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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

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