United States STIBNITE GOLD 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 One of the largest and highest grade undeveloped open-pit Revenue to Franco-Nevada ($ million) $ − $ − $ − deposits in the U.S. M&I Resources (koz Au)1 6,317 6,320 6,034 The Stibnite project would be the only domestic source Inferred Resources (koz Au)1 1,611 1,611 1,246 of antimony mined in the U.S. P&P Reserves (koz Au)1 4,816 4,816 4,819 Critical minerals awards of up to $75 million granted from M&I Royalty Ounces (000s)1,2 107 107 103 the U.S. Department of Defense 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 Stibnite Gold Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources 1.7% NSR Au and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.70% 100% NSR Ag is applicable The project is being advanced by Perpetua Resources Corp. (“Perpetua 2 N Resources”), who have consolidated 107 km of unpatented and patented 0 1 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 mile to the terms of a Silver Agreement which was closed in March 2024. Diver In December 2020, Perpetua Resources announced the results of Salt sified Assets 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 West End Deposit Pine, Hangar Flats and West End deposits by conventional open pit. Yellow Pine Deposit Based on the 2020 feasibility study, the Stibnite project would be the Ridgetop fourth largest U.S. gold operation and produce approximately 4-5 million Upper Saddle ounces of gold based on total Mineral Resources and Mineral Reserves Midnight Cinnamid of approximately 6.3 million and 4.8 million ounces of gold, respectively. Total payable silver in the feasibility study is approximately 1 million Garnet Fern Mineral Resources and Mineral Reser payable ounces with 85% of the ounces produced after year 6 in the Scout mine life. Hangar Flats Deposit Rabbit The United States Forest Service (“USFS”) released a Draft Environmental Impact Statement (“Draft EIS”) for public review in August 2020. Perpetua Historic Tailings Mule 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 Blow-out 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. ves 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. Coeur d'Alene Stibnite Royalty Property McCall Gold Project Perpetua Resources plans for restoration of the site to include progressive Cascade Mineral Deposits Boise and concurrent remediation, beginning at the start of construction and Additional Inf continuing through operations and project closure. Extensive reclamation Prospects Nevada and restoration of historical mining impacts are planned, with permanent Utah fish access having been restored for the first time in 80 years. Patented Claims under option California or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 51