M U S S E L W H I T E Location: Ontario, Canada | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NPI: 5%/NSR: 2% Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at the Musselwhite operation. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 2.8 $ 1.5 $ - M&I Resources (koz Au) 2 1,800 2,410 2,200 Inferred Resources (koz Au) 2 200 410 440 P&P Reserves (koz Au) 2 1,500 1,920 1,770 M&I Royalty Ounces (000s) 2,3 28 39 47 Inferred Royalty Ounces (000s) 3 3 7 9 P&P Royalty Ounces (000s) 3 24 31 38 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 3 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.58% (1.6% in 2022, 2.2% in 2021) is applicable assuming an all in cost of $1,335/ounce ($1,222/ounce in 2022, $1,026/ounce in 2021). Please see page 19 for our methodology on calculating Royalty Ounces for an NPI The area is estimated to cover 120 km 2 in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. Franco-Nevada’s Musselwhite interest is a profit royalty which first become payable when historical capital and operational costs had been recovered by the operator in 2011. In September 2019, Franco-Nevada acquired from Premier a 2% NSR on property owned by Newmont, adjoining Musselwhite, and covering approximately 6.3 km 2 of the projected northwest extension of Newmont’s Musselwhite mine, as shown in the schematic. The mine is a fly-in and fly-out underground operation which began operating in April 1997 and has been ramping back up to full production levels following a fire at the mine in March 2019 and subsequent COVID-19 restrictions. The Materials Handling Project, which reached commercial production in December 2020, has enabled hoisting of ore through an underground winze resulting in reduced reliance on high-cost truck haulage. This has led to improved energy efficiency, reduced ventilation requirements, reduced mining costs and an enhanced production profile. Musselwhite produced 180,000 ounces of gold in 2023, versus 173,000 ounces of gold in 2022, and reported 1.5 million ounces of gold Mineral Reserves as of December 31, 2023. 2024 production is expected to be 190,000 gold ounces. All-in sustaining costs are expected to be $1,620 per ounce in 2024, versus $1,843 per ounce in 2023. In February 2024, Newmont reported that Musselwhite is one of six non-core assets that the company intends to divest. In 2024, Franco-Nevada anticipates payments from its NPI royalty from Musselwhite to increase compared to the prior year. Production level increasing NPI leverage to the gold price Large land package with additional royalty covering the projected northwest extension of Musselwhite Musselwhite, Ontario kilometer 3 1.5 0 N Musselwhite 5% NPI / 2% NSR Leased Lands Unpatented Lands Deposits Outside Boundary 5% NPI Quebec Ontario Musselwhite Main Mine Trend Mill Outside Boundary 5% NPI Opapimiskan Lake Karl Zeemal Area PQD North Saddle Lynx Zone 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI Canoe Zone Camp Zone West Anticline Zone Bay Zone 2% NSR 2% NSR Zeemel Lake Franco-Nevada Corporation ★ 61 TSX / NYSE: FNV Canada