I S L A N D G O L D Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 0.62% In March 2020, Franco-Nevada acquired an existing 0.62% NSR on the Goudreau Lake claims totaling 58 hectares covering the core of the Island Gold mine in western Ontario. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 0.8 $ 1.0 $ 1.5 M&I Resources (koz Au) 1 2,441 1,755 1,624 Inferred Resources (koz Au) 1 3,682 3,529 3,454 P&P Reserves (koz Au) 1 1,725 1,464 1,338 M&I Royalty Ounces (000s) 1,2 11 9 9 Inferred Royalty Ounces (000s) 2 10 19 19 P&P Royalty Ounces (000s) 2 9 8 8 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 80% of the Mineral Reserves (90% in 2022, 90% in 2021) and 75% Mineral Resources (85% in 2022, 90% in 2021) are subject to our royalty interest and estimates a rate of 0.62% is applicable The UG mine is operated by Alamos who acquired the operation in 2016. The mine utilizes longitudinal retreat longhole stoping with cement backfill and ore is processed through a conventional carbon in pulp plant. Alamos produced a total of 131,400 ounces of gold in 2023 from the mine, compared to 133,700 ounces of gold in 2022. Gold production is forecast to be between 145,000 to 160,000 ounces in 2024. In the near term, Franco-Nevada expects a significant portion of production to come from the royalty claims and it is estimated that approximately 75% of the inclusive Mineral Resources and 80% of the Mineral Reserves on the property are covered by Franco-Nevada’s royalty claims. Alamos is advancing it’s Phase III+ expansion project that will increase output to 2,400 tpd. The expansion is expected to increase average annual gold production to 287,000 ounces per year starting in 2026 upon completion of the shaft, representing an approximate 118% increase from 2023 production. The expanded mine plan has an expected mine life of 18 years, from 2022 to 2039. Island Gold is one of Canada’s highest grade gold mines. Combined Mineral Resources and Mineral Reserves (including Inferred material) are 6.1 million gold ounces (5.2 million tonnes grading 10.30 g/t of Mineral Reserves, 2.6 million tonnes grading 8.73 g/t of exclusive M&I Resources, and 7.9 million tonnes grading 14.58 g/t of Inferred) as of December 31, 2023. Alamos continued to have exploration success at the property in 2023 and early 2024 with the extension of high-grade mineralization within multiple zones across the Island Gold deposit as well as positive results on regional early-stage targets. Franco-Nevada holds additional royalties in the Island Gold mining camp. These include a 2% NSR royalty on Alamos’ Edwards property located 4 km northeast of the Island Gold mine and a 0.75% NSR royalty on the Cline Lake property immediately adjacent to Edwards. In December 2020, Alamos acquired Trillium Mining Corp. which previously held the Cline Lake property, increasing its land package by approximately 60% in the region. Both of Franco-Nevada’s additional royalties in the mining camp are along strike and on the same geologic structure as the Island Gold mine. FNV Royalties Mineral Resources UG Development Mineral Reserves Island East Island East Northern Zone Island Main Island Main Island West Island West Island Gold 0.62% NSR N metre 500 0 Oblique Longitudinal Section Shaft Quebec Ontario Island Gold High grade operation Phase III+ expansion expected to increase average annual production to 287,000 ounces starting in H1 2026 Strong exploration potential in Island Gold mining camp Franco-Nevada Corporation ★ 65 TSX / NYSE: FNV Canada