North America SCOOP/STACK w Location: Oklahoma, United States | Operator: Continental Resources, Ovintiv Inc., Devon Energy, Others | Energy: Oil and Natural Gas vie Royalty: Various Royalty Rates Over Through several discrete transactions, Franco-Nevada has accumulated a large royalty position in the SCOOP and STACK plays in Oklahoma. 2023 2022 2021 Continental manages the assets and Franco-Nevada does not incur any Revenue to Franco-Nevada ($ million)1 $ 33.1 $ 57.8 $ 36.4 administrative burden. The venture was established to acquire royalty Production (Mboe)1 1,028 1,051 893 rights in areas primarily within acreage operated by Continental. These Commodity Split (%)2 Oil 25% 40% 48% areas offer strong economics, proximity to infrastructure and future Gas 70% 57% 47% upside via stacked hydrocarbon-bearing horizons. NGL 5% 4% 6% As at December 31, 2023, Franco-Nevada had contributed $450.2 million 1 Includes revenue and production net to Franco-Nevada from both Continental Royalty to the venture, with a remaining commitment of approximately $69.8 million. Acquisition Venture and Other SCOOP/STACK royalties In the fourth quarter of 2022, Harold Hamm, Continental’s founder, 2 Percentage based on production revenue from each commodity privatized the company through an acquisition of the outstanding publicly Precious Metals 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided traded shares. by the prior year production volume. Does not include Royalty Acquisition Venture with Continental In the fourth quarter of 2016, Franco-Nevada purchased royalty rights SCOOP/STACK includes both oil and gas-rich areas in the STACK shale play in Oklahoma’s Anadarko basin for approximately Exposure to multiple formations at depth $100 million. The primary horizon of focus in the area is the Meramec, Franco-Nevada share of distributions expected to increase although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. In the second quarter of 2017, Franco-Nevada acquired additional mineral title and royalty interests for $27.6 million, which added to SCOOP/STACK COLORADO KANSAS MISSOURI 0 N 40 its existing position in the STACK and provided new exposure to the km NEW OKLAHOMA FNV Royalty Acreage 0 25 MEXICO STACK SCOOP shale play to the south. In total, the assets consist of GORRs miles Oklahoma City SCOOP Anadarko ARKANSAS and mineral title rights which apply to approximately 1,430 acres Basin TEXAS sified Assets (net to Franco-Nevada). MAJOR GARFIELD ressure P ansition r T Black Oil Diver PAYNE The top three operators on the acreage are Ovintiv Inc. (formerly Condensate Volatile Oil Encana), Devon Energy, and Continental Resources, Inc. (“Continental”). DEWEY KINGFISHER LOGAN CREEK These operators reduced their drilling activity in the play in 2020 owing to a sharp drop in commodity prices, and while the drilling rates have Dry Gas CUSTER BLAINE STACK been rebounding, they remain well below peak levels achieved in 2019. OKLAHOMA LINCOLN OKFUSKEE The SCOOP/STACK assets have an estimated asset life of approximately CANADIAN 3 CADDO 50 years . WASHITA GRADY CLEVELAND POTTAWATOMIE In the fourth quarter of 2018, Franco-Nevada and Continental entered SEMINOLE into a transaction whereby Franco-Nevada acquired $120 million in MCCLAIN HUGHES existing royalties owned by Continental and formed a jointly owned entity GREER (the “Royalty Acquisition Venture”) to acquire up to $400 million in KIOWA royalty rights under Continental’s area of operations. With the Royalty SCOOP PONTOTOC Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and COMANCHE GARVIN JACKSON receives 50-75% of distributions, depending on performance against COAL pre-set volume targets. Franco-Nevada received slightly more than 50% STEPHENS MURRAY of distributions in 2023, however, our share of distributions is expected TILLAMAN COTTON JOHNSTON to increase going forward, toward a maximum of 75%. In exchange for CARTER ATOKA the partial capital carry in favour of Continental, the venture provides Franco-Nevada with an opportunity to acquire royalty rights at the grass-roots WILBARGER WICHITA CLAY JEFFERSON MARSHALL LOVE BRYAN level, leverage the value of Continental’s drilling plans, and benefit from the company’s knowledge of local land title and geology. In addition, 110 ★ Franco-Nevada Corporation TSX / NYSE: FNV