G R E E N S T O N E Location: Ontario, Canada | Operator: Equinox Gold Corp. / Orion Mine Finance | Precious Metals: Au | Royalty: NSR: 3% 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 Revenue to Franco-Nevada ($ million) $ − $ – $ – M&I Resources (koz Au) 1 7,008 7,007 7,105 Inferred Resources (koz Au) 1 3,072 3,072 3,095 P&P Reserves (koz Au) 1 5,539 5,538 5,538 M&I Royalty Ounces (000s) 1,2 210 210 213 Inferred Royalty Ounces (000s) 2 92 92 93 P&P Royalty Ounces (000s) 2 166 166 166 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 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and 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 between Equinox Gold and Orion Mine Finance, a private entity. The Greenstone mine encompasses a total Proven and Probable Mineral Reserve of 5.5 million ounces of gold (135.3 million tonnes grading 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 feasibility study prepared in December 2020 contemplated the construction of a 27,000 tonne per day processing facility and open pit mining operation with production over a 14-year mine life. Gold production during the first five years is expected to average 414,000 ounces per annum with an average head grade of 1.45 g/t gold. Equinox Gold reported that construction at Greenstone was on schedule with installation activities effectively completed at December 31, 2023 and commissioning underway to pour first gold in H1 2024. Open pit activities are also currently underway. On a 100% basis, Greenstone is expected to produce between approximately 175,000 and 208,000 gold ounces in 2024, and average annual production of approximately 400,000 gold ounces over the initial mine life of 14 years. Salsberg Ashmore McKelvie Lindsey Parent Errington Ontario Greenstone Mosher Shaft SP Zone Hardrock Geraldton Other Royalty Claims Other Royalty Claims FNV Royalties Mineralized zones Excluded from Royalty Greenstone 3% NSR kilometer 3 0 N 3% NSR First gold pour on track for the first half of 2024 14-year mine life 414,000 ounce per annum during the first five years TSX / NYSE: FNV 66 ★ Franco-Nevada Corporation Canada