North America WEYBURN UNIT w Location: Saskatchewan, Canada | Operator: Whitecap Resources Inc. | Energy: Oil | Royalty: NRI: 11.71% /ORR: 0.44% / WI: 2.56% vie Over Franco-Nevada, after Whitecap Resources Inc. (“Whitecap”), has the second largest economic interest in the Weyburn Unit, one of the world’s largest geological CO storage projects. 2 2023 2022 2021 Gross production of the Weyburn Unit is approximately 21,000 Boe/d Revenue to Franco-Nevada ($ million) $ 50.1 $ 65.0 $ 43.8 of light oil & NGL’s. Production (Mboe)1 675 769 736 For 2023, revenue received by Franco-Nevada from the Weyburn Unit was Commodity Split (%)2 Oil 100% 100% 100% $50.1 million. Weyburn revenues are linked to the Edmonton Light oil Gas 0% 0% 0% benchmark price which averaged C$99.55/bbl in 2023. Revenue for the NGL 0% 0% 0% NRI is recorded net of deductions for capital and operating costs, which 1 Net to FNV based on 0.44% ORR, 11.71% NRI and 2.56% WI. ORR and W.I. volumes are results in increased leverage to the oil price. Oil production, including a percentage of gross production. NRI volumes are pro-rated based on our pro昀椀t, re昀氀ecting NGLs, net to Franco-Nevada was 1,849 Boe/d. Franco-Nevada takes Precious Metals a net interest product-in-kind for its WI and NRI share of this production and markets 2 Percentage based on production revenue from each commodity it through a third-party marketer. Weyburn is a highly economic reservoir, 3 Asset life is calculated as the Proven and Probable reserve volumes divided by the prior year production volume although our NRI and WI in the unit have higher leverage to commodity price swings than our revenue-based royalties. In 2023, our interests The Weyburn Unit is located approximately 129 km southeast of Regina, at Weyburn were negatively impacted by the decline in commodity prices 2 compared to 2022, however benefited from lower differentials. Weyburn Saskatchewan and encompasses approximately 216 km on a gross has an estimated asset life of approximately 23 years3 2 . basis (net 31 km ) in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 11.71% NRI, a 0.44% ORR and a 2.56% WI in the Weyburn Unit. Production commenced from the Midale zone within the Low decline asset with proven production history unitized area in 1955 under primary depletion (solution gas expansion). Establishment of the Weyburn Unit occurred in 1963 for the purpose CO EOR project commenced in 2000 and continues 2 of implementing a waterflood pressure maintenance scheme. In 2000, to be rolled out Cenovus, the operator at that time, began injecting CO in a portion 2 Interests are leveraged to commodity prices sified Assets of the Weyburn Unit as an enhanced oil recovery (“EOR”) method. Currently, CO is being sourced from the Dakota Gasification Company 2 Diver in North Dakota and the Boundary Dam power station in Saskatchewan. Weyburn Unit N T7 Note: not to scale Unitized land wells R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 T8 Weyburn, SK T8 Weyburn T7 Unit T7 Unitized land T6 N T6 Note: T6 not to scale Midale, SK T5 T5 T4 T4 T3 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T5 R14W2 R13W2 R12W2 112 ★ Franco-Nevada Corporation TSX / NYSE: FNV