United States BALD MOUNTAIN Location: Nevada, United States | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR/GR: 0.875-5% The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada along the southern extension of the prolific Carlin Trend, 110 km southeast of Elko. 2023 2022 2021 Bald Mountain Revenue to Franco-Nevada ($ million) $ 11.7 $ 8.4 $ 11.2 0.875-5% NSR / GR M&I Resources (koz Au)1 4,175 4,353 4,390 Inferred Resources (koz Au)1 489 522 669 1%-5% GR P&P Reserves (koz Au)1 489 625 798 N 0 2 1,2 Royale M&I Royalty Ounces (000s) 157 101 139 kilometer North Block 2 Inferred Royalty Ounces (000s) 18 11 23 2 P&P Royalty Ounces (000s) 19 22 16 1%-5% GR North Duke LJ Ridge 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral 2/3 South Resource category; all M&I categories are inclusive of Mineral Reserves Banghart Duke 1 Poker 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Reserves (91% in 2022, 5 South 4% Flats Ridge 95% in 2021) and 99% of Mineral Resources (exclusive of Mineral Reserves) (96% in 2022, NSR* Winrock * 95% in 2021) are subject to our royalty interest and estimates an average rate of 3.79% 4% NSR is applicable for Mineral Reserves and Mineral Resources (exclusive of Mineral Reserves) Redbird Rat Galaxy Top 0.875 Sage Flats Bida 2 to Ore is sourced from multiple open pits over an estimated 600 km Belmont 1.75% 4% NSR property with processing at multiple conventional heap leaching facilities. NSR 2.418% Bald Mountain is the largest private mining land package in the U.S. NSR It stretches 40 km north to south and 15 km east to west and is divided Horseshoe 4% NSR Diver in three zones: North Zone, South Zone and JV Zone. Saga Franco-Nevada’s Bald Mountain royalties cover a significant portion FNV Royalties sified Assets of the Bald Mountain property. Royalty rates range from 0.875%-5% Pits/Deposits 4% NSR* NSR/GR. A detailed map of the royalties is shown in the schematic. Excluded from Royalty At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased * Subject to possible reduction from Barrick 100% of the North and South Zones while forming a 50/50 by third-party royalty exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV zone that it did not already own. In 2023, 17,306 kt of ore were placed on pads at Bald Mountain Mineral Resources and Mineral Reser at a grade of 0.42 g/t versus 15,924 kt of ore at a grade of 0.50 g/t in 2022. Bald Mountain produced 157,749 ounces in 2023, a decrease from the 214,094 ounces produced in 2022, primarily due to the lower 4% grades and timing of ounces recovered from the heap leach pads. 4% NSR NSR* The large scale of the Bald Mountain land package offers significant exploration upside, with multiple known mineralized bodies. In 2023, exploration focused on near-term growth enabling the addition of 78 koz * to reserves. In 2024, the strategy will continue to focus on low-strip, 4% NSR near-pit extensions across six target areas in the North and South area Lux/Vantage Targets of operations, as well as testing new target areas within the Bida trend. * The Juniper Project EIS was advanced during the year with the publication 4% NSR ves of a notice of availability for the draft EIS in the Federal Register 4% NSR in August 2023. The next steps of the process will be publishing South Block the Final EIS and issuing a Record of Decision. The Juniper Project would modify and expand operations within the North Operations Area Oregon Idaho (NOA) and potentially extend the NOA mine life by 11 years. Nevada Utah Bald California Arizona Yankee Additional Inf Large land package and significant exploration upside Mountain Targets * Potential to add significant mine life through Pacic Ocean Mexico 4% NSR the Juniper Project or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 47