Other Mining RING OF FIRE Location: Ontario, Canada | Operator: Wyloo Metals Pty Ltd | Metals: Cr, Ni, Cu & PGM | Royalty: NSR/GR: 1-3% In April 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario and provided a loan to Noront Resources Ltd. (“Noront”). 2023 2022 2021 The funding package enabled Noront to acquire the mining claims held Revenue to Franco-Nevada ($ million) $ – $ – $ – by subsidiaries of Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire Ring of Fire (Cr) mining district, located 500 km northeast of Thunder Bay. The royalty rights provide Franco-Nevada with a long-term interest in a potential new mining 1 M&I Resource (Tonnes millions) 193 193 193 camp with exposure to one of the largest chromite resources globally, 1 Inferred Resource (Tonnes millions) 55 55 55 in addition to a nickel, copper and PGM deposits. The total royalty concession 1 2 P&P Reserves (Tonnes millions) – – – is estimated to cover over 1,000 km . Eagle’s Nest (PGM) As part of the April 2015 funding package, Franco-Nevada provided Noront 1 M&I Resource (koz PGM) 1,408 1,627 1,627 with a $25 million loan for a period of five years at a 7% interest rate. Inferred Resource ( 1 koz PGM) 943 1,459 1,459 Franco-Nevada paid an additional $3.5 million in cash as part of the granting 1 P&P Reserves (koz PGM) – 1,489 1,489 of royalties over the existing Noront property. Franco-Nevada received a 3% Eagle's Nest (Ni) royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront’s 1 M&I Resource (Mlbs Ni) 375 432 432 property in the region (excluding the Eagle’s Nest deposit, see below), 1 Inferred Resource (Mlbs Ni) 249 228 228 2% on certain other properties previously being advanced by Cliffs, and 1 a number of other third-party exploration royalties. In May 2022, following P&P Reserves (Mlbs Ni) – 413 413 1,2 the acquisition of Noront by Wyloo Metals Pty Ltd (“Wyloo Metals”), M&I Royalty Ounces (000s) 200 225 227 Franco-Nevada received full repayment of the loan. 2 Inferred Royalty Ounces (000s) 61 74 77 2 P&P Royalty Ounces (000s) – 20 23 In December 2019, Franco-Nevada acquired a 1% gross royalty on 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Resource category; all M&I categories are inclusive of Mineral Reserves Eagle’s Nest currently has over 15.7 million tonnes of Measured, 2 For the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Indicated and Inferred Mineral Resources containing high-grade nickel Resources are subject to our royalty interest and estimates a dollar per tonne value of $1.90/ mineralization with significant copper, palladium and platinum content. tonne. For the Eagle’s Nest Royalty Ounce calculation, Franco-Nevada estimates 100% of the PGM and nickel Mineral Resources and Mineral Reserves are subject to our royalty interest In December 2022, Wyloo Metals (the known as Ring of Fire Metals) and estimates an average rate of 1.0% is applicable for PGM and 0.7% for nickel (which announced it had signed a Memorandum of Understanding with factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces Webequie First Nation, detailing how the two parties will work together assuming $850/ounce Pt ($900/ounce Pt in 2022, $1,000/ounce Pt in 2021) and $900/ ounce Pd ($1,500/ounce Pd in 2022, $2,100/ounce Pd in 2021) and nickel has been to progress ongoing exploration activities as well as negotiations converted to Royalty Ounces assuming $7.89 per pound ($11.00 per pound in 2022, on a partnership agreement for the proposed Eagle’s Nest mine. $9.00 per pound in 2021). Copper Mineral Resources and Mineral Reserves are not included in the Royalty Ounce calculation 2 Royalty concession estimated to cover over 1,000 km Wyloo as new operator Permitting for the access road is ongoing Mineral Resources and Mineral Reser Ring of Fire 1-3% NSR/GR N 0 20 kilometer ves Royalty licences 2% GR (Cr), 2% NSR (other) Royalty licences 2-3% GR (Cr), 2-3% NSR (other) Wyloo licences Thunderbird Additional Inf Eagle’s Nest Black Thor Blue Jay Ring of Fire 1% GR Black Label Quebec Ontario Eagle 2 Blackbird or Triple J mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 99