R O Y A L T Y O P T I O N A L I T Y Numerous exploration and development stage assets are expected to drive long-term growth. In particular, we have royalties on the next generation copper assets: Cascabel (Alpala) in Ecuador, Copper World Project in Arizona, Taca Taca in Argentina, and NuevaUnión and Vizcachitas both in Chile. We also have royalties that cover much of the Ring of Fire in Northern Ontario which hosts some of the world’s largest chromite resources, along with nickel, copper and gold deposits. Another asset with large scale potential is the Crawford nickel deposit that is being delineated in Ontario. We profile all these assets in this Asset Handbook, although the profiles are not exhaustive. In addition to the profiled assets, we have another 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 years from the ~66,800 km 2 (1) that our portfolio covers across the best mineral trends in the world. The optionality value of the portfolio is difficult to measure. The example below, however, gives an indication of how this optionality has played out historically. 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 0 20 40 60 80 100 120 2023 2008 – 2023 2007 Gold Reserves 2 at time of IPO Proven and Probable Mineral Reserves (Moz) >48 Moz gold produced IPO $1.2B paid for portfolio Gold Reserves 2 of same assets as reported December 2023 Reserves increase at no cost >$2.2 billion 3 revenue to Franco-Nevada from portfolio 3.5x increase 4 TSX / NYSE: FNV 18 ★ Franco-Nevada Corporation Overview