Iron Ore LIORC w Location: Newfoundland and Labrador, Canada | Operator: Rio Tinto plc | Metals: Iron Ore | Royalty: GORR 0.7% Iron Ore, IOC Equity 1.5% vie Over 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 1,2 M&I Royalty Ounces (000s) 296 332 349 2 Inferred Royalty Ounces (000s) 124 139 162 2 P&P Royalty Ounces (000s) 165 185 207 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Precious MetalsResource 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. LIORC, Newfoundland and Labrador The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross and development projects. Development projects include redesign overriding royalty interest (0.7% attributable), C$0.10 per tonne of the Mill 11 Fine Circuit and the replacement of existing heavy fuel oil commission (C$0.01 per tonne attributable), and 15.1% equity interest steam capacity with an electric boiler. IOC benefits from integrated (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake infrastructure, including the mine, concentrator/pellet facilities, railway, mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash and a port at Sept-Îles, Quebec. dividends from net income derived from IOC to the maximum extent sified Assetspossible, while maintaining appropriate levels of working capital. IOC has a long history as a supplier of high quality, low impurity, premium Diver Over the past four years (2020-2023), cash flow from operations iron ore and pellets which has typically received premium prices from at LIORC has ranged from 67% to 43% from the royalty and commission the European steel making industry. 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 Producer of high-quality pellets and fines with a reserve-only +20-year mine life and a large mineral resource +20-year reserve life with large resource base to support supporting further extensions. IOC has nominal capacity of 23.3 Mtpa extensions (combined concentrate and pellets) with 2023 attributable sales of 16.5 Mt and Rio Tinto has provided 2024 guidance of saleable production Fully integrated from mine to port, operated by Rio Tinto between 16.7 Mt and 19.6 Mt. In 2023, total capital expenditures +50-year track record 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 94 ★ Franco-Nevada Corporation TSX / NYSE: FNV