ENERGY ASSETS w vie Franco-Nevada has owned and invested in energy assets since inception. Our Over energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy revenue was 17% of Franco-Nevada’s overall revenue in 2023. Major Producing Assets as at April 2, 2024 The scale of the energy sector along with its many participants has provided access to a diverse set of operators and a broad range of United States royalty opportunities. Marcellus Range Resources Until 2016, Franco-Nevada’s focus was primarily on the Western Haynesville Various Canadian Sedimentary Basin. Starting in late 2016, we added exposure SCOOP/STACK Continental Resources/Various to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware Permian Basin Various basins in Texas due to their attractive economics, favourable regulatory environment and access to market. We subsequently shifted our focus Canada to natural gas, adding royalty assets in the Marcellus shale in Appalachia Weyburn Unit Whitecap Resources Precious Metalsin 2019, and in the Haynesville shale in East Texas in late 2020 and in Orion Strathcona Resources Louisiana in 2024. Franco-Nevada’s assets include production from existing wells in addition to exposure to undeveloped acreage which hosts the potential for future well locations. In order to provide an estimate of future reserves and asset life, we engage third-party reserve evaluators to provide estimates for the Proved and Probable categories, and where appropriate, the Possible, and Contingent resource categories for currently producing formations. These estimates inform our view of future well locations and demonstrate long-lived assets. The assets often also benefit from additional upside exposure in the form of hydrocarbon-bearing formations at depth and potentially from enhanced hydrocarbon recovery techniques. sified Assets Diver Our energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Oil and Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency ratio and does not represent a value equivalency. 106 ★ Franco-Nevada Corporation TSX / NYSE: FNV