuing for approximately seven years and For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Mineral Resources and Mineral Reser contributing roughly half the ore feed for the mill, or approximately Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable CARIBOO Location: British Columbia, Canada | Operator: Osisko Development Corp. | Precious Metals: Au | Royalty: NSR: 3% Osisko Development Corp. (“Osisko Development”) is advancing the Cariboo Gold project in east-central British Columbia. ves 2 The Bonanza Ledge II project was placed on care and maintenance The property consists of 2,120 km of mineral rights located 85 km east of the town of Quesnel. From 1933 to 1967, 4.5 million ounces in June 2022 to focus on the completion of the Cariboo Gold project of gold were mined in the area from both historical underground and feasibility study, which was released in January 2023. The feasibility study, alluvial production. which does not envision production from the KL Zone, outlines a two-phase ramp up, with first production in 2025. Phase 1 is 1,500 tpd at approximately Osisko Development started mining the Bonanza Ledge II project, located 73,000 ounces per year for the first three years and Phase 2 is 4,900 tpd Additional Inf within the Cariboo Gold project, in Q1 2021. The Bonanza Ledge II Mineral with underground development and production to increase to approximately Resource includes the BC Vein, Bonanza Ledge, and KL Zone deposits. 194,000 ounces per year starting in 2028. The broader project has an initial Franco-Nevada’s 3% NSR covers the claims to the immediate northeast 12-year mine life and there is potential to convert additional Inferred of Bonanza Ledge, referred to as the KL Zone. Franco-Nevada’s 3% royalty Resources located adjacent to reserve blocks, with mineralization open or interest also includes the Williams Claims which are about 5 km southeast at depth and along strike. mation of Bonanza Ledge. Franco-Nevada has not included Cariboo in Royalty Ounce estimates TSX / NYSE: FNV Franco-Nevada Corporation ★ 71
Rest of World Rest of World w vie Over Perama Hill Kiziltepe Precious Metals Tasiast Sabodala Karma Sissingué Séguéla Subika (Ahafo) Edikan Pandora MWS Australia Yandal (Bronzewing/Julius) Matilda (Wiluna) Duketon Aphrodite South Kalgoorlie (Mt Martin-Loc. 45) South Kalgoorlie Producing (New Celebration) Advanced 72 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Rest of World SÉGUÉLA Location: Côte d’Ivoire | Operator: Fortuna Silver Mines Inc. | Precious Metals: Au | Royalty: NSR: 1.2% Franco-Nevada holds a 0.6% NSR on the Séguéla gold mine, owned and operated by Fortuna Silver Mines Inc. (“Fortuna”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 1.4 $ − $ − M&I Resources (koz Au)1 1,535 1,611 1,328 Inferred Resources (koz Au)1 245 960 104 N P&P Reserves (koz Au)1 1,154 1,088 1,088 Séguéla 0 5 M&I Royalty Ounces (000s)1,2 9 19 16 1.2% NSR kilometer Inferred Royalty Ounces (000s)2 2 12 1 P&P Royalty Ounces (000s)2 7 13 13 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.6% is applicable (1.2% NSR in 2022, 1.2% NSR in 2021) In March 2021, Franco-Nevada acquired a 1.2% NSR from Roxgold Inc. (“Roxgold”) on the license covering its Séguéla open-pit gold project located in Côte d’Ivoire. The royalty was subject to a buy-back of up to 50% and in March 2024, Fortuna elected to execute this buy-back for the full 50%. In May 2021, Roxgold released the results of a feasibility study that outlined Diver a 9-year open-pit mine producing an average of 120,000 ounces of gold per year. In July 2021, Fortuna acquired Roxgold Inc. In September 2021, sified Assets Fortuna announced a positive construction decision for Séguéla, and first Gabbro W gold was poured in May 2023. Fortuna reported that Séguéla contributed Antenna over 78,600 gold ounces in 2023, exceeding the upper range of its 2023 North Agouti production guidance. Fortuna also indicated that it had upgraded 206,000 Antenna ounces of gold related to the Sunbird deposit from Indicated Mineral West Koula Resources to Probable Reserves. Feasibility and optimization work is Antenna underway to incorporate underground mineable resources at the Sunbird, Boulder Winy Ancien, and Koula deposits. The 2024 mine plan considers mining Antenna Sunbird in the Antenna, Ancien, and Koula pits, with plans to process 1.46 million South tonnes of ore averaging 3.0 g/t Au, and capital investments estimated Kwenko W Mineral Resources and Mineral Reser at $39.8 million, including $32 million for sustaining capital expenditures and $7.8 million for Brownfields exploration programs. Seguela is projected P1 to produce between 126 koz to 138 koz of gold in 2024. Process plant Kwenko de-bottlenecking initiatives in 2024 still present upside opportunities Raul UG Ancien for throughput capacity. Vincho UG P2 Siakasso N In 2023, exploration focused on the Sunbird deposit and the Badior prospect. In March 2024, Fortuna announced the discovery of the P7 Kingfisher prospect at the Séguéla mine, covered by Franco-Nevada’s royalty, with further work planned for the remainder of 2024. ves First gold pour in 2023 Exploration upside on land package covered by royalty Additional Inf Target Strat Schist Target Pelite Resource Pit Séguéla NSR Area or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 73
Rest of World MWS w Location: South Africa | Operator: Harmony Gold Mining Company Limited | Precious Metals: Au | Stream: 25% Gold Stream vie Over Franco-Nevada, through its acquisition of Gold Wheaton in March 2011, receives 25% of gold produced from the Mine Waste Solutions (“MWS”) project. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 50.4 $ 39.2 $ 41.3 M&I Resources (koz Au)1 1,789 1,849 1,946 Inferred Resources (koz Au)1 − – – P&P Reserves (koz Au)1 1,431 1,485 1,749 M&I Royalty Ounces (000s)1,2 19 38 54 Inferred Royalty Ounces (000s)2 – – – 2 18 P&P Royalty Ounces (000s) 38 54 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 23,999 stream ounces (49,923 stream ounces in 2022, 71,749 stream ounces in 2021) to be delivered and factored by 77% (75% in 2022, 75% in 2021) to estimate equivalent Royalty Ounces MWS is a gold and uranium tailings recovery operation located near Stilfontein, approximately 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area. It also MWS, South Africa includes a modern tailings storage facility approximately 15 km from the gold plant. Franco-Nevada makes ongoing payments equal to the lesser of $400/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. MSW The current ongoing price is equal to $450.72 per ounce of gold Gold Stream as of December 2023. MWS MWS 4 In September 2020, Harmony Gold Mining Company Limited (“Harmony”) N MWS 5 acquired MWS from AngloGold Ashanti Limited (“AngloGold Ashanti”). N AngloGold Ashanti had purchased the operation from First Uranium 0 2.5 12 Corporation in July 2012. As part of the AngloGold Ashanti purchase, kilometer Plant Site Franco-Nevada amended the agreement and is entitled to receive 25% of all the gold produced through the MWS plant, until Franco-Nevada STILFONTEIN has received 312,500 ounces of gold. Town In 2023, Franco-Nevada sold 25,925 ounces of gold that had been received under the agreement, compared with 21,825 ounces of gold Hartebeestfontein sold in 2022. As at December 31, 2023, Franco-Nevada has received Tailings storage H5 H1 facility site 288,501 ounces of gold of the 312,500 ounce cap since the amendment H6 of the agreement. The cap is currently expected to be reached in late 2024. H2 Franco-Nevada is entitled to 25% of all gold produced SPD Buffelsfontein Stream capped when 312,500 ounces are received Vaal East B2 B1 B5 B4 B3 Vaal West Zimbabwe Namibia Botswana Mozambique MWS AngloGold Ashanti Dumps South Africa Indian Atlantic Ocean Ocean 74 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Rest of World SABODALA Location: Senegal | Operator: Endeavour Mining Corporation | Precious Metals: Au | Stream: Fixed gold deliveries / 6% Gold Stream In December 2013, Franco-Nevada (Barbados) Corporation, provided Teranga Gold Corporation (“Teranga”) with a $135 million deposit to fund the acquisition by Teranga of additional future ore sources for its Sabodala mill. 2023 2022 2021 In September 2020, Franco-Nevada amended its existing Sabodala gold Revenue to Franco-Nevada ($ million) $ 18.3 $ 16.8 $ 16.7 purchase and sale agreement with Teranga to compensate for displacement M&I Resources (koz Au)1 6,333 6,333 6,640 from the processing of Massawa ore through the Sabodala processing Inferred Resources (koz Au)1 1,380 1,380 1,728 facilities and to provide for the commingling of Sabodala and Massawa P&P Reserves (koz Au)1 4,086 4,086 4,796 ores. The amended agreement provides that effective September 1, 2020, Teranga, now Endeavour, will make fixed deliveries of 783.33 ounces of M&I Royalty Ounces (000s)1,2 111 120 112 refined gold per month until 105,750 ounces of gold have been delivered Inferred Royalty Ounces (000s)2 31 32 35 to Franco-Nevada (the “Fixed Delivery Period”) and 6% of production from P&P Royalty Ounces (000s)2 60 67 75 the stream area thereafter. Following the Fixed Delivery Period, which is expected to end in October 2031, a reconciliation will be performed 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral to determine if Franco-Nevada would have received more or less than Resource category; all M&I categories are inclusive of Mineral Reserves 105,750 ounces of gold under the 6% variable stream during such 2 In 2023, Franco-Nevada estimates that 47% (49% in 2022, 42% in 2021) of the remaining Mineral period. Endeavour will be entitled to a credit for an over-delivery which Resources and Mineral Reserves at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream which is factored by 80% to estimate equivalent Royalty Ounce rate) will be applied against the 6% variable stream until depleted and Franco-Nevada will be entitled to a one-time additional delivery in the With the acquisition, Teranga was able to expand its land package to case of an under-delivery. Franco-Nevada will make ongoing payments 2 over 950 km including much of a 70 km prospective greenstone belt. for each ounce of gold delivered equal to 20% of the spot gold price. In February 2021, Endeavour Mining Corporation (“Endeavour”) acquired Teranga. In 2023, Sabodala-Massawa produced 294 koz of gold, with the majority Over the first six years, Teranga delivered 22,500 ounces of gold produced from Massawa. Endeavour’s 2024 production guidance for Diver Sabodala-Massawa is between 360 koz and 400 koz of gold. To date annually to Franco-Nevada, under a fixed arrangement, for a total of production from Sabodala has been less than the fixed ounces delivered sified Assets 135,000 ounces of gold delivered. The fixed delivery period was fulfilled to Franco-Nevada. in December 2019, and between January 2020 and August 2020, Franco-Nevada received 6% of the gold produced from either the Fixed gold deliveries per year until 2031, and thereafter Sabodala or Oromin Joint Venture (“OJVG”) properties. 6% of gold production from Sabodala concessions In December 2019, Teranga announced an agreement to acquire the Land package offers significant exploration potential adjacent Massawa gold project and commenced processing ore from the project in 2020. Franco-Nevada’s stream does not extend to the Massawa gold project area. Mineral Resources and Mineral Reser Sabodala Gold Stream 0 N 2.5 kilometer 10 kilometres Tailings from mill Sabodala ves Pit Sabodala Concession Sabodala Mill Masato Deposit OJVG Concession Gora Sabodala West Deposit Deposits Mauritania Additional Inf Atlantic OJVG Ocean Niakafiri Deposit Senegal Dakar Mali Sabodala Golouma Deposits or mation Guinea TSX / NYSE: FNV Franco-Nevada Corporation ★ 75
Rest of World TASIAST w Location: Mauritania | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% vie Over Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 24.5 $ 18.3 $ 6.7 M&I Resources (koz Au)1 6,985 7,239 8,992 Inferred Resources (koz Au)1 1,504 1,443 971 P&P Reserves (koz Au)1 5,055 5,737 6,404 M&I Royalty Ounces (000s)1,2 140 145 180 Inferred Royalty Ounces (000s)2 30 29 19 P&P Royalty Ounces (000s)2 101 115 128 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Precious MetalsMineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable Kinross acquired control of Tasiast in September 2010 through to its acquisition of Red Back Mining Inc. The royalty originally covered three large permit areas in Mauritania, West Africa including the Tasiast main Tasiast, Mauritania trend and Tasiast Sud. The most prominent permit area is Tasiast, with 2 a currently reported mining license area of 312 km and a total exploration 2 license area of 3,118 km . Tasiast In 2023, Tasiast produced 620,793 ounces of gold compared NSR: 2% N with 538,591 ounces in 2022. 0 10 Kinross has been implementing a phased expansion of Tasiast. kilometer The Phase One expansion was completed during the third quarter of 2018. Phase One increased mill throughput from 8,000 tpd to 12,000 tpd. Kinross subsequently undertook the Tasiast 24k project, increasing throughput to 21,000 tpd by year-end 2021 and 24,000 tpd by mid- 2023. Kinross reported record annual production at Tasiast in 2023 following the completion of the Tasiast 24k project. 2% NSR The Tasiast 24k is projected to extend the mine life to 2035 including Tasiast Main Trend the processing of low-grade stockpiles on the back end of the mine life. Kinross expects 2024 production from Tasiast to be approximately 610,000 ounces of gold with approximately 430,000 ounces per annum over the next several years. Kinross continues to study the underground Plant Site potential of the mine. Exploration drilling resumed in Q4 2023 targeting soil anomalies in the north satellite area on the TMLSA license. A follow-up drilling program is planned in 2024. Reverse circulation drilling of priority targets on the SENISA licenses also began in Q4 2023 and is expected to continue throughout 2024. Drilling around the existing operations for deep extensions at West Branch, Piment and Prolongation Tasiast Sud that could support underground mining will be a focus in 2024. Strong production in 2024 Expansion completed in 2023, reaching 24,000 tpd Prospective 75 km long greenstone belt FNV Royalties Algeria Tasiast License Area, March 2012 Tasiast Mining License Tasiast Sud Atlantic Tasiast Ocean Gold Prospects Mauritania Resource/Reserve Target Senegal Mali Trends 76 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Rest of World SUBIKA (AHAFO) Location: Ghana | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NSR: 2% 2 Franco-Nevada has a 2% NSR royalty which covers a 78 km area on the southern portion of Newmont’s Ahafo South mine in Ghana (shown in the schematic). Ahafo South is a separate mine from Newmont’s Ahafo North mine which is located 30 km to the north. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 19.4 $ 18.0 $ 11.6 M&I Resources (koz Au)1 8,600 9,160 9,350 Inferred Resources (koz Au)1 1,600 1,640 1,730 P&P Reserves (koz Au)1 5,100 5,650 6,100 M&I Royalty Ounces (000s)1,2 66 78 80 Inferred Royalty Ounces (000s)2 12 14 15 P&P Royalty Ounces (000s)2 63 76 82 1 Please refer to the tables on pages 118-124 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 62% of Mineral Reserves (68% in 2022, 68% in 2021), 38% of the M&I Mineral Resources (43% in 2022, 43% in 2021) and 38% of the Inferred Resources (43% in 2022, 43% in 2021) are subject to our royalty interest and estimates an average rate of 2.0% is applicable The 2% NSR is payable on all ounces produced from the Rank (formerly Ntotoroso) concession. The majority of the Subika deposit, the northern Subika, Ghana portion of the Awonsu deposit, and the southern tip of the Amoma Diver deposit fall within the Rank mining lease boundary. Subika (Ahafo) sified Assets In 2023, Ahafo South produced 581,000 ounces of gold compared NSR: 2% Amoma with 574,000 ounces in 2022 and it is estimated that 62% of project reserves as of December 31, 2023 fall on Franco-Nevada’s royalty ground. Ahafo production is expected to increase in 2024 to 725,000 N ounces of gold, due to higher open pit grades and strong underground Ntotoroso mining rates at Subika which is on royalty ground. The mine remains Note: on track to reach full processing rates by the end of the second quarter not to scale of 2024 after the planned delivery of a replacement girth gear. Franco- Nevada expects a larger proportion of production to be sourced from ground covered by our royalty in 2024. Awonsu Mineral Resources and Mineral Reser In 2022, Newmont highlighted significant underground potential at Apensu Plant and Offices Subika (on royalty ground) and the Apensu pit (not on royalty ground). Large production growth in 2024 Subika Estimate 62% of Ahafo South reserves fall on royalty ground Larger share of future production expected on royalty ground Kenyase ves 2% NSR FNV Royalties Algeria Deposits Mina Justa Additional Inf Niger Mali Burkina Faso Benin Nigeria Cote or D’ivoire Atlantic Ghana mation Ocean Subika Togo TSX / NYSE: FNV Franco-Nevada Corporation ★ 77
Rest of World KARMA w Location: Burkina Faso | Operator: Néré Mining SA | Precious Metals: Au | Stream: 4.875% Gold Stream vie Over In August 2014, Franco-Nevada (Barbados) and Sandstorm Gold Ltd. (“Sandstorm”) committed to provide up to $120 million in stream funding to assist the construction of the Karma Project in Burkina Faso, West Africa, in a syndicated stream transaction. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ − $ 3.3 $ 9.9 Karma M&I Resources (koz Au)1 1,898 1,898 1,898 Inferred Resources (koz Au)1 679 679 679 Gold Stream P&P Reserves (koz Au)1 158 158 158 M&I Royalty Ounces (000s)1,2 74 74 74 Inferred Royalty Ounces (000s)2 26 26 26 N P&P Royalty Ounces (000s)2 6 6 6 0 10 Precious Metals kilometer 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Rounga Resource category; all M&I categories are inclusive of Mineral Reserves 2 100% of the Mineral Resources and Mineral Reserves at Karma are subject to a rate of 3.9% (6.5% gold stream which is factored by 80% to equate to a Royalty Ounce as well as Franco- Nevada’s 75% interest) Youba Franco-Nevada committed 75% of the funding and Sandstorm committed Tougou the remaining 25%. Franco-Nevada ultimately contributed $78.75 million ($75 million with $3.75 million as part of an increase option). The Karma Bogoya Project was constructed by True Gold Mining Inc. which was acquired by Nami Pit Endeavour in March 2016. In March 2022, Endeavour announced the sale Bonguirga of its 90% interest in Karma to Néré Mining SA (“Néré”). Namissiguima Ouahigouya Ouest Under the stream agreement, Endeavour delivered to Franco-Nevada Kao Nord Kao Pit 15,000 ounces of gold per year, beginning in March 2016 through to the end of February 2021, for a total of 75,000 ounces of gold Kao Sud delivered. The increase option was repaid in 8 quarterly deliveries totaling 5,625 ounces of gold by Q1 2019. Sandstorm receives deliveries for its 25% interest directly. After February 2021, Endeavour and, now Néré, shall deliver to Franco-Nevada an amount of gold equal to 4.875% of the gold produced at Karma over the life of the mine in exchange for ongoing payments equal to 20% of the spot price of gold. The Karma Project produced between 2016 and 2022. Operations Nami Pit at Karma have been suspended following security incidents at the mine in June and August 2022. As a result, Franco-Nevada sold no GEOs from Goulagou I Pit the mine in 2023, compared with 1,759 GEOs in 2022 and 5,556 GEOs Goulagou II Pit in 2021. Karma Project Area Rambo Pit Area of Interest 5 km 2 The stream agreement covers all of the concessions within the 856 km Current Exploitation Area Karma Project and also includes a defined area of interest of 5 km surrounding the borders of the project. North Kao Algeria Gold Zone Mali 2 Kao Pit Prospective land package of 856 km Trailing 4.875% gold stream in place Karma Niger Burkina Faso Benin Cote Nigeria D’ivoire Ghana Atlantic Ocean Togo 78 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Rest of World DUKETON Location: Australia | Operator: Regis Resources Ltd. | Precious Metals: Au | Royalty: NSR: 2% 2 Franco-Nevada has a 2% NSR royalty that covers 2,678 km of the Duketon gold project in Western Australia. 2023 2022 2021 Commercial production at Garden Well underground Revenue to Franco-Nevada ($ million) $ 12.0 $ 10.7 $ 11.1 Garden Well Main exploration decline complete M&I Resources (koz Au)1 1,850 4,120 3,950 Focus on underground reserve development Inferred Resources (koz Au)1 610 1,030 610 Open pit mining at Duketon North scheduled to end P&P Reserves (koz Au)1 950 1,400 1,990 at June 2024 M&I Royalty Ounces (000s)1,2 31 71 72 Inferred Royalty Ounces (000s)2 11 16 11 P&P Royalty Ounces (000s)2 17 25 37 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Duketon Resource category; all M&I categories are inclusive of Mineral Reserves 2% NSR 2 For Royalty Ounce calculation, Franco-Nevada estimates 88% (88% in 2022, 93% in 2021) of Mineral Reserves and 84% of the Mineral Resources (86% in 2022, 91% in 2021) are subject to our royalty interest and estimates a rate of 2.0% is applicable 2% NSR The project is operated by Regis Resources Ltd. (“Regis”) and includes 0 N 30 eight operating mines and multiple satellite deposits at various stages of development. The royalty covers all known Mineral Resources and kilometer Mineral Reserves, except for the Gloster, Ben Hur and Anchor satellite * Additional royalty lands to south deposits and portions of the Erlistoun, Dogbolter and Petra satellite not shown due to scale. deposits. Regis reported production of 313,956 ounces of gold for 2023 and provided production guidance of 280,000 to 305,000 Diver ounces of gold for the fiscal year ending June 30, 2024. During 2023, approximately 96% of total Duketon production was subject sified Assets to Franco-Nevada’s royalty and a similar portion is expected in 2024. 2% NSR Duketon South Operations (“DSO”): Regis reported DSO production of 251,273 ounces of gold for calendar year 2023. All of DSO production was subject to Franco-Nevada’s royalty in 2023. DSO has five operating Gloster mines, with open pit mines at Garden Well, Ben Hur and Russell’s Find, Moolart Well along with underground mines at Rosemont and Garden Well. Franco- Nevada’s royalty covers all of DSO’s Mineral Resources and Mineral Reserves, except for Ben Hur and a small portion of Erlistoun. DSO Petra Dogbolter production began in 2012 at Garden Well which has a 5 Mt per annum Mineral Resources and Mineral Reser plant. Rosemont has a 2.5 Mt per annum plant and milled ore from Rosemont is piped 10 km in a slurry form for leaching at Garden Well. Rosemont Ore from other satellite deposits is hauled to Garden Well for processing. Garden Well South Underground achieved commercial production in 2023. King John Garden Well Garden Well Main Underground exploration decline completed in 2023. Tooheys Well Russells Duketon North Operations (“DNO”): Regis reported DNO production Baneygo Find Reichelts of 62,683 ounces of gold for calendar year 2023. DNO had three Erlistoun Find operating mines in 2023 – Moolart Well, Gloster and Dogbolter. Moolart Well is covered by Franco-Nevada’s royalty, Gloster is outside the royalty BOLIVIA area, and Dogbolter is partly within the royalty area. The 2.5Mtpa mill N BRAZIL at Moolart Well has been in production since 2010. Approximately 80% PARAGUAY ves of DNO production was subject to Franco-Nevada’s royalty in 2023. Current Royalty Tenements All open pit mining at DNO will cease at June 2024. Original Royalty Tenements Port Hedland Exploration: Focus is underground reserve and resource development. Deposits Garden Well Main exploration decline completed.and exploration drilling Excluded from Royalty Duketon commenced. Rosemont Underground drilling continued to infill and Kalgoorlie Additional Inf extend higher grade lodes. Perth Kambalda Norseman or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 79
Rest of World EDIKAN w Location: Ghana | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 1.5% vie Over In 2011, Franco-Nevada acquired an effective 1.5% NSR royalty on Perseus Mining Limited’s (“Perseus”) Edikan gold mine within the Ashanti Gold Belt in Ghana, 2 which includes two mining leases of approximately 93 km . 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 6.1 $ 4.4 $ 3.9 M&I Resources (koz Au)1 1,634 1,885 2,326 Inferred Resources (koz Au)1 283 283 300 P&P Reserves (koz Au)1 771 1,344 1,318 M&I Royalty Ounces (000s)1,2 25 28 35 Inferred Royalty Ounces (000s)2 4 4 5 P&P Royalty Ounces (000s)2 12 20 20 Precious Metals 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable Edikan is a large-scale, low-grade multi open pit operation that began commercial production in 2012, with ore processed through a centralized processing facility. In 2015, a Supplementary Environmental Impact Edikan, Ghana Statement for mining the Fetish, Chirawewa, Bokitsi (collectively referred to as the “Eastern Pits”) and Esuajah North deposits was approved. After a mill upgrade and housing relocation project was completed Edikan at the end of 2016, the Esuajah South deposit was included in Edikan’s 1.5% NSR production profile and an updated life of mine plan was prepared. Gold production was forecast to average 212,000 ounces per annum over Edikan’s estimated mine life of 6.2 years from July 1, 2020 forward, including gold production of approximately 231,000 ounces per annum N Esuajah North on average over the first four years. 0 10 Esuajah South kilometer Abnabna 2023 production at Edikan was 202,599 ounces of gold compared with Fobinso 1.5% NSR 173,235 ounces of gold in 2022. In February 2024, Perseus announced Mampon that production in Perseus’ 2023 financial year (July 1, 2023 – June 30, Mill 2024), is expected to be between 191,000 to 201,000 gold ounces. Site Fetish Exploration opportunities are expected to further extend the current mine Chirawewa life at Edikan with the operator focusing on new exploration targets within trucking distance. In July 2022, Perseus completed a feasibility study Ataasi on development of the Nkosuo prospect which is approximately 7 km Ayanfuri Mine from the Edikan mill (not covered by Franco-Nevada’s royalty). Planned Licenses trucking of ore and processing of the Nkosuo ore at the Edikan mill is Dadieso expected to increase the project mine life, allowing for future near-mine discoveries which could potentially fall on royalty ground. Stable production Exploration potential to further extend current mine life Ghana Mining License and Royalty Area Exploration License Edikan Deposit Accra 80 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Rest of World YANDAL (BRONZEWING) Location: Australia | Operator: Northern Star Resources Limited. | Precious Metals: Au | Royalty: NSR: 2% Bronzewing is located in the Yandal Greenstone Belt of Western Australia. 2 Franco-Nevada’s royalty covers 590 km including all Mineral Resources identified. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 0.5 $ − $ − M&I Resources (koz Au)1 3,882 3,909 1,282 Inferred Resources (koz Au)1 518 459 263 P&P Reserves (koz Au)1 2,320 2,147 791 M&I Royalty Ounces (000s)1,2 36 37 26 Yandal (Bronzewing) 2 Inferred Royalty Ounces (000s) 5 4 5 2 2% NSR P&P Royalty Ounces (000s) 20 19 16 1 Please refer to the tables on pages 118-124 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 47% of Mineral Resources and N Mineral Reserves (47% in 2022, 100% in 2021) are subject to our royalty interest and 0 10 estimates a rate of 2.0% is applicable kilometer Bronzewing produced 2.19 million ounces of gold from several open pit and underground deposits from 1994 to 2004 and a further 0.19 million ounces from open pit deposits from 2010 to 2013. The project has changed ownership several times since 2013. Northern Star acquired the project in November 2019 in a A$193 million take-over deal. Northern Star invested A$180 million to double capacity at the Thunderbox Mill from 3.0 Mtpa to 6.0 Mtpa. The mill expansion was completed Diver in December 2022 and mining resumed at Bronzewing in April 2023. Orelia Ore is sourced from the Orelia open pit gold deposit and hauled 100 km sified Assets south to the Thunderbox Mill for processing. Northern Star’s Yandal Production Centre includes Bronzewing (Orelia), Thunderbox and Jundee. Northern Star reported total production of 495,548 ounces of gold at the Yandal Production Centre in 2023. Approximately 4% of total Yandal Production Centre gold productions was subject to Franco-Nevada’s royalty in 2023. The Yandal project also includes the Julius deposit where Franco-Nevada has a 1.5% NSR royalty under a separate royalty agreement. During 2021, Northern Star developed Julius as a satellite deposit of the Jundee Gold Mineral Resources and Mineral Reser Mine. Mining at Julius ceased in June 2022, though some stockpile ore remains. Franco-Nevada received $0.1 million of royalty revenue from Julius in 2023. Operating mine Ore transported and processed at a central mill BOLIVIA N BRAZIL PARAGUAY ves Port Hedland Wiluna Yandal Leinster Current Royalty Tenements Kalgoorlie Additional Inf Perth Kambalda Norseman Excluded from Royalty or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 81
Rest of World MATILDA (WILUNA) Location: Australia | Operator: Wiluna Mining Corporation Limited | Precious Metals: Au | Royalty: NSR: 3.6% w vie Over Franco-Nevada holds a 3.6% NSR royalty on all gold production from the Matilda/Wiluna Gold Project located in Western Australia, covering 2 all of the 1,150 km property. Wiluna was discovered in 1896 and has produced in excess of 4.0 million of gold in 2023. Franco-Nevada executed a Forbearance and Convertible ounces of gold to date, with nearly continuous production from 1987 Note Deed with the Administrators of WMC in August 2023. Under this to 2022. Wiluna has a 2.1 Mtpa CIL treatment plant and has processed agreement, royalties continue to accrue to Franco-Nevada, but Franco-Nevada ore from several open pit and underground deposits. Wiluna Mining agreed not to enforce its rights under the royalty agreement while WMC Corporation Limited (“WMC”) commissioned a 750,000 tpa Sulphide Ore seeks to recapitalize and relist on the ASX. WMC published a Pre-Feasibility Concentrate Plant in 2021, but then went into Voluntary Administration Restart Study in February 2024, and a strategic review is underway. on July 20, 2022. Mining operations ceased on December 14, 2022. Franco-Nevada received no royalty revenue from Matilda/Wiluna in 2023. Stockpile processing continued to February 2023. Small-scale tailings For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral reprocessing activity continued throughout 2023, to offset ongoing care Reserves are subject to our royalty interest and estimates a rate of 3.6% is applicable and maintenance costs.Total production at Wiluna was 20,5435 ounces Precious Metals KIZILTEPE Location: Türkiye | Operator: Zenit Madencilik San. ve Tic. A.S. | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver mine located in Türkiye which started production in April 2017. Kiziltepe is operated by Zenit Madencilik San. ve Tic. A.S., a JV owned with potential to increase to at least 10 years including satellite deposits. by Özaltin Holding A.S. (53%), Ariana Resources PLC (“Ariana Resources”) Extensive near-mine exploration is underway, with positive results (23.5%) and Proccea Construction Co. (23.5%). Kiziltepe produced received across various vein systems covered by Franco-Nevada’s royalty. 17,683 ounces of gold in 2023 compared with 28,421 ounces of gold For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and in 2022. Ariana Resources has previously estimated average production Mineral Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable. of 20,000 ounces of gold equivalent per year over an 8-year mine life Kiziltepe, Türkiye 82 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Rest of World SOUTH KALGOORLIE Location: Australia | Operator: Northern Star Resources Limited | Precious Metals: Au | Royalty: NSR: 1-4% Northern Star Resources Limited (“Northern Star”) operates the South Kalgoorlie Operation (“SKO”) which has been producing gold since 1989. SKO is located 15 km south of Kalgoorlie in Western Australia. Franco- of total combined Kalgoorlie Production Centre production. Franco-Nevada Nevada holds a 1.75-4% NSR royalty for gold and a 1-2.25% NSR royalty received $6.04 million of royalty revenue from SKO in 2023. 2 for other minerals which covers 470 km of the SKO tenements including the HBJ underground mine and the Mt Marion and Pernatty satellite deposits, In June 2023 Northern Star approved the $A 1.5 billion KCGM Mill Expansion along with the 1.2 Mtpa Jubilee Mill. Northern Star placed the Jubilee mill Project to increase and modernize KCGM’s processing capacity from 13 Mtpa on care and maintenance in July 2022, with ore feed directed to mills to 27 Mtpa. Construction is underway and scheduled for three years, with at Kanowna Belle and Fimiston. Effective January 1, 2023, the royalty a two-year ramp-up towards steady state of 27Mtpa by 2029. Exploration agreement was amended to increase the royalty rate on the northern activity includes the Hercules discovery announced May 2023, located and central sections of the HBJ underground mine from 1.75% to 4%. 20 km west of the HBJ mine on tenements subject to a 1.75% royalty Northern Star combines reporting of SKO with the Kalgoorlie Super Pit, to Franco-Nevada. Drilling results include 21m at 3.0 g/t gold. Mt Chatlotte, Carosue Dam and Kanowna Belle gold mines, and reported total production of 838,193 ounces of gold at the combined Kalgoorlie For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Production Centre for the year ended December 31, 2023. Franco-Nevada Reserves are subject to our royalty interest and estimates a rate of 3.44% is applicable for Mineral Resources and 3.60% is applicable for Mineral Reserves estimates that the royalty production accounts for approximately 10% SISSINGUÉ Location: Côte d’Ivoire | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 0.5% In 2013, Franco-Nevada acquired a 0.5% NSR on tenements that comprise Diver the Sissingué gold project located in Côte d’Ivoire operated by Perseus. sified Assets The project is comprised of the Sissingué Gold Mine (“SGM”) and the in the latter years was forecast to come primarily from the Fimbiasso and satellite deposits Fimbiasso and Bagoé. Franco-Nevada’s royalty covers Bagoé satellite deposits, which is not covered by Franco-Nevada’s royalty. SGM but does not cover the Fimbiasso and Bagoé claims. Potential was noted for a further mine life extension by processing low grade ore stockpiles. Perseus commenced commercial gold production in 2018. Perseus reported 2023 production from Sissingué of 54,389 ounces of gold At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing and Franco-Nevada received $0.3 million of royalty revenue for the year. exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life In March 2022, Perseus announced that the mine life for Sissingué had of the Sissingué operation. At Sissingué initial results from the Airport been extended to March 2026 with estimated average annual production West prospect look encouraging. Mineral Resources and Mineral Reser of 72,000 ounces of gold. Ore was planned to be sourced from the SGM, Bagoé and Fimbiasso deposits and a total of 252,000 ounces of gold For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral were forecast to be recovered over the life of the operation. Production Reserves are subject to our royalty interest and estimates a rate of 0.5% is applicable PANDORA Location: South Africa | Operator: Sibanye-Stillwater | Precious Metals: PGM | Royalty: NPI: 5% The Pandora property forms part of the Bushveld complex 40 km east of the town ves of Rustenburg, South Africa and is 100% owned by Sibanye-Stillwater following its acquisition of Lonmin plc (“Lonmin”) in June 2019. Under Sibanye-Stillwater, Pandora is now grouped as part of its Marikana Historical studies have evaluated a parallel decline that would substantially Additional Inf operations. Franco-Nevada has a 5% NPI royalty that includes a small increase production levels. minimum annual payment of 100,000 South African Rand. The underground mining operation exploits the UG2 reef horizon with access via a decline For Royalty Ounce calculation, Franco-Nevada estimates 80% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an equivalent NSR royalty rate of 0.61% from surface. Pandora hosts a large orebody. A deepening of the current (0.77% in 2022, 1.03% in 2021) is applicable assuming an all-in cost of $1,280/ounce ($1,239/ or decline was completed in 2013, accessing the nine and ten levels. ounce in 2022, $1,199/ounce in 2021). For 2021 through 2023, Franco-Nevada has assumed a mation Franco-Nevada has received only modest NPI payments in recent years lower margin for the project than in previous years. PGM ounces are converted into Royalty Ounces assuming $850/ounce Pt and $900/ounce Pd ($900/ounce Pt and $1,500/ounce Pd in 2022, due to limited mine profitability. It is anticipated that approximately 80% $1,000/ounce Pt and $2,100/ounce Pd in 2021) of planned future mining is covered by Franco-Nevada’s 5% NPI royalty. TSX / NYSE: FNV Franco-Nevada Corporation ★ 83
Rest of World APHRODITE Location: Australia | Operator: Genesis Minerals | Precious Metals: Au | Royalty: NSR: 2.5% w vie Over Aphrodite Gold project is located in Western Australia, 65 km northwest 2 of Kalgoorlie. Franco-Nevada’s 2.5% gross royalty covers a 29 km area and all Aphrodite Mineral Resources. An advance minimum royalty of A$250,000 per annum applies from at Bardoc and in April 2023 sold a group of assets, including the Aphrodite November 2017 onward. St Barbara Limited (“St Barbara”) acquired deposit, to Genesis Minerals Limited (Genesis”) for $A 631 million. Bardoc Gold Limited for A$157 million in April 2022, and took control Aphrodite is excluded from Genesis’ latest five-year development plans. of the Bardoc Gold Project. Aphrodite is the largest of the five deposits For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral at Bardoc. In October 2022 St Barbara deferred development plans Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable Precious MetalsPERAMA HILL Location: Greece | Operator: Eldorado Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Perama Hill project held by Eldorado Gold Corporation (“Eldorado”). The Perama Hill gold project is located in the Thrace region of northeastern Eldorado has reported that the project is the next mine expected 2 Greece and consists of two mining titles covering an area of 19 km to be developed in Greece after its Skouries project and that exploration 2 and two mining exploration licenses covering an area of 18 km . Perama potential in the region supports opportunities for growth. Stakeholder Hill has an estimated Mineral Reserve of 995,000 ounces (10.3 million engagement and community consultation is commencing in H1 2024, tonnes grading 3.01 g/t) and contemplates operating as a small open pit with next steps to advance through the EIA process. mine using a conventional carbon-in-leach gold recovery circuit with a 10-year For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserve mine life at approximately 100,000 ounces of gold per year. Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable 84 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Precious Metals Exploration Assets PRECIOUS METALS EXPLORATION ASSETS Franco-Nevada has interests in 244 exploration stage mining properties (158 precious metals assets and 86 diversified (mining) assets) as at April 2, 2024. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable. Some of these assets have associated Mineral Resources that, to be economic, may require additional Mineral Resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports and/or public disclosures to determine which properties are in good standing. It is possible some properties may have lapsed. The following table is a list of the precious metals exploration assets of Franco-Nevada as at April 2, 2024. A list of the diversified (mining) exploration assets can be found on pages 104-105. Assets that have had their terms or leases expire and have been written off by Franco-Nevada are not listed. Precious Metals Exploration Assets as at April 2, 2024 Asset Operator Interest and %1 South America Terra Escura, Brazil Talon Ferrous Mineracao Ltda/Votorantim S.A. 1-2% NSR (All Metals); 4% Cash Dividends La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) Pascua-Lama, Chile Barrick Gold Corporation 0.54-2.7% NSR (Cu, Au) San Guillermo, Chile Austral Gold Limited (Guanaco Compania Minera SpA) 1-2% NSR (All Minerals) Volcan (Ojo de Agua), Chile Hochschild Mining plc (Tiernan Gold Corp.) 1.5% NSR (All Minerals) Ayahuanca, Peru Apumayo SAC 1% NSR (Au) Choreveco, Peru Minera del Norte S.A./Aruntani S.A.C. 0.1-0.3% NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Mansa Musa (Minasnioc), Peru Peruvian Metals Corp. 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining plc 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Nexa Resources Peru S.A.A. 1-2% NSR (All Minerals) Yanamina, Peru EV Resources Ltd. 5% NSR (All Minerals) Central America and Mexico Diver Cerro San Pedro, Mexico New Gold Inc. 1.95% NSR (Au, Ag) United States sified Assets Planet, Arizona Planet Mining Company LLC 2% NSR (All Minerals) (buy-back option on 1%) Cripple Creek, Colorado Searchlight Exploration LLC 3% NSR (Au, Ag) La Plata Allard Stock, Colorado Metallic Minerals Corp. 1.5% NSR (All Minerals) Corbin Wickes, Montana Eastern Resources, Inc. 5% NSR (Au) Elkhorn, Montana Eastern Resources, Inc. 1.1875% NSR (Au) Lewis and Clark County, Montana Hartmut W. Baitis et al 1% NSR (All Minerals) Carlin (Currant Creek), Nevada Carlin Gold Corp. 3% NSR (All Minerals) Carlin (Railroad), Nevada Orla Mining Ltd. 1% NSR (All Minerals) Carlin (Willow Creek), Nevada Carlin Gold Corp. 1% NSR (All Minerals) Dune, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Mineral Resources and Mineral Reser Eden, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Fire Creek, Nevada Hecla Mining Company 2.5% NSR (Au, Ag) Gabbs, Nevada P2 Gold Inc. (P2 Gabbs Inc.) 2% NSR (All Minerals) (buy-back option on 1%) Getchell, Nevada Barrick Gold Corporation 2% NSR (Au) Goldstrike (Rodeo Creek), Nevada Nevada Gold Mines LLC 4% NSR; capped at $500K (Au, Ag) Granite Creek (Getchell), Nevada i-80 Gold Corp. (Osgood Mining Company LLC) 2% NSR (Au) Hollister, Nevada Hecla Mining Company 3-5% NSR (Au, Ag) Limousine Butte, Nevada NevGold Corp. 1.5-2.5% NSR (Au) Marigold (SAR), Nevada SSR Mining Inc. 5% NSR (Au) Marigold (Trout Creek), Nevada Nevada Gold Mines LLC 3% NSR (Au) Marr, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) ves Midas, Nevada Hecla Mining Company 2.5% NSR (Au, Ag) Mountain View 1, Nevada Integra Resources Corp. 1% NSR (All Minerals) Mountain View 2, Nevada Integra Resources Corp. (Millennial NV LLC) 0.5% NSR (Au) Nevada Mineral-Eureka County, Nevada Nevada Gold Mines LLC 2% NSR (All Minerals) Ocelot, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Preble, Nevada Barrick Gold Corporation/Nevada Gold Mines LLC 10% NP (Au) Preble (Pinson Fee), Nevada Barrick Gold Corporation 1.5-7.5% NSR (Au, Ag) Additional Inf Rain-Emigrant-Saddle, Nevada Nevada Gold Mines LLC 1.5% NSR (All Minerals) Sandman, Nevada Gold Bull Resources Corp. 0.5674% NSR on initial 200K oz (Au) Sleeper, Nevada Paramount Gold Nevada Corp. 2% NSR (All Minerals) Tonkin Springs, Nevada McEwen Mining Inc. 1-2% NSR (Au) or Wildcat, Nevada Integra Resources Corp. (Millennial NV LLC) 0.5% NSR (Au) mation Kings Canyon, Utah Pine Cliff Energy Ltd. 4% NSR (Au) Silver Bell, Utah Unico, Inc. 5% NSR plus other (Au, Cu, Pb, Zn) TUG (Tecoma), Utah Fronteer Development (USA) Inc. 5% NSR (All Minerals) TSX / NYSE: FNV Franco-Nevada Corporation ★ 85
Precious Metals Exploration Assets Asset Operator Interest and %1 w Canada vie New Prosperity, British Columbia Taseko Mines Limited Stream 22% (Au) Over Spences Bridge (Talisker), British Columbia Talisker Resources Ltd. 2.5% NSR (All Minerals) Spences Bridge (Westhaven), British Columbia Westhaven Gold Corp. 2% NSR (All Minerals) Taken, British Columbia Independence Gold Corp. 2-4% NSR (All Minerals) (buy-back option to 1%) Tide, British Columbia 0945473 B.C. Ltd. 1.5% NSR (All Minerals) Maverick (Nokomis), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Oxford Lake, Manitoba Big Ridge Gold Corp. 1.5-2.5% NSR (All Minerals) Clarence Stream, New Brunswick Galway Metals Inc. 1% NSR (All Minerals) Clan Lake (Sito Lake), Northwest Territories Roland T. Trenaman 2% NSR (All Minerals) Hyde, Nunavut Exploratus Ltd. 2.5% NSR (All Minerals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2-3% NSR (All Minerals) Catharine 4, Ontario Canadian Exploration Services Limited/Northstar Gold Corp. 2-3% NSR (All Minerals) Detour (Gowest), Ontario Agnico Eagle Mines Limited 1% NSR (All Minerals) (buy-back option on 0.5%) Detour (Mikwam), Ontario and Quebec Aurelius Minerals Inc. 0.4824% NSR (All Minerals) Edwards, Ontario Alamos Gold Inc. (Richmont Mines Inc.) 2% NSR (All Minerals) Golden Highway (Aquarius), Ontario Agnico Eagle Mines Limited 1-2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Agnico Eagle Mines Limited 0-1% NSR (All Minerals) Precious MetalsGolden Highway (Kerrs Leases), Ontario Canoe Mining Ventures Corp. (Sheltered Oak Resources Corp.) 1-2% NSR (Au) Golden Highway (Stock), Ontario McEwen Mining Inc. 1% NSR (All Minerals) Golden Highway (Stoughton), Ontario Harte Gold Corp. 0.5-2.5% NSR (Au) Hemlo (JOA), Ontario Hemlo Explorers Inc. 0.5-1% NSR (Au) Kerr-Addison, Ontario Gold Candle Ltd. 1% NSR (All Minerals) Kirkland Lake (2% NSR-AK et al), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Kirkland Lake (Underlying 2% NSR-Gracie West Agnico Eagle Mines Limited 2% NSR (Au) & AK Extensions), Ontario Kirkland Lake (Underlying 3% NSR-KLW), Ontario Agnico Eagle Mines Limited 2-3% NSR (Au) Larose, Ontario Tashota Resources Inc. 0.5% NSR (All Minerals) Marathon PGM (Sally Deposit), Ontario Generation Mining Limited 2% NSR (Pt, Pd) Musselwhite (North), Ontario Newmont Corporation 2% NSR (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario Pure Gold Mining Inc. 1.5-2% NSR (All Minerals) Red Lake (Newman-Todd), Ontario Trillium Gold Mines Inc./Heliostar Metals Ltd. 1.5-2% NSR (Au) Red Lake (Skinner), Ontario B2Gold Corp. 1% NSR (All Minerals) Shining Tree (Creso), Ontario Ore Group of Companies Option to acquire 2% NSR (All Minerals) Shining Tree (Knight), Ontario Timothy A. Young 2-3% NSR (Au) Sudbury-Podolsky, Ontario KGHM International Ltd. Stream 50% (PGM, Au) Timmins (Cripple Creek), Ontario Alamos Gold Inc. 0.3825-1.75% NSR (Au) Timmins (Project 81-Avante Mining), Ontario Avante Mining Corp. 5% NSR (All Minerals) Timmins (Project 81-Kreative), Ontario Kreative Ventures Limited 5% NSR (All Minerals) Timmins (Project 81-Noble), Ontario Noble Mineral Exploration Inc. 2% NSR (All Minerals) Timmins (Sewell), Ontario GFG Resources Inc. 1.5-2.5% NSR (Au) Timmins (West Porcupine), Ontario GFG Resources Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Newmont Corporation 2.5% NSR (All Minerals) Wawa, Ontario Red Pine Exploration Inc. 1.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Caribou-Estrees), Quebec Yorbeau Resources Inc. 1.275-2.125% NSR (Au, Base Metals) Casa Berardi (Dieppe), Quebec Hecla Quebec Inc. 2-3% NSR (Au) Destiny (Rochebaucourt), Quebec Big Ridge Gold Corp./Clarity Gold-optionee 3% NSR (All Minerals) Eastmain, Quebec Fury Gold Mines Limited 1-1.15% NSR on initial 250K oz (Au) Fenelon, Quebec Wallbridge Mining Company Limited 1% NSR (All Minerals) Galinee, Quebec Glencore plc (Glencore Canada Corporation) 1.5-2% NSR (Au) Martiniere, Quebec Wallbridge Mining Company Limited 2% NSR (All Minerals) Mia, Quebec Q2 Metals Corp. 2% NSR (All Minerals) Norlartic-Camflo, Quebec Agnico Eagle Mines Limited 25% NPI (All Minerals) N2 (Northway-Noyon), Quebec Wallbridge Mining Company Limited 1% NSR (All Minerals) Phoenix, Quebec Bonterra Resources Inc. 0.5% NSR (All Minerals) (buy-back option on 0.25%) Wilson (Verneuil), Quebec Cartier Resources Inc. 0.5% NSR (All Minerals) Flume, Yukon Commander Resources Ltd. 2.5% NSR (All Minerals) (buy-back option to 1%) Hy, Yukon Lions Bay Mining Corp. 2% NSR (All Minerals) (buy-back option to 1%) 86 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Precious Metals Exploration Assets Asset Operator Interest and %1 Australia Brown’s Creek, New South Wales Australian Native Landscapes/Hargraves Resources NL 2.25% NSR (All Minerals) Brown’s Creek (Blayney), New South Wales Regis Resources Limited 2.25% NSR (All Minerals) Brocks Creek (Zapopan), Northern Territory Agnico Eagle Mines Limited A$20/oz (Au) Reynolds Range, Northern Territory Prodigy Gold NL 1-2.5% NSR (Au) Rover, Northern Territory Castile Resources Limited 1.5-2.5% NSR (All Minerals) Spring Hill, Northern Territory PC Gold Pty Ltd A$5.70-13.30/oz (Au) Tennant Creek, Northern Territory Emmerson Resources Limited 1.29% NSR (Au) Tennant Creek (Chariot), Northern Territory Emmerson Resources Limited A$17.10 or A$30/oz (Au) Tennant Creek-Evolution, Northern Territory CuFe Ltd/Evolution Mining Limited 1.29% NSR (Au) Tennant Creek (Orlando), Northern Territory CuFe Ltd/Evolution Mining Limited A$30/oz; capped at 64K oz (Au) Crush Creek, Queensland Navarre Minerals Limited 2.75% GR (All Minerals) Top Camp, Queensland Orion Metals Limited 0.5% GR (Au)/NPI (Other Minerals) Twin Hills, Queensland Jinan High-Tech Development Co., Ltd. 2.5% NSR (Au) Admiral Hill, W. Australia Focus Minerals Limited Production Payment (Au) Agnew, W. Australia Gold Fields Limited 2.5% GR (All Minerals) Agnew (Cox), W. Australia Gold Fields Limited 5% GR (Au) Agnew (Miranda Gold), W. Australia Gold Fields Limited 3% GR (Au) Agnew (Vivien Gold Mine), W. Australia Ramelius Resources Limited 3% GR (Au) Bullabulling, W. Australia Zijin Mining Group Co., Limited 1% GR (Au) Bullfinch, W. Australia Torque Metals Limited 1% NSR (Au) Butcher Well, W. Australia AngloGold Ashanti Limited/Northern Star Resources Limited 1% NSR; 50K oz production threshold (Au) Butcher Well Area, W. Australia AngloGold Ashanti Limited/Northern Star Resources Limited 0.68-1% NSR (Au) Duketon (Southwest), W. Australia Regis Resources Limited 2% NSR (All Minerals) Duketon (West), W. Australia Regis Resources Limited/Duketon Mining Limited (Ni only) 2% NSR (All Minerals) Flushing Meadow, W. Australia Yandal Resources Limited 1% NSR (Au, Other Minerals) Glenburgh, W. Australia Gascoyne Resources Ltd 1.5% NPI (All Minerals) Granny Smith (Windich South), W. Australia Gold Fields Limited 1% NSR (All Minerals) Diver Gum Creek (Gidgee/Wyooda Thangoo), W. Australia Horizon Gold Limited A$0.60/tonne (Au) Gum Creek (Sandstone II/Howards), W. Australia Horizon Gold Limited A$0.35/dry tonne (All Minerals) sified Assets Lake Maitland, W. Australia Toro Energy Limited (Uranium)/Mega Uranium Ltd (Au, Other Minerals) 1% NSR (All Minerals) Marvel Loch (May Queen), W. Australia Shandong Tianye Real Estate Development Group Co., Ltd. A$0.50-1.00/cubic metre (Au) Mungari (Carbine North/Chadwin’s Dam), W. Australia Evolution Mining Limited 3% NPI (All Minerals) Mungari (Lady Jane), W. Australia Evolution Mining Limited 4.5% GR (Au) Munni Munni, W. Australia Alien Metals Ltd One-time payment on production (Au and/or Pt) Murrin Murrin Gold, W. Australia Zeta Resources Limited 2.625% NSR (Au, Sulfides) Paddington (Breakaway Dam/12 Mile), W. Australia Zijin Mining Group Co., Limited A$1/ton (All Minerals) Paddington (Matt Dam), W. Australia Zijin Mining Group Co., Limited A$0.60/tonne (Au) Polar Bear, W. Australia S2 Resources Ltd 2% NSR (All Minerals) Mineral Resources and Mineral Reser Randwick Gold Hill, W. Australia E Bouverie, Trindal P/L, Lucas Gold P/L et al 1-1.5% GR (Au) Rebecca, W. Australia Ramelius Resources Limited 1.5% NSR (Au) South Kalgoorlie (St Ives), W. Australia Gold Fields Limited 1-1.75% NSR (Au, Ag, Other Minerals) Super Pit (Western Lease), W. Australia Northern Star Resources Limited 2.5% GR (Au) Talga Talga, W. Australia Novo Resources Corp. 1.5% NSR (Au) Western Tamani (Coyote), W. Australia Black Cat Syndicate Limited A$5-15/oz on production between 300K-1M oz (Au) Yundamindera, W. Australia Nex Metals Explorations Ltd/Metalcity Limited (earning 51%) 1% NSR (Au) Rest of World Maibulak deposit, Kazakhstan KAZ Minerals plc $10.41/oz plus escalator (Au) Cooke 4, South Africa Sibanye Stillwater Limited 7% Stream (Au) ves ğ i Dağ i-Camyurt, Türkiye Alamos Gold Inc. 2% NSR (Au) A Hasandagi, Türkiye Koza Altin 2% NSR (Au) Karadag, Türkiye Koza Altin 2.5% NSR (Au) Torul, Türkiye Koza Altin 1.5% NSR (Au) 1 Royalty terms have been simpli昀椀ed for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity Additional Inf price. Others may include participation in sale proceeds of property or gross sales or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 87
w vie Over Precious Metals 88 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Diver sified Assets Mineral Resources and Mineral Reser ves Diversified Assets Additional Inf or mation
DIVERSIFIED ASSETS INDEX w (Iron Ore, Other Mining and Energy) vie Over DIVERSIFIED Iron Ore 92 Vale (Iron Ore, Cu, Au & Other) 92 LIORC (Iron Ore) 94 Other Mining 95 NuevaUnión (Relincho) (Cu, Au & Mo) 95 Taca Taca (Cu, Au & Mo) 96 Caserones (Cu & Mo) 97 Copper World Project (Cu, Mo, Ag & Au) 98 Ring of Fire (Cr, Ni, Cu & PGM) 99 Precious Metals Mt Keith (Ni) 100 Crawford (Ni, Co, Cr & PGM) 101 Robinson (Cu, Mo, Ag & Au) 101 EaglePicher (De) 102 Copper Creek (Cu, Mo & Ag) 102 Milpillas (Cu) 102 Diversi昀椀ed (Mining) 104 Exploration Assets U.S. Energy 108 Marcellus 108 sified Assets Haynesville 109 Diver SCOOP/STACK 110 Permian Basin 111 Canadian Energy 112 Weyburn Unit 112 Orion 113 Other Producing Energy Assets 114 Energy Exploration Assets 115 90 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Diversi昀椀ed Assets Orion Edson Ring of Fire Carol Lake Weyburn Midale Crawford EaglePicher Marcellus Robinson STACK Copper Creek SCOOP Copper World Project Delaware Haynesville Producing Advanced Milpillas Midland Producing (Energy) Vale N. System Sossego Mineral Resources and Mineral Reser Mt Keith Vale S.E. System South Kalgoorlie Taca Taca (Mt Marion Lithium) Caserones ves NuevaUnión (Relincho) Additional Inf Producing or Advanced mation Exploration TSX / NYSE: FNV Franco-Nevada Corporation ★ 91
Iron Ore VALE 1 w Location: Brazil, South America | Operator: Vale S.A. | Metals: Iron Ore, Cu, Au & Others | Royalty: 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other vie Over In April 2021, Franco-Nevada acquired 57 million Participating Debentures (“Royalty Debentures”) for $538 million, providing holders with effective net sales royalties on Vale S.A.’s (“Vale”) Northern and Southeastern Iron Ore Systems and on certain copper and gold operations in Brazil (together, the “Royalty”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 35.1 $ 40.7 $ 59.4 Vale (Northern and Southeastern System) M&I Resources (Mt Iron Ore)2 16,809 17,150 – Inferred Resources (Mt Iron Ore)2 3,877 3,880 – P&P Resources (Mt Iron Ore)2 8,534 8,865 10,773 Precious Metals Sossego (Au) P&P Reserves (koz Au)2 518 470 583 Sossego (Cu) P&P Reserves (Mlbs Cu)2 1,102 1,166 1,495 M&I Royalty Ounces (000s)3 1,114 1,380 1,141 3 Vale, Brazil Inferred Royalty Ounces (000s) 64 84 – 3 P&P Royalty Ounces (000s) 800 1,006 1,141 1 See Franco-Nevada AIF for the year ended December 31, 2023 and Vale’s website for Royalty The Northern System produced 173 Mt of premium high-grade iron ore Debenture details including deed, semi-annual debenture reports, and annual mineral property in 2023. Production is expected by Vale to be in line year over year inventory and gradually increase through the approved expansion of Serra Sul 2 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages and details (+20 Mt project) and other growth projects. for Sossego Mineral Resources 3 For Royalty Ounce calculation, the Vale Royalty covers speci昀椀ed mining rights in the Northern sified Assets and Southeastern Systems re昀氀ecting the speci昀椀ed properties held by Vale at privatization. Southeastern System At the Northern System, all of the Mineral Resources and Mineral Reserves are estimated Diver to be covered by the Vale Royalty and at the Southeastern System, 60% of Mineral Reserves The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% are estimated to be covered by the Vale Royalty and due to the limited recent disclosure by Vale S.A. on Mineral Resources for the Southeastern System only Mineral Resources attributable) net sales royalty on iron ore sales from the portion covering Itabira are included in the calculation. Historically, approximately 70% of Southeastern of production covered by the Royalty in the Southeastern System. System production has been attributable to the Vale Royalty and is expected to remain at that level over the medium-term. The Mineral Reserves of the Southeastern System include non-approved projects that are not covered by the Vale Royalty (e.g., the Apolo project). The Southeastern System located in the Iron Quadrangle of Minas In addition, Franco-Nevada accounts for moisture, mass recovery, and allowable deductions under the Vale Royalty, as described more fully on Vale’s website. For the Royalty Ounce calculation Gerais, Brazil is a key global producer of pellet feed and is a fully associated with the Mineral Reserves of the Sossego mine, Franco-Nevada accounts for allowable integrated complex with rail, maritime facilities and a port. Contributions deductions and mineral recovery and Mineral Resources have been excluded based on limited disclosure by Vale S.A. and inclusion of projects not covered by the Vale Royalty in the Mineral to the Royalty will start once a cumulative sales threshold of 1.7 Bt of iron Resources. Refer to Vale’s 2022 20-F annual report for additional information ore has been reached, expected by Vale in 2025, adding approximately The acquisition represents 14.7% of the total issued Royalty Debentures 30% volume attributable to the Royalty. The Royalty provides partial by Vale. The Royalty Debentures were issued in 1997 with the coverage of the three Southeastern System mining complexes. privatization of Vale to provide exposure to future resource growth from specified properties held at the time. Royalty payments are made by Vale The primary complexes within the Royalty area are: Itabira, Minas on a semi-annual basis on March 31st and September 30th of each year Centrais (Brucutu mine), Mariana (Fazendao and, to a lesser extent, reflecting production in the preceding half calendar year period. Capanema mines). We estimate attributable production of c.60 Mtpa from these complexes over the medium to long term. Northern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) Sossego net sales royalty on iron ore sales from the Northern System mines. The Royalty also provides for a 2.5% royalty on 50% of net sales (i.e. 1.25% or 0.183% attributable) on certain copper and gold assets related to Sossego, The Northern System located in Carajas, Para state, Brazil is a fully integrated reflecting Vale’s ownership at the time of issuance. Sossego is located operation inclusive of mines, railroad, maritime facilities and a port. in Carajas, Para state, Brazil and is an open pit operation with nominal The Northern System includes the Serra Sul (i.e. S11A-D), Serra Norte capacity to produce approximately 93 kt per year of copper in concentrate. and Serra Leste mines and represents one of the largest mining complexes globally with long-life reserves and excellent potential for mine Sossego produced 66.8 kt of copper in 2023. The Royalty further covers life extensions. The Northern System has been in operation since 1984 certain adjacent satellite deposits to Sossego which are being studied with the most recent development of the Serra Sul (S11D) mine in 2016. by Vale as replacement/life extensions for the operation. The current reserve life at the complex supports multi-decades of mining. 92 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Iron Ore Other Additionally, the Royalty provides for a 1% (0.147% attributable) net sales World class iron ore mines producing high quality iron ore royalty on all other minerals (specified mining rights include prospective for low emission steel deposits for other minerals including zinc, manganese, amongst others), Strong potential for growth and multi-decade mine lives subject to certain thresholds. A 1% rate (0.147% attributable) applies Fully integrated production provides cost advantage to net proceeds in the event of an underlying asset sale. In total, the 2 2 Royalty covers approximately 15,000 km of prospective geology. Large land package of approximately 15,000 km Vale Northern System Serra Leste (Fe) 0.264% Iron Ore, 0.367% Copper/Gold Serra Norte (Fe) 0.147% Other Alemão Project Itabira Overview (Cu/Au) N Caué (Fe) 0 10 kilometer S11D (Fe) Conceição (Fe) Sossego (Cu/Au) Southeastern System Royalty Area Cu/Au Asset Brucutu (Fe) Minas Centrais Overview Iron Asset N Northern 0 10 System kilometer Brazil Southeastern System Fazendão (Fe) Capanema (Fe) Mariana Overview Mineral Resources and Mineral Reser ves Additional Inf or mation Vale, Brazil TSX / NYSE: FNV Franco-Nevada Corporation ★ 93
Iron Ore LIORC w Location: Newfoundland and Labrador, Canada | Operator: Rio Tinto plc | Metals: Iron Ore | Royalty: GORR 0.7% Iron Ore, IOC Equity 1.5% vie Over Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 12.1 $ 14.8 $ 30.2 M&I Resources (Mt Iron Ore) 1,931 1,931 1,930 Inferred Resource (Mt Iron Ore) 811 811 895 P&P Reserves (Mt Iron Ore) 1,077 1,077 1,144 1,2 M&I Royalty Ounces (000s) 296 332 349 2 Inferred Royalty Ounces (000s) 124 139 162 2 P&P Royalty Ounces (000s) 165 185 207 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Precious MetalsResource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for additional information The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72/share. LIORC, Newfoundland and Labrador The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross and development projects. Development projects include redesign overriding royalty interest (0.7% attributable), C$0.10 per tonne of the Mill 11 Fine Circuit and the replacement of existing heavy fuel oil commission (C$0.01 per tonne attributable), and 15.1% equity interest steam capacity with an electric boiler. IOC benefits from integrated (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake infrastructure, including the mine, concentrator/pellet facilities, railway, mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash and a port at Sept-Îles, Quebec. dividends from net income derived from IOC to the maximum extent sified Assetspossible, while maintaining appropriate levels of working capital. IOC has a long history as a supplier of high quality, low impurity, premium Diver Over the past four years (2020-2023), cash flow from operations iron ore and pellets which has typically received premium prices from at LIORC has ranged from 67% to 43% from the royalty and commission the European steel making industry. with the balance from IOC dividends from the 15.1% equity interest. IOC produces high grade +65% Fe iron ore concentrate for sale and pellets Producer of high-quality pellets and fines with a reserve-only +20-year mine life and a large mineral resource +20-year reserve life with large resource base to support supporting further extensions. IOC has nominal capacity of 23.3 Mtpa extensions (combined concentrate and pellets) with 2023 attributable sales of 16.5 Mt and Rio Tinto has provided 2024 guidance of saleable production Fully integrated from mine to port, operated by Rio Tinto between 16.7 Mt and 19.6 Mt. In 2023, total capital expenditures +50-year track record at IOC were US$362 million, below the forecast of US$407 million due to deferral of certain projects. In 2024, capital expenditures at IOC are forecast by IOC to be US$431 million, including US$80 million of growth 94 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Other Mining NUEVAUNIÓN (RELINCHO) Location: Chile, South America | Operator: Teck Resources Limited / Newmont Corporation | Metals: Cu, Au & Mo | Royalty: NSR: 1.5% Franco-Nevada has a 1.5% NSR royalty covering the Relincho property that is part of the NuevaUnión project being advanced by 50/50 joint venture partners, Teck Resources Limited (“Teck”) and Newmont Corporation (“Newmont”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ − $ – $ – 1 M&I Resources (Mlbs Cu) 16,068 16,068 16,068 1 Inferred Resources (Mlbs Cu) 5,752 5,752 5,752 1 P&P Reserves (Mlbs Cu) 12,078 12,078 12,078 1,2 M&I Royalty Ounces (000s) 346 399 349 2 Inferred Royalty Ounces (000s) 141 163 143 2 P&P Royalty Ounces (000s) 248 286 250 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.275% (which factors a NSR smelting charge of 15%) and excludes the 昀椀rst four years of production from estimates. Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per pound in 2022, $3.50 per pound in 2021) The NuevaUnión project was formed in 2015 combining Teck’s Relincho NuevaUnión (Relincho), Chile project with Newmont’s La Fortuna (formerly El Morro) deposit, located approximately 40 km apart in the Atacama region of Chile. Franco-Nevada’s would see mining activities transfer back to Relincho with an expansion 1.5% NSR is subject to a maximum price of $6.00/lb copper and threshold to the processing facilities increasing processing to 208,000 tpd. price of $1.50/lb copper, inflation adjusted. No royalty is paid if the A feasibility study was also completed in 2020, with further optimization average price for the quarter is less than the threshold price and royalty work conducted. payments commence four years after commercial production. Franco- Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. Work in 2023 advanced select technical and strategic work which will in December 2011. continue in 2024 with a focus on establishing a cost-effective path NuevaUnión is one of the largest undeveloped copper-gold-molybdenum forward. Community engagement and investment activities will continue projects in the Americas. A preliminary economic assessment disclosed in 2024. by Teck in 2015 contemplated a conveyor to transport ore from the La Fortuna site to a single line mill and concentrator facility at the One of the largest undeveloped Cu-Au-Mo projects Relincho site. A 2018 prefeasibility study outlined a 36-year mine life, with a three-phase development approach assuming life of mine average in the Americas Mineral Resources and Mineral Reser production of 251,000 tonnes of copper equivalent production. Phase 1 Joint venture combines Relincho and La Fortuna to one project (Years 1 – 3) would see mining and a processing facility at the Relincho Project synergies to significantly reduce capital expenditure site assuming processing of 104,000 tonnes per day (“tpd”). In Phase 2 (Years 4 – 18), mining activities would transfer to the La Fortuna site utilizing an ore conveyance system to transport ore to the processing facilities at Relincho (116,000 tpd in Phase 2). Phase 3 (Years 19 – 36) Iquique Bolivia ves Royalty Area NuevaUnión 1.5% NSR Proposed Pit (Relincho) Antofagasta 1.5% NSR Chile Copiapo Marte-Lobo Additional Inf Candelaria Cerro Casali Relincho Regalito Proposed Mill El Morro N La Serena Pascua-Lama 0 10 Andacollo Paci c Ocean or kilometer Santiago Argentina mation Chile TSX / NYSE: FNV Franco-Nevada Corporation ★ 95
Other Mining TACA TACA w Location: Argentina, South America | Operator: First Quantum Minerals Ltd. | Metals: Cu, Au & Mo | Royalty: NSR: 1.08% vie Over Franco-Nevada has a 1.08% NSR royalty on all copper, gold and molybdenum produced from Taca Taca which was acquired through the acquisition of Lumina Royalty Corp. in December 2011. 2023 2022 2021 quarter of 2023, with eighteen pumping wells constructed. The initial water Revenue to Franco-Nevada ($ million) $ − $ – $ – use permit applications were submitted during the second quarter of 2023 1 and granting of the concessions are expected to follow the ESIA approval. M&I Resource (Mlbs Cu) 20,835 20,835 20,835 1 Inferred Resource (Mlbs Cu) 4,863 4,863 4,863 1 Large porphyry deposit with reserve of over 7.7 million P&P Reserves (Mlbs Cu) 17,052 17,052 17,052 1,2 tonnes of contained copper and 5.1 million ounces of gold M&I Royalty Ounces (000s) 368 490 437 2 Potentially First Quantum’s next development project Inferred Royalty Ounces (000s) 86 112 100 2 Precious Metals P&P Royalty Ounces (000s) 301 403 359 Feasibility activities, pre-development and permitting 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral work underway Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.918% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per pound in 2022, $3.50 per pound in 2021) Taca Taca The property hosts a very large copper-gold-molybdenum porphyry system 1.08% NSR N and is located in the Puna region of northwestern Argentina in Salta 0 5 Province, 230 km west of the provincial capital of Salta. The royalty kilometer is subject to a buy-back provision. In November 2020, First Quantum filed an updated NI 43-101 technical 1.08% NSR sified Assets report and declared a maiden Mineral Reserve of over 7.7 million tonnes of contained copper. First Quantum’s technical report considers an open Diver pit mine plan which contemplates processing throughput of up to 60 million tonnes per annum through a conventional flotation circuit with an initial mine life of approximately 32 years. The Measured and Indicated Mineral Resource is 2,203 million tonnes, grading 0.43% copper, and contains 9,451,000 tonnes of contained copper, 265,000 tonnes of molybdenum and 6,052,000 ounces of gold. The Proven and Probable Mineral Reserve has been estimated at 1,759 million tonnes, grading 0.44% copper, for 7,735,000 tonnes of contained copper, 214,000 First Quantum tonnes of molybdenum and 5,087,000 ounces of gold. 2020 Technical Report Ultimate First Quantum is continuing with the project pre-development and feasibility Pit Design activities. The primary Environmental and Social Impact Assessment (“ESIA”) for the project, which covers the principal proposed project sites, was submitted in 2019 and supplementary submissions on tailings and Arica waste management were filed in 2022. As part of the revision process, N the company received a second set of observations to the ESIA in June 1.08% NSR Iquique Bolivia 2023 and submitted responses in October 2023. Approval of the ESIA is anticipated in 2024 with subsequent proceedings for construction and operations permits along with necessary approvals to follow. Antofagasta Peru In November 2022, the environmental aspects for a 345kV power line development was approved, however it will require detailed construction Paci c Ocean Taca Taca permits and the final ESIA to be approved. An additional environmental Royalty Area pre-feasibility ESIA was submitted in 2021 for a bypass and access road Copiapo NuevaUnión construction which approval is underway. The project will also require (Relincho) Argentina approval of concessions for borefield water supply for the mine. The Phase III La Serena groundwater exploration campaign successfully concluded during the second 96 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Other Mining CASERONES Location: Chile, South America | Operator: Lundin Mining Corporation | Metals: Cu & Mo | Royalty: NSR: 0.517% Franco-Nevada holds an effective 0.517% NSR on the producing Caserones copper-molybdenum mine located in the Atacama Region of northern Chile. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 5.8 $ 3.0 $ – 1 M&I Resource (Mlbs Cu) 9,434 10,197 – 1 Inferred Resource (Mlbs Cu) 908 0 – 1 P&P Reserves (Mlbs Cu) 5,990 6,489 – 1,2 M&I Royalty Ounces (000s) 80 93 – 2 Inferred Royalty Ounces (000s) 8 – – 2 P&P Royalty Ounces (000s) 51 59 – 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.4395% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per pound in 2022) Through a series of transactions in 2022 and 2023 Franco-Nevada Caserones, Chile acquired a 0.517% NSR for a net cost of $42.3 million. Caserones is an open pit mine which began operation in 2013, following Caserones a capital investment of approximately US$4.2 billion. On March 27, 2023, 0.517% NSR N Lundin Mining announced that it had entered into a binding purchase 0 10 agreement to acquire 51% of the outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX Nippon kilometer Mining & Metals Corporation of Japan, which operates the mine. The mine is located approximately 135 km southeast of Copiapó, 9 km from the border with Argentina and has a maximum elevation of approximately 4,600 meters above sea level. The porphyry copper-molybdenum deposit 2 is located within a large land package, of which the royalty covers ~170km . Caserones Mine The asset produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant (“SX-EW”). The processing facilities have historically produced Mineral Resources and Mineral Reser approximately 100,000–120,000 tonnes of copper in concentrate, 1,700 to 2,500 tonnes of molybdenum in concentrate and approximately 0.517% NSR Peru 25,000 tonnes of copper cathodes per year. Lundin issued guidance Arica for 120,000 – 130,000 tonnes of copper in 2024 and they also announced the start of the largest exploration program on the land Iquique package since the mine began operations. Chile Argentina Bolivia N Antofagasta Chile Producing mine in Chile Long life copper asset Chile Copiapo Marte-Lobo ves Large land package and aggressive exploration program Candelaria Cerro Casali Relincho Regalito Los Helados Caserones Jose Maria 1 Andacollo Exploitation Concession 2 1 Paci c Ocean Exploration /Exploitation Argentina Concession Santiago Caserones Royalty AOI Additional Inf 1 Grants the title holder the right to perform mining operations and to extract ore 2 Grants the title holder the right to explore exclusively a determined area for a speci昀椀ed amount of time or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 97
Other Mining COPPER WORLD PROJECT w Location: Arizona, United States | Operator: Hudbay Minerals Inc. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 2.085% vie Over Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. 2023 2022 2021 Hudbay expects to receive the remaining state permits required Revenue to Franco-Nevada ($ million) $ – $ – $ – for Phase 1 in 2024. Hudbay intends to initiate a minority joint venture 1,3 partner process following receipt of the permits, which will allow M&I Resource (Mlbs Cu) 11,157 10,597 10,915 the potential joint venture partner to participate in and help fund 1,3 Inferred Resource (Mlbs Cu) 1,940 2,125 1,539 the definitive feasibility study activities in 2025. The earliest timing 1,3 P&P Reserves (Mlbs Cu) 4,583 – 5,328 for a construction decision is late 2025. 1,2,3 M&I Royalty Ounces (000s) 380 412 372 Precious Metals 2,3 Inferred Royalty Ounces (000s) 66 83 52 Franco-Nevada’s royalty covers all metals, including copper, 2,3 P&P Royalty Ounces (000s) 156 – 181 molybdenum, silver and gold 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Exploration and development studies focused on Copper Resource category; all M&I categories are inclusive of Mineral Reserves World targets on private land 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% (99% in 2022, 99% in 2021) of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimate a rate of 1.772% (1.772% in 2022, 1.772% in 2021) (which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per pound in 2022, $3.50 per pound in 2021) 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World project includes seven new deposits discovered in 2021 (then Copper World Project N sified Assets referred to as the “Copper World deposits”), together with the East deposit 2.085% NSR 0 2 (formerly known as the Rosemont deposit). The property is situated near kilometer Diver a number of large producing copper mines. In November 2021, Franco-Nevada acquired an incremental 0.585% NSR 2.085% NSR royalty interest on the Copper World Project from certain private sellers. The royalty has identical terms as an existing 1.5% NSR royalty that Franco-Nevada held and covers the same land package, including most Peach of the Copper World deposits. North Limb Hudbay received the Final Record of Decision (“FROD”) for what was then Copper World referred to as the Rosemont project in June 2017 and, in March 2019, Elgin Broad Top Butte received the Section 404 Water Permit from the U.S. Army Corps of South Limb Engineers (“ACOE”). In July 2019, the U.S. District Court for Arizona Bolsa issued a ruling that vacated the FROD issued by the U.S. Forest Service. East Deposit Hudbay appealed the ruling to the U.S. Court of Appeals for the Ninth 2017 Reserve Pit Circuit. In May 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the U.S. District Court of Arizona’s decision in July 2019. 83 In recent years, Hudbay has focused on advancing the Copper World pits (including Broadtop & Bolsa, West Deposit and Peach-Elgin) which are on private land covered by Franco-Nevada’s royalty. In September 2023, Hudbay released an enhanced Pre-Feasibility Study (PFS) for the Copper World Complex. The PFS announced a Mineral Reserve estimate of 385 million ore tonnes at 0.54% copper and a Mineral Resource of 1,205 million ore tonnes at 0.42% copper. The PFS also announced Inferred Mineral Resources of 275 million ore tonnes at 0.32% copper. The PFS reflects a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining Oregon Idaho occurring on portions of the deposits located on patented mining claims. Nevada The first phase of the mine plan is expected to require only state and Mineral Resources Paci c Utah Ocean local permits and anticipates producing an average of approximately Patented Royalty Licences California 85,000 tonnes of copper per year for 20 years. The second phase Arizona Unpatented Royalty Licences Copper World expands mining activities onto federal land and extends the mine life Excluded from Royalty Project Mexico well beyond 20 years. 98 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Other Mining RING OF FIRE Location: Ontario, Canada | Operator: Wyloo Metals Pty Ltd | Metals: Cr, Ni, Cu & PGM | Royalty: NSR/GR: 1-3% In April 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario and provided a loan to Noront Resources Ltd. (“Noront”). 2023 2022 2021 The funding package enabled Noront to acquire the mining claims held Revenue to Franco-Nevada ($ million) $ – $ – $ – by subsidiaries of Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire Ring of Fire (Cr) mining district, located 500 km northeast of Thunder Bay. The royalty rights provide Franco-Nevada with a long-term interest in a potential new mining 1 M&I Resource (Tonnes millions) 193 193 193 camp with exposure to one of the largest chromite resources globally, 1 Inferred Resource (Tonnes millions) 55 55 55 in addition to a nickel, copper and PGM deposits. The total royalty concession 1 2 P&P Reserves (Tonnes millions) – – – is estimated to cover over 1,000 km . Eagle’s Nest (PGM) As part of the April 2015 funding package, Franco-Nevada provided Noront 1 M&I Resource (koz PGM) 1,408 1,627 1,627 with a $25 million loan for a period of five years at a 7% interest rate. Inferred Resource ( 1 koz PGM) 943 1,459 1,459 Franco-Nevada paid an additional $3.5 million in cash as part of the granting 1 P&P Reserves (koz PGM) – 1,489 1,489 of royalties over the existing Noront property. Franco-Nevada received a 3% Eagle's Nest (Ni) royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront’s 1 M&I Resource (Mlbs Ni) 375 432 432 property in the region (excluding the Eagle’s Nest deposit, see below), 1 Inferred Resource (Mlbs Ni) 249 228 228 2% on certain other properties previously being advanced by Cliffs, and 1 a number of other third-party exploration royalties. In May 2022, following P&P Reserves (Mlbs Ni) – 413 413 1,2 the acquisition of Noront by Wyloo Metals Pty Ltd (“Wyloo Metals”), M&I Royalty Ounces (000s) 200 225 227 Franco-Nevada received full repayment of the loan. 2 Inferred Royalty Ounces (000s) 61 74 77 2 P&P Royalty Ounces (000s) – 20 23 In December 2019, Franco-Nevada acquired a 1% gross royalty on 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Resource category; all M&I categories are inclusive of Mineral Reserves Eagle’s Nest currently has over 15.7 million tonnes of Measured, 2 For the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Indicated and Inferred Mineral Resources containing high-grade nickel Resources are subject to our royalty interest and estimates a dollar per tonne value of $1.90/ mineralization with significant copper, palladium and platinum content. tonne. For the Eagle’s Nest Royalty Ounce calculation, Franco-Nevada estimates 100% of the PGM and nickel Mineral Resources and Mineral Reserves are subject to our royalty interest In December 2022, Wyloo Metals (the known as Ring of Fire Metals) and estimates an average rate of 1.0% is applicable for PGM and 0.7% for nickel (which announced it had signed a Memorandum of Understanding with factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces Webequie First Nation, detailing how the two parties will work together assuming $850/ounce Pt ($900/ounce Pt in 2022, $1,000/ounce Pt in 2021) and $900/ ounce Pd ($1,500/ounce Pd in 2022, $2,100/ounce Pd in 2021) and nickel has been to progress ongoing exploration activities as well as negotiations converted to Royalty Ounces assuming $7.89 per pound ($11.00 per pound in 2022, on a partnership agreement for the proposed Eagle’s Nest mine. $9.00 per pound in 2021). Copper Mineral Resources and Mineral Reserves are not included in the Royalty Ounce calculation 2 Royalty concession estimated to cover over 1,000 km Wyloo as new operator Permitting for the access road is ongoing Mineral Resources and Mineral Reser Ring of Fire 1-3% NSR/GR N 0 20 kilometer ves Royalty licences 2% GR (Cr), 2% NSR (other) Royalty licences 2-3% GR (Cr), 2-3% NSR (other) Wyloo licences Thunderbird Additional Inf Eagle’s Nest Black Thor Blue Jay Ring of Fire 1% GR Black Label Quebec Ontario Eagle 2 Blackbird or Triple J mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 99
Other Mining MT KEITH w Location: Australia | Operator: BHP Group Limited | Metals: Ni | Royalty: NPI: 0.25% / GR: 0.375% vie Over Franco-Nevada has a 0.375% gross royalty and a 0.25% NPI royalty on lands including the Mt Keith nickel operation in Western Australia, located 460 km north of Kalgoorlie. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 1.2 $ 0.8 $ 2.3 1 M&I Resource (Mlbs Ni) 2,351 2,390 2,390 Inferred Resource (Mlbs Nu)1 275 275 275 P&P Reserves (Mlbs Nu)1 957 1,087 1,087 1,2 M&I Royalty Ounces (000s) 33 51 42 2 Inferred Royalty Ounces (000s) 4 6 5 2 P&P Royalty Ounces (000s) 14 23 19 Precious Metals 1 Please refer to the tables on pages 118-124 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.50% is applicable. Franco-Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces assuming $7.89 per pound ($11.00 per pound in 2022, $9.00 per pound in 2021) BHP Group Limited (“BHP”) is the operator of Mt Keith, a large, Mt Keith, Australia low-grade disseminated nickel sulphide ore body with an open pit mine. 2 Franco-Nevada’s royalties cover 236 km and include all of Mt Keith, the Jericho Nickel Deposit located approximately 25 km northwest of Mt Keith, and part of the Yakabindie Deposits located approximately 25 km south of Mt Keith. sified Assets Mt Keith has been in continuous production since 1993. In June 2023, BHP Diver reported that Mt Keith had an estimated remaining mine life of 12 years. Mt Keith 0.25% NPI/0.375% GR Mt Keith concentrator ore throughput is approximately 10.5 Mtpa with 70% recoveries. Production capacity is 35,000-40,000 tonnes per annum of nickel in concentrate. Mt Keith is part of West Australia Nickel, Jericho Albion Downs an integrated business unit of BHP that includes four other mines, N a concentrator, a smelter and a refinery. BHP reported that West Australia 0 10 Nickel total production for the fiscal year ending June 2023 was 80,000 kilometer Kingston tonnes of nickel. It is estimated that royalty area production accounted 2 Royalty Area Total: 236.5 km 2 for 16% of West Australia Nickel total production in the fiscal year ending 122.5 km June 2023. During 2019, BHP developed the Goliath and Six Mile Well Nickel Deposits at Yakabindie as satellite operations of Mt Keith. Franco-Nevada’s royalty Mt Keith does not cover Goliath or the southern half of Six Mile Well. Yakabindie satellite deposits are expected to provide the majority of ore to the Mt Keith BOLIVIA concentrator going forward. BHP progressed expansion plans to increase N BRAZIL Mt Keith mill capacity to 13.5 Mtpa and increase nickel concentrate PARAGUAY Mt Keith production to 50,000 tpa, with contracts awarded March 2023. Royalty Area Cliffs 114 km2 Port Hedland Following a sharp fall in nickel prices BHP announced in February 2024 that it will recognize a non-cash impairment charge of $3.5 billion on the carrying value of West Australia Nickel. In addition, BHP will reduce Wiluna Mt Keith discretionary expenditures and review capital plans. BHP may place Kalgoorlie West Australia Nickel into a care and maintenance. Perth Yakabindie 12-year reserve life at Mt Keith BHP may place West Australia Nickel in care and maintenance while Ni prices are low 100 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Other Mining CRAWFORD Location: Ontario, Canada | Operator: Canada Nickel Company | Metals: Ni, Co, Cr & PGM | Royalty: NSR: 2% Canada Nickel Company is advancing its Crawford nickel-cobalt sulphide project near Timmins, Ontario where Franco-Nevada holds a 2% NSR on all metals. Crawford represents one of the largest undeveloped nickel resources globally, containing 3.8 Mt of proven & probable nickel reserves. The company completed a bankable feasibility study for a large-scale Crawford open pit mining project in 2023. The study outlined a multi-phase operation ramping up from 60 ktpd to 120 ktpd of milling capacity to produce up to 48 ktpa of nickel over a 40-year mine life. The mine would also produce cobalt, chrome, iron and PGMs. Canda Nickel is Crawford N Annex advancing the project through the permitting process and has attracted investments from Anglo American, Agnico-Eagle, and Samsung SDI. 0 5 Crawford Main Zone Resource For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral kilometer Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable. Franco- Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty 455 Ounces assuming $7.89 per pound ($11.00 per pound in 2022, $9.00 per pound in 2021) Timmins ROBINSON Location: Nevada, United States | Operator: KGHM International Ltd. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 0.225% / other Mineral Resources and Mineral Reser The Robinson open pit mining complex, operated by KGHM, produces copper, gold, silver and molybdenum and is located near Ely, Nevada. Franco-Nevada has three royalties covering the Robinson mine: Amounts are only payable in any year in which the average price of copper during that year exceeds a $1 per pound threshold, as adjusted for 1. a 0.225% NSR on all base metal and associated precious inflation (based on 1990 dollars). Franco-Nevada will likely only be paid metal production; on the base 0.225% NSR royalty for 2024 as production is expected 2. a 10% NSR on 51% of the gold production from the property to be below the royalty threshold level. Robinson received a positive ves in excess of 60,000 ounces of gold per year; and Record of Decision from the Bureau of Land Management in September 2021 for a plan of operations amendment which is estimated to extend 3. under a copper agreement, a price participation royalty on 51% of 40% the mine life at current production rates until 2028. of each pound of copper production from the property in excess of 130 million pounds of copper produced per annum, multiplied For Royalty Ounce calculation, Franco-Nevada estimates 100% of the gold and copper Mineral by the spot price, less $1.00 per pound adjusted for inflation (based Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 0.225% is applicable for gold and 0.1913% for copper (which factors a NSR smelting charge on 1990 dollars). of 15%). Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per Additional Inf pound in 2022, $3.50 per pound in 2021) or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 101
Other Mining EAGLEPICHER w Location: Nevada, United States | Operator: US Silica | Metals: De | Royalty: Production Payment vie Over EaglePicher is a diatomaceous earth operation in Pershing County, Nevada, located about 23 miles northwest of Lovelock. The royalty is based on a fixed payment per ton which fluctuates based 1950s with approximately 65% of production coming from Franco-Nevada on the average sales price from the prior year’s sales. The royalty covers land. The revenue received from EaglePicher in 2022 and 2023 was 2 approximately 15 km of checkerboard lands. The intervening lands are $319,000 and $424,000, respectively. public and EaglePicher holds unpatented placer claims on those lands as Franco-Nevada has not included EaglePicher in Royalty Ounce estimates needed for mining. The mine has been in continuous operation since the Precious MetalsCOPPER CREEK Location: Arizona, United States | Operator: Faraday Copper Corp. | Metals: Cu, Mo & Ag | Royalty: NSR: 1% and Production Decision Royalty Payments Copper Creek is a 3-kilometer-long porphyry copper deposit located in Pinal County, less than two hours northeast of Tucson, Arizona. Payment of $3,000,000 ($500,000 per year over 6 years) is due production of 51,100 payable CuEq tonnes per year during active mining. to Franco-Nevada following achievement of commercial production Capital investment is estimated at $798 million with a two-year construction of minerals within a 5-mile radius of certain patented claims now held period. The Globe and Copper Prince open pit deposits are currently by Faraday Copper Corp. (Faraday). The Copper Creek mineral resource scheduled to be mined within the first three years of operations. sified Assetsarea is within this 5-mile radius and would therefore be expected to trigger such payments upon production. A 1% NSR is payable to Franco-Nevada Faraday is currently performing baseline environmental monitoring Diver on all production from certain areas within Faraday’s control. The royalty and data collection to support the permitting process. Faraday is also covers approximately 70% of the Globe and 50% of the Copper Prince performing an assessment and classification of waterways for a 404 open pit resources as reported in Faraday’s Preliminary Economic Assessment permit. In 2024, Faraday plans on completing the Phase III exploration (PEA) released in May 2023. The Globe resource contains 9.88 Mt drill program focused on resource expansion and testing new targets, of sulphide/transitional ore at 0.40% Cu and 2.71 Mt of oxide ore at metallurgical programs to support coarser grind and tailings optimization 0.37% Cu. The Copper Prince resource contains 20.72 Mt of sulphide/ and a gold assay program to support the inclusion of gold in future transitional ore at 0.45% Cu and 5.89 Mt of oxide ore at 0.36% Cu. resource updates and project economics. The 2023 PEA reported 4.2 billion pounds of copper in Measured and Franco-Nevada has not included Copper Creek in Royalty Ounce estimates Indicated Mineral Resources. The PEA has a 32-year mine life with average MILPILLAS Location: Mexico | Operator: Industrias Peñoles, S.A.B. de C.V. | Metals: Cu | Royalty: Production Payment Franco-Nevada has a production payment royalty on the Milpillas copper mine in Sonora, Mexico operated by Industrias Peñoles, S.A.B. de C.V. (“Peñoles”). The royalty is $0.04/lb of copper produced, if the price of copper is above from Freeport-McMoRan Inc. Production resumed in mid-2022 after active 2 $1.20/lb. The royalty ground covers an estimated 30 km . The project is mining was paused due to low copper prices in Q2 2020. In 2023 an underground copper mine and heap leach operation and was acquired Franco-Nevada received $1.1 million in royalty payments from Milpillas. by Franco-Nevada in September 2020 as part of a portfolio of 24 royalties Franco-Nevada has not included Milpillas in Royalty Ounce estimates 102 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Other Mining Mineral Resources and Mineral Reser ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 103
Diversi昀椀ed (Mining) Exploration Assets DIVERSIFIED (MINING) EXPLORATION ASSETS w The following table is a list of the diversified (mining) exploration assets of Franco-Nevada as at April 2, 2024. A list of the precious metals exploration vie assets can be found on pages 85-87. Assets that have had their terms or leases expire and have been written off are not listed. Over Diversi昀椀ed – Iron Ore and Other Mining Exploration Assets as at April 2, 2024 Asset Operator Interest and %1 South America Para South Iron Project, Brazil Talon Ferrous Mineracao Ltda 0.5-1% NSR (All Metals) Trairao Iron Project, Brazil Talon Ferrous Mineracao Ltda $0.2995/tonne (Fe) Various-Vale, Brazil Vale S.A. Various (Fe) Bronce West, Chile Masglas America Corporation SpA 1-2% NSR (All Minerals) Calvario, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1-2% NSR (All Minerals) Mirador, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1-2% NSR (All Minerals) Morros Blancos, Chile Pampa Metals Corp.(Pampa Metals Chile SpA) 1-2% NSR (All Minerals) Precious MetalsReina Hija, Chile Sumitomo Metal Mining Co., Ltd. (Sumitomo Metal Mining Chile Ltda) 1-2% NSR (All Minerals) San Valentino, Chile Atacama Copper Exploration Limited 1-2% NSR (All Minerals) Vizcachitas, Chile Los Andes Copper Limited 0.51-2% NSR (All Minerals) United States Chilito-Cyprus Christmas, Arizona Grupo Mexico (Asarco LLC) $0.02/lb (Cu); beyond 650M lbs production Zeolites, Arizona Imagin Minerals et al $1.50/ton plus escalator (Clay) EaglePicher Diatomite II, Nevada EP Minerals, LLC $0.25/short ton plus other (Diatomite) Boling Dome, Texas Total E&P USA, Inc./H & L New Gulf, Inc. $0.0028225 per long ton (Sulfur) Hobson Pearson, Texas Uranium Energy Corp. 20% OR (Uranium) Tintic, Utah Ivanhoe Electric Inc. 1% NSR (All Minerals) Shirley Basin (Davy Crockett), Wyoming Ur-Energy Inc. (Pathfinder Mines Corporation) 4% GR (Uranium) sified Assets Diver Canada Carruthers, British Columbia Cariboo Rose Resources Ltd. 2.5% NSR (All Minerals) (buy-back option on 1.5%) Trout Lake (MAX Moly Mine), British Columbia Cameo Industries Corp. 2.5% NSR (All Minerals) Golden Ridge, New Brunswick Darryl Leblanc 2% NSR (All Minerals) Buchans, Newfoundland and Labrador Canterra Mineral Corporation 2% NSR (All Minerals) (buy-back option on 1%) LabMag (Taconite), Newfoundland and Labrador Abaxx Technologies Inc. 1.666% GR (Iron Ore-Taconite) Mary March, Newfoundland and Labrador Canstar Resources Inc. 1% NSR plus other (All Minerals) Mazenod, Northwest Territories BFR Copper & Gold Inc. 2% NSR (All Minerals) (buy-back option on 1%) Redstone (Coates Lake), Northwest Territories Copper North Mining Corp. (Redbed Resources Corp.) 3-4% NSR (Cu, Ag) Black Thor, Ontario Wyloo Pty Ltd 2-3% NSR (Cr, Ni, Cu) Bull Lake, Ontario Wyloo Pty Ltd 2% NSR (All Minerals) Butler and Sanderson (Diagnos), Ontario Wyloo Pty Ltd /MacDonald Mines Exploration Ltd. ROFR on Diagnos Royalty (Diamonds/Base Metals) Cline Lake, Ontario Alamos Gold Inc. 0.75% NSR (All Minerals) Diagnos, Ontario Debut Diamonds Inc. 2% NSR (All Minerals) Eagle’s Nest, Ontario Wyloo Pty Ltd 1% GR (All Minerals) Folson Lake, Ontario Wyloo Pty Ltd 2% NSR (All Minerals) Kyle, Ontario Renforth Resources Inc. 2% NSR (All Minerals) MacFadyen & Pele, Ontario Wyloo Pty Ltd 2% NSR (All Minerals) Ring of Fire (Original Noront Properties), Ontario Wyloo Pty Ltd 2% NSR (All Minerals) Sungold, Ontario Interbanc Capital Corp. 2% NSR (All Minerals) Benoist, Quebec Cartier Resources Inc. 1% NSR (All Minerals) (buy-back option on 0.5%) Dalhousie, Quebec Wyloo Pty Ltd 2% NSR (All Minerals) Matagami JV, Quebec Glencore Canada Corporation 2% NSR (All Minerals) Matagami PD1, Quebec Glencore Canada Corporation Net Carried Interest plus other (All Minerals) Crawford Lake, Saskatchewan Denison Mines Corp. 2% NSR (All Minerals) (buy-back option on 1%) 104 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Diversi昀椀ed (Mining) Exploration Assets Asset Operator Interest and %1 Australia Mt Fitch, Northern Territory Northern Territories Resources Pty Ltd 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) Bowen Basin (Various), Queensland (31 assets) Peabody Energy Corp/Pembroke Resources South Pty Ltd Production Payment (Coal) Millmerran (Power Station), Queensland Millmerran Power Partnership 8.3125% NPI of cashflow; NPV threshold (Coal) Peculiar Knob, S. Australia Peak Iron Mines Pty Ltd Production Payment (Fe) Third Plain, S. Australia Perilya Limited/Minotaur Exploration Limited 0.5% NSR (Zn) Moina, Tasmania Geotech International Pty Ltd A$125K lump sum at commencement of mining Rosebery Extension, Tasmania MMG Limited 2.6305% (Au, Ag, Other Minerals) Agnew (Miranda Nickel), W. Australia Gold Fields Limited 0.5% of production (Ni) Agnew (Miranda Nickel No2), W. Australia Ramelius Resources Limited 0.5% of production (Ni) Camelback, W. Australia GME Resources Limited A$0.50/tonne (Ni) FMG Hamersley, W. Australia Fortescue Metals Group Ltd A$0.05/tonne; capped at A$1M (Fe) Jaguar Project (Western Claim), W. Australia Aeris Resources Limited 1-2% NSR (Cu, Zn, Other Metals) Mt Newman-Victory, W. Australia St Barbara Limited/Astro Resources NL 0.07% GR (All Minerals) South Kalgoorlie (Location 48), W. Australia BHP Billiton Limited 1-1.75% NSR (Au, Ag, Other Minerals) Rest of World CEXCI, Philippines Nickel Asia Corporation Production Payment; capped at $10M Rogozna (KMC), Serbia Ibaera Capital Advisers Pty Ltd. 1.5-2% NSR (Au, Base and Other Metals) Kasese, Uganda Scully Royalty Ltd. 10% of free cash flow; capped at $10M (Co) 1 Royalty terms have been simpli昀椀ed for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales Mineral Resources and Mineral Reser ves Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 105
ENERGY ASSETS w vie Franco-Nevada has owned and invested in energy assets since inception. Our Over energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy revenue was 17% of Franco-Nevada’s overall revenue in 2023. Major Producing Assets as at April 2, 2024 The scale of the energy sector along with its many participants has provided access to a diverse set of operators and a broad range of United States royalty opportunities. Marcellus Range Resources Until 2016, Franco-Nevada’s focus was primarily on the Western Haynesville Various Canadian Sedimentary Basin. Starting in late 2016, we added exposure SCOOP/STACK Continental Resources/Various to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware Permian Basin Various basins in Texas due to their attractive economics, favourable regulatory environment and access to market. We subsequently shifted our focus Canada to natural gas, adding royalty assets in the Marcellus shale in Appalachia Weyburn Unit Whitecap Resources Precious Metalsin 2019, and in the Haynesville shale in East Texas in late 2020 and in Orion Strathcona Resources Louisiana in 2024. Franco-Nevada’s assets include production from existing wells in addition to exposure to undeveloped acreage which hosts the potential for future well locations. In order to provide an estimate of future reserves and asset life, we engage third-party reserve evaluators to provide estimates for the Proved and Probable categories, and where appropriate, the Possible, and Contingent resource categories for currently producing formations. These estimates inform our view of future well locations and demonstrate long-lived assets. The assets often also benefit from additional upside exposure in the form of hydrocarbon-bearing formations at depth and potentially from enhanced hydrocarbon recovery techniques. sified Assets Diver Our energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Oil and Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency ratio and does not represent a value equivalency. 106 ★ Franco-Nevada Corporation TSX / NYSE: FNV
U.S. and Canadian Energy Assets Peace River Athabasca Edson Cold Lake Cardium Orion Formation Weyburn Midale Williston Appalachian Basin Basin Neal Hot Springs Anadarko Basin Marcellus Stack Delaware Scoop Midland Mineral Resources and Mineral Reser Haynesville Permian Basin ves Oil Gas Geothermal Additional Inf or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 107
North America MARCELLUS w Location: SW Pennsylvania, United States | Operator: Range Resources | Energy: Natural Gas and NGLs | Royalty: 1% overriding royalty vie Over Franco-Nevada has a 1% royalty on the majority of Range Resources Corporation’s (“Range”) operated position in Southwest Pennsylvania. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 28.0 $ 56.5 $ 36.1 Production (Mboe)1 1,436 1,442 1,458 2 Commodity Split (%) Oil 2% 5% 6% Gas 63% 66% 56% NGL 34% 29% 38% 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 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided Precious Metalsby the prior year production volume The royalty is calculated as 1% of gross production less minor deductions from approximately 338,000 net acres of Range’s working interest position in Washington, Western Allegheny and Southern Beaver counties in Pennsylvania. The royalty applies to existing production and future development from the Marcellus shale formation as well as future potential development from the Utica and Upper Devonian formations. Range Resources drill pad, SW Pennsylvania The royalty is registered on title and is a direct interest in real property. 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 the Marcellus, enhancing well economics and the overall cost sified Assetsstructure. Range helped pioneer the Marcellus shale in 2004 with the successful drilling of the Renz #1 well in Washington County, Diver Pennsylvania. Since that time, Range has developed a track record of growing reserves from its asset base. Range’s position in Southwest Appalachia is estimated to have one of the longest core inventory lives among U.S. natural gas producers, and its diversified portfolio of transportation capacity mitigates in-basin pricing risk. In 2023, Franco-Nevada received $28 million in revenue from the Marcellus royalty. The Marcellus has an estimated asset life 3 of approximately 23 years . There is additional potential in the Utica and Upper Devonian formations, most of which is not included in the above estimate that may increase the longevity of the asset. Appalachian Diverse exposure to natural gas and natural gas liquids Basin Long-life asset with strong underlying economics Marcellus Secure land title with exposure to undeveloped formations at depth 108 ★ Franco-Nevada Corporation TSX / NYSE: FNV
North America HAYNESVILLE Location: East Texas & Louisiana, United States | Operator: TG Natural Resources, Others | Energy: Natural Gas | Royalty: Various Royalty Rates Franco-Nevada owns a portfolio of royalty rights in the Haynesville natural gas play in East Texas and Louisiana, which it purchased in two separate acquisitions from Mesa Minerals Partners LLC I & II. 2023 2022 2021 Energy in 2023 and they are the key operator in the area. Through our Revenue to Franco-Nevada ($ million) $ 26.0 $ 72.9 $ 38.5 second acquisition, we gained exposure to a broad land position in Louisiana, which provides exposure to both the Haynesville and overlying Production (Mboe)1 1,886 1,988 1,904 Middle Bossier formations. This acreage is operated by a variety of large 2 Commodity Split (%) Oil 0% 0% 1% natural gas companies including Southwestern Energy, Chesapeake Gas 99% 99% 97% Energy, Comstock Resources and others. NGL 1% 1% 2% The newly acquired acreage from our second acquisition will begin to 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although contribute volumes and revenue to Franco-Nevada in 2024, however is comprised mostly of natural gas 2 Percentage based on production revenue from each commodity as of 2023 only the first acquisition is reflected in the table on the left. 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided Revenue amounted to $26 million in 2023, representing a decline from by the prior year production volume 2022 revenues due to a decrease in natural gas prices. The Haynesville 3 has an estimated asset life of approximately 15 years . The royalties The first portfolio was acquired in December of 2020 for $135 million also provide development potential in the Cotton Valley formation, which and the second portfolio was acquired in January of 2024 for $125 million. may be further exploited in the future. The Haynesville is one of the most active natural gas plays in North America, owing to its strong well performance and close proximity to Natural gas exposure with diverse operators infrastructure along the U.S. Gulf Coast, which reduces transportation costs and provides exposure to an expanding Liquified Natural Gas Close proximity to U.S. Gulf Coast enhances economics export market. Secure land title with proven production history The royalties consist of approximately 2,775 acres of mineral rights in East Texas and 1,330 acres in Louisiana (net to Franco-Nevada). The royalty position associated with our first acquisition is situated in a core area of the East Texas portion of the Haynesville, which represents a shallower part of the basin where the producing Haynesville formation is thickest. TG Natural Resources (“TGNR”) acquired Rockcliff Mineral Resources and Mineral Reser Texas Louisiana Haynesville Bossier Webster Harrison Caddo N Bienville 0 15 kilometer 0 10 De Soto mile Panola Rusk Red River ves FNV Royalty Acreage Shelby Oklahoma Arkansas Natchitoches Anadarko Fayetteville Basin Woodford Bend Arkomo Basin Additional Inf NEW Fort Worth Ardmore Haynesville Sabine MEXICO Basin Barnett Basin Bossier Louisiana Nacogdoches Spraberry Tuscaloosa Permian Basin Texas San Augustine Eagle Ford or Regional Basins mation Angelina TSX / NYSE: FNV Franco-Nevada Corporation ★ 109
North America SCOOP/STACK w Location: Oklahoma, United States | Operator: Continental Resources, Ovintiv Inc., Devon Energy, Others | Energy: Oil and Natural Gas vie Royalty: Various Royalty Rates Over Through several discrete transactions, Franco-Nevada has accumulated a large royalty position in the SCOOP and STACK plays in Oklahoma. 2023 2022 2021 Continental manages the assets and Franco-Nevada does not incur any Revenue to Franco-Nevada ($ million)1 $ 33.1 $ 57.8 $ 36.4 administrative burden. The venture was established to acquire royalty Production (Mboe)1 1,028 1,051 893 rights in areas primarily within acreage operated by Continental. These Commodity Split (%)2 Oil 25% 40% 48% areas offer strong economics, proximity to infrastructure and future Gas 70% 57% 47% upside via stacked hydrocarbon-bearing horizons. NGL 5% 4% 6% As at December 31, 2023, Franco-Nevada had contributed $450.2 million 1 Includes revenue and production net to Franco-Nevada from both Continental Royalty to the venture, with a remaining commitment of approximately $69.8 million. Acquisition Venture and Other SCOOP/STACK royalties In the fourth quarter of 2022, Harold Hamm, Continental’s founder, 2 Percentage based on production revenue from each commodity privatized the company through an acquisition of the outstanding publicly Precious Metals 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided traded shares. by the prior year production volume. Does not include Royalty Acquisition Venture with Continental In the fourth quarter of 2016, Franco-Nevada purchased royalty rights SCOOP/STACK includes both oil and gas-rich areas in the STACK shale play in Oklahoma’s Anadarko basin for approximately Exposure to multiple formations at depth $100 million. The primary horizon of focus in the area is the Meramec, Franco-Nevada share of distributions expected to increase although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. In the second quarter of 2017, Franco-Nevada acquired additional mineral title and royalty interests for $27.6 million, which added to SCOOP/STACK COLORADO KANSAS MISSOURI 0 N 40 its existing position in the STACK and provided new exposure to the km NEW OKLAHOMA FNV Royalty Acreage 0 25 MEXICO STACK SCOOP shale play to the south. In total, the assets consist of GORRs miles Oklahoma City SCOOP Anadarko ARKANSAS and mineral title rights which apply to approximately 1,430 acres Basin TEXAS sified Assets (net to Franco-Nevada). MAJOR GARFIELD ressure P ansition r T Black Oil Diver PAYNE The top three operators on the acreage are Ovintiv Inc. (formerly Condensate Volatile Oil Encana), Devon Energy, and Continental Resources, Inc. (“Continental”). DEWEY KINGFISHER LOGAN CREEK These operators reduced their drilling activity in the play in 2020 owing to a sharp drop in commodity prices, and while the drilling rates have Dry Gas CUSTER BLAINE STACK been rebounding, they remain well below peak levels achieved in 2019. OKLAHOMA LINCOLN OKFUSKEE The SCOOP/STACK assets have an estimated asset life of approximately CANADIAN 3 CADDO 50 years . WASHITA GRADY CLEVELAND POTTAWATOMIE In the fourth quarter of 2018, Franco-Nevada and Continental entered SEMINOLE into a transaction whereby Franco-Nevada acquired $120 million in MCCLAIN HUGHES existing royalties owned by Continental and formed a jointly owned entity GREER (the “Royalty Acquisition Venture”) to acquire up to $400 million in KIOWA royalty rights under Continental’s area of operations. With the Royalty SCOOP PONTOTOC Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and COMANCHE GARVIN JACKSON receives 50-75% of distributions, depending on performance against COAL pre-set volume targets. Franco-Nevada received slightly more than 50% STEPHENS MURRAY of distributions in 2023, however, our share of distributions is expected TILLAMAN COTTON JOHNSTON to increase going forward, toward a maximum of 75%. In exchange for CARTER ATOKA the partial capital carry in favour of Continental, the venture provides Franco-Nevada with an opportunity to acquire royalty rights at the grass-roots WILBARGER WICHITA CLAY JEFFERSON MARSHALL LOVE BRYAN level, leverage the value of Continental’s drilling plans, and benefit from the company’s knowledge of local land title and geology. In addition, 110 ★ Franco-Nevada Corporation TSX / NYSE: FNV
North America PERMIAN BASIN Location: Texas & New Mexico, United States | Operator: Pioneer Natural Resources, Occidental Petroleum, Coterra Energy, Others | Energy: Oil Royalty: Various Royalty Rates Franco-Nevada has exposure to the Permian Basin in West Texas, through both the Midland and Delaware sub-basins. 2023 2022 2021 In the third quarter of 2017, Franco-Nevada acquired a package of royalties Revenue to Franco-Nevada ($ million) $ 47.6 $ 52.6 $ 34.9 in the Delaware Basin for approximately $101 million. The Delaware Production (Mboe) 1,007 780 708 Basin comprises the western portion of the broader Permian Basin, Commodity Split (%)1 Oil 51% 77% 78% which is located in West Texas and southeast New Mexico. Sitting Gas 30% 12% 11% to the west of the Midland Basin, the Delaware Basin shares many NGL 19% 11% 11% similarities geologically, and is attractive to operators due to the stacked pay potential and premier economics. The current focus of operators 1 Percentage based on production revenue from each commodity in the Delaware Basin are the Wolfcamp and Bonespring horizons. 2 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the The royalties consist of approximately 94% mineral title rights, along prior year production volume with some GORR interests, which apply to approximately 676 acres These two basins are considered among the most economic and prolific (net to Franco-Nevada). There are various operators across the acreage shale oil plays in the U.S. and have been the key drivers behind U.S. oil who continue to direct capital toward the Delaware Basin, which will production growth over the last decade. The Permian is the most active result in continued development of our assets over time. shale play in North America. Franco-Nevada’s Permian assets generated $47.6 million in revenue Effective in the first quarter of 2017, Franco-Nevada purchased a package in 2023 representing a 9.5% decrease from 2022. This was primarily of royalties in the Midland Basin for approximately $115 million. driven by lower realized oil prices coupled with a decrease in wells The Midland Basin comprises the eastern portion of the broader Permian completed on our land base. The Permian assets have an estimated 2 Basin. The royalty acreage is very diversified, covering a significant portion asset life of approximately 31 years , with additional stacked formations of the core of the Midland basin and providing exposure to multiple that may be exploited in the future. benches in the Wolfcamp and Spraberry formations. The royalties consist of approximately 97% mineral title rights, along with some GORR interests, Royalties provide exposure to Midland and Delaware Basins which apply to approximately 1,036 acres (net to Franco-Nevada). Permian represents one of the most active and economic The acreage is host to numerous operators, however, Pioneer Natural plays in North America Resources (“Pioneer”) is the operator for the largest portion of royalty acreage and is one of the largest companies operating in the basin. Exposure to upside through multiple formations at depth Pioneer has been is focused solely on its Midland Basin acreage and achieves some of the best well results in the area. ExxonMobil and Pioneer announced a merger in late 2023 which will create the industry’s leading high-quality undeveloped U.S. unconventional inventory position with 1.4 million net acres across the Midland and Delaware basins. The deal is expected to close in the first half of 2024. Mineral Resources and Mineral Reser Permian Basin Delaware Basin Midland Basin Northwest Shelf San Simon Channel FNV Royalty Acreage WSON BORDEN A D N ARD W LEA MARTIN HO Y EDD ANDREWS 0 16 kilometer Central Basin Platform w Mexico 0 10 Ne GLASSCOCK exas mile T VING ECTOR LO WINKLER CULBERSON MIDLAND ves Net Royalty Acres by County ARD W 3% Eddy 1.% Lea CRANE UPTON GAN REA 3% Culberson 1% Other IRION 3% Ward REEVES 4% Upton 23% Reeves OCKETT 5% Reagan CR 7% Loving Additional Inf VIS PECOS A New JEFF D Mexico 8% Howard Midland Basin Delaware Texas 16% Martin Basin 11% Midland Permian 15% Glasscock Basin or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 111
North America WEYBURN UNIT w Location: Saskatchewan, Canada | Operator: Whitecap Resources Inc. | Energy: Oil | Royalty: NRI: 11.71% /ORR: 0.44% / WI: 2.56% vie Over Franco-Nevada, after Whitecap Resources Inc. (“Whitecap”), has the second largest economic interest in the Weyburn Unit, one of the world’s largest geological CO storage projects. 2 2023 2022 2021 Gross production of the Weyburn Unit is approximately 21,000 Boe/d Revenue to Franco-Nevada ($ million) $ 50.1 $ 65.0 $ 43.8 of light oil & NGL’s. Production (Mboe)1 675 769 736 For 2023, revenue received by Franco-Nevada from the Weyburn Unit was Commodity Split (%)2 Oil 100% 100% 100% $50.1 million. Weyburn revenues are linked to the Edmonton Light oil Gas 0% 0% 0% benchmark price which averaged C$99.55/bbl in 2023. Revenue for the NGL 0% 0% 0% NRI is recorded net of deductions for capital and operating costs, which 1 Net to FNV based on 0.44% ORR, 11.71% NRI and 2.56% WI. ORR and W.I. volumes are results in increased leverage to the oil price. Oil production, including a percentage of gross production. NRI volumes are pro-rated based on our pro昀椀t, re昀氀ecting NGLs, net to Franco-Nevada was 1,849 Boe/d. Franco-Nevada takes Precious Metals a net interest product-in-kind for its WI and NRI share of this production and markets 2 Percentage based on production revenue from each commodity it through a third-party marketer. Weyburn is a highly economic reservoir, 3 Asset life is calculated as the Proven and Probable reserve volumes divided by the prior year production volume although our NRI and WI in the unit have higher leverage to commodity price swings than our revenue-based royalties. In 2023, our interests The Weyburn Unit is located approximately 129 km southeast of Regina, at Weyburn were negatively impacted by the decline in commodity prices 2 compared to 2022, however benefited from lower differentials. Weyburn Saskatchewan and encompasses approximately 216 km on a gross has an estimated asset life of approximately 23 years3 2 . basis (net 31 km ) in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 11.71% NRI, a 0.44% ORR and a 2.56% WI in the Weyburn Unit. Production commenced from the Midale zone within the Low decline asset with proven production history unitized area in 1955 under primary depletion (solution gas expansion). Establishment of the Weyburn Unit occurred in 1963 for the purpose CO EOR project commenced in 2000 and continues 2 of implementing a waterflood pressure maintenance scheme. In 2000, to be rolled out Cenovus, the operator at that time, began injecting CO in a portion 2 Interests are leveraged to commodity prices sified Assets of the Weyburn Unit as an enhanced oil recovery (“EOR”) method. Currently, CO is being sourced from the Dakota Gasification Company 2 Diver in North Dakota and the Boundary Dam power station in Saskatchewan. Weyburn Unit N T7 Note: not to scale Unitized land wells R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 T8 Weyburn, SK T8 Weyburn T7 Unit T7 Unitized land T6 N T6 Note: T6 not to scale Midale, SK T5 T5 T4 T4 T3 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T5 R14W2 R13W2 R12W2 112 ★ Franco-Nevada Corporation TSX / NYSE: FNV
North America ORION Location: Alberta, Canada | Operator: Strathcona Resources Ltd. | Energy: Oil | Royalty: Royalty Rate 4% Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from OSUM Oil Sands Corp. for C$92.5 million in 2017. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 13.6 $ 15.1 $ 10.8 Production (Mboe) 302 229 237 Commodity Split (%)1 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Percentage based on production revenue from each commodity 2 Asset life is calculated as the Proven and Probable reserve volumes divided by the prior year production volume In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), who now operates the project. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent costs associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that began commercial production in 2007. Infrastructure at the project Orion processing facilities, Alberta consists of a central processing facility surrounded by several well pads which supply the plant. As at year-end 2023 Orion was producing Long-life resource located in Canada approximately ~20,700 barrels per day of bitumen. The asset is permitted to produce up to 25,000 barrels per day of bitumen. Stable year-over-year production volumes Potential for future capacity expansion Franco-Nevada recorded revenue of $13.6 million in 2023. Royalty payments are based on the WCS benchmark price and are impacted by changes in the differential with WTI as well as by the price of diluent, which is required to transport the product to market. Orion has an estimated 2 asset life of approximately 24 years . an Mineral Resources and Mineral Reser chew ta t Orion Alber Saska Peace River N Athabaska Fort McMurray Orion Grand Prairie Orion ves Cold Lake Cold Lake Edmonton Edmonton Lloydminster Lloydminster Hardisty an chew ta t Alber Saska Additional Inf Hardisty Liquids Pipeline Calgary or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 113
North America OTHER PRODUCING ENERGY ASSETS w Location: BC / AB / SK / MB, Canada and Oregon, U.S. | Operator: Various | Royalty: ORR/FH: 0.5-20% vie Over Franco-Nevada has other interests in Western Canada which generate revenue primarily through lessor royalties and GORRs. 2023 2022 2021 In Alberta and BC, the interests generate revenue primarily from natural Revenue to Franco-Nevada ($ million) $ 9.0 $ 13.4 $ 8.9 gas production from shallow gas formations such as Milk River and Production (Mboe)1 227 250 257 Medicine Hat. In northern Alberta, the interests provide exposure Commodity Split (%)2 Oil 44% 66% 67% to deeper conventional gas targets including the Shunda, Grosmont Gas 46% 23% 20% and Elkton formations. Franco-Nevada’s most significant assets in the NGL 10% 11% 13% region are the Edson property operated by Canadian Natural Resources Ltd. (“CNRL”) and the Medicine Hat Consolidated Unit No.1, operated 1 Net to the Oil and Gas Interests and does not include production from Neal Hot Springs by Canlin Resources Partnership. Franco-Nevada has an approximate 2 Percentage based on production revenue from each commodity 15% overriding royalty in the Edson property where CNRL extracts gas and natural gas liquids by exploiting resources in the Cardium Formation. Precious Metals Aside from the major producing assets of Weyburn and Orion, Franco- The Medicine Hat Unit has been producing gas since 1963 and is located Nevada has 44 Other Producing Assets that generate revenue. These approximately 257 km southeast of Calgary. Other production comes 2 from unitized and non-unitized wells, including gross overriding royalty interests cover more than 2,250 km . positions in ten different Units across Alberta. Other operators on the In Saskatchewan and Manitoba, the assets are focused primarily in high interests include, CNRL and Imperial Oil. quality oil plays and are operated by companies such as Crescent Point Energy, Saturn Oil & Gas Inc., Vermilion Energy Inc. and Tundra Oil & Gas In 2020, Franco-Nevada acquired a royalty on the Neal Hot Springs Partnership. The most significant producing assets are comprised of the geothermal operation in Oregon as part of a broader portfolio transaction. Midale Unit and the Tidewater royalties. Franco-Nevada holds a 1.14% The plant produces approximately 22 MW of geothermal energy and gross override royalty interest and a 1.59% working interest in the Midale is operated by Ormat Technologies, Inc. Franco-Nevada received $0.33 Unit in Southeast Saskatchewan where Cardinal Energy produces million in revenue from Neal Hot Springs in 2023. approximately 3,800 Boe/d through CO Enhanced Oil Recovery (“EOR”) 2 Primarily quality oil plays in Saskatchewan and Manitoba techniques. The Tidewater royalties in Saskatchewan generate oil production from the Shaunavon and other formations and are managed Exposure to shallow gas and deeper conventional gas sified Assets by various operators. in Alberta and BC Diver Interest in the Neal Hot Springs geothermal operation Montney Peace River Athabasca Oil Sands Oil Sands ALBERTA Saskatchewan/Manitoba Oil and Gas Interests N Duvernay Lloydminster 0 80 Redwater Heavy Oil km Deep Cardium Viking Basin Cold Lake Edson Oil Sands MANITOBA EDMONTON SASKATCHEWAN Dodsland SE Saskatchewan Viking Lower Bakken Torquay Oil and Mississippian Oil N REGINA 0 80 Lloydminster Shaunavon Heavy Oil Oil km Shallow A Gas Weyburn/ T Midale Alberta/ Williston Basin British Columbia ALBER Bakken NORTH DAKOTA Oil and Gas CBM Spear sh Company Core Land CALGARY (HSCN) Shallow Sanish Oil Oil Company Non Core Land Interests Gas MONTANA AN Major City Company Core Land W Company Non Core Land CHE Major City T A BRITISH COLUMBIA Alberta SASK Bakken WASHINGTON IDAHO MONTANA 114 ★ Franco-Nevada Corporation TSX / NYSE: FNV
OTHER PRODUCING ENERGY EXPLORATION ASSETS ENERGY ASSETS Location: AB / MB / SK, Canada & Nevada, U.S | Operator: Various Royalty: 0.1-18% and WI: 2-100% Location Alameda Oil Saskatchewan In addition to its producing assets, Alida Oil Saskatchewan Benson Oil Saskatchewan Franco-Nevada has exposure Carnduff Oil Saskatchewan to a portfolio of undeveloped, Cessford Gas Alberta non-producing oil and gas interests. Claresholm Gas Alberta E. Crossfield Gas Alberta These are grouped into 27 different assets covering an area of over Edson Gas Alberta 2 1,500 km and are located in Alberta, Saskatchewan and Manitoba Elswick Oil Saskatchewan along with a small amount of acreage in Nevada. Much of the interests Enchant Gas Alberta consist of mineral title which is currently unleased. Ferrybank Gas Alberta Ghost Pine Gas Alberta Numerous future opportunities in Western Canada Hanlan Gas Alberta and the U.S. Harmattan Gas Alberta Harvest – AB Gas Alberta Huntoon Oil Saskatchewan Innes Oil Saskatchewan ENERGY EXPLORATION ASSETS Inverness Oil Alberta Laglace Gas Alberta Location Lesser Slave Oil Alberta Lochend Gas Alberta Big Bend Alberta Lone Pine Gas Alberta Carbon Alberta Macoun Oil Saskatchewan Cindy/Belloy Alberta Manitoba Oil Manitoba Colgate Saskatchewan Medicine Hat Gas Alberta Devil Alberta Midale Royalties Oil Saskatchewan Dixonville Alberta Midale WI Oil Saskatchewan Elko Mineral Rights Nevada Montreal Trust Oil Saskatchewan Flatrock British Columbia Neal Hot Springs Geothermal Oregon Granor Alberta Harvest – SK Saskatchewan Oungre Oil Saskatchewan Hotchkiss Alberta Mineral Resources and Mineral Reser Pearmac – AB Gas Alberta Pearmac – MB Oil Manitoba Killam Alberta Pearmac – SK Oil Saskatchewan Kimiwan Alberta Prudential – AB Gas Alberta Liege Alberta Qu’Appelle Oil Saskatchewan Long Coulee Alberta Queensdale Oil Saskatchewan Melville Saskatchewan Rainbow South Oil Alberta Paradise British Columbia Rocanville Oil Saskatchewan Provost Alberta Prudential – MB Manitoba Royce Gas Alberta Prudential – SK Saskatchewan ves Stoughton Oil Saskatchewan Swalwell Gas Alberta Steelman Saskatchewan Tidewater Oil Saskatchewan Swift Current Saskatchewan Viewfield Oil Saskatchewan Touchwood Alberta Watts/Craig Oil Alberta Turner Alberta W. Calling Lake Alberta Additional Inf Widewater Alberta or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 115
w vie Over Precious Metals sified Assets Diver 116 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Mineral Resources and Mineral Reser ves Mineral Resources and Mineral Reserves Additional Inf or mation
Mineral Resources and Mineral Reserves GOLD MINERAL RESOURCES (INCLUSIVE OF MINERAL RESERVES) Measured (M) Indicated (I) (M)+(I) Inferred w Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained vie Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Over South America Candelaria 3,4 806,007 0.13 3,402 563,841 0.14 2,493 5,895 216,677 0.09 606 Antapaccay 5 316,000 0.07 734 868,000 0.08 2,137 2,871 102,000 0.05 164 Condestable 6 40,200 0.21 271 43,300 0.20 278 537 12,900 0.19 79 Sossego 1,7 173,100 0.14 755 235,700 0.13 1,010 1,765 23,000 0.10 74 Cerro Moro 1,8 600 7.06 136 1,300 6.82 285 422 700 8.66 192 Salares Norte 1,9 — — — 21,211 5.35 3,646 3,646 946 1.91 58 Cascabel 10 1,576,000 0.35 17,500 2,159,000 0.20 13,700 31,200 853,000 0.20 5,400 Tocantinzinho 11 17,609 1.49 841 30,505 1.29 1,261 2,102 1,580 0.99 50 Posse (Mara Rosa) 12 13,600 1.20 510 18,700 1.10 640 1,150 100 0.52 2 Taca Taca 13 421,500 0.14 1,853 1,781,800 0.07 4,200 6,052 716,900 0.05 1,183 CentroGold (Gurupi) 14 — — — 29,200 1.82 1,705 1,705 10,400 1.71 572 Calcatreu 15 — — — 9,841 2.11 669 669 8,078 1.34 348 San Jorge 16 79,518 0.22 584 104,091 0.19 626 1,211 11,235 0.16 59 Pascua-Lama 17 43,000 1.86 2,600 390,000 1.49 19,000 21,000 15,000 1.70 860 Volcan 18 123,979 0.70 2,792 339,274 0.64 7,013 9,804 75,018 0.52 1,246 Central America and Mexico Guadalupe-Palmarejo 1,2,19 8,960 2.25 648 21,845 2.05 1,443 2,090 3,817 3.11 381 United States Carlin Trend 20 13,496 1.37 602 260,163 3.18 26,016 26,016 99,187 3.20 10,081 Precious MetalsMarigold 1,21 — — — 287,910 0.50 4,603 4,603 27,360 0.42 370 Bald Mountain 1,22 8,381 0.70 189 260,601 0.50 3,986 4,175 49,041 0.30 489 Mesquite 1,2,23 247 1.13 9 56,890 0.55 1,006 1,016 47,682 0.33 510 Castle Mountain 1,24 85,691 0.55 1,515 246,442 0.52 4,123 5,638 69,890 0.63 1,422 Fire Creek/Midas 1,2,25 2 17.14 1 172 15.34 85 86 69,473 1.43 3,185 Hollister 1,2,26 16 19.05 10 64 19.59 40 50 582 14.58 273 Stibnite Gold 1,27 — — — 148,159 1.33 6,317 6,317 52,128 0.96 1,611 Sandman 28 — — — 18,550 0.73 433 433 3,246 0.58 61 Robinson 29 317,942 0.18 1,840 40,173 0.15 194 2,072 11,942 0.18 69 Nevada North (Wildcat & Mountain View) 30 — — — 88,623 0.46 1,324 1,324 26,611 0.32 270 Sleeper 31 4,902 0.54 85 158,337 0.36 1,812 1,897 119,909 0.31 1,214 Canada Detour Lake 1,32 149,564 0.97 4,664 1,398,167 0.74 33,218 37,883 80,128 1.05 2,717 Sudbury 33 not available not available — not available Hemlo 34 980 4.40 140 61,000 1.58 3,100 3,200 7,700 2.50 620 Brucejack 1,35 — — — 13,300 8.42 3,600 3,600 12,100 10.35 4,000 Kirkland Lake 1,36 508 13.16 215 21,314 5.31 3,640 3,856 23,582 4.15 3,144 Dublin Gulch (Eagle) 37 35,237 0.62 705 197,960 0.57 3,596 4,304 29,595 0.52 497 Musselwhite 1,38 4,100 6.07 800 5,100 6.10 1,000 1,800 1,200 4.96 200 sified AssetsTimmins West 1,39 2,800 2.83 254 4,200 2.95 398 652 800 3.06 79 Gold River 1,40 — — — 700 5.29 117 117 5,300 6.06 1,027 Diver Canadian Malartic 1,41 45,474 0.58 852 97,190 2.24 7,001 7,853 53,410 2.06 3,545 Island Gold 1,42 1,165 10.55 395 6,598 9.65 2,046 2,441 7,857 14.58 3,682 Golden Highway - Holt Complex 1,43 5,806 4.29 800 5,884 4.75 898 1,699 9,097 4.48 1,310 Golden Highway - Hislop 1,44 — — — 1,337 4.00 173 173 804 3.80 97 Golden Highway - Aquarius 1,45 — — — 23,112 1.49 1,106 1,106 502 0.87 14 Magino 46 48,800 0.99 1,556 102,000 0.92 3,001 4,557 31,600 0.83 843 Greenstone (Hardrock) 1,47 5,623 1.28 232 145,464 1.45 6,776 7,008 24,949 3.83 3,072 Valentine Gold 48 29,226 2.19 2,059 35,398 1.67 1,897 3,955 20,752 1.65 1,100 Eskay Creek 49 28,648 3.37 3,106 23,252 1.71 1,275 4,380 924 2.26 67 Red Lake (McFinley) 50 — — — 2,130 4.63 317 317 1,780 3.84 220 Courageous Lake 51 6,007 2.84 548 139,167 2.34 10,449 10,997 44,737 2.67 3,841 ves Goldfields 52 — — — 23,200 1.31 980 980 7,100 0.92 211 Monument Bay 53 — — — 36,581 1.52 1,787 1,787 41,946 1.32 1,781 Red Mountain 54 1,920 8.81 544 1,271 5.85 239 783 405 5.32 69 Fenelon-Martiniere 55 — — — 30,702 3.09 3,054 3,054 24,680 2.96 2,351 Spences Bridge (Shovelnose) 56 — — — 2,983 6.38 612 612 1,331 3.89 166 Wawa 57 — — — 1,307 5.47 230 230 2,716 5.39 471 Kerr-Addison 58 — — — 32,500 1.70 1,800 1,800 79,100 1.32 3,400 Clarence Stream 59 — — — 12,396 2.31 922 922 15,963 2.60 1,334 Australia Duketon 60 21,000 0.86 580 32,000 1.22 1,260 1,850 12,000 1.58 610 Matilda (Wiluna) 61 2,140 4.21 290 19,100 2.80 1,719 2,009 28,720 3.85 3,558 South Kalgoorlie 62 2,184 3.60 253 10,503 3.23 1,090 1,338 7,638 3.64 894 Yandal (Bronzewing) 63 20,230 1.50 996 49,773 1.80 2,886 3,882 9,864 1.60 518 Aphrodite 64 — — — 17,614 2.05 1,163 1,163 7,892 1.97 500 Red October 65 105 8.40 28 608 5.37 105 133 4,992 3.74 600 Mineral Resources and Mineral ReserHenty 66 — — — 1,800 4.50 257 257 900 4.00 111 Bullabulling 67 — — — 68,805 0.99 2,190 2,190 26,595 1.19 1,020 Rebecca 68 — — — 27,000 1.27 1,100 1,100 6,500 1.20 240 Edna May 69 870 1.68 47 23,000 0.99 730 774 7,200 1.12 260 Glenburgh 70 — — — 13,500 1.00 431 431 2,800 0.90 79 Rest of World MWS 71 68,300 0.22 473 165,200 0.25 1,315 1,789 — — — Sabodala-Massawa Complex 72 22,300 1.18 843 83,800 2.04 5,490 6,333 19,900 2.16 1,380 Tasiast 1,73 66,334 1.10 2,356 94,763 1.52 4,628 6,985 19,551 2.40 1,504 Subika (Ahafo) 1,74 40,100 1.71 2,200 82,600 2.41 6,400 8,600 19,900 2.50 1,600 Karma 75 300 0.40 4 47,700 1.24 1,894 1,898 16,200 1.30 679 Edikan 76 15,600 1.07 534 32,100 1.07 1,100 1,634 5,200 1.69 283 Kiziltepe 77 600 3.01 58 698 2.33 52 110 1,180 2.09 79 Séguéla 1,78 440 2.05 29 15,990 2.93 1,506 1,535 3,050 2.50 245 Perama Hill 79 3,093 4.15 412 10,973 2.73 962 1,374 16,006 1.53 787 Aği Daği 1,80 2,516 0.74 60 104,453 0.63 2,132 2,192 19,551 0.52 330 Sissingué 81 1,300 1.12 47 1,000 1.49 49 96 100 1.30 3 Total Gold Mineral Resources* 62,957 241,736 303,486 85,966 *Total excludes Cobre Panama and New Prosperity 118 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Mineral Resources and Mineral Reserves GOLD MINERAL RESERVES Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz South America Candelaria 3,4 402,610 0.11 1,465 220,664 0.11 769 623,274 0.11 2,235 Antapaccay 5 227,000 0.07 511 232,000 0.07 522 459,000 0.07 1,033 Condestable 6 18,800 0.24 145 20,700 0.18 120 39,500 0.21 267 Sossego 7 7,600 0.26 64 78,600 0.18 455 86,200 0.19 518 Cerro Moro 8 500 6.33 110 700 8.18 192 1,200 7.41 302 Salares Norte 9 — — — 18,381 5.84 3,454 18,381 5.84 3,454 Cascabel (Alpala) 10 457,500 0.61 8,900 82,200 0.23 600 539,700 0.54 9,400 Tocantinzinho 11 17,973 1.46 842 30,703 1.22 1,200 48,676 1.31 2,042 Posse (Mara Rosa) 12 11,791 1.20 456 12,014 1.20 446 23,805 1.20 902 Taca Taca 13 408,300 0.13 1,750 1,350,200 0.08 3,337 1,758,500 0.09 5,087 CentroGold (Gurupi) 14 — — — 20,000 1.70 1,100 20,000 1.70 1,100 Calcatreu 15 — — — — — — — — — San Jorge 16 — — — — — — — — — Pascua-Lama 17 — — — — — — — — — Volcan 18 — — — — — — — — — Central America and Mexico Guadalupe-Palmarejo 2,19 3,813 2.06 252 7,784 2.07 517 11,596 2.06 769 United States Carlin Trend 20 6,016 1.80 358 128,455 3.73 15,285 133,333 3.64 15,772 Marigold 21 — — — 169,300 0.47 2,863 169,300 0.47 2,863 Bald Mountain 22 638 0.50 9 27,628 0.50 480 28,265 0.50 489 Mesquite 2,23 227 1.23 9 27,979 0.64 575 28,205 0.64 584 Castle Mountain 24 84,910 0.55 1,498 172,990 0.48 2,670 257,900 0.51 4,168 Fire Creek/Midas 2,25 — — — — — — — — — Hollister 2,26 — — — — — — — — — Stibnite Gold 27 — — — 104,625 1.43 4,816 104,625 1.43 4,816 Sandman 28 — — — — — — — — — Robinson 29 110,513 0.15 533 8,860 0.12 34 119,374 0.15 576 Nevada North (Wildcat & Mountain View) 30 — — — — — — — — — Sleeper 31 — — — — — — — — — Canada Detour Lake 32 118,703 0.85 3,230 700,346 0.74 16,698 819,049 0.76 19,928 Sudbury 33 not available not available not available Hemlo 34 760 4.49 110 33,000 1.53 1,600 34,000 1.60 1,700 Brucejack 35 — — — 11,500 8.44 3,100 11,500 8.44 3,100 Kirkland Lake 36 250 16.05 129 4,818 12.96 2,007 5,068 13.12 2,137 Dublin Gulch (Eagle) 37 21,100 0.68 464 96,600 0.63 1,943 117,700 0.64 2,407 Musselwhite 38 3,200 6.78 700 3,800 6.30 800 7,000 6.52 1,500 Timmins West 39 2,400 2.68 207 3,000 2.70 260 5,400 2.69 467 Gold River 40 — — — — — — — — — Canadian Malartic 41 45,474 0.58 852 92,337 2.28 6,757 137,811 1.72 7,609 Island Gold 42 780 10.42 261 4,431 10.27 1,464 5,210 10.30 1,725 Golden Highway - Holt Complex 43 — — — — — — — — — Golden Highway - Hislop 44 — — — — — — — — — Golden Highway - Aquarius 45 — — — — — — — — — Magino 46 26,300 1.24 1,044 37,000 1.11 1,317 63,300 1.16 2,361 Greenstone (Hardrock) 47 5,623 1.28 232 129,700 1.27 5,307 135,323 1.27 5,539 Valentine Gold 48 23,360 1.89 1,430 28,220 1.40 1,270 51,580 1.62 2,700 Eskay Creek 49 27,954 3.00 2,657 11,889 1.80 680 39,843 2.60 3,336 Red Lake (McFinley) 50 — — — 400 5.66 78 400 5.66 78 Courageous Lake 51 2,000 3.50 200 31,900 2.60 2,600 33,900 2.60 2,800 Goldfields 52 — — — — — — — — — Monument Bay 53 — — — — — — — — — Red Mountain 54 2,194 6.68 471 351 5.51 62 2,545 6.52 534 Fenelon-Martiniere 55 — — — — — — — — — Spences Bridge (Shovelnose) 56 — — — — — — — — — Wawa 57 — — — — — — — — — Kerr-Addison 58 — — — — — — — — — Clarence Stream 59 — — — — — — — — — Australia Duketon 60 12,000 0.62 240 14,000 1.58 710 26,000 1.14 950 Matilda (Wiluna) 61 — — — 5,379 2.00 345 5,379 2.00 345 South Kalgoorlie 62 550 3.96 70 1,785 4.40 250 2,335 4.30 320 Yandal (Bronzewing) 63 12,204 1.50 596 29,019 1.80 1,724 41,223 1.80 2,320 Aphrodite 64 — — — 2,782 3.60 322 2,782 3.60 322 Red October 65 — — — — — — — — — Henty 66 — — — 983 3.60 115 983 3.60 115 Bullabulling 67 — — — — — — — — — Rebecca 68 — — — — — — — — — Edna May 69 30 1.01 1 150 3.32 16 180 2.93 17 Glenburgh 70 — — — — — — — — — Rest of World MWS 71 14,200 0.27 123 165,100 0.25 1,308 179,300 0.25 1,431 Sabodala-Massawa Complex 72 19,200 1.14 705 43,600 2.41 3,381 62,800 2.02 4,086 Tasiast 73 56,719 1.10 2,072 45,827 2.00 2,982 102,546 1.50 5,055 Additional Inf Subika (Ahafo) 74 36,900 1.73 2,100 49,800 1.88 3,000 86,700 1.82 5,100 Karma 75 300 0.40 4 5,200 0.93 154 5,500 0.90 158 Edikan 76 7,400 1.07 255 13,900 1.15 516 21,300 1.13 771 Kiziltepe 77 466 2.06 31 451 2.65 38 926 2.39 71 Séguéla 78 440 2.06 29 11,330 3.09 1,125 11,760 3.05 1,154 or Perama Hill 79 3,116 4.08 409 7,176 2.54 586 10,292 3.01 995 mation Aği Daği 80 1,450 0.76 36 52,911 0.66 1,130 54,361 0.67 1,166 Sissingué 81 1,100 1.24 44 600 1.59 32 1,800 1.30 75 Total Gold Mineral Reserves 35,602 103,113 138,749 TSX / NYSE: FNV Franco-Nevada Corporation ★ 119
Mineral Resources and Mineral Reserves MINERAL RESOURCES AND MINERAL RESERVES w Silver Mineral Resources – Inclusive of Mineral Reserves vie Over Measured (M) Indicated (I) (M)+(I) Silver Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Candelaria 4,82 806,007 1.88 48,765 563,841 2.09 37,837 86,602 216,677 0.91 6,314 Antapaccay 83 316,000 1.44 14,648 868,000 1.92 53,682 68,330 102,000 1.05 3,436 Antamina 1,84,85 366,200 9.97 117,342 532,900 12.12 207,644 324,713 1,186,000 11.30 429,625 Condestable 86 40,200 4.18 5,402 43,300 3.15 4,385 9,799 12,900 2.29 950 Cerro Moro 1,87 600 352.51 6,800 1,300 303.86 12,700 19,500 700 220.00 4,900 Salares Norte 1,88 — — — 21,211 65.45 44,636 44,636 946 17.46 531 Cascabel 89 1,576,000 1.16 58,600 1,437,000 0.71 32,700 91,300 607,000 0.56 11,000 Calcatreu 90 — — — 9,841 19.83 6,275 6,275 8,078 13.09 3,399 Fire Creek/Midas 1,2,91 2 240.00 14 172 97.99 543 557 69,472 5.98 13,348 Eskay Creek 92 28,648 89.45 82,391 23,252 32.97 24,644 107,035 924 30.36 902 Nevada North (Wildcat & Mountain View) 93 — — — 88,623 3.45 9,840 9,840 26,611 2.60 2,224 Spences Bridge (Shovelnose) 94 — — — 2,983 34.13 3,273 3,273 1,131 16.90 725 Sleeper 95 4,902 3.61 570 158,337 4.06 20,661 21,231 119,909 2.45 9,454 Total Silver Mineral Resources* 334,532 458,820 793,090 486,808 * Total excludes Cobre Panama Silver Mineral Reserves Precious Metals Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Candelaria 4,82 402,610 1.55 20,076 220,664 1.69 12,021 623,274 1.60 32,095 Antapaccay 83 227,000 1.10 8,028 232,000 1.30 9,697 459,000 1.20 17,725 Antamina 84,85 138,800 9.40 42,066 87,300 12.80 36,025 226,200 10.70 77,818 Condestable 86 18,800 4.82 2,913 20,700 3.50 2,329 39,500 4.13 5,245 Cerro Moro 87 500 330.00 5,700 700 237.00 5,600 1,200 276.00 11,300 Salares Norte 88 — — — 18,381 71.35 42,164 18,381 71.35 42,164 Cascabel 89 457,500 1.70 24,900 82,200 1.20 3,100 539,700 1.60 28,000 Calcatreu 90 — — — — — — — — — Fire Creek/Midas 2,91 — — — — — — — — — Eskay Creek 92 27,954 80.90 72,661 11,889 40.10 15,308 39,843 68.70 87,969 Nevada North (Wildcat & Mountain View) 93 — — — — — — — — — Spences Bridge (Shovelnose) 94 — — — — — — — — — Sleeper 95 — — — — — — — — — Total Silver Mineral Reserves* 176,344 126,244 302,315 sified Assets * Total excludes Cobre Panama Diver PGM Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) PGM Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Stillwater 96 44,500 15.20 21,700 49,100 14.20 22,400 44,100 113,800 11.90 43,700 Sudbury 97 not available not available not available Eagle's Nest 98 4,727 5.19 789 4,288 4.48 618 1,408 6,750 4.35 943 ves Marathon (Sally) 99 — — — 24,801 0.62 494 494 14,019 0.48 218 Pandora 100 22,195 4.81 3,415 147,317 4.60 21,707 25,122 21,220 4.72 3,171 Total PGM Mineral Resources 25,903 45,219 71,123 48,032 PGM Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Stillwater 96 10,900 13.50 4,800 49,500 13.60 21,500 60,400 13.50 26,300 Sudbury 97 not available not available not available Eagle's Nest 98 — — — — — — — — — Marathon (Sally) 99 — — — — — — — — — Pandora 100 2,195 4.20 244 19,756 4.08 2,683 21,951 4.09 2,927 Mineral Resources and Mineral ReserTotal PGM Mineral Reserves 5,044 24,183 29,227 Copper Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Copper Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs Mlbs 000s % Mlbs Sossego 1,101 173,100 0.75 2,877 235,700 0.75 3,897 6,792 23,000 0.80 406 Cascabel (Alpala) 102 1,576,00 0.43 14,771 2,159,000 0.26 12,566 27,337 853,000 0.23 4,409 NuevaUnión (Relincho) 1,103 895,400 0.29 5,657 1,440,400 0.33 10,411 16,068 724,700 0.36 5,752 Taca Taca 104 421,500 0.60 5,606 1,781,800 0.39 15,229 20,835 716,900 0.31 4,863 Caserones 105 390,547 0.34 2,961 1,111,318 0.26 6,473 9,434 186,215 0.22 908 Vizcachitas 106 273,000 0.43 2,605 1,268,000 0.37 10,416 13,021 1,823,000 0.34 13,747 Copper World Project/East Pit 107 888,000 0.43 8,418 317,000 0.38 2,656 11,157 275,000 0.32 1,940 Robinson 108 317,942 0.47 3,261 40,173 0.34 305 3,566 11,942 0.38 100 Total Copper Mineral Resources 46,156 61,953 108,210 32,125 120 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Mineral Resources and Mineral Reserves MINERAL RESOURCES AND MINERAL RESERVES Copper Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs 000s % Mlbs Sossego 101 7,600 0.84 141 78,600 0.55 953 86,200 0.58 1,102 Cascabel (Alpala) 102 457,500 0.63 6,393 82,200 0.36 661 539,700 0.60 7,055 NuevaUnión (Relincho) 103 576,400 0.34 4,320 977,400 0.36 7,757 1,553,800 0.35 12,078 Taca Taca 104 408,300 0.59 5,295 1,350,200 0.39 11,757 1,758,500 0.44 17,052 Caserones 105 352,876 0.35 2,696 533,485 0.28 3,294 886,361 0.31 5,990 Vizcachitas 106 302,247 0.41 2,714 917,685 0.34 6,908 1,219,932 0.36 9,623 Copper World Project/East Pit 107 319,000 0.54 3,798 66,000 0.52 757 385,000 0.54 4,583 Robinson 108 110,513 0.42 1,025 8,860 0.28 54 119,374 0.41 1,079 Total Copper Mineral Reserves 26,382 32,141 58,562 Nickel Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Nickel Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs Mlbs 000s % Mlbs Falcondo 109 40,500 1.42 1,268 31,100 1.53 1,049 2,320 4,900 1.40 151 Eagle's Nest 110 4,727 2.24 234 4,288 1.49 141 375 6,750 1.67 249 Crawford 111 1,097,100 0.24 5,904 1,464,700 0.23 7,402 13,306 1,693,200 0.22 8,215 Mt Keith 112 133,000 0.54 1,583 67,000 0.52 768 2,351 24,000 0.52 275 Total Nickel Mineral Resources 8,989 9,360 18,352 8,891 Nickel Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % 000 oz 000s % 000 oz 000s % 000 oz Falcondo 109 44,900 1.28 1,267 26,300 1.36 789 71,200 1.31 2,056 Eagle's Nest 110 — — — — — — — — — Crawford 111 994,000 0.24 5,172 721,000 0.20 3,183 1,715,000 0.22 8,356 Mt Keith 112 71,000 0.58 908 4,000 0.56 49 75,000 0.58 957 Total Nickel Mineral Reserves 7,347 4,021 11,369 Chromite Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) Chromite Inferred Mineral Resources Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Cr203 000s % Cr203 000s % Cr203 Ring of Fire* 113 140,190 32.5 52,573 29.8 54,581 30.8 Total Chromite Mineral Resources 140,190 52,573 54,581 Chromite Mineral Reserves Proven Probable Proven and Probable Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Cr203 000s % Cr203 000s % Cr203 Ring of Fire 113 — — — — — — Total Chromite Mineral Reserves* — — — Iron Ore Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) Iron Ore Inferred Mineral Resources Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Fe 000s % Fe 000s % Fe Vale (Northern and Southeastern System) 1,114 7,397,200 54.0 9,412,600 54.9 3,877,400 43.1 LIORC 1,115,116 826,000 39.4 1,105,000 38.6 811,000 38.0 Total Iron Ore Mineral Resources 8,223,200 10,517,600 4,688,400 Iron Ore Mineral Reserves Additional Inf Proven Probable Proven and Probable Tonnes Grade Tonnes Grade Tonnes Grade Notes 000s % Fe 000s % Fe 000s % Fe Vale (Northern and Southeastern System) 114 3,124,100 60.6 5,410,000 60.6 8,534,100 60.6 or LIORC 115,116 675,000 39.0 401,000 38.0 1,077,000 38.0 mation Total Iron Ore Mineral Reserves 3,799,100 5,811,000 9,611,100 * No Mineral Reserve estimate has been reported for the Ring of Fire TSX / NYSE: FNV Franco-Nevada Corporation ★ 121
Mineral Resources and Mineral Reserves COBRE PANAMA EXCLUSION w Mineral Resources - Inclusive of Mineral Reserves vie Over Grade Contained Metal Category Tonnes Au Ag Au Ag 000s g/t g/t 000 oz 000 oz Measured 129,100 0.14 1.63 581 6,766 Indicated 3,255,300 0.06 1.33 6,322 138,695 M&I 3,384,400 0.06 1.34 6,903 145,460 Inferred 1,087,300 0.04 1.09 1,291 37,903 Mineral Reserves Grade Contained Metal Category Tonnes Au Ag Au Ag 000s g/t g/t 000 oz 000 oz Proven 126,100 0.14 1.59 568 6,446 Probable 2,717,500 0.07 1.36 6,080 119,042 Total 2,843,600 0.07 1.37 6,648 125,499 • Source: First Quantum Minerals Ltd.'s Annual Information Form dated March 28, 2023 • The mine is currently in a phase of P&SM. Please refer to the “COBRE PANAMA” section on page 39 of this Asset Handbook. Due to the status of Cobre Panama, Mineral Resources and Mineral Precious Metals Reserves are being reported separately and are not included in the comprehensive Mineral Resources and Mineral Reserves tables above • Mineral Resources and Mineral Reserves are estimated using 2014 CIM De昀椀nition Standards • Mineral Resources are reported inclusive of Mineral Reserves • Stockpiles have been added into the Mineral Resources and Mineral Reserves • Rows and columns may not add up due to rounding sified Assets Diver ves Mineral Resources and Mineral Reser 122 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Mineral Resources and Mineral Reserves NOTES AND SOURCES All Mineral Resources and Mineral Reserves have been calculated in accordance with CIM or Acceptable Foreign Codes for the purposes of NI 43-101, including Regulation S-K 1300, JORC, or SAMREC guidelines Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves Contained metal does not take into account recovery losses Franco-Nevada’s royalties or stream interests may not cover the operator’s entire property or all estimated Mineral Resources and Mineral Reserves or a combination of both The grade of platinum group elements has been reported by the operators as either the sum of the individual platinum group elements grades or the individual grades. In the cases where individual platinum group element grades have been reported, Franco-Nevada’s Quali昀椀ed Person has calculated the sum of the platinum group element grades for presentation purposes Mineral Resources and Mineral Reserves based on publicly disclosed information available as of March 8, 2024 The MRMR statement might have excluded depletion prior to this year’s reporting Rows and columns may not add up due to rounding Inferred Resources are in addition to Measured and Indicated Resources, as described in the “Cautionary Note Regarding Mineral Resource and Mineral Reserve Estimates” section on page 134. 1 Mineral Resources reported by operator exclusive of Mineral Reserves. Franco-Nevada’s 49 Skeena Resources Limited; Eskay Creek Project NI 43-101 Technical Report, November 14, 2023 Quali昀椀ed Person determined the inclusive Mineral Resources by adding the exclusive 50 Evolution Mining Limited; ASX Announcement, February 14, 2024 Measured and Indicated Mineral Resources to the Proven and Probable Reserves 51 Seabridge Gold Inc.; Courageous Lake NI 43-101 Technical Report, January 5, 2024 2 Mineral Resources and Mineral Reserves are reported by the operator in non-metric units. 52 Fortune Bay Corp.; Corporate Presentation, January 2024 Franco-Nevada’s Quali昀椀ed Person calculated the metric conversion using 1 opt = 34.286 g/t, 1 short ton = 0.9018 metric tonnes, 1 oz = 31.1035 g 53 Agnico Eagle Mines Limited; News Release, February 16, 2023 3 Lundin Mining Corporation; News Release, February 8, 2024 54 Ascot Resources Ltd.; Annual Information Form, March 23 2023 4 The stream agreement applies to 100% of the property, but only with respect to the ownership 55 Wallbridge Mining Company Limited; Detour-Fenelon Gold Trend Property NI 43-101 Technical interest of Lundin Mining Corporation which indirectly owns 80% of the Candelaria Copper Report, December 29, 2023 Mining Complex 56 Westhaven Gold Corp.; Shovelnose Gold Property NI 43-101 Technical Report, Aug. 31, 2023 5 Glencore plc; Resources & Reserves as at December 31, 2023 57 Red Pine Exploration Inc.; Wawa Gold Project NI 43-101 Technical Report, June 21, 2023 6 Southern Peaks Mining LP; Mineral Reserves: Email to Franco-Nevada (Barbados) Corporation, 58 Gold Candle Ltd.; Kerr-Addison Project NI 43-101 Technical Report, Aug. 21, 2023 March 11, 2023, containing reserve declaration. Mineral Resources: Letter to Franco-Nevada 59 Galway Metals Inc.; Clarence Stream Project NI 43-101 Technical Report, June 8, 2022 (Barbados) Corporation, March 8, 2023, containing global, in situ, resource estimate 7 Vale S.A.; Form 20-F as 昀椀led with the Securities and Exchange Commission on April 12, 2023. 60 Regis Resources Limited; ASX Announcement, June 20, 2023 Details of Vale’s Participating Debentures are available on Vale’s website 61 Wiluna Mining Corporation Limited; ASX Announcement, February 16, 2024 8 Pan American Silver Corporation; News Release, August 24, 2023 & Corporate Website 62 Northern Star Resources Limited; ASX Announcement, May 4, 2023 9 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated 63 Northern Star Resources Limited; ASX Announcement, May 4, 2023 Annual Report, 2022 64 St Barbara Limited; ASX Release, September 15, 2023 10 SolGold Plc.; News Release, February 16, 2024 65 Matsa Resources Ltd.; Annual Report, October 17, 2023 for Red October and AngloGold Ashanti 11 G Mining Ventures Corp.; Corporate Presentation, February 2024 Limited; Mineral Resource and Ore Reserve Report as at December 31, 2022 for Butcher Well 12 Hochschild Mining PLC; Annual Report & Accounts, April 28, 2023 66 Catalyst Metals Limited; Annual Report, November 10, 2023 13 First Quantum Minerals Ltd.; Annual Information Form, March 28, 2023 67 Norton Gold Fields Limited; Corporate Website, January 11, 2024 14 OZ Minerals Limited; ASX Release, December 21, 2022 68 Ramelius Resources Limited; ASX Release, September 14, 2023 15 Patagonia Gold Corp.; MD&A, November 29, 2023 69 Ramelius Resources Limited; ASX Release, September 14, 2023 16 Coro Mining Corporation; San Jorge Project NI 43-101 Technical Report, March 1, 2012 70 Spartan Resources Limited; ASX Announcement, January 25, 2024 17 Barrick Gold Corporation; Press Release, February 8, 2024 71 Harmony Gold Mining Company Limited; Mineral Resources and Mineral Reserves Report, 18 Tiernan Gold Corp.; Corporate Presentation, August 2023 June 30, 2023 19 Coeur Mining, Inc.; News Release, February 20, 2024 72 Endeavour Mining Corp.; News Release, March 9, 2023 20 Barrick Gold Corporation; Press Release, February 8, 2024. Carlin Trend includes Goldstrike, 73 Kinross Gold Corporation; News Release, February 15, 2023 Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no 74 Newmont Corporation; News Release, February 22, 2024 royalties or stream interests 75 Endeavour Mining Corp.; Annual Information Form, March 31, 2021 21 SSR Mining Inc.; Mineral Reserve and Resource Tables as of December 31, 2023 76 Perseus Mining Limited; News Release, August 24, 2023 22 Kinross Gold Corporation; News Release, February 14, 2024 77 Ariana Resources plc; News Release, February 1, 2022 23 Equinox Gold Corp.; Annual Information Form, February 22, 2024 78 Fortuna Silver Mines Inc.; Seguela Gold Mine NI 43-101 Technical Report, December 31, 2023 24 Equinox Gold Corp.; Annual Information Form, February 22, 2024 79 Eldorado Gold Corporation; News Release, December 13, 2023 25 Hecla Mining Company; News Release, February 14, 2024 26 Hecla Mining Company; 80 Alamos Gold Inc.; News Release, February 20, 2024 News Release, February 14, 2024 81 Perseus Mining Limited; News Release, August 24, 2023 82 Lundin Mining Corporation; 27 Perpetua Resources Corp., Annual Report, April 6, 2023 News Release, February 8, 2024 28 Gold Bull Resources Corp.; News Release, July 31, 2023 83 Glencore plc; Resources & Reserves as at December 31, 2023 29 KGHM Polska Mied´z S.A.; Mineral Resources and Reserves Report, December 31, 2014 84 Teck Resources Limited; Annual Information Form, February 22, 2024 30 Integra Resources Corp.; Corporate Presentation, January 2024 85 The stream agreement applies to 100% of the property, but only with respect to the ownership 31 Paramount Gold Nevada; Sleeper Gold-Silver Project SK 1300 Report, August 31, 2023 interest of Teck Resources Limited which indirectly owns a 22.5% interest in Compañía Minera 32 Agnico Eagle Mines Limited; News Release, February 15, 2024 Antamina S.A. 33 KGHM does not provide updated Mineral Resource and Mineral Reserve estimates. 86 Southern Peaks Mining LP; Mineral Reserves: Email to Franco-Nevada (Barbados) Corporation, As such, Franco-Nevada has chosen not to display the historical 昀椀gure moving forward March 11, 2023, containing reserve declaration. Mineral Resources: Letter to Franco-Nevada 34 Barrick Gold Corporation; Press Release, February 8, 2024 (Barbados) Corporation, March 8, 2023, containing global, in situ, resource estimate 35 Newmont Corporation; News Release, February 22, 2024 87 Pan American Silver Corporation; News Release, August 24, 2023 & Corporate Website 36 Agnico Eagle Mines Limited; News Release, February 15, 2024 88 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report, 2022 37 Victoria Gold Corp.; Eagle Gold Mine NI 43-101 Technical Report, April 10, 2023 89 SolGold Plc.; Press Release, February 16, 2024. 38 Newmont Corporation; News Release, February 22, 2024 90 Patagonia Gold Corp.; MD&A, November 29, 2023 39 Pan American Silver Corp.; Annual Information Form, February 22, 2023, effective date R&R 91 Hecla Mining Company; News Release, February 14, 2024 June 30, 2022 92 Skeena Resources Limited; Eskay Creek Project NI 43-101 Technical Report, November 14, 2023 40 Pan American Silver Corp.; News Release, August 24, 2023 93 Integra Resources Corp.; Corporate Presentation, January 2024 41 Agnico Eagle Mines Limited; News Release, February 15, 2024 42 Alamos Gold Inc.; News Release, February 20, 2024 94 Westhaven Gold Corp.; Shovelnose Gold Property NI 43-101 Technical Report, August 31, 2023 Additional Inf 43 Agnico Eagle Mines Limited; News Release, February 15, 2024 95 Paramount Gold Nevada; Sleeper Gold-Silver Project SK 1300 Report, August 31, 2023 44 Agnico Eagle Mines Limited; News Release, February 15, 2024 96 Sibanye Stillwater Limited; JSE Market Release, February 26, 2024 45 Agnico Eagle Mines Limited; News Release, February 15, 2024 97 KGHM does not provide updated Mineral Resource and Mineral Reserve estimates. As such, Franco-Nevada has chosen not to display the historical 昀椀gure moving forward 46 Argonaut Gold Inc.; News Release, March 30, 2023 98 Ring of Fire Metals Pty Ltd.; Eagle’s Nest Project NI 43-101 Technical Report, January 24, 2024 or 47 Equinox Gold Corp.; Annual Information Form, February 22, 2024 99 Generation Mining Limited; Marathon Palladium & Copper Project NI 43-101 Technical Report, mation 48 Calibre Mining Corp.; Corporate Presentation, February 2024 & Marathon Gold Corporation; March 31, 2023 Valentine Gold Project NI 43-101 Techncial Report, November 30, 2022 TSX / NYSE: FNV Franco-Nevada Corporation ★ 123
Mineral Resources and Mineral Reserves w 100 Lonmin plc; Mineral Resource and Mineral Reserve Statement 2017 vie 101 Vale S.A.; Form 20-F as 昀椀led with the Securities and Exchange Commission on April 12, 2023. Over Details of Vale’s Participating Debentures are available on Vale’s website 102 SolGold Plc.; Annual Information Form, September 28, 2023 103 Teck Resources Limited; Annual Information Form, February 22, 2024 104 First Quantum Minerals Ltd.; Annual Information Form, March 28, 2023 105 Lundin Mining Corporation; News Release, February 8, 2024 106 Los Andes Copper Ltd.; Corporate Presentation, February 2024 107 Hudbay Minerals Inc.; News Release, September 8, 2023 108 KGHM Polska Miedź S.A.; Mineral Resources and Reserves Report, December 31, 2014 109 Glencore plc; Resources & Reserves as at December 31, 2014 110 Ring of Fire Metals Pty Ltd.; Eagle’s Nest Project NI 43-101 Technical Report, January 24, 2024 111 Canada Nickel Company, Inc.; Crawford Nickel Sul昀椀de Project NI 43-101 Technical Report, October 1, 2023 112 BHP Group Limited; Annual Report, August 22, 2023 113 Noront Resources Ltd.; Black Thor, Black Label and Big Daddy NI 43-101 Technical Report, July 27, 2015 & Eagle’s Nest Project NI 43-101 Technical Report, October 19, 2012 for Blackbird 114 Vale S.A.; Form 20-F as 昀椀led with the Securities and Exchange Commission on April 12, 2023. Details of Vale’s Participating Debentures are available on Vale’s website 115 Labrador Iron Ore Royalty Corporation; Annual Information Form, March 7, 2023 Precious Metals116 Franco-Nevada holds a 9.9% equity interest in Labrador Iron Ore Royalty Corporation (“LIORC”). LIORC, directly and through its wholly-owned subsidiary, owns a 15.1% equity interest in Iron Ore Company of Canada and receives a 7% gross overriding royalty on the operation and also receives a C$0.10/t commission on sales of iron ore sified Assets Diver ves Mineral Resources and Mineral Reser Additional Information 124 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information Additional Inf or mation
Additional Information ASSET COUNTS ACREAGE OF ASSETS w Franco-Nevada’s assets are categorized by commodity and stage The following is a tabulation of the acreage of Precious Metals and vie of development. By commodity, assets are characterized as “Precious Diversified lands subject to Franco Nevada’s royalty, stream or other Metals” or “Diversified”. Precious Metals includes gold, silver and interests as at April 2, 2024. Acreage amounts are approximate Over PGM assets. Diversified includes iron ore, other mining and energy or estimated and are compiled from information contained in asset assets (which encompass oil, gas and natural gas liquids). “Producing” agreements and updated when possible using various sources including assets are those that have generated revenue from steady-state government recording offices, operator information such as technical operations for Franco-Nevada or are expected to in the next year. reports, presentations and other sources. Acreage has been converted “Advanced” assets are interests on projects which are not yet into standard measure by Franco-Nevada. producing but where, in management’s view, the technical feasibility and commercial viability of extracting Mineral Resources are demonstrable. “Exploration” assets represent interests on projects (1) where technical feasibility and commercial viability of extracting Franco-Nevada Acreage Tabulation Mineral Resources are not demonstrable. Producing Advanced Exploration Total Precious Metals Management uses the following criteria in its assessment of technical South America 632,755 212,904 375,095 1,220,754 feasibility and commercial viability: Central America & Mexico 62,268 – 675 64,943 1. Geology: there is a known mineral deposit which contains Mineral United States 88,561 35,130 195,536 319,227 Resources or Mineral Reserves; or the project is adjacent to Canada 135,208 211,030 840,554 1,186,792 a mineral deposit that is already being mined or developed and Australia 1,428,822 261,994 736,962 2,427,778 Precious Metals there is sufficient geologic certainty of converting the deposit Rest of World 1,554,309 216,209 52,863 1,823,381 into Mineral Resources or Mineral Reserves. Total 3,901,923 937,267 2,201,685 7,040,875 2. Accessibility and authorization: there are no significant unresolved Diversi昀椀ed – Iron Ore & Other Mining issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and South America 792,380 54,516 3,061,300 3,908,196 governmental permits and approvals to develop or mine the Central America & Mexico 6,605 59,552 – 66,157 mineral deposit appear obtainable. United States 29,234 25,140 18,586 72,960 For accounting purposes, the number of assets has been counted in Canada 44,973 12,462 361,644 419,079 different manners depending on the category. Royalties on a producing AustraliaAustralia 173,438 49,999 951,514 1,174,951 or advanced property are generally counted as a single asset even if Rest of World – – 265,842 265,842 Franco-Nevada has multiple different royalties on the property, such as Total 1,046,630 201,669 4,658,886 5,907,185 at the Goldstrike complex. Streams covering a group of mines in close proximity and operated by a common operator, such as the Sudbury (2) Diversi昀椀ed – Energy sified Assets streams, have also been counted as one asset. However, royalties United States 2,592,936 – 53,994 2,646,930 and streams on producing properties that have significant co-products Canada 615,043 – 313,552 928,595 Diver have been counted twice, such as the Robinson royalties for gold Total 3,207,979 – 367,546 3,575,525 and copper or the Sudbury streams for gold and PGM. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Total Estimated Acreage 16,523,585 Franco-Nevada’s energy interests are subdivided into Producing 2 Assets, which are assets that are currently producing oil or natural Total km 66,869 gas, or Exploration Assets, which are undeveloped assets that are not (1) Represents management’s best available information as at April 2, 2024. Cobre Panama, ves producing oil or natural gas. Franco-Nevada’s energy interests consist currently on preservation and safe management, is included in the above calculations and 2 of a variety of royalty interests and working interests which are derived accounts for 32,111 acres (129.95 km ) from a large number of underlying leases, contractual agreements (2) Gross Acreage and mineral title covering land positions primarily in western Canada and Oklahoma, North Dakota, Pennsylvania, Louisiana and Texas in the United States. For accounting purposes, these leases, contracts and mineral title have been grouped into distinct land areas and tabulated as individual assets. In many cases, Franco-Nevada owns multiple royalties or working interests that pertain to the same land area, and in these circumstances, the interests are counted as a single asset. Mineral Resources and Mineral ReserAs of April 2, 2024, Franco-Nevada estimates that it holds 238 Precious Metals assets and 192 Diversified assets for a total of 430 assets. Franco-Nevada Asset Counts at April 2, 2024 Precious Metals Diversi昀椀ed Total Producing 48 701 118 2 Advanced 32 9 41 mation Exploration 158 1133 271 or Total 238 192 430 1 14 Mining Assets / 56 Energy Assets 2 9 Mining Assets 3 86 Mining Assets / 27 Energy Assets Additional Inf 126 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information MINE LIFE INDEX Franco-Nevada’s asset portfolio is comprised of a large variety Mine Life 1 1 of properties and operations with a range of projected production profiles. Based on P&P Based on M&I (inclusive of The chart (opposite) provides an estimated mine life index for some P&P) of the producing and advanced assets with published Mineral Resource Precious Metals – South America and Mineral Reserve estimates. For each asset, management has estimated a mine life index by dividing the Proven and Probable Mineral Candelaria Reserves as well as the Measured and Indicated Mineral Resources Antapaccay (inclusive of Mineral Reserves) by management’s best estimate of the Antamina average annual forward looking production. Franco-Nevada has not Cerro Moro included any Inferred Mineral Resources in the analysis. This metric Mara Rosa is to provide investors and analysts with an indication of the potential Salares Norte for the assets in which Franco-Nevada has interests and should not 3 Precious Metals – Central America and Mexico be viewed as a definitive mine life estimate. Guadalupe-Palmarejo In an effort to provide a more accurate picture for the mine life index Precious Metals – United States of the overall portfolio, Franco-Nevada has divided its total M&I Royalty Stillwater Ounces (inclusive of Mineral Reserves) by the midpoint of its 2024 Carlin Trend2 Precious Metal and Diversified Mining production guidance. The average Marigold mine life index of the mining portfolio using this methodology is Bald Mountain approximately 34 years. Mesquite For our energy assets, Franco-Nevada receives a variety of third-party Castle Mountain reports estimating our reserves and resources for oil, gas and natural Stibnite Gold gas liquids. We have calculated the asset lives of our assets by dividing Precious Metals – Canada the total reserves for each asset by the prior year annual production Detour Lake volume. The estimates are based on Proven and Probable reserves for Hemlo our Canadian assets and Proven, Probable and Possible reserves for our Brucejack U.S. assets (excluding our venture with Continental Resources). On that Kirkland Lake basis our Canadian assets have an estimated aggregate asset life Dublin Gulch (Eagle) of approximately 22 years and our U.S. assets have an estimated Musselwhite aggregate asset life of 23 years. Timmins West Canadian Malartic Island Gold Greenstone Magino Valentine Gold Precious Metals – Rest of World Sabodala-Massawa Complex Tasiast Séguéla Subika (Ahafo) Duketon Edikan Diversi昀椀ed 4 (Northern and Southeastern System) Vale LIORC5 Years – 5 10 15 20 1 Mineral Resources and Mineral Reserves used in the Mine Life Index calculation are based on publicly disclosed information as of March 8, 2024 2 Mineral Resources and Mineral Reserves used for Carlin Trend in the Mine Life Index re昀氀ect Franco-Nevada management’s best estimate of Goldstrike, Gold Quarry and South Arturo only 3 Cobre Panama, currently on preservation and safe management, is not included in the above calculations 4 Mine life as disclosed by Vale S.A in their latest 20-F and exhibits. Mine life represents longest disclosed mine life 5 Mine life as disclosed by LIORC in their most recent annual report, based on Mineral Resources and Mineral Reserves only TSX / NYSE: FNV Franco-Nevada Corporation ★ 127
Additional Information BOARD OF DIRECTORS w vie David Harquail Tom Albanese Over David Harquail is Chair of the Board. Tom Albanese is a director of Mr. Harquail was the founding CEO Franco-Nevada. He served as CEO of the Corporation. Prior to his of Vedanta Resources plc (2014 to 2017), appointment as Chair in May 2020, CEO of Vedanta Limited (2014 to 2017) Mr. Harquail served as the and was CEO of Rio Tinto PLC and Rio Corporation’s CEO for more than 13 Tinto Limited (2007 to 2013). Mr. Albanese years since its initial public offering is also a director of CoTec Holdings Corp. in 2007. He serves as a director and is a director and Chair of the Committee of the Bank of Montreal, as a governor of Independent Directors of Nevada of Laurentian University in Sudbury, Copper Corp. He previously served on as a director of the Prospectors & the boards of Vedanta Resources plc, Developers Association of Canada Vedanta Limited, Rio Tinto PLC, Rio and is a past director and former Chair Tinto Limited, Ivanhoe Mines Limited, (2017-2020) of the World Gold Council. Palabora Mining Company and Turquoise He has also held senior executive roles and served as a director of Hill Resources Limited. Mr. Albanese holds a Master’s of Science degree in numerous public mining companies and has been actively involved in industry Mining Engineering and a Bachelor of Science degree in Mineral Economics Precious Metals organizations. Mr. Harquail holds a B.A.Sc. in Geological Engineering from the both from the University of Alaska Fairbanks. University of Toronto, an MBA from McGill University and is a registered Professional Engineer in Ontario. He is also a major benefactor of the School of Earth Sciences and its Mineral Exploration Research Centre (MERC) at Hugo Dryland1 Laurentian University as well as the Centre for Neuromodulation at Hugo Dryland is a first-time nominee Sunnybrook Health Sciences in Toronto. to the Board of Franco-Nevada and is currently a Global Partner of Rothschild Paul Brink & Co, Chairman of the group’s Global Advisory Metals & Mining Sector and Paul Brink is President & Chief Non-Executive Chairman of the group’s Executive Officer and a director Global Advisory business in Canada. of Franco-Nevada. Prior to his Mr. Dryland joined Rothschild & Co appointment as CEO, Mr. Brink served in 1986 and has extensive experience sified Assets as President & Chief Operating Officer in the mining, minerals, oil and gas, of Franco-Nevada from May 2018 energy, utilities and infrastructure Diver to May 2020. He has been with sectors, working on transactions Franco-Nevada since its initial public spanning the globe including significant offering in 2007 and successfully led Latin American and emerging markets’ its business development activities experience. Throughout his career, Mr. Dryland has been actively involved in as SVP, Business Development from the leadership, oversight and execution of M&A mandates, financing advisory 2008 until his promotion to President transactions, strategic advisory work and assignments involving the & Chief Operating Officer in 2018. resolution of major investment disputes in the mining and metals sectors. ves Mr. Brink is active with a number of Mr. Dryland previously served on the boards of RCF Acquisition Corp. (2023), not-for-profit organizations. He previously had roles in corporate development Antofagasta plc (2011-2016) and Antofagasta Minerals SA (2011-2016). at Newmont, investment banking at BMO Nesbitt Burns and project financing Mr. Dryland holds Masters’ degrees in Business Administration and in at UBS. Mr. Brink holds a Bachelor’s degree in Mechanical Engineering from Comparative Law from the University of Warwick and George Washington the University of Witwatersrand and a Master’s degree in Management University, respectively . Studies from Oxford University. Derek Evans Derek Evans is President & CEO of MEG Energy Corp. and is a director of Franco- Nevada. Mr. Evans has announced that Mineral Resources and Mineral Reser he will be retiring from MEG Energy Corp. effective May 1, 2024. He served as President and CEO and a director of Pengrowth Energy Corporation from May 2009 until March 2018. Mr. Evans has over 40 years of experience in a variety of operational and senior executive positions in the oil and gas business mation in Western Canada. Mr. Evans is also or active in not-for-profit organizations and was a board member of MaRS (an innovation hub) from 2011 until 2023. Mr. Evans holds a Bachelor of Science Additional Inf degree in Mining Engineering from Queen’s University and is a registered 1 Mr. Dryland is standing for election as a 昀椀rst-time nominee at the Annual and Special Meeting Professional Engineer in Alberta. Mr. Evans is also a member of the Institute of Shareholders to be held on May 1, 2024 of Corporate Directors. 128 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information Dr. Catharine Farrow Jennifer Maki Catharine Farrow is a director of Jennifer Maki is a director of Franco-Nevada. She is a licensed Franco-Nevada. She is also a director professional geoscientist (P.Geo.) of Baytex Energy Corp. and Pan American with Professional Geoscientists Ontario Silver Corp. She previously served as (PGO) and has more than 30 years Chief Executive Officer of Vale Canada of mining industry experience. She also and Executive Director of Vale Base serves as a director of Centamin plc Metals (2014 to 2017) and previously and of Eldorado Gold Corporation held several other positions with Vale and is lead director of Aclara Resources Base Metals, including Chief Financial Inc. She is also active in the mining Officer & Executive Vice-President and industry in both private companies Vice-President & Treasurer. She has and academia. From 2012 to 2017, also served on the boards of not-for- she was Founding CEO, Director and profit organizations. Ms. Maki has Co-Founder of TMAC Resources Inc. a Bachelor of Commerce degree from Dr. Farrow has served on the board of a number of not-for-profit and government Queen’s University and a postgraduate diploma from the Institute of Chartered Advisory Boards. She has been honoured as one of the 100 Global Inspirational Accountants, both in Ontario, Canada. She also holds the ICD.D designation. Women in Mining (2015 and 2018) and is a past recipient of the William Harvey Gross Medal of the Geological Association of Canada (2000) and the Distinguished Alumni Award from the Acadia Alumni Association (2020). Dr. Farrow obtained Jacques Perron her BSc (Hons) from Mount Allison University, her MSc from Acadia University Jacques Perron is a director of and her PhD from Carleton University. She also holds the ICD.D designation. Franco-Nevada. Mr. Perron has over 35 years of experience in the mining Maureen Jensen industry and has extensive technical and operations experience. He currently Maureen Jensen is a director of serves as a director of Centerra Gold Inc. Franco-Nevada. She served as Chair Previously, Mr. Perron was President and Chief Executive Officer of the Ontario and Chief Executive Officer at a number Securities Commission (the “OSC”) of mining companies including Pretium from 2016 until April 2020 and was Resources Inc., Thompson Creek previously the Executive Director and Metals Company Inc. and St Andrew Chief Administrative Officer of the OSC Goldfields Ltd. and has held senior from 2011 to 2016. Before joining the executive roles at a number of other OSC, Ms. Jensen was Senior Vice- mining companies prior thereto. President, Surveillance and Compliance Mr. Perron is also the Chair of the Canadian Mineral Industry Education at the Investment Industry Regulatory Foundation. Mr. Perron has a Bachelor of Science degree in Mining Organization of Canada. Ms. Jensen Engineering from l’École Polytechnique de Montréal. has held senior regulatory and business positions at the Toronto Stock Exchange and had a 20-year career in the mining industry. Ms. Jensen is Chair of Canada’s Ombudsman for Banking Services and Investments and is a Public Governor of FINRA in the United States. In 2022, Ms. Jensen was inducted into the Canadian Mining Hall of Fame. Ms. Jensen is a licensed professional geoscientist (P.Geo.) with Professional Geoscientists Ontario (PGO), holds the ICD.D and GCB.D designations, has a BSc, Doctor of Laws (Honoris Causa) and is a member of the Investment Industry Hall of Fame. TSX / NYSE: FNV Franco-Nevada Corporation ★ 129
Additional Information EXECUTIVES w vie Paul Brink, Eaun Gray, Over President & CEO Senior Vice President, Business Development Paul Brink is President & Chief Executive Eaun Gray, Senior Vice President, Officer and a director of Franco-Nevada. Business Development, heads Prior to his appointment as CEO, Franco-Nevada’s mining business Mr. Brink served as President & Chief development group. Mr. Gray was Operating Officer of Franco-Nevada from previously a Vice President at Rothschild May 2018 to May 2020. He has been & Co where he advised on mergers with Franco-Nevada since its initial public and acquisitions and debt and stream offering in 2007 and successfully led transactions. Prior to that, Mr. Gray its business development activities worked for CIBC in investment and as SVP, Business Development from corporate banking. Mr. Gray completed 2008 until his promotion to President a Master of Business Administration & Chief Operating Officer in 2018. degree at the Tuck School at Dartmouth Mr. Brink is active with a number of College (Edward Tuck Scholar), is a CFA not-for-profit organizations. He previously Charterholder and received a Bachelor had roles in corporate development at Newmont, investment banking at BMO of Commerce from Queen’s University (First Class Honours). Precious MetalsNesbitt Burns and project financing at UBS. Mr. Brink holds a Bachelor’s degree in Mechanical Engineering from the University of Witwatersrand and a Master’s degree in Management Studies from Oxford University . Jason O’Connell, Senior Vice President, Diversified Jason O’Connell, Senior Vice President, Sandip Rana, Chief Financial Officer Diversified, has been with Franco-Nevada since 2008. His role includes leading Sandip Rana, Chief Financial Officer, business development activities joined Franco-Nevada in April 2010. for diversified mining and energy He previously served in treasurer opportunities and managing the and controller roles at old Franco-Nevada Corporation’s Energy portfolio. until 2002 and then acted as an Mr. O’Connell led the growth of the international controller for Newmont. Corporation’s U.S. Energy portfolio and, From 2003 to April 2010, Mr. Rana held prior to that, held roles in the business sified Assets financial roles at Four Seasons Hotels development group and managed investor Diver Limited where he last served as relations. Prior to joining Franco-Nevada, Vice-President Corporate Finance. he worked in mining equity research Mr. Rana holds a Bachelor of Business with the Bank of Montreal. Mr. O’Connell Administration degree from the Schulich holds a Master of Business Administration degree from Dalhousie University School of Business and is a Chartered and Bachelor of Science degree with honours in Geology from Acadia University. Professional Accountant, CA. In February 2019, Mr. Rana was recognized as a Top Gun CFO by Brendan Wood International. ves Lloyd Hong, Chief Legal Officer & Corporate Secretary Lloyd Hong, Chief Legal Officer & Corporate Secretary, joined Franco-Nevada in December 2012. He previously was the Senior Vice-President, Legal Counsel and Assistant Secretary of Uranium One Inc. Prior to that, he was a partner with the Canadian law firm of Davis LLP (now Mineral Resources and Mineral Reser DLA Piper (Canada) LLP) with a practice focused on corporate finance and mergers and acquisitions. Mr. Hong holds a Bachelor of Commerce degree from the University of Alberta and a Bachelor of Laws degree from Queen’s University. Mr. Hong is a member of The Law Society of Ontario and The Law Society of British Columbia (non-practising). mation or Additional Inf 130 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information CORPORATE ORGANIZATION Franco-Nevada Corporation (Canada) 100% 100% 100% Franco-Nevada U.S. Franco-Nevada Franco-Nevada Corporation Australia Pty Ltd (Barbados) Corporation (Delaware) (Australia) (Barbados) 100% Franco-Nevada Delaware LLC (Delaware) Chart above depicts significant subsidiaries and/or subsidiaries in jurisdictions in which Franco-Nevada maintains an office. Intermediate holding companies have been omitted. TSX / NYSE: FNV Franco-Nevada Corporation ★ 131
Additional Information NON-GAAP FINANCIAL MEASURES w vie Over Adjusted EBITDA and Adjusted EBITDA per Share that are both recurring and non-recurring, management believes that Adjusted EBITDA and Adjusted EBITDA per share are useful measures Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial of Franco-Nevada’s performance because they adjust for items which may measures, which is defined by Franco-Nevada by excluding the following not relate to or have a disproportionate effect on the period in which they from net income (loss) and earnings (loss) per share (“EPS”): are recognized, impact the comparability of our core operating results from • Income tax expense/recovery; period to period, are not always reflective of the underlying operating • Finance expenses; performance of our business and/or are not necessarily indicative of future • Finance income; operating results. Adjusted EBITDA and Adjusted EBITDA per share are only • Depletion and depreciation; intended to provide additional information to investors and analysts and • Impairment losses and reversals related to royalty, stream should not be considered in isolation or as a substitute for measures of and working interests; performance prepared in accordance with IFRS Accounting Standards. They • Impairment of investments; do not have any standardized meaning under IFRS Accounting Standards • Gains/losses on sale of royalty, stream and working interests; and may not be comparable to similar measures presented by other issuers. • Gains/losses on investments; Adjusted EBITDA Margin • Foreign exchange gains/losses and other income/expenses; and • Unusual non-recurring items. Adjusted EBITDA Margin is a non-GAAP ratio which is defined by Franco- Precious MetalsManagement uses Adjusted EBITDA and Adjusted EBITDA per share to Nevada as Adjusted EBITDA divided by revenue. Franco-Nevada uses evaluate the underlying operating performance of Franco-Nevada as a Adjusted EBITDA Margin in its annual incentive compensation process to whole for the reporting periods presented, to assist with the planning evaluate management’s performance in increasing revenue and containing and forecasting of future operating results, and to supplement costs. Management believes that in addition to measures prepared in information in its financial statements. Management believes that accordance with IFRS Accounting Standards, our investors and analysts in addition to measures prepared in accordance with IFRS Accounting use Adjusted EBITDA Margin to evaluate the Company’s ability to contain Standards such as net income and EPS, our investors and analysts costs relative to revenue. Adjusted EBITDA Margin is intended to provide use Adjusted EBITDA and Adjusted EBITDA per share to evaluate additional information to investors and analysts and should not be the results of the underlying business of Franco-Nevada, particularly considered in isolation or as a substitute for measures of performance since the excluded items are typically not included in our guidance, prepared in accordance with IFRS Accounting Standards. It does not have with the exception of depletion and depreciation expense. While the any standardized meaning under IFRS Accounting Standards and may not adjustments to net income and EPS in these measures include items be comparable to similar measures presented by other issuers. Reconciliation of Net Income to Adjusted EBITDA: sified Assets For the year ended December 31, (expressed in millions, except per share amounts) 2023 2022 Diver Net (loss) income $ (466.4) $ 700.6 Income tax expense 102.2 133.1 Finance expenses 2.9 3.2 Finance income (52.3) (12.6) Depletion and depreciation 273.1 286.2 Impairment losses 1,173.3 – ves Gain on sale of royalty interest (3.7) – Foreign exchange gain and other income (14.4) (3.6) Adjusted EBITDA $ 1,014.7 $ 1,106.9 Basic weighted average shares outstanding 192.0 191.5 Basic (loss) earnings per share $ (2.43) $ 3.66 Income tax expense 0.53 0.70 Finance expenses 0.02 0.02 Finance income (0.27) (0.07) Depletion and depreciation 1.42 1.49 Impairment losses 6.11 – Mineral Resources and Mineral ReserGain on sale of royalty interest (0.02) – Foreign exchange gain and other income (0.08) (0.02) Adjusted EBITDA per share $ 5.28 $ 5.78 Calculation of Adjusted EBITDA Margin: mation For the year ended December 31, or (expressed in millions, except Adjusted EBITDA Margin) 2023 2022 Adjusted EBITDA $ 1,014.7 $ 1,106.9 Revenue 1,219.0 1,315.7 Additional InfAdjusted EBITDA Margin 83.2 % 84.1 % 132 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information Adjusted Net Income and Adjusted Net Income per Share relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from Adjusted Net Income and Adjusted Net Income per share are non-GAAP period to period, are not always reflective of the underlying operating financial measures, which is defined by Franco-Nevada by excluding performance of our business and/or are not necessarily indicative of the following from net income (loss) and EPS: future operating results. Adjusted Net Income and Adjusted Net Income • Foreign exchange gains/losses and other income/expenses; per share are intended to provide additional information to investors and • Impairment losses and reversals related to royalty, stream analysts and should not be considered in isolation or as a substitute for and working interests; measures of performance prepared in accordance with IFRS Accounting • Impairment of investments; Standards. They do not have any standardized meaning under IFRS • Gains/losses on sale of royalty, stream and working interests; Accounting Standards and may not be comparable to similar measures • Gains/losses on investments; presented by other issuers. • Unusual non-recurring items; and • Impact of income taxes on these items. Adjusted Net Income Margin Management uses Adjusted Net Income and Adjusted Net Income per Adjusted Net Income Margin is a non-GAAP ratio which is defined by share to evaluate the underlying operating performance of Franco-Nevada Franco-Nevada as Adjusted Net Income divided by revenue. Franco-Nevada as a whole for the reporting periods presented, to assist with the planning uses Adjusted Net Income Margin in its annual incentive compensation and forecasting of future operating results, and to supplement information process to evaluate management’s performance in increasing revenue and in its financial statements. Management believes that in addition to containing costs. Management believes that in addition to measures measures prepared in accordance with IFRS Accounting Standards such prepared in accordance with IFRS Accounting Standards, our investors and as net income and EPS, our investors and analysts use Adjusted Net analysts use Adjusted Net Income Margin to evaluate the Company’s ability Income and Adjusted Net Income per share to evaluate the results of to contain costs relative to revenue. Adjusted Net Income Margin is intended the underlying business of Franco-Nevada, particularly since the excluded to provide additional information to investors and analysts and should not items are typically not included in our guidance. While the adjustments be considered in isolation or as a substitute for measures of performance to net income and EPS in these measures include items that are both prepared in accordance with IFRS Accounting Standards. It does not have recurring and non-recurring, management believes that Adjusted Net any standardized meaning under IFRS Accounting Standards and may not Income and Adjusted Net Income per share are useful measures of be comparable to similar measures presented by other issuers. Franco-Nevada’s performance because they adjust for items which may not Reconciliation of Net Income to Adjusted Net Income: For the year ended December 31, (expressed in millions, except per share amounts) 2023 2022 Net (loss) income $ (466.4) $ 700.6 Impairment losses 1,173.3 – Gain on sale of royalty interest (3.7) – Foreign exchange gain and other income (14.4) (3.6) Finance income related to repayment of Noront Loan – (2.2) Tax effect of adjustments (4.0) 2.8 Other tax related adjustments Change in unrecognized deductible temporary differences 1.7 – Adjusted Net Income $ 683.1 $ 697.6 Basic weighted average shares outstanding 192.0 191.5 Basic (loss) earnings per share $ (2.43) $ 3.66 Impairment losses 6.11 – Gain on sale of royalty interest (0.02) – Foreign exchange gain and other income (0.07) (0.02) Finance income related to repayment of Noront Loan – (0.01) Tax effect of adjustments (0.02) 0.01 Other tax related adjustments Change in unrecognized deductible temporary differences 0.01 – Adjusted Net Income per share $ 3.56 $ 3.64 Calculation of Adjusted Net Income Margin: For the year ended December 31, (expressed in millions, except Adjusted Net Income Margin) 2023 2022 Adjusted Net Income $ 683.1 $ 697.6 Revenue 1,219.0 1,315.7 Adjusted Net Income Margin 56.0 % 53.0 % TSX / NYSE: FNV Franco-Nevada Corporation ★ 133
Additional Information TECHNICAL AND THIRD-PARTY INFORMATION w vie Over Amri Sinuhaji, Vice President, Mining of Franco-Nevada is the qualified person that approved the scientific or technical information contained in this Asset Handbook related to mineral projects that are material (for purposes of NI 43-101) to Franco-Nevada. Except where otherwise stated, the disclosure in this Asset Handbook relating Mineral Resource and Mineral Reserve Estimates to properties and operations on the properties on which Franco-Nevada holds This Asset Handbook has been prepared in accordance with the requirements royalty, stream or other interests is based on information publicly disclosed by of Canadian securities laws in effect in Canada, which differ from the requirements the owners or operators of these properties and information/data available in the of U.S. securities laws. Unless otherwise indicated, all Mineral Resource and Mineral public domain as at March 8, 2024 (except where stated otherwise), and none of Reserve estimates included in this Asset Handbook have been prepared by the this information has been independently verified by Franco-Nevada. Specifically, as owners or operators of the relevant properties (as and to the extent indicated a royalty or stream holder, Franco-Nevada has limited, if any, access to properties by them) in accordance with NI 43-101 and the Canadian Institute of Mining and included in its asset portfolio. Additionally, Franco-Nevada may from time to time Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian receive operating information from the owners and operators of the properties, securities regulatory authorities which establishes standards for all public which it is not permitted to disclose to the public. Franco-Nevada is dependent on disclosure an issuer makes of scientific and technical information concerning Precious Metalsthe operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare disclosure mineral projects. NI 43-101 permits a historical estimate made prior to the pertaining to properties and operations on the properties on which Franco-Nevada adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using holds royalty, stream or other interests and generally has limited or no ability to the historical terminology if, among other things, the disclosure: (a) identifies the independently verify such information. Although Franco-Nevada does not have any source and date of the historical estimate; (b) comments on the relevance and knowledge that such information may not be accurate, there can be no assurance reliability of the historical estimate; (c) states whether the historical estimate uses that such third-party information is complete or accurate. Some information publicly categories other than those prescribed by NI 43-101; and (d) includes any more reported by operators may relate to a larger property than the area covered by recent estimates or data available. Franco-Nevada’s royalty, stream or other interest. Franco-Nevada’s royalty, stream Mining disclosure under U.S. securities law was previously required to comply with or other interests often cover less than 100% and sometimes only a portion of the SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities publicly reported Mineral Resource, Mineral Reserve and production of a property. Exchange Act of 1934, as amended. The SEC has adopted rules to replace SEC Reconciliation to CIM Definitions Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act of 1933 (“Regulation S-K 1300”), which In this Asset Handbook, Franco-Nevada has disclosed a number of Mineral became mandatory for U.S. reporting companies beginning with the first fiscal year sified Assets Resource and Mineral Reserve estimates covering properties related to the mining commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now assets that are not based on Canadian Institute of Mining, Metallurgy and recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Diver Petroleum (“CIM”) definitions, but instead have been prepared in reliance upon Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended other comparable international reporting codes, including JORC (Australia), SAMREC its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” (South Africa) and Regulation S-K 1300 (collectively, the “Acceptable Foreign to be substantially similar to international standards. Readers are cautioned that Codes”). Similar to the CIM, reporting standards adopted by these Acceptable despite efforts to harmonize U.S. mining disclosure rules with NI 43-101 and other Foreign Codes are all compliant with the international Mineral Resource and international requirements, there are differences between the terms and definitions Mineral Reserve Guidelines defined by the Committee for Mineral Reserves used in Regulation S-K 1300 and mining terms defined in the Canadian Institute of International Reporting Standards (“CRIRSCO”). Mining, Metallurgy and Petroleum Standards, which definitions have been adopted ves by NI 43-101, and there is no assurance that any Mineral Resources or Mineral In each case, the Mineral Resources and Mineral Reserves reported in this Asset Reserves that an owner or operator may report as “Measured Mineral Resources”, Handbook are based on estimates previously disclosed by the relevant property “Indicated Mineral Resources”, “Inferred Mineral Resources”, “Proven Mineral owner or operator, without reference to the underlying data used to calculate the Reserves” and “Probable Mineral Reserves” under NI 43-101 would be the same estimates. Accordingly, Franco-Nevada is unable to reconcile the Mineral Resource had the owner or operator prepared the Mineral Resource and Mineral Reserve and Mineral Reserve estimates prepared in reliance with the Acceptable Foreign estimates under the standards of Regulation S-K 1300. Codes with that of CIM definitions. Franco-Nevada sought confirmation from one of its technical advisory firms, that is comprised of engineers experienced in the In addition to NI 43-101, a number of Mineral Resource and Mineral Reserve preparation of Mineral Resource and Mineral Reserve estimates using CIM and estimates have been prepared in accordance with the JORC Code or the SAMREC each of the Acceptable Foreign Codes, of the extent to which an estimate prepared Code (as such terms are defined in NI 43-101), which differ from the requirements under an Acceptable Foreign Code would differ from that prepared under CIM of NI 43-101 and U.S. securities laws. Accordingly, information containing definitions. Franco-Nevada was advised that CIM are largely comparable to those descriptions of the Corporation’s mineral properties set forth herein may not be Mineral Resources and Mineral Reserof the Acceptable Foreign Codes, the Mineral Resource and Mineral Reserve comparable to similar information made public by U.S. companies subject to the definitions and categories are substantively the same as the CIM definitions reporting and disclosure requirements under the U.S. federal securities laws mandated in NI 43-101 and will typically result in reporting of substantially similar and the rules and regulations thereunder. For more information, see “Reconciliation Mineral Resource and Mineral Reserve estimates. Such advisors further confirmed, to CIM Definitions”. without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are reproduced in this Asset Handbook were conducted, that in the course of their preparation of a Mineral Resource or Mineral Reserve estimate they would effectively use the same procedures to prepare and mation report the Mineral Resource or Mineral Reserve estimate regardless of the reliance or on CIM or any of the Acceptable Foreign Codes. Additional Inf 134 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information FORWARD-LOOKING INFORMATION This Asset Handbook contains “forward-looking information” and “forward-looking foreign investment company” (“PFIC”) status as defined in Section 1297 of the statements” within the meaning of applicable Canadian securities laws and the United States Internal Revenue Code of 1986, as amended; potential changes United States Private Securities Litigation Reform Act of 1995, respectively, which in Canadian tax treatment of offshore streams; excessive cost escalation as well may include, but are not limited to, statements with respect to future events or as development, permitting, infrastructure, operating or technical difficulties on any future performance, management’s expectations regarding Franco-Nevada’s growth, of the properties in which Franco-Nevada holds a royalty, stream or other interest; results of operations, estimated future revenues, performance guidance, carrying access to sufficient pipeline capacity; actual mineral content may differ from the value of assets, future dividends and requirements for additional capital, Mineral Mineral Resources and Mineral Reserves contained in technical reports; rate and Resource and Mineral Reserve estimates, production estimates, production costs timing of production differences from resource estimates, other technical reports and revenue, future demand for and prices of commodities, expected mining and mine plans; risks and hazards associated with the business of development sequences, business prospects and opportunities, the performance and plans and mining on any of the properties in which Franco-Nevada holds a royalty, stream of third party operators, audits being conducted by the Canada Revenue Agency or other interest, including, but not limited to unusual or unexpected geological and (“CRA”), the expected exposure for current and future tax assessments and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other available remedies, statements with respect to the future status and any potential natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the restart of the Cobre Panama mine and related arbitration proceedings. In addition, impact of future pandemics; and the integration of acquired assets. The forward- statements relating to Mineral Resources and Mineral Reserves, gold equivalent looking statements contained in this Asset Handbook are based upon assumptions ounces (“GEOs”) or mine life are forward-looking statements, as they involve management believes to be reasonable, including, without limitation: the ongoing implied assessment, based on certain estimates and assumptions, and no operation of the properties in which Franco-Nevada holds a royalty, stream or other assurance can be given that the estimates and assumptions are accurate and that interest by the owners or operators of such properties in a manner consistent with such Mineral Resources and Mineral Reserves, GEOs or mine life will be realized. past practice; the accuracy of public statements and disclosures made by the Such forward-looking statements reflect management’s current beliefs and are owners or operators of such underlying properties; no material adverse change based on information currently available to management. Often, but not always, in the market price of the commodities that underlie the asset portfolio; the forward-looking statements can be identified by the use of words such as “plans”, Company’s ongoing income and assets relating to determination of its PFIC status; “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, no material changes to existing tax treatment; the expected application of tax laws “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or and regulations by taxation authorities; the expected assessment and outcome “believes” or variations (including negative variations) of such words and phrases of any audit by any taxation authority; no adverse development in respect of any or may be identified by statements to the effect that certain actions “may”, “could”, significant property in which Franco-Nevada holds a royalty, stream or other interest; “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking the accuracy of publicly disclosed expectations for the development of underlying statements involve known and unknown risks, uncertainties and other factors, properties that are not yet in production; integration of acquired assets; and the which may cause the actual results, performance or achievements of Franco-Nevada absence of any other factors that could cause actions, events or results to differ to be materially different from any future results, performance or achievements from those anticipated, estimated or intended. However, there can be no assurance expressed or implied by the forward-looking statements. A number of factors could that forward-looking statements will prove to be accurate, as actual results and cause actual events or results to differ materially from any forward-looking statement, future events could differ materially from those anticipated in such statements. including, without limitation: fluctuations in the prices of the primary commodities Investors are cautioned that forward-looking statements are not guarantees that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, of future performance. In addition, there can be no assurance as to (i) the outcome uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian of the ongoing audit by the CRA or the Company’s exposure as a result thereof, and Australian dollar, Mexican peso, and any other currency in which revenue is or (ii) the future status and any potential restart of the Cobre Panama mine or the generated, relative to the U.S. dollar; changes in national and local government outcome of any related arbitration proceedings. Franco-Nevada cannot assure legislation, including permitting and licensing regimes and taxation policies and investors that actual results will be consistent with these forward-looking statements. the enforcement thereof; the adoption of a global minimum tax on corporations; Accordingly, investors should not place undue reliance on forward-looking statements regulatory, political or economic developments in any of the countries where due to the inherent uncertainty therein. For additional information with respect to properties in which Franco-Nevada holds a royalty, stream or other interest are risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent located or through which they are held; risks related to the operators of the Annual Information Form as well as our most recent Management’s Discussion and properties in which Franco-Nevada holds a royalty, stream or other interest, Analysis filed with the Canadian securities regulatory authorities on www.sedarplus. including changes in the ownership and control of such operators; relinquishment com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with or sale of mineral properties; influence of macroeconomic developments; business the SEC on www.sec.gov. The forward-looking statements herein are made as at opportunities that become available to, or are pursued by Franco-Nevada; reduced March 8, 2024 (except where stated otherwise) and Franco-Nevada does not assume access to debt and equity capital; litigation; title, permit or license disputes related any obligation to update or revise them to reflect new information, estimates or to interests on any of the properties in which Franco-Nevada holds a royalty, stream opinions, future events or results or otherwise, except as required by applicable law. or other interest; whether or not the Company is determined to have “passive TSX / NYSE: FNV Franco-Nevada Corporation ★ 135
Additional Information GLOSSARY w vie “A$” means Australian dollars. “diamond drill” is a type of drill in which the rock “Indicated Resources” has the meaning ascribed to Over “Adjusted EBITDA” and “Adjusted EBITDA per share” cutting is done by abrasion, with a diamond the term “Indicated Mineral Resource” pursuant to are non-IFRS measures, which exclude the following impregnated bit, rather than by percussion. The drill CIM Definitions. from net income and earnings per share: income tax cuts a core of rock which is recovered in long cylindrical “Inf” means Inferred. expense/recovery; finance expenses and finance sections. Syn: “core drill”. income; depletion and depreciation; non-cash costs of “dip” is the angle between a horizontal plane and an “Inferred Resources” has the meaning ascribed to the sales; impairment charges related to royalty, stream inclined surface such as a rock formation, fault or vein. term “Inferred Mineral Resource” pursuant to and working interests and investments; gains/losses CIM Definitions. on the sale of royalty, stream and working interests and “drift” is a horizontal passage underground that follows “JORC” means the Australasian Code for Reporting of investments; foreign exchange gains/losses and other along the length of a vein of rock formation. Mineral Resources and Mineral Reserves prepared by income/expenses; and unusual non-recurring items. “EIS” means environmental impact statement. the Joint Ore Reserves Committee of the Australasian For additional information and a reconciliation of these “eq” or “Eq” means equivalent. Institute of Mining and Metallurgy, Australian Institute measures to various IFRS measures, refer to the of Geoscientists and Mineral Council of Australia, Company’s MD&A. “fault” means a fracture in a rock where there has as amended. “Adjusted Net Income” and “Adjusted Net Income per been displacement of the two sides. “kg” represents kilogram. share” are non-IFRS financial measures, which exclude “Fe” means the chemical symbol for the element iron. “km” represents kilometre. the following from net income and earnings per share: “feasibility study” means a comprehensive study of a impairment charges related to royalty, stream and “km2” represents square kilometre. Precious Metalsworking interests and investments; gains/losses on the mineral deposit in which all geological, engineering, sale of royalty, stream and working interests and legal, operation, economic, social, environmental and “koz” means thousand ounces. investments; foreign exchange gains/losses and other other relevant factors are considered in sufficient detail “kt” means thousand tonnes. income/expenses; unusual non-recurring items; and that it could reasonably serve as a basis by a financial the impact of income taxes on these items. For institution to finance the development of a deposit for “ktpd” means thousand tonnes per day additional information and a reconciliation of these mineral production. “lb” represents pound. measures to various IFRS measures, refer to the “FH” means Freehold or Lessor Royalty. “LOM” means life of mine. Company’s MD&A. “flotation” is a process by which mineral particles are “Ag” means the chemical symbol for the element silver. induced to become attached to bubbles and float, in an “m” means metres. “AMR” means Advanced Minimum Royalty and is rent ore and water slurry, so that the valuable minerals are “M&I” means Measured and Indicated. paid to the royalty holder prior to the payment of concentrated at the slurry surface and separated from “Mbbls/mbbls” means thousand barrels. royalties on production. Once production begins, the the worthless gangue. AMR payments are then credited in full against stream “fracture” means breaks in a rock, usually due to “Mboe/mboe” means thousand barrels of oil of production royalty payments. intensive folding or faulting. equivalent. sified Assets “AOI” means area of interest. “Franco-Nevada” means Franco-Nevada Corporation “Mcf/mcf” means thousand cubic feet. “Au” means the chemical symbol for the element gold. and is also referred to as “Franco”, “FNV”, “the “Measured Resources” has the meaning ascribed to Diver Company”, “Corporation”, “management”, “we”, or the term “Measured Mineral Resource” pursuant to “bbl” means barrel. “our” in this Asset Handbook. CIM Definitions. “Bbls/d” means barrels per day. “Freehold” means an interest n real property. “mineralization” usually implies minerals of value “Bcf” means billion cubic feet. “g” represents grams. occurring in rocks. “Boe” mean barrels of oil equivalent. “g/t” means grams per tonne. “Mineral Royalties” means the royalty interests in precious and base metal properties and certain equity “Boe/d” means barrels of oil equivalent per day. “GR” means Gross Royalty and is a royalty based on all interests owned by Franco-Nevada. ves “CAGR” means Compounded Annual Growth Rate. revenues in cash or in-kind products received by the “Mlbs” means millions of pounds. operator for the sale of product. “CIM” means the Canadian Institute of Mining, “grade” means the concentration of each ore metal in “MMbbl” means million barrels of oil. Metallurgy and Petroleum. a rock sample, usually given as weight percent. Where “MMcf/mmcf” means million cubic feet. “CIM Definitions” means CIM Definition Standards for extremely low concentrations are involved, the “MMcf/d or mmcf/d” means million cubic feet per Mineral Resources and Mineral Reserves and CIM concentration may be given in grams per tonne (g/t) or day. Estimation of Mineral Resources and Mineral Reserves oz per ton (oz/t). Best Practice Guidelines. “Guide 7” means the mining industry guide entitled “Mo” means the chemical symbol for the element “concentrate” is the product of physical concentration “Description of Property by Issuers Engaged or to be molybdenum. process, such as flotation or gravity concentration, Engaged in Significant Mining Operations” contained in “Moz” means million ounces. which involves separating ore minerals from unwanted the Securities Act Industry Guides published by the “Mtpa” means million tonnes per annum. waste rock. Concentrates require subsequent United States Securities and Exchange Commission, as Mineral Resources and Mineral Reserprocessing (such as smelting or leaching) to break amended. “NGLs” means Natural Gas Liquids. down or dissolve the ore minerals and obtain the “ha” means hectares; 10,000 square metres. “NI 43-101” means National Instrument 43-101 – desired elements, usually metals. Standards of Disclosure for Mineral Projects of the “Cu” means the chemical symbol for the element “heap leaching process” is the process of extracting Canadian Securities Administrators. copper. gold and silver by placing broken ore on an impermeable pad and applying a diluted cyanide “Ni” means the chemical symbol for the element “cut-off grade” means the lowest grade of Mineral solution that dissolves a portion of the contained gold nickel. Resource considered economic; used in the calculation and silver, which are then recovered in metallurgical “NPI” means Net Profit Interest: the profits after mation of Mineral Resources and Mineral Reserves in a given processes. deduction of expenses. or deposit. Additional Inf 136 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information “NPR” means Net Proceeds Royalties: which is a “Qualified Person” for the purposes of NI 43-101, is an “tpa” means tonnes per annum. royalty on the profits after deduction of expenses. individual who is an engineer or geoscientist with at “vein” means an epigenetic mineral filling of a fault or “NRI” means Net Royalty Interest: paid net of operating least five years of experience in mineral exploration, other fracture, in tabular or sheet-like form, often with and capital costs (similar to an NPI). mine development or operation or mineral project associated replacement of the host rock; a mineral assessment, or any combination of these; and has deposit of this form and origin. “NSR” means Net Smelter Return: Which is the experience relevant to the subject matter of the mineral proceeds returned from the smelter and/or refinery project; and who is a member in good standing of a “waste” is rock which is not ore and usually has to be to the mine owner less certain costs. recognized self-regulatory organization of engineers or removed during the normal course of mining to get at “Oil and Gas Interests” means the royalty interests, geoscientists. the ore. working interests and oil and natural as mineral rights “Reserves” means collectively, in respect of Mineral “WI” means Working Interest. Holders of working in oil and natural gas properties owned by Franco- Reserves, Probable Reserves and Proven Reserves. interests have an ownership position in the property Nevada. “Resources” means a concentration or occurrence of and operation and hence are liable for cash calls on “open pit” is a surface working open to daylight, such diamonds, natural solid inorganic material, or natural their share of capital, operating and environmental as a quarry. solid fossilized organic material including base and costs usually in proportion to their ownership precious metals, coal, and industrial minerals in or on percentage. Working interests are not considered to be “ore” means a natural aggregate of one or more the earth’s crust in such form and quantity and of such royalties because of their ongoing funding requirements minerals which may be mined and sold at a profit, or a grade or quality that it has reasonable prospects for although, for profitable operations, they can be from which some part may be profitably separated. economic extraction. economically similar in their calculations to NPIs. “ORR” means Overriding Royalty: A percentage share “Revenue-based Royalties” are based on the value of “Zn” means the chemical symbol for the element zinc. of production, which is free of all costs of drilling and the production or net proceeds received by the operator producing, and is created by the lessee or working with defined deductions as specified by the royalty interest owner and paid by the lessee or working contract. Some forms of revenue-based royalties in the interest owner. mining and energy industries are: “oz” represents ounce (troy). 1 troy ounce = 1.097 “NSR” Net Smelter Return Royalty avoirdupois ounce. “oz/ton” represents troy ounces er short ton. “ORR” Overriding Royalty “P&P” means Proven and Probable. “GR” Gross Royalty “Pb” means the chemical symbol for the element lead. “FH” Freehold or Lessor Royalty “Pd” means the chemical symbol for the element “run-of-mine ore” means mined ore which has not been palladium. subjected to any pre-treatment, such as washing, sorting or crushing prior to metallurgical processing. “PGM” means the platinum group of metals, including “SAMREC” means the South African Code for but not limited to Palladium, Platinum, Rhodium, Reporting of Mineral Resources and Mineral Reserves Osmium, and Rhenium. prepared by the South African Mineral Committee under “porphyry” is an igneous rock of any composition that the auspices of the South African Institute of Mining contains conspicuous, large mineral grains and Metallurgy, as amended. (phenocrysts) in a fine-grained matrix. “smelting” is an intermediate stage metallurgical “preliminary feasibility study” or “PFS” means a process in which metal is separated from impurities by comprehensive study of the viability of a mineral project using thermal or chemical separation techniques. that has advanced to a stage where the mining method, “stope” means an excavation in an underground mine in the case of underground mining, or the pit configuration, from which ore is being or has been extracted. in the case of an open pit, has been established and an effective method of mineral processing has been “Streams” are metal purchase agreements that allow determined, and includes a financial analysis based the holder of the agreement to purchase all or a portion on reasonable assumptions of technical, engineering, of the gold, silver or other products from a mine in legal, operating, economic, social, and environmental exchange for an upfront payment and an additional factors and the evaluation of other relevant factors payment on each delivery. Streams are not royalties which are sufficient for a qualified person, acting because they are not an interest in land and there is an reasonably, to determine if all or part of the mineral ongoing cash payment required to purchase the resource may be classified as a mineral reserve. physical metal. “Probable Reserve” in respect of Mineral Reserves has “strike” means the trend or direction of the the meaning ascribed to the term “Probable Mineral intersection of a dipping a layer of rock, fault, vein or Reserve” pursuant to CIM Definitions. other geologic feature with a horizontal surface. “Proven Reserve” in respect of Mineral Reserves has “tailings” means material rejected after recoverable the meaning ascribed to the term “Proven Mineral valuable minerals have been extracted from the ore or Reserve” pursuant to CIM Definitions. concentrate. “Pt” means the chemical symbol for the element “ton” is 2,000 pounds. Syn: short ton. platinum. “tonne” means 1,000 kilograms. TSX / NYSE: FNV Franco-Nevada Corporation ★ 137
Additional Information CORPORATE INFORMATION w vie Executive Management Head Office Listings of Common Shares Over Paul Brink 199 Bay Street, Suite 2000 Toronto Stock Exchange: FNV President & CEO P.O. Box 285 New York Stock Exchange: FNV Commerce Court Postal Station Sandip Rana Toronto, Ontario M5L 1G9 Share Capital Chief Financial Officer Canada Tel: (416) 306-6300 As at March 31, 2024 Lloyd Hong Common shares outstanding: 192,307,477 Chief Legal Officer & Corporate Secretary Barbados Office Reserved for options and other: 757,982 Fully diluted: 193,065,459 Eaun Gray Ground Floor, Balmoral Hall, Senior Vice President, Business Development Balmoral Gap, Auditors Hastings, Christ Church Jason O’Connell Barbados, BB14034 PricewaterhouseCoopers LLP Senior Vice President, Diversified Tel: (246) 434-8200 Toronto, Canada Precious MetalsDirectors U.S. Office Transfer Agent David Harquail 1745 Shea Center Drive, Suite 400 Computershare Investor Services Inc. Chair of the Board Highlands Ranch, Colorado 80129 100 University Avenue, 8th Floor USA Toronto, Ontario M5J 2Y1 Paul Brink Tel: (720) 344-4986 Canada President & CEO Toll Free: (800) 564-6253 Australia Office Tel: (514) 982-7555 Tom Albanese [email protected] 44 Kings Park Road, Suite 41 1 West Perth, WA 6005 Hugo Dryland Investor Information Australia Derek Evans Tel: 61-8-6263-4425 [email protected] www.franco-nevada.com Dr. Catharine Farrow Tel: (416) 306-6323 sified Assets Toll Free: (877) 401-3833 Diver Maureen Jensen Jennifer Maki Jacques Perron Chair Emeritus ves Pierre Lassonde Mineral Resources and Mineral Reser mation or Additional Inf 1 Mr. Dryland is standing for election as a 昀椀rst-time nominee at the Annual and Special Meeting of Shareholders to be held on May 1, 2024 138 ★ Franco-Nevada Corporation TSX / NYSE: FNV
Additional Information TSX / NYSE: FNV Franco-Nevada Corporation ★ 139
FRANCO-NEVADA.COM TSX/NYSE: FNV