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 Pacic Ocean Exploration success around newly recognized controlling Mexico structure at El Niño 48 ★ Franco-Nevada Corporation TSX / NYSE: FNV