Canada MAGINO w Location: Ontario, Canada | Operator: Argonaut Gold Inc. | Precious Metals: Au | Royalty: NSR: 3% vie Over Franco-Nevada hold an aggregate 3% NSR on Argonaut Gold Inc.’s Magino gold mine in Ontario. 2023 2022 2021 on the Magino Project, the mine is expected to have a 19-year mine life Revenue to Franco-Nevada ($ million) $ 1.3 $ – $ – with average gold production of 142 koz per annum in the first 5 years. M&I Resources (koz Au)1 4,557 4,019 – Argonaut anticipates 2024 production guidance at Magino to be between Inferred Resources (koz Au)1 843 526 – 120,000 and 130,000 gold equivalent ounces, reflecting a full first year P&P Reserves (koz Au)1 2,361 2,427 – of production since achieving commercial production. An updated NI 43-101 technical report is expected in H2 2024. 1,2 M&I Royalty Ounces (000s) 137 80 – 2 Magino and the regional exploration claims are located adjacent to Inferred Royalty Ounces (000s) 25 11 – 2 Franco-Nevada’s existing royalties in the area on Alamos Gold’s Island P&P Royalty Ounces (000s) 71 49 – Lake properties and expands our exposure to this prospective region. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Exploration targets include high-grade underground potential, e.g. the Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves Elbow Zone, and prospective structures and host rock on trend of Magino 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and located on the royalty grounds. Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable (2.0% in 2022) Magino is located in Ontario, approximately 14 km southeast of the town Commercial production in November 2023 of Dubreuilville and is owned and operated by Argonaut Gold Inc. Long life mine plan and potential to expand output (“Argonaut Gold”). In March 2024, Alamos Gold Inc. (“Alamos”) announced Extensive resource beyond existing mine plan the entering into of a definitive agreement to acquire Argonaut Gold. Alamos’ Island Gold mine is adjacent to the Magino mine and the agreement is expected to close later in 2024. The initial 2% NSR acquired in October 2022 for US$52.5 million, along 2% NSR with the additional 1% NSR acquired in November 2023 for US$28.0 million, applies to the Magino mine and all of Argonaut Gold’s regional 2 exploration properties, a total of 45 km . Magino is a past producing underground gold mine. The new mine achieved commercial production in November 2023, as a conventional open pit mining and milling operation with a nameplate mill throughput capacity of 10 ktpd. As detailed in Argonaut Gold’s March 2022 Technical Report Magino 2% NSR 2% NSR 2% NSR 0 N 2 Island Gold (Alamos) Royalty Area kilometer Magino Royalty Area 0.62% NSR Resource Pit FNV Royalties Resource Pit Granodiorite Reserves + Resources Granodiorite Island Gold Royalty Ontario Quebec Magino 64 ★ Franco-Nevada Corporation TSX / NYSE: FNV