S U D B U R Y Location: Ontario, Canada | Operator: KGHM International Ltd. | Precious Metals: PGM & Au | Stream: 50% Precious Metal Stream Franco-Nevada has three precious metals streams in the Sudbury basin of Ontario. 2023 2022 2021 PGM Revenue to FNV ($ million) $ 13.4 $ 18.3 $ 14.6 Gold Revenue to FNV ($ million) $ 4.2 $ 3.1 $ 2.8 Total Revenue to FNV ($ million) $ 17.6 $ 21.4 $ 17.4 PGM M&I Resources (koz PGM) 1 n/a n/a n/a PGM Inferred Resources (koz PGM) 1 n/a n/a n/a PGM P&P Resources (koz PGM) 1 n/a n/a n/a Gold M&I Resources (koz Au) 1 n/a n/a n/a Gold Inferred Resources (koz Au) 1 n/a n/a n/a Gold P&P Resources (koz Au) 1 n/a n/a n/a M&I Royalty Ounces (000s) 1,3 24 24 24 Inferred Royalty Ounces (000s) 1 - - - P&P Royalty Ounces (000s) 1 24 24 24 1 KGHM does not provide public estimates for Mineral Resources and Mineral Reserves. Previous estimates have not been updated in numerous years and thus Franco-Nevada has chosen not to continue to report these figures 2 For Royalty Ounce calculation, Franco-Nevada estimates 5 years of mining (5 years in 2022, 5 years in 2021) from McCreedy West are subject to our 50% stream interest to which a 40% margin factor (40% in 2022, 40% in 2021) has been applied based on assumed ongoing payments of 60% of the spot price. Platinum and palladium have been converted to Royalty Ounces assuming $1,950/ounce Au, $800/ounce Pt and $900/ounce Pd ($1,800/ounce Au, $900/ounce Pt and $1,500/ounce Pd in 2022, $1,800/ounce Au, $1,000/ounce Pt and $2,100/ounce Pd in 2021). Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical recoveries in the calculation of the Royalty Ounce Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of three separate mines subject to ongoing payments per ounce. The streams are calculated based on contained precious metals in the delivered ore rather than payable metals. The streams were acquired as part of Franco-Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in March 2011. At the time of acquisition by Franco-Nevada, the mines were operated by Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently acquired by KGHM International Ltd. (“KGHM”) in March 2012. The three mines are the Levack (Morrison Deposit), Podolsky and McCreedy West mines. The footwall deposits are primarily rich in palladium followed by platinum and gold. KGHM does not have processing facilities in Sudbury and sells the ore to third parties for processing. Currently all ore is being processed by Vale’s Clarabelle plant in Sudbury. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West stopped mining the precious metal-rich ores in the PM deposit in 2011. Franco-Nevada agreed to renegotiate the existing contract with KGHM, and mining restarted in September 2018. In February 2021, KGHM approved an updated life of mine plan which extended mining operations at the McCreedy West mine for another five years. To support this extension of operations in mid-2021, Franco-Nevada agreed to increase its purchase price per GEO, from $800 per ounce to 60% of the prevailing monthly average gold spot price during periods when monthly average gold prices exceed $1,333 per ounce subject to a cap of $1,200 per ounce. McCreedy is expected to be the main source of revenue from Sudbury to Franco-Nevada in 2024 and is expected to operate through the end of 2028. Levack (Morrison Deposit): This mine was operated between 2007 and 2019 and is currently on care and maintenance. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which operated between 2008 and 2013. The mine is currently on care and maintenance, but KGHM is reviewing the possible restart of the mine. Quebec Ontario Sudbury kilometer 5 0 N Sudbury 50% Precious Metals Stream Podolsky Levack (Morrison Deposit) McCreedy West Strathcona Mill Creighton Nickel Rim South Totten Coleman Copper Cliff Smelter Clarabelle Mill Sudbury Sudbury Igneous Complex Chelmsford Formation Onaping & Onwatin Formations Current and Former Mines Mill Smelter Stream Properties TSX / NYSE: FNV 56 ★ Franco-Nevada Corporation Canada