H E M L O Location: Ontario, Canada | Operator: Barrick Gold Corporation | Precious Metals: Au | Royalty: NSR: 3% / NPI: 50% The Hemlo gold mine has been in production for over 30 years and is located adjacent to the Trans-Canada highway near Marathon, Ontario. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 22.7 $ 28.2 $ 27.6 M&I Resources (koz Au) 1 3,200 3,600 2,600 Inferred Resources (koz Au) 1 620 580 820 P&P Reserves (koz Au) 1 1,700 1,700 1,100 M&I Royalty Ounces (000s) 1,2 120 137 127 Inferred Royalty Ounces (000s) 2 23 22 40 P&P Royalty Ounces (000s) 2 64 65 54 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates approximately 20% of the publicly reported Mineral Resources and Mineral Reserves for Hemlo are on its royalty ground and estimates a rate of 3.75% (3.81% in 2022, 4.90% in 2021) is applicable when factoring our NSR and NPI interests. Please see page 19 for our methodology on calculating Royalty Ounces for an NPI Barrick is the operator and manages both the open pit and underground operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI royalty on a portion of the western down-dip underground extension, principally the Lower C Zone, of the Hemlo ore body as shown in the longitudinal schematic. Mining on the royalty property began in late 2008, but revenues were limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in the third quarter of 2012 after the upfront capital costs had been recovered by Barrick. Production at Hemlo was 141,000 ounces of gold in 2023 versus 133,000 ounces of gold in 2022. All-in sustaining costs, which is important to take into consideration with respect to the NPI royalty, decreased from $1,788 per ounce in 2022 to $1,672 per ounce in 2023. Gold production in 2023 was below the guidance range, primarily due to interruptions to the underground operations in the fourth quarter, including a fire which damaged some ventilation infrastructure, leading to delays in ramping back up, coupled with underground interruptions earlier in the year. Barrick is forecasting 2024 estimated production of 140,000 to 160,000 ounces at an all-in sustaining cost of between $1,600 to $1,700 per ounce. Barrick announced that it expects production from Hemlo to increase in 2024 relative to 2023 and Franco-Nevada expects a higher proportion to be sourced from our royalty ground. Barrick also reported that production at a new pushback in the Hemlo open pit was permitted and planned to commence in the second half of 2025. During 2023 reserve conversion drilling from surface targeted E-Zone and Horizon west of the C-Zone. Drilling confirmed the modeled continuity of mineralization, while also increasing the understanding of lithological controls on mineralization in the Horizon zone. Hemlo, Ontario Quebec Ontario Hemlo Hemlo 3% NSR / 50% NPI Long Section ‘C’ Zone Pit Williams Shaft & Mill Surface Mined Area 3% NSR + 50% NPI ‘C’ Zone ‘B’ Zone 9975 9765 9555 9450 9240 9160 Mined Area Williams Mine Franco-Nevada Royalty Ground Increased output expected in 2024 Profit royalties provide more leverage to gold prices Franco-Nevada Corporation ★ 57 TSX / NYSE: FNV Canada