G O L D Q U A R R Y Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 7.29% The Gold Quarry operation is part of the Nevada Gold Mines Carlin operations in north-central Nevada. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 3.0 $ 4.9 $ 7.5 M&I Resources (koz Au) 1,2 n/a n/a n/a Inferred Resources (koz Au) 1 n/a n/a n/a P&P Reserves (koz Au) 1 n/a n/a n/a M&I Royalty Ounces (000s) 2,3 n/a n/a n/a Inferred Royalty Ounces (000s) 3 n/a n/a n/a P&P Royalty Ounces (000s) 3 n/a n/a n/a 1 Please refer to the table on page 44 for the Carlin Trend Mineral Resources and Mineral Reserves which include Gold Quarry 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 includes Gold Quarry Gold Quarry is a large open pit mine that has been in production since 1985 supplying ore as part of an integrated mining and processing complex. In 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, Barrick reports Gold Quarry under its Carlin operations category and Newmont reports Gold Quarry under its Nevada Gold Mines category. Franco-Nevada’s royalty interest covers only a portion of the Gold Quarry property, as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production with a minimum payment obligation. The annual minimum royalty payment calculation is tied to Mineral Reserves and stockpiles attributed to the Gold Quarry royalty property. In the past, the operation has considered pit expansions including the West Wall Layback and the Greater Gold Quarry Expansion. In 2023, Franco-Nevada’s cumulative prepaid ounces delivered by Gold Quarry exceeded the attributable Gold Quarry known Mineral Reserves resulting in lower expected future minimum payments. Going forward, Franco-Nevada expects its royalty from Gold Quarry to be 1,350 GEOs per annum based on the minimum payment obligation. Gold Quarry Open Pit FNV Royalties Potential Greater Gold Quarry Expansion West Wall Layback 7.29% NSR 7.29% NSR Gold Quarry Open Pit Gold Quarry Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO mile 0.5 0 Gold Quarry 7.29% NSR N Annual minimum payment obligations Benefits from additional milling and roasting infrastructure following the formation of Nevada Gold Mines Registered on private lands Franco-Nevada Corporation ★ 45 TSX / NYSE: FNV South America