Rest of World KARMA w Location: Burkina Faso | Operator: Néré Mining SA | Precious Metals: Au | Stream: 4.875% Gold Stream vie Over 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 Karma M&I Resources (koz Au)1 1,898 1,898 1,898 Inferred Resources (koz Au)1 679 679 679 Gold Stream 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 N P&P Royalty Ounces (000s)2 6 6 6 0 10 Precious Metals kilometer 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Rounga 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) Youba Franco-Nevada committed 75% of the funding and Sandstorm committed Tougou the remaining 25%. Franco-Nevada ultimately contributed $78.75 million ($75 million with $3.75 million as part of an increase option). The Karma Bogoya Project was constructed by True Gold Mining Inc. which was acquired by Nami Pit Endeavour in March 2016. In March 2022, Endeavour announced the sale Bonguirga of its 90% interest in Karma to Néré Mining SA (“Néré”). Namissiguima Ouahigouya Ouest Under the stream agreement, Endeavour delivered to Franco-Nevada Kao Nord Kao Pit 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 Kao Sud 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 Nami Pit 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 Goulagou I Pit the mine in 2023, compared with 1,759 GEOs in 2022 and 5,556 GEOs Goulagou II Pit in 2021. Karma Project Area Rambo Pit Area of Interest 5 km 2 The stream agreement covers all of the concessions within the 856 km Current Exploitation Area Karma Project and also includes a defined area of interest of 5 km surrounding the borders of the project. North Kao Algeria Gold Zone Mali 2 Kao Pit Prospective land package of 856 km Trailing 4.875% gold stream in place Karma Niger Burkina Faso Benin Cote Nigeria D’ivoire Ghana Atlantic Ocean Togo 78 ★ Franco-Nevada Corporation TSX / NYSE: FNV