O R I O N 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 consists of a central processing facility surrounded by several well pads which supply the plant. As at year-end 2023 Orion was producing approximately ~20,700 barrels per day of bitumen. The asset is permitted to produce up to 25,000 barrels per day of bitumen. 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 asset life of approximately 24 years 2. Long-life resource located in Canada Stable year-over-year production volumes Potential for future capacity expansion Orion processing facilities, Alberta Grand Prairie Calgary Lloydminster Hardisty Edmonton Fort McMurray Cold Lake Peace River Alberta Saskatchewan Orion Athabaska Lloydminster Hardisty Edmonton Cold Lake Orion N Orion Alberta Saskatchewan Liquids Pipeline Franco-Nevada Corporation ★ 113 TSX / NYSE: FNV North America