S A L A R E S N O R T E 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 M&I Resources (Moz Ag) 1 44.6 44.9 42.9 Inferred Resources (Moz Ag) 1 0.5 0.9 0.7 P&P Reserves (Moz Ag) 1 42.2 39.0 39.3 M&I Royalty Ounces (000s) 1,2 42 45 44 Inferred Royalty Ounces (000s) 1 1 2 1 P&P Royalty Ounces (000s) 1 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 $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) 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 royalty revenue. In September 2020, Franco-Nevada acquired a separate 2% NSR on all mineral production from Gold Fields’ Rio Baker concessions 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, containing 3.45 million ounces of gold and 42.2 million ounces of silver (18.4 million tonnes grading 5.85 g/t gold and 71.3 g/t silver). In June 2022, Gold Fields released a technical report supporting the 2019 feasibility study which envisaged an open pit mining operation with an initial mine life of 11 years. 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 ounces and is expected to increase to 580,000 gold equivalent ounces in 2025, before reaching 600,000 gold equivalent ounces in 2026. For the five-year period from 2025 to 2029, average annual production is expected to be 485,000 gold equivalent ounces and for the 9-year period from 2025 to 2033, average annual production is expected to be 360,000 gold equivalent ounces. Gold Fields continues to invest in exploration within the area of the project to add to the life-of-mine production. Over 15,000 m of exploration drilling occurred in 2023 following 18,836 m of drilling in 2022. An underground option, as opposed to the original open pit plan, is also being studied at a prefeasibility level for the mining of the Agua Amarga deposit, the northern portion of the Salares Norte pit. First production achieved in March 2024 Initial 11-year mine life Near-mine exploration success to potentially extend mine life Salares Norte, Chile High-grade gold sub-domains 2017 EIA pit outline Main low-grade domains Antofagasta La Serena Copiapo Relincho Chile Argentina BOLIVIA PERU San Jorge Taca Taca Salares Norte Brecha Principal Agua Amarga Salares Norte Rio Baker 1% NSR 2% NSR kilometer 1 0 Salares Norte 1-2% NSR N Franco-Nevada Corporation ★ 35 TSX / NYSE: FNV South America