K A R M A Location: Burkina Faso | Operator: Néré Mining SA | Precious Metals: Au | Stream: 4.875% Gold Stream In August 2014, Franco-Nevada (Barbados) and Sandstorm Gold Ltd. (“Sandstorm”) committed to provide up to $120 million in stream funding to assist the construction of the Karma Project in Burkina Faso, West Africa, in a syndicated stream transaction. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ − $ 3.3 $ 9.9 M&I Resources (koz Au) 1 1,898 1,898 1,898 Inferred Resources (koz Au) 1 679 679 679 P&P Reserves (koz Au) 1 158 158 158 M&I Royalty Ounces (000s) 1,2 74 74 74 Inferred Royalty Ounces (000s) 2 26 26 26 P&P Royalty Ounces (000s) 2 6 6 6 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 100% of the Mineral Resources and Mineral Reserves at Karma are subject to a rate of 3.9% (6.5% gold stream which is factored by 80% to equate to a Royalty Ounce as well as Franco- Nevada’s 75% interest) Franco-Nevada committed 75% of the funding and Sandstorm committed the remaining 25%. Franco-Nevada ultimately contributed $78.75 million ($75 million with $3.75 million as part of an increase option). The Karma Project was constructed by True Gold Mining Inc. which was acquired by Endeavour in March 2016. In March 2022, Endeavour announced the sale of its 90% interest in Karma to Néré Mining SA (“Néré”). Under the stream agreement, Endeavour delivered to Franco-Nevada 15,000 ounces of gold per year, beginning in March 2016 through to the end of February 2021, for a total of 75,000 ounces of gold delivered. The increase option was repaid in 8 quarterly deliveries totaling 5,625 ounces of gold by Q1 2019. Sandstorm receives deliveries for its 25% interest directly. After February 2021, Endeavour and, now Néré, shall deliver to Franco-Nevada an amount of gold equal to 4.875% of the gold produced at Karma over the life of the mine in exchange for ongoing payments equal to 20% of the spot price of gold. The Karma Project produced between 2016 and 2022. Operations at Karma have been suspended following security incidents at the mine in June and August 2022. As a result, Franco-Nevada sold no GEOs from the mine in 2023, compared with 1,759 GEOs in 2022 and 5,556 GEOs in 2021. The stream agreement covers all of the concessions within the 856 km 2 Karma Project and also includes a defined area of interest of 5 km surrounding the borders of the project. Prospective land package of 856 km 2 Trailing 4.875% gold stream in place Karma Gold Stream N kilometer 10 0 Karma Project Area Current Exploitation Area Area of Interest 5 km North Kao Gold Zone Kao Pit Nami Pit Rambo Pit Goulagou I Pit Goulagou II Pit Bonguirga Tougou Bogoya Youba Rounga Kao Nord Kao Sud Ouahigouya Nami Pit Kao Pit Namissiguima Ouest Atlantic Ocean Burkina Faso Cote D’ivoire Togo Benin Nigeria Niger Mali Algeria Karma Ghana TSX / NYSE: FNV 78 ★ Franco-Nevada Corporation Rest of World