L I O R C Location: Newfoundland and Labrador, Canada | Operator: Rio Tinto plc | Metals: Iron Ore | Royalty: GORR 0.7% Iron Ore, IOC Equity 1.5% Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 12.1 $ 14.8 $ 30.2 M&I Resources (Mt Iron Ore) 1,931 1,931 1,930 Inferred Resource (Mt Iron Ore) 811 811 895 P&P Reserves (Mt Iron Ore) 1,077 1,077 1,144 M&I Royalty Ounces (000s) 1,2 296 332 349 Inferred Royalty Ounces (000s) 2 124 139 162 P&P Royalty Ounces (000s) 2 165 185 207 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, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for additional information The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72/share. The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross overriding royalty interest (0.7% attributable), C$0.10 per tonne commission (C$0.01 per tonne attributable), and 15.1% equity interest (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash dividends from net income derived from IOC to the maximum extent possible, while maintaining appropriate levels of working capital. Over the past four years (2020-2023), cash flow from operations at LIORC has ranged from 67% to 43% from the royalty and commission with the balance from IOC dividends from the 15.1% equity interest. IOC produces high grade +65% Fe iron ore concentrate for sale and pellets with a reserve-only +20-year mine life and a large mineral resource supporting further extensions. IOC has nominal capacity of 23.3 Mtpa (combined concentrate and pellets) with 2023 attributable sales of 16.5 Mt and Rio Tinto has provided 2024 guidance of saleable production between 16.7 Mt and 19.6 Mt. In 2023, total capital expenditures at IOC were US$362 million, below the forecast of US$407 million due to deferral of certain projects. In 2024, capital expenditures at IOC are forecast by IOC to be US$431 million, including US$80 million of growth and development projects. Development projects include redesign of the Mill 11 Fine Circuit and the replacement of existing heavy fuel oil steam capacity with an electric boiler. IOC benefits from integrated infrastructure, including the mine, concentrator/pellet facilities, railway, and a port at Sept-Îles, Quebec. IOC has a long history as a supplier of high quality, low impurity, premium iron ore and pellets which has typically received premium prices from the European steel making industry. Producer of high-quality pellets and fines +20-year reserve life with large resource base to support extensions Fully integrated from mine to port, operated by Rio Tinto +50-year track record LIORC, Newfoundland and Labrador TSX / NYSE: FNV 94 ★ Franco-Nevada Corporation Iron Ore