Overview ROYALTY OPTIONALITY w vie Numerous exploration and development stage assets are expected to drive Over long-term growth. In particular, we have royalties on the next generation copper assets: We profile all these assets in this Asset Handbook, although the profiles Cascabel (Alpala) in Ecuador, Copper World Project in Arizona, Taca Taca are not exhaustive. In addition to the profiled assets, we have another in Argentina, and NuevaUnión and Vizcachitas both in Chile. 243 exploration assets which are listed on pages 85-87 and pages 104-105. There is no doubt there will be more discoveries in the coming 2 (1) We also have royalties that cover much of the Ring of Fire in Northern years from the ~66,800 km that our portfolio covers across the best Ontario which hosts some of the world’s largest chromite resources, mineral trends in the world. along with nickel, copper and gold deposits. Another asset with large scale potential is the Crawford nickel deposit that is being delineated The optionality value of the portfolio is difficult to measure. The example in Ontario. below, however, gives an indication of how this optionality has played out historically. 2007 2008 – 2023 2023 120 100 >48 Moz gold produced 3 80 >$2.2 billion revenue to Franco-Nevada ves (Moz) from portfolio 60 Gold Reserves2 of same assets as reported ven and Probable December 2023 ProMineral Reser40 20 2 Gold Reserves at time of IPO 3.5x 0 increase4 IPO $1.2B paid for portfolio Reserves increase at no cost 1 Cobre Panama currently on preservation and safe management 2 Total gold reserves associated with the top 37 assets at the time of IPO (not adjusted for FNV royalty ownership). All Mineral Reserves have been calculated in accordance with CIM or acceptable foreign codes for the purposes of NI 43-101, including Regulation S-K 1300, SEC Industry Guide 7, JORC, or SAMREC guidelines 3 Revenue from original FNV portfolio includes gold, platinum and palladium revenue as at December 31, 2023 4 Calculation includes depletion 18 ★ Franco-Nevada Corporation TSX / NYSE: FNV