Canada VALENTINE GOLD Location: Newfoundland, Canada | Operator: Calibre Mining Corporation | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds a 3% NSR on the Valentine Lake Gold Camp in central Newfoundland. 2023 2022 2021 The Valentine Gold project comprises a series of mineralized deposits Revenue to Franco-Nevada ($ million) $ − $ – $ – along a 32 km trend representing high grade open pits with average M&I Resources (koz Au)1 3,955 3,960 3,138 Mineral Reserve grade of 1.6 g/t. Excellent recent drilling results Inferred Resources (koz Au)1 1,100 1,100 1,639 indicate resource expansion potential in the nearby Frank Zone. P&P Reserves (koz Au)1 2,700 2,690 2,100 In December 2022, Marathon Gold announced the results of an updated M&I Royalty Ounces (000s)1,2 119 59 47 feasibility study outlining a three-pit mine plan based on the Marathon, Inferred Royalty Ounces (000s)2 33 17 25 Leprechaun and Berry deposits. The updated study outlines a 14.3-year P&P Royalty Ounces (000s)2 81 40 32 mine life, with an average gold production profile of 195,000 ounces of gold per year between 2025 and 2036 from the processing of high-grade 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral mill feed, and 97,000 ounces of gold per year between 2037 and 2039 Resource category; all M&I categories are inclusive of Mineral Reserves from the processing of low-grade stockpiles. M&I Resources, exclusive 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and of reserves, contain an additional 1.27 Moz. Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable (1.5% in 2022, 2.0% in 2021) Mine construction commenced in September 2022. As of February 2024, In January 2024, Calibre Mining Corporation (“Calibre”) acquired the Valentine Gold project was is 54% complete with production expected Marathon Gold Corporation (“Marathon Gold”) and is now developing in H1 2025. the Valentine Gold project. When completed, the Valentine Gold project will be the largest gold mine in Atlantic Canada. The royalty was acquired in two transactions first in February 2019, was initially a 2.0% NSR New operator with stronger balance sheet subject to a 0.5% buyback provision for $7 million. In February 2023, Mine under construction with gold production expected Marathon Gold exercised its option for a partial buy-back of the royalty, in H1 2025 Diver reducing Franco-Nevada’s NSR to 1.5%. In June 2023, Franco-Nevada acquired an additional 1.5% NSR. Ongoing exploration success sified Assets Valentine Gold Buchans Junction Buchans Newfoundland 3% NSR Millertown Quebec Mineral Resources and Mineral Reser Ontario Valentine Gold N Teck Resources 0 20 Duck Pond Mine kilometer Powerline Victory Deposit Springdale Sprite ves Deposit Valentine Lake Leprechaun Thrust Fault Deer Lake Deposit Marathon Badger Deposit Corner Brook Buchans Millertown Grand Falls Berry Zone Duck Pond Mine Frank Zone Valentine Gold Additional Inf Property Granite Canal Granite Canal Stephenville Substation N Hydro Facility 0 75 Marathon Gold Corporation kilometer or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 67