Rest of World SOUTH KALGOORLIE Location: Australia | Operator: Northern Star Resources Limited | Precious Metals: Au | Royalty: NSR: 1-4% Northern Star Resources Limited (“Northern Star”) operates the South Kalgoorlie Operation (“SKO”) which has been producing gold since 1989. SKO is located 15 km south of Kalgoorlie in Western Australia. Franco- of total combined Kalgoorlie Production Centre production. Franco-Nevada Nevada holds a 1.75-4% NSR royalty for gold and a 1-2.25% NSR royalty received $6.04 million of royalty revenue from SKO in 2023. 2 for other minerals which covers 470 km of the SKO tenements including the HBJ underground mine and the Mt Marion and Pernatty satellite deposits, In June 2023 Northern Star approved the $A 1.5 billion KCGM Mill Expansion along with the 1.2 Mtpa Jubilee Mill. Northern Star placed the Jubilee mill Project to increase and modernize KCGM’s processing capacity from 13 Mtpa on care and maintenance in July 2022, with ore feed directed to mills to 27 Mtpa. Construction is underway and scheduled for three years, with at Kanowna Belle and Fimiston. Effective January 1, 2023, the royalty a two-year ramp-up towards steady state of 27Mtpa by 2029. Exploration agreement was amended to increase the royalty rate on the northern activity includes the Hercules discovery announced May 2023, located and central sections of the HBJ underground mine from 1.75% to 4%. 20 km west of the HBJ mine on tenements subject to a 1.75% royalty Northern Star combines reporting of SKO with the Kalgoorlie Super Pit, to Franco-Nevada. Drilling results include 21m at 3.0 g/t gold. Mt Chatlotte, Carosue Dam and Kanowna Belle gold mines, and reported total production of 838,193 ounces of gold at the combined Kalgoorlie For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Production Centre for the year ended December 31, 2023. Franco-Nevada Reserves are subject to our royalty interest and estimates a rate of 3.44% is applicable for Mineral Resources and 3.60% is applicable for Mineral Reserves estimates that the royalty production accounts for approximately 10% SISSINGUÉ Location: Côte d’Ivoire | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 0.5% In 2013, Franco-Nevada acquired a 0.5% NSR on tenements that comprise Diver the Sissingué gold project located in Côte d’Ivoire operated by Perseus. sified Assets The project is comprised of the Sissingué Gold Mine (“SGM”) and the in the latter years was forecast to come primarily from the Fimbiasso and satellite deposits Fimbiasso and Bagoé. Franco-Nevada’s royalty covers Bagoé satellite deposits, which is not covered by Franco-Nevada’s royalty. SGM but does not cover the Fimbiasso and Bagoé claims. Potential was noted for a further mine life extension by processing low grade ore stockpiles. Perseus commenced commercial gold production in 2018. Perseus reported 2023 production from Sissingué of 54,389 ounces of gold At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing and Franco-Nevada received $0.3 million of royalty revenue for the year. exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life In March 2022, Perseus announced that the mine life for Sissingué had of the Sissingué operation. At Sissingué initial results from the Airport been extended to March 2026 with estimated average annual production West prospect look encouraging. Mineral Resources and Mineral Reser of 72,000 ounces of gold. Ore was planned to be sourced from the SGM, Bagoé and Fimbiasso deposits and a total of 252,000 ounces of gold For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral were forecast to be recovered over the life of the operation. Production Reserves are subject to our royalty interest and estimates a rate of 0.5% is applicable PANDORA Location: South Africa | Operator: Sibanye-Stillwater | Precious Metals: PGM | Royalty: NPI: 5% The Pandora property forms part of the Bushveld complex 40 km east of the town ves of Rustenburg, South Africa and is 100% owned by Sibanye-Stillwater following its acquisition of Lonmin plc (“Lonmin”) in June 2019. Under Sibanye-Stillwater, Pandora is now grouped as part of its Marikana Historical studies have evaluated a parallel decline that would substantially Additional Inf operations. Franco-Nevada has a 5% NPI royalty that includes a small increase production levels. minimum annual payment of 100,000 South African Rand. The underground mining operation exploits the UG2 reef horizon with access via a decline For Royalty Ounce calculation, Franco-Nevada estimates 80% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an equivalent NSR royalty rate of 0.61% from surface. Pandora hosts a large orebody. A deepening of the current (0.77% in 2022, 1.03% in 2021) is applicable assuming an all-in cost of $1,280/ounce ($1,239/ or decline was completed in 2013, accessing the nine and ten levels. ounce in 2022, $1,199/ounce in 2021). For 2021 through 2023, Franco-Nevada has assumed a mation Franco-Nevada has received only modest NPI payments in recent years lower margin for the project than in previous years. PGM ounces are converted into Royalty Ounces assuming $850/ounce Pt and $900/ounce Pd ($900/ounce Pt and $1,500/ounce Pd in 2022, due to limited mine profitability. It is anticipated that approximately 80% $1,000/ounce Pt and $2,100/ounce Pd in 2021) of planned future mining is covered by Franco-Nevada’s 5% NPI royalty. TSX / NYSE: FNV Franco-Nevada Corporation ★ 83