S T I B N I T E G O L D Location: Idaho, United States | Operator: Perpetua Resources Corp. | Precious Metals: Au & Ag | Royalty: NSR: 1.7% Au, 100% Ag The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise and is potentially one of the highest grade open-pit deposits in the U.S. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz Au) 1 6,317 6,320 6,034 Inferred Resources (koz Au) 1 1,611 1,611 1,246 P&P Reserves (koz Au) 1 4,816 4,816 4,819 M&I Royalty Ounces (000s) 1,2 107 107 103 Inferred Royalty Ounces (000s) 2 27 27 21 P&P Royalty Ounces (000s) 2 82 82 82 1 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 2 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 1.70% is applicable The project is being advanced by Perpetua Resources Corp. (“Perpetua Resources”), who have consolidated 107 km 2 of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production and will receive all the payable silver by-product revenue over the life-of-mine, subject to the terms of a Silver Agreement which was closed in March 2024. In December 2020, Perpetua Resources announced the results of a feasibility study on the Stibnite project. The project is expected to have a 15-year mine life with average annual gold production of 301,000 ounces per year. The first four years demonstrate an average annual gold production of 466 koz per year. The project consists of mining the Yellow Pine, Hangar Flats and West End deposits by conventional open pit. Based on the 2020 feasibility study, the Stibnite project would be the fourth largest U.S. gold operation and produce approximately 4-5 million ounces of gold based on total Mineral Resources and Mineral Reserves of approximately 6.3 million and 4.8 million ounces of gold, respectively. Total payable silver in the feasibility study is approximately 1 million payable ounces with 85% of the ounces produced after year 6 in the mine life. The United States Forest Service (“USFS”) released a Draft Environmental Impact Statement (“Draft EIS”) for public review in August 2020. Perpetua and the USFS advanced a modified proposed action that included stakeholder feedback on the Draft EIS, decreased the project footprint and improved environmental conditions. A Supplemental Draft EIS was published in October 2022 incorporating the changes to the original Draft EIS. The current project schedule assumes a final EIS and Draft Record of Decision will be released in Q2 2024 and a final Record of Decision issued in Q4 2024. Commercial operations are expected in 2028. Perpetua has received critical mineral awards of up to $75 million from the U.S. Department of Defense to advance antimony research, construction readiness, permitting and engineering of the project. Perpetua Resources plans for restoration of the site to include progressive and concurrent remediation, beginning at the start of construction and continuing through operations and project closure. Extensive reclamation and restoration of historical mining impacts are planned, with permanent fish access having been restored for the first time in 80 years. One of the largest and highest grade undeveloped open-pit deposits in the U.S. The Stibnite project would be the only domestic source of antimony mined in the U.S. Critical minerals awards of up to $75 million granted from the U.S. Department of Defense Royalty Property Prospects Mineral Deposits Patented Claims under option Utah Nevada California Stibnite Gold Project Boise Cascade McCall Coeur d'Alene Salt Yellow Pine Deposit West End Deposit Hangar Flats Deposit Historic Tailings Blow-out Mule Rabbit Scout Garnet Ridgetop Cinnamid Saddle Fern Upper Midnight Stibnite Gold 1.7% NSR Au 100% NSR Ag mile 0 1 N Franco-Nevada Corporation ★ 51 TSX / NYSE: FNV United States