V A L E 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 1 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 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 Inferred Royalty Ounces (000s) 3 64 84 – P&P Royalty Ounces (000s) 3 800 1,006 1,141 1 See Franco-Nevada AIF for the year ended December 31, 2023 and Vale’s website for Royalty Debenture details including deed, semi-annual debenture reports, and annual mineral property inventory 2 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages and details for Sossego Mineral Resources 3 For Royalty Ounce calculation, the Vale Royalty covers specified mining rights in the Northern and Southeastern Systems reflecting the specified properties held by Vale at privatization. At the Northern System, all of the Mineral Resources and Mineral Reserves are estimated to be covered by the Vale Royalty and at the Southeastern System, 60% of Mineral Reserves 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 covering Itabira are included in the calculation. Historically, approximately 70% of Southeastern 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). 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 associated with the Mineral Reserves of the Sossego mine, Franco-Nevada accounts for allowable 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 Resources. Refer to Vale’s 2022 20-F annual report for additional information The acquisition represents 14.7% of the total issued Royalty Debentures by Vale. The Royalty Debentures were issued in 1997 with the privatization of Vale to provide exposure to future resource growth from specified properties held at the time. Royalty payments are made by Vale on a semi-annual basis on March 31st and September 30th of each year reflecting production in the preceding half calendar year period. Northern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the Northern System mines. The Northern System located in Carajas, Para state, Brazil is a fully integrated operation inclusive of mines, railroad, maritime facilities and a port. The Northern System includes the Serra Sul (i.e. S11A-D), Serra Norte and Serra Leste mines and represents one of the largest mining complexes globally with long-life reserves and excellent potential for mine life extensions. The Northern System has been in operation since 1984 with the most recent development of the Serra Sul (S11D) mine in 2016. The current reserve life at the complex supports multi-decades of mining. The Northern System produced 173 Mt of premium high-grade iron ore in 2023. Production is expected by Vale to be in line year over year and gradually increase through the approved expansion of Serra Sul (+20 Mt project) and other growth projects. Southeastern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the portion of production covered by the Royalty in the Southeastern System. The Southeastern System located in the Iron Quadrangle of Minas Gerais, Brazil is a key global producer of pellet feed and is a fully integrated complex with rail, maritime facilities and a port. Contributions to the Royalty will start once a cumulative sales threshold of 1.7 Bt of iron ore has been reached, expected by Vale in 2025, adding approximately 30% volume attributable to the Royalty. The Royalty provides partial coverage of the three Southeastern System mining complexes. The primary complexes within the Royalty area are: Itabira, Minas Centrais (Brucutu mine), Mariana (Fazendao and, to a lesser extent, Capanema mines). We estimate attributable production of c.60 Mtpa from these complexes over the medium to long term. Sossego 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, reflecting Vale’s ownership at the time of issuance. Sossego is located in Carajas, Para state, Brazil and is an open pit operation with nominal capacity to produce approximately 93 kt per year of copper in concentrate. Sossego produced 66.8 kt of copper in 2023. The Royalty further covers certain adjacent satellite deposits to Sossego which are being studied by Vale as replacement/life extensions for the operation. Vale, Brazil TSX / NYSE: FNV 92 ★ Franco-Nevada Corporation Iron Ore