Canada SUDBURY w Location: Ontario, Canada | Operator: KGHM International Ltd. | Precious Metals: PGM & Au | Stream: 50% Precious Metal Stream vie Over Franco-Nevada has three precious metals streams in the Sudbury basin of Ontario. 2023 2022 2021 At the time of acquisition by Franco-Nevada, the mines were operated PGM Revenue to FNV ($ million) $ 13.4 $ 18.3 $ 14.6 by Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently Gold Revenue to FNV ($ million) $ 4.2 $ 3.1 $ 2.8 acquired by KGHM International Ltd. (“KGHM”) in March 2012. The three Total Revenue to FNV ($ million) $ 17.6 $ 21.4 $ 17.4 mines are the Levack (Morrison Deposit), Podolsky and McCreedy West mines. The footwall deposits are primarily rich in palladium followed by PGM M&I Resources (koz PGM)1 n/a n/a n/a platinum and gold. KGHM does not have processing facilities in Sudbury PGM Inferred Resources (koz PGM)1 n/a n/a n/a and sells the ore to third parties for processing. Currently all ore is being PGM P&P Resources (koz PGM)1 n/a n/a n/a processed by Vale’s Clarabelle plant in Sudbury. 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 McCreedy West Mine: The stream agreement applies to the PM and Gold P&P Resources (koz Au)1 n/a n/a n/a 700 deposits at the McCreedy West mine. McCreedy West stopped mining the precious metal-rich ores in the PM deposit in 2011. Franco-Nevada Precious MetalsM&I Royalty Ounces (000s)1,3 24 24 24 agreed to renegotiate the existing contract with KGHM, and mining Inferred Royalty Ounces (000s)1 - - - restarted in September 2018. In February 2021, KGHM approved 1 24 an updated life of mine plan which extended mining operations at the P&P Royalty Ounces (000s) 24 24 McCreedy West mine for another five years. To support this extension 1 KGHM does not provide public estimates for Mineral Resources and Mineral Reserves. of operations in mid-2021, Franco-Nevada agreed to increase its purchase Previous estimates have not been updated in numerous years and thus Franco-Nevada has chosen not to continue to report these 昀椀gures price per GEO, from $800 per ounce to 60% of the prevailing monthly 2 For Royalty Ounce calculation, Franco-Nevada estimates 5 years of mining (5 years in 2022, average gold spot price during periods when monthly average gold prices 5 years in 2021) from McCreedy West are subject to our 50% stream interest to which a 40% exceed $1,333 per ounce subject to a cap of $1,200 per ounce. margin factor (40% in 2022, 40% in 2021) has been applied based on assumed ongoing McCreedy is expected to be the main source of revenue from Sudbury 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 to Franco-Nevada in 2024 and is expected to operate through the end Au, $900/ounce Pt and $1,500/ounce Pd in 2022, $1,800/ounce Au, $1,000/ounce Pt and of 2028. $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 Levack (Morrison Deposit): This mine was operated between 2007 and 2019 and is currently on care and maintenance. Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of three separate Podolsky Mine: The stream agreement applies to the 2000 and North mines subject to ongoing payments per ounce. The streams are deposits at the Podolsky mine which operated between 2008 and 2013. calculated based on contained precious metals in the delivered The mine is currently on care and maintenance, but KGHM is reviewing ore rather than payable metals. The streams were acquired as part the possible restart of the mine. of Franco-Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in March 2011. Podolsky Sudbury 50% Precious Metals Stream Levack Coleman (Morrison Deposit) N McCreedy West Strathcona 0 5 Mill kilometer Nickel Rim South Sudbury Igneous Complex Chelmsford Formation Sudbury Onaping & Onwatin Formations Clarabelle Mill Current and Former Mines Smelter Copper Cliff Ontario Mill Creighton Sudbury Quebec Smelter Stream Properties Totten 56 ★ Franco-Nevada Corporation TSX / NYSE: FNV