Rest of World TASIAST w Location: Mauritania | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% vie Over Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 24.5 $ 18.3 $ 6.7 M&I Resources (koz Au)1 6,985 7,239 8,992 Inferred Resources (koz Au)1 1,504 1,443 971 P&P Reserves (koz Au)1 5,055 5,737 6,404 M&I Royalty Ounces (000s)1,2 140 145 180 Inferred Royalty Ounces (000s)2 30 29 19 P&P Royalty Ounces (000s)2 101 115 128 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 100% of the Mineral Resources and Precious MetalsMineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable Kinross acquired control of Tasiast in September 2010 through to its acquisition of Red Back Mining Inc. The royalty originally covered three large permit areas in Mauritania, West Africa including the Tasiast main Tasiast, Mauritania trend and Tasiast Sud. The most prominent permit area is Tasiast, with 2 a currently reported mining license area of 312 km and a total exploration 2 license area of 3,118 km . Tasiast In 2023, Tasiast produced 620,793 ounces of gold compared NSR: 2% N with 538,591 ounces in 2022. 0 10 Kinross has been implementing a phased expansion of Tasiast. kilometer The Phase One expansion was completed during the third quarter of 2018. Phase One increased mill throughput from 8,000 tpd to 12,000 tpd. Kinross subsequently undertook the Tasiast 24k project, increasing throughput to 21,000 tpd by year-end 2021 and 24,000 tpd by mid- 2023. Kinross reported record annual production at Tasiast in 2023 following the completion of the Tasiast 24k project. 2% NSR The Tasiast 24k is projected to extend the mine life to 2035 including Tasiast Main Trend the processing of low-grade stockpiles on the back end of the mine life. Kinross expects 2024 production from Tasiast to be approximately 610,000 ounces of gold with approximately 430,000 ounces per annum over the next several years. Kinross continues to study the underground Plant Site potential of the mine. Exploration drilling resumed in Q4 2023 targeting soil anomalies in the north satellite area on the TMLSA license. A follow-up drilling program is planned in 2024. Reverse circulation drilling of priority targets on the SENISA licenses also began in Q4 2023 and is expected to continue throughout 2024. Drilling around the existing operations for deep extensions at West Branch, Piment and Prolongation Tasiast Sud that could support underground mining will be a focus in 2024. Strong production in 2024 Expansion completed in 2023, reaching 24,000 tpd Prospective 75 km long greenstone belt FNV Royalties Algeria Tasiast License Area, March 2012 Tasiast Mining License Tasiast Sud Atlantic Tasiast Ocean Gold Prospects Mauritania Resource/Reserve Target Senegal Mali Trends 76 ★ Franco-Nevada Corporation TSX / NYSE: FNV