Canada ISLAND GOLD 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 High grade operation Revenue to Franco-Nevada ($ million) $ 0.8 $ 1.0 $ 1.5 Phase III+ expansion expected to increase average annual M&I Resources (koz Au)1 2,441 1,755 1,624 production to 287,000 ounces starting in H1 2026 Inferred Resources (koz Au)1 3,682 3,529 3,454 Strong exploration potential in Island Gold mining camp 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 Island Gold P&P Royalty Ounces (000s)2 9 8 8 0.62% NSR 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 N to our royalty interest and estimates a rate of 0.62% is applicable 0 500 metre The UG mine is operated by Alamos who acquired the operation in 2016. The mine utilizes longitudinal retreat longhole stoping with cement backfill Northern Zone 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 Island East Diver 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 sified Assets 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 Island Main covered by Franco-Nevada’s royalty claims. Island West 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 Oblique Longitudinal Section upon completion of the shaft, representing an approximate 118% increase from 2023 production. The expanded mine plan has an Shaft expected mine life of 18 years, from 2022 to 2039. Mineral Resources and Mineral Reser 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. ves Franco-Nevada holds additional royalties in the Island Gold mining camp. Island West Island Main Island East 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 FNV Royalties property, increasing its land package by approximately 60% in the region. Quebec Mineral Reserves Additional Inf Both of Franco-Nevada’s additional royalties in the mining camp are along Ontario strike and on the same geologic structure as the Island Gold mine. Island Gold Mineral Resources UG Development or mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 65