Canada GREENSTONE w Location: Ontario, Canada | Operator: Equinox Gold Corp. / Orion Mine Finance | Precious Metals: Au | Royalty: NSR: 3% vie Over Franco-Nevada acquired a 3% NSR on Greenstone as part of its acquisition of a portfolio of approximately 20 royalties from Barrick in November 2013. 2023 2022 2021 feasibility study prepared in December 2020 contemplated the construction Revenue to Franco-Nevada ($ million) $ − $ – $ – of a 27,000 tonne per day processing facility and open pit mining M&I Resources (koz Au)1 7,008 7,007 7,105 operation with production over a 14-year mine life. Gold production Inferred Resources (koz Au)1 3,072 3,072 3,095 during the first five years is expected to average 414,000 ounces per P&P Reserves (koz Au)1 5,539 5,538 5,538 annum with an average head grade of 1.45 g/t gold. M&I Royalty Ounces (000s)1,2 210 210 213 Equinox Gold reported that construction at Greenstone was on schedule Inferred Royalty Ounces (000s)2 92 92 93 with installation activities effectively completed at December 31, 2023 P&P Royalty Ounces (000s)2 166 166 166 and commissioning underway to pour first gold in H1 2024. Open pit activities are also currently underway. On a 100% basis, Greenstone 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral is expected to produce between approximately 175,000 and 208,000 Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves gold ounces in 2024, and average annual production of approximately 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and 400,000 gold ounces over the initial mine life of 14 years. Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable The Greenstone project, previously called Hardrock, is being advanced by Greenstone Gold Mines L.P. (“Greenstone”), a 60/40 partnership First gold pour on track for the first half of 2024 between Equinox Gold and Orion Mine Finance, a private entity. 14-year mine life The Greenstone mine encompasses a total Proven and Probable Mineral Reserve of 5.5 million ounces of gold (135.3 million tonnes grading 414,000 ounce per annum during the first five years 1.27 g/t) and a total Inclusive M&I Resource of 7.0 million ounces of gold (151.1 million tonnes grading 1.44 g/t) for the project. An optimized Greenstone 3% NSR Ontario FNV Royalties N Mineralized zones Greenstone 0 3 Excluded from Royalty kilometer Lindsey Errington Geraldton Ashmore 3% NSR Mosher Shaft SP Zone Hardrock Other Royalty Claims Parent Other Salsberg McKelvie Royalty Claims 66 ★ Franco-Nevada Corporation TSX / NYSE: FNV