Canada MONUMENT BAY Location: Manitoba, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 2-3% In January 2023, Agnico Eagle acquired the Monument Bay project as part the acquisition of Yamana’s Canadian assets. The Monument Bay project, is located in Manitoba, approximately 570 km northeast of Winnipeg adjacent to the Ontario border. Monument Bay consists of 136 contiguous claims and hosts a Measured considerable opportunity for resource expansion. The Twin Lakes deposit and Indicated Mineral Resource base of 1.79 million ounces of gold was originally considered as an open pit operation but has since been in 36.6 million tonnes grading 1.52 g/t. Franco-Nevada holds a 2% NSR re-evaluated as an underground project, with internal studies indicating royalty on the first 1.0 million ounces produced and a 3% NSR on any the presence of steeply plunging higher-grade shoots within the open pit additional production. Yamana acquired the project from Mega Precious Mineral Resource. Deep drilling also provided an initial test of the depth Metals Inc. in 2015 and in September 2018, Yamana signed an extent and potential of several high-grade shoots which are along the Exploration Agreement with Red Sucker Lake First Nations in relation 4 km strike length of the deposit. to the Monument Bay exploration site. In both 2020 and 2021, Yamana focused on exploring these high-grade extensions and on targets For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral surrounding the Twin Lakes shear zone, an area believed to host Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable for the 昀椀rst 1.0 million ounces produced and 3.0% on any additional ounces RED MOUNTAIN Location: British Columbia, Canada | Operator: Ascot Resources Ltd. | Precious Metals: Au | Royalty: NSR: 1% / Production Payment Franco-Nevada has a 1% NSR as well as a $10/oz production payment on gold produced in excess of 1.85 million ounces from the Red Mountain project near Stewart, B.C. Diver Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio 70,000 ounces per annum in year three to seven. Since the 2020 in November 2013. In March 2019, Ascot Resources Ltd. (“Ascot”) feasibility study, Ascot has updated the sequence of mining, deferring sified Assets acquired IDM Mining and its 100%-owned Red Mountain project and a Red Mountain development until later in the overall mine life of the revised feasibility study was released in April 2020. project. Commercial production of the combined operation is expected in mid-2024. The Red Mountain project received federal Environmental The study envisioned the feed from four deposits (Big Missouri, Silver Assessment approval in January 2019 and, in April 2019, signed a Coin, Premier and Red Mountain) being processed at the Premier mill, Benefits Agreement with the Nisga’a Nation. In July 2021, Ascot signed which is approximately 23 km southeast of the Red Mountain deposit. an updated Benefits Agreement for both the Premier Gold and Red The Premier mill required refurbishment and expansion as it had been on Mountain project. As of January 2024, construction of the overall project care and maintenance for over 20 years. The updated feasibility study is at approximately 90%. contemplated Red Mountain ore commencing processing in the second year of operation continuing for approximately seven years and For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Mineral Resources and Mineral Reser contributing roughly half the ore feed for the mill, or approximately Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable CARIBOO Location: British Columbia, Canada | Operator: Osisko Development Corp. | Precious Metals: Au | Royalty: NSR: 3% Osisko Development Corp. (“Osisko Development”) is advancing the Cariboo Gold project in east-central British Columbia. ves 2 The Bonanza Ledge II project was placed on care and maintenance The property consists of 2,120 km of mineral rights located 85 km east of the town of Quesnel. From 1933 to 1967, 4.5 million ounces in June 2022 to focus on the completion of the Cariboo Gold project of gold were mined in the area from both historical underground and feasibility study, which was released in January 2023. The feasibility study, alluvial production. which does not envision production from the KL Zone, outlines a two-phase ramp up, with first production in 2025. Phase 1 is 1,500 tpd at approximately Osisko Development started mining the Bonanza Ledge II project, located 73,000 ounces per year for the first three years and Phase 2 is 4,900 tpd Additional Inf within the Cariboo Gold project, in Q1 2021. The Bonanza Ledge II Mineral with underground development and production to increase to approximately Resource includes the BC Vein, Bonanza Ledge, and KL Zone deposits. 194,000 ounces per year starting in 2028. The broader project has an initial Franco-Nevada’s 3% NSR covers the claims to the immediate northeast 12-year mine life and there is potential to convert additional Inferred of Bonanza Ledge, referred to as the KL Zone. Franco-Nevada’s 3% royalty Resources located adjacent to reserve blocks, with mineralization open or interest also includes the Williams Claims which are about 5 km southeast at depth and along strike. mation of Bonanza Ledge. Franco-Nevada has not included Cariboo in Royalty Ounce estimates TSX / NYSE: FNV Franco-Nevada Corporation ★ 71